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Messages - Crypto Kong

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General Discussion / Re: Review of OMO
« on: February 25, 2019, 11:24:47 am »
I will also add that stabalising the price of BTS would make everything else we wish to tackle with regards to improving our markets far easier. Less people would get called with a more stable collateral, smartcoins would keep their peg better, more people would feel confident increasing smartcoin supply with a more stable collateral.

Also worth mentioning that the more assets we pair BTS with such as gold and silver, the less influence BTC will have on price. We need to deepen order books on other market pairings, not related to crypto.

BitCNY may well be more liquid and in some peoples opinion not need market making program but we still need to resist price change to create stability, in as many markets as possible.

We have some very intelligent people in this community but I cant help but think a lot of you are over complicating things, looking for a technical answer to all our problems. Lets get back to basics and make a real effort to stabalise the price of BTS and lay some decent foundations to build upon.

With a volatile, unpredictable base asset we are gonna be constantly fighting an uphill battle.

General Discussion / Re: Review of OMO
« on: February 24, 2019, 07:40:53 pm »
We've had a thorough discussion of this in the chat yesterday, and here are some points:

C. First use the funds to revive GS markets.

A lot of people believe that the GS events happened due to market manipulations by OMO and BSIP42 exacerbating the situation, as modified feeds disincentivised buying out of margin call orders.

As for how to proceed further:
Liquidity providing via dexbot sounds like an interesting idea, but we need clear rules on how it is going to happen, and automated contingencies on what to do when market begins rapidly falling or rallying. On traditional exchanges, liquidity providing works like this: MM is obligated to keep preset amount of liquidity in the books, until certain volume obligations are met. Then it can remove one of the sides.

Before we even start, we need to agree on what percentage of the funds can OMO use daily, and do a daily check if it was profitable or not (which is okay).
In our case we need something like that to happen once the market begins moving, for example. Bot places 30 orders on both buy and sell sides, but starts removing them from one side in case 10 of them are taken on one side, without getting an order taken from the other side (or something like that).

During sideways market provision of liquidity might be profitable. During movements contingency rules would limit the amount of loss. In case of profits I suggest some of them are taken and put back into the reserve pool, with the rest going to OMO fund, and its percentages readjusted accordingly.

If the strategy for the OMO is explicitly talked about, and clear then I would support such decision but not before.

The DEXBot staggered orders strategy basically places buy and sell orders in a given range lets say $0.03-$1.00 at say 2% increments, these orders would stay on the books as long as the operation continued. Every time a sell order is filled it is replaced with a buy order 2% lower. Profits get compounded which increases order sizes, making the strategy more profitable. Which basically means that the longer the strategy runs the more liquidity will be provided on both sides of the book via increased order sizes. If price wants to pump (or dump) it has to fight through added resistance of the DEXBot orders, once it fills those orders they are replaced with ones on the other side. Resistance turns into support. This helps to stabalise the market by resisting price change. More liquidity, more stability.

The longer the operation runs the more liquid and stable the market becomes, once we have solid foundations in place we can then start talking about advancing market operations to more sophisticated strategies such as perhaps increasing smart coin supply. Until we have solid foundations, there is little point.

The only real consideration for setting up a staggered orders strategy is the range in which you want it to work, the last thing you want is price leaving the range you are set up in as then there are no orders providing liquidity around the price, no accumulation and increasing of order sizes and no resistance to price change. With it being a long term strategy, it is pretty simple to select a range that price stays within.

General Discussion / Re: Review of OMO
« on: February 24, 2019, 07:30:30 pm »
I am considering to restart the OMO fund operation.

I believe that the market fee income should be used in supporting the smartcoin ecosystem. we learned lessons in the past 10 months, so I think we need to update some essential setting of the fund.

first, it will not get BTS through worker proposal, it will only get the market fee of smartcoins for operation.

here are 2 policies for the operation of the updated OMO fund.

Plan A:
1.BTS buying orders can be placed only when there is margin called orders stayed.
2.BTS selling orders can be placed only when the smartcoin has at least 0.5% discount.
3.smartcoin borrowing is not allowed.

Plan B:
1.BTS buying orders can be placed only when there is margin called orders stayed.
2.BTS selling orders can be placed only when the smartcoin has at least 0.5% discount.
3.smartcoin borrowing is allowed, but the margin call price of the debt position should always be lower than the global settlement price, anytime the margin called price is above global settlement price, all the available liquidity should be used to reduce the margin called price.

Plan A is conservative, it just buy and sell BTS, do not borrow.
Plan B is a little audacious.

maybe we can begin with Plan A, Plan B is for subsequent discussion.

The fact that you seem to think keeping a margin call price below global settlement price is safe shows me that you have learned nothing. As price goes up so does the global settlement price, therefore by your own new rules you will end up being called again should a bull market turn into a bear market as it is quite obvious you will keep the ratio just below GS price, increasing your call price as price rises. You even state it in the above quote "anytime the margin called price is above global settlement price". How would that happen unless you were tightly following GS price?

Like I said before in the thread before you started OMO, call price (for USD) needs to be around 2 cents. We would be hundreds of thousands of dollars better off had you paid any attention to my comment. It's about time you started listening to others around you.

The use of DEXBot takes the decision making away from people like you who seem to struggle with quite simple market dynamics. Our markets cannot be fixed easily, there is a lot that needs to be improved but increased liquidity and more stable markets is a good start. DEXBot does this by resisting price change, any filled sell orders turn automatically into buy support and vice versa.

If you don't want to run DEXBot, go ruin bitCNY with your reckless margin trading. We will make our own decisions for bitUSD.

General Discussion / Re: Review of OMO
« on: February 17, 2019, 07:24:44 pm »
I have a better idea. Forget about OMO and turn off market fees on bitassets.

With the use of DEXBot staggered orders all market fees would be turned into liquidity providing orders which continually increase in size through the compounding of profits from the back and forth of price.

This is the simplest, safest, most efficient way forward for open market operations.

General Discussion / Re: Review of OMO
« on: February 17, 2019, 06:57:40 pm »
Under no circumstance should borrowing be allowed.

To keep things simple have you considered setting up a DEXBot staggered orders strategy and using fees to continually top up the balance. This way any gained fees will always stay as orders providing liquidity and also stabalise the market by resisting price change.

Using DEXBot would also remove any decision making from yourself (or any single person) and parameters could be agreed upon by the community.

DEXBot can be ran from a free server setup by the comitee and once parameters agreed all that needs to be done is the account topped up with fees.

Stakeholder Proposals / Re: Proxy:baozi - proxy for anti-dilution
« on: December 29, 2018, 12:26:25 pm »
Anti-dilution will help increase BTS price, support! It's good for all of you who are holding BTS, I don't understand why you are against alt
Dont be so naive. "Anti-dilution" might make sense if development didnt come to a stop and public nodes werent shut down but it will and they will be.

If this proxy really cared about BTS price then tell me... What is it doing to support price? Why are there no bids to revive bitUSD? One of BitShares prized assets. Surely the revival of this asset and re enabling of the borrowing function would have a positive impact on price?

If price of BTS is the issue here, which it must be, then why are we not talking of ways to add value to BitShares. Instead this proxy aims to cut off BitShares arms and legs.

This is sabotage and nothing more, they are not interested in doing anything good

Sent from my SM-G920F using Tapatalk

General Discussion / Re: Marketing Proposal
« on: December 07, 2018, 05:26:56 pm »
Apparently youtube drives most traffic to exchanges followed by twitter.

General Discussion / Re: Marketing Proposal
« on: December 06, 2018, 08:44:31 pm »
I'm happy to see a marketing proposal. Start small, grow from that. I understand using twitter might be argueable, but it's a reasonable start.

Question I have is how to establish an "official" bitshares marketing brand, that is sanctioned through a worker proposal, and also how to indicate that properly.

I'm not sure I understand what you mean by establishing an official marketing brand... Glad to hear that you are open to at least attempting some social media marketing, starting small and seeing how we get on. It's a step in the right direction IMO, we cant just carry on doing nothing.

General Discussion / Re: Marketing Proposal
« on: November 29, 2018, 06:12:08 pm »

Bitshares scores a measley 5% for its social media presence... we can do so much better and it would push bitshares to very near the top of binance rankings... something to consider for all the twitter haters :)

Fractional reserve CNY here we come!

General Discussion / Re: Another suggestion to improve bitAsset performance
« on: November 26, 2018, 09:02:52 pm »
I think this is an excellent idea, it may not be the whole solution but it would certainly help contribute to it. We are most probably not going to find one single solution to avoiding global settlements and clearing margin calls but rather find a number of things that all contribute to improving the situation. This would also not decrease the supply of smartcoins.

Another thought... Would it be possible to create a debt market, where people could put their bad debts up for sale?

General Discussion / Re: Marketing Proposal
« on: November 24, 2018, 08:08:44 am »
You need coindesk to carry it.

Look at this article that Edan Yago wrote: some more research, the guy isn't really a journalist. Click his name, he does 1 or 2 articles a year.

But his opinions were published. His CementDAO was featured at the top of the article "for free".

Coindesk (which a lot of people read) rarely reports on Bitshares -- whether we think we're important or not. That is because we haven't followed this:

Simply blogging, and sending out tweets, requires you to build your own following.   Take an existing following and get those eyeballs to see what you have to write about... coindesk gives free advice on how to get that done.  Other publications will tell you how to get it done there too..

I agree we need to pay for publications on these "news sites" that would definitely be an option IMO.

With regards to Twitter, a paid campaign is very cheap and reaches large numbers of users and you can set it up so you only pay for link clicks etc. So we would only be paying for people who actually read the articles. No need to build up a following.

General Discussion / Re: Marketing Proposal
« on: November 23, 2018, 10:00:43 pm »
I'm not much of a twitter fan either.
Or facebook, or instagram, or snapchat, or even youtube. Let's stick with steem and dtube if we are going the social media route.
I would really like a site.
Multiple Writers too, just like
Start with 5 professional crypto-savvy, Bitshares-savvy Writers.
An impartial Editor will be needed as well, so that no self-plugs or other conflicts of interest are in play.
6 people for 6 months, 1 article per week each, and then renew their contract if worthy.
Michael Taggart, Tony Peacock, Kimchi-King Kevin, Crypto Kong, Max Wright, _______________.
(sorry if i forgot anyone)

Appreciate the feedback, IMO posting to Steem is just preaching to the choir, the only people who use it are Dan Larrimer fans who already know about BitShares, we need to reach the wider crypto community. Dtube & bitTube on the other hand, I quite like the idea of and had considered it myself as you can earn crypto for your videos and could be a way of creating a (small) income for the reserve pool as and when videos are watched.

General Discussion / Re: Marketing Proposal
« on: November 23, 2018, 06:55:19 pm »
This sounds like a good initiative Kong - there is quite a lot of disagreement over where efforts are best spent to get 'mainstream' attention so phasing it seems logical.

I think twitter is a good way of reaching people, the amount of people on there who think Bitshares is a dead project is just insane.

Will the articles be on medium?

The articles can be written on whichever platform the community thinks is best, Medium is a good choice IMO. I am also happy to have promoted tweets come from the BitShares Twitter account, if they are willing to work with us on this. I'm open to any and all suggestions.

General Discussion / Marketing Proposal
« on: November 22, 2018, 04:59:14 pm »
There has been a lot of talk recently about marketing campaigns for BitShares. Gabriel and myself are considering creating a small proposal. Some of you know me from my involvement in DEXBot and may have read some of the articles I've written about BitShares. Gabriel is the DEXBot website creator and runs the DEXBot twitter account.

There are a lot of ideas about what we should and shouldn't do. It is my opinion we should start off with some very small proposals, gauge their success and decide whether to proceed or not. This may entice others to get involved and hopefully get the ball rolling on bigger and better ideas.

The proposal will be a simple one. We will create some articles about BitShares and start a paid for twitter advertising campaign. I was thinking the first proposal would be for 3-5 articles which would be promoted on twitter. We can always re use the articles and create another proposal to promote them on other sites such as Facebook.

So really I have two questions. Is the community willing to pass a proposal to do this and if so what subjects or topics would you like us to cover?

I am happy to have all articles checked by proxies before release.

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