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Topics - bitcrab

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Stakeholder Proposals / [Poll]Restart Open Market Operation
« on: Today at 08:30:37 am »
In the past 10 months, open market operation fund lost much in the big bear market. A simple summary can be found here:

However, I believe that the market fee income should be used in supporting the smartcoin ecosystem. What we learned in the past 10 months will help us to optimize the policy in the future.

So I now suggest to restart the Open Market Operation with updated rules:

1.Open Market Operation Fund will not get BTS through worker proposal, it will only get the market fee of smartcoins as fund source.
2.Smartcoin borrowing will not be allowed.
3.BTS buying orders can be placed only when there is margin called orders stayed.
4.BTS selling orders can be placed only when the smartcoin has at least 0.5% discount.

the operation will still cover bitCNY and bitUSD, as bitUSD is in global settlement status, operation on bitUSD will start after bitUSD revive.

bitCNY operation account: committee-cnytrader
bitUSD operation account: committee-usdoperator

As ebit and witness.still are voted out of committee, the active key of committee-cnytrader will be changed to a 2/3 multisig of bitcrab, jademont and abit.

2 poll worker proposals have been created for this plan:

1.14.166 Poll - Restart Open Market Operation
1.14.167 Poll - Do Not Restart Open Market Operation

please vote according to your opinion.

General Discussion / Review of OMO
« on: February 13, 2019, 07:36:14 am »
the open market operation fund relevant threads are here:

below is a simple table that shows the balance change of the 2 OMO accounts.

in the past 10 months, committee-cnytrader lost 6130332 bitCNY and 26206002 BTS.

committee-usdoperator lost 177300 bitUSD and 10258313 BTS.

from 2018/3/20 to 2018/8/8, committee-cnytrader bought 10M-25M BTS, at price 0.79 - 2.2 bitCNY.

from 2018/8/14 to 2019/1/19, committee-cnytrader selled 10M-20M BTS in margin call, at price 0.61 - 0.24 bitCNY.

from 2018/3/29 to 2018/10/30, committee-usdoperator bought about 15M BTS, at price 0.095 - 0.36 bitUSD.

from 2018/10/19 to 2019/10/21, committee-usdoperator selled about 12M BTS in margin call at price 0.0615 to 0.0509 bitUSD

at 2018/10/25 bitUSD was global settled, 3M BTS from committee-usdoperator was global settled at 0.0511bitUSD.

the data is rough as now it is not convenient to process the transaction data, hope can add the data export feature.

中文(Chinese) / 重启公市基金?
« on: February 11, 2019, 03:48:34 am »





1.不再用worker proposal获取预算资金,只使用bitCNY market fee不断积累的资金。






2 worker proposals are created for this:

1.14.160: Poll-BSIP58-Global Settlement Protection on bitCNY

1.14.161: Poll-BSIP58-No Global Settlement Protection on bitCNY

as described in the BSIP Doc, this BSIP is a general solution for smartcoin, but this voting is only for bitCNY, if you support to implement BSIP58 on bitCNY, please vote for 1.14.160, otherwise, please vote for 1.14.161.

General Discussion / To switch to feed real market price in CNY market?
« on: December 26, 2018, 06:07:36 am »
it's clear now that bsip42 is given up by the community.

the key flaw of bsip42 is that it may make the feed price much higher than market price and make the margin call orders just stay there without being eaten. this can lead to risk accumulation.

even though, we have learned that the negative feedback mechanism really works, it's possible that we update the solution, one of the solution update plan is here:

in the plan list the 4th -  reduce bitCNY force settlement offset to 2% - is finished, the 1st and 2rd involve big complex and need much time to reach consensus and implement.

the 3rd - change MSSR to 5% - is drafted as bsip41 and is now in voting process, in the voting process we can see it get big support from the community, however, some whales vote to oppose it as they do not want to reduce MSSR when some witnesses feed a price which is much higher than the market price.

as bsip42 is voted out, I think witnesses now need to feed real market price, right?;topicseen#msg326693 here we can see that @roelandp @xman @xn-delegate and @cyazybit now feed a price which is 5%+ higher than the market price, how about to switch to feed real market price? in order to make the whales to support bsip41?

General Discussion / Why the BTS network status is so bad these days?
« on: December 20, 2018, 03:26:47 am »
the Bitshares network is so bad in the past several days, always cost several mins to open a page!

what cause this? API servers are degraded? GUI bugs?

General Discussion / how about reduce MSSR to 105% for bitCNY?
« on: December 18, 2018, 04:21:34 am »
please check worker proposals 1.14.144 and 1.14.145

and the drafted bsip:

General Discussion / suggestion on bitCNY rules update after BSIP42
« on: December 06, 2018, 08:35:16 am »
we learnt a lot after BSIP42 implementation, now we need to consider more on how to update bitCNY, actually there are a lot discussion on this topic in the community, especially in Chinese community, here I'd like to propose some new solution summarizing all the opinions.

1. change the way to handle black swan, keep the borrowing operation alive.

global settlement is a too direct  and too hard way to handle black swan, it stop the smartcoin borrowing business, while it happen it always give big negative impact on smartcoin ecosystem, we can see that bitUSD devalued a lot after the global settlement, the community require a more soft  way that has more little negative impact on the smartcoin ecosystem.

abit has suggested 2 new ways to handle black swan, one is to settle the accounts independently:, one point is that this way may cause one phenomena that "to be settled earlier is better than later".

the other is to set feed price floor to provide black swan from happening:
the current bitCNY is similar to be handled in the second way.

either way we will choose, it is important not to stop the smartcoin borrowing operation.

2. replace BSIP42 with dynamic MCR solution

the key point of dynamic MCR is also to introduce negative feedback mechanism to adjust smartcoin supply, different with BSIP42, in dynamic MCR solution the feed price will return to reflect the market price, then this solution will not bring the troubles of "margin call orders not being eaten" or "exploiting debt position owners with force settlement".

considering that in BSIP witnesses take the key responsibility and authority, this introduce much uncertainty and put witnesses at the place that undertake much doubts of feed price manipulation, here I suggest a new way to implement dynamic MCR:

2.1.  other than settlement price, CER, MCR, MSSR, introduce a new parameter premium to be fed by witnesses。witnesses need not to design complex negative feedback algorithm, they just need to get the price data from the market and feed to system.

2.2 add committee controlled parameters as below to each smartcoin:

low premium limit: when the fed premium is lower than this parameter, the process to make MCR higher will be triggered, default value: -2%
high premium limit:when the fed premium is higher than this parameter, the process to make MCR lower will be triggered, default value: 1%
max MCR:MCR will not increase while it reach this value, default value: 1.75
min MCR:MCR will not decrease while it reach this value, default value: 1.4
MCR tuning step:the value that MCR can be added or subtracted in each administrative period(1 hour), default value:0.001

at each administrative time system will check the feed premium and decide how to adjust MCR, if the parameters are set as default values shown above and at the time MCR=1.75, and premium=2%, then MCR will be adjusted to 1.749.

in this way the traders can expect the adjustment time and step, the can reflect in time to avoid being hurt, no manipulation doubt can be put to witnesses.

3. adjust MSSR to 105%

4.change force settlement offset to 2%, this will ensure that the discount of bitCNY will be no higher than 2% even after MCR reach the max limit.

what will this solution bring?

1. good peg of bitCNY
2. less volatility of BTS price
3. more risk?
4. less free market?

easy to understand that this solution will lead to good peg of bitCNY, as BSIP42 has proved, negative feedback mechanism works well on making a good pegging.

as MCR will change according to the premium of bitCNY, when bitCNY is in shortage and has a big premium, system will increase MCR and make more bitCNY supply possible and vice versa, for example, if we implement the solution at the current market status, we can expect that the MCR will be tuned to min value(maybe 1.4) in about 2 weeks, this will increase bitCNY supply obviously and can prevent BTS price from falling rapidly.

so will this solution introduce more risk to the system?
I believe this will depend on whether the margin call orders will be eaten quickly, the main issue of BSIP42 is that is make the margin call order price higher than the market price and accumulate big quantity of margin call orders without being eaten. but in the dynamic MCR solution, as feed price reflect the market price, we believe the margin called orders will be eaten just after they comes out, if necessary MSSR can be keep unchanged to ensure this.

and, I don't agree that this rule will bring a manipulated market that has been free when there is no such solution, they are just markets with different rules,  if the rules are certain and base on strong consensus, it will not bring manipulation, it just bring better user experience.   

I also suggest that witnesses can implement updated BSIP42 before community can reach consensus on above described solution and implement it.

中文(Chinese) / 【讨论】后BSIP42时代bitCNY的规则改进
« on: December 01, 2018, 02:32:25 pm »



abit提出了两种方式,一种是将资不抵债的债仓单独剥离的处理方式: 一个“坏处”可能是会形成“晚黑不如早黑”的现象。






2.1.在settlement price, CER, MCR, MSSR 之外, 引入一个新的参数premium(溢价)供见证人来喂。见证人不用设计复杂的负反馈算法,只需从市场获取相应智能货币的溢价数据喂给系统。

low premium limit: 溢价下限,溢价低于此数值系统启动加大MCR操作,缺省值 -2%
high premium limit:溢价上限,溢价高于此数值系统启动减小MCR操作,缺省值 1%
max MCR:MCR最大值,MCR调整至此数值后不再执行加大操作,可设为 2?
min MCR:MCR最小值, MCR调整至此数值后不再执行减小操作, 可设为1.25?
MCR tuning step:系统每个维护周期(一小时)可调节的MCR的大小,可设为0.001





中文(Chinese) / BSIP42反思与展望
« on: November 29, 2018, 02:15:02 pm »

关于负反馈喂价的大部分讨论是在中国社区进行的,最多的讨论在 ,bitCNY一直都存在“如何保证供应,如何博阿正锚定”的问题,“过剩则减,短缺则加”的负反馈思路很自然地被人提出来了,首先想到的还是通过调节MCR来调节智能货币的供给,但是由于涉及到一些bug的修复而难以尽快实施,就把思路转到了通过调整喂价来调整供给上面。



















1.增加黑天鹅防护,确保喂价 >全局清算价*1.11



4. 如果1与3冲突,舍弃3



但就算是动态MCR方案,如果依然是用见证人喂的方式来决定最终MCR,依然有着以前存在的问题 - MCR变动太频繁而且难以预期,交易者难以适应。




as some time ago the voting power that oppose BSIP42 overcome that support BSIP42, most of the witnesses return to feed just market price, immediately the BTS/bitCNY price fall about 8%, although more margin call orders are eaten, but:

1. price fall continue, bitCNY holders seems to wait for lower price, no big will to eat current margin call orders.

2. bitCNY has a premium of about 10%, it's a disaster for bitCNY business.

3.more debt position margin called, not obvious margin call quantity reduction.

actually witnesses need to be careful while doing a big change, it is not a good behavior to just change while seeing the voting result - no one host/claim/announce the voting activity, it is likely that some balance owner change lead to this result, please be careful while seeing this!

here I propose to restart BSIP42, with adding some new logic:

1.add the black swan protection logic, ensure feed price >global settlement price*1.11

2.ensure feed price > market price.

3.ensure feed price < market price*MSSR

4. if 1 conflict with 3, ignore 3.

5.tolerate a -2%-1% premium, do not adjust feed price if bitCNY premium is in this interval.

this poll will be regarded successful if it get more voting weight than 1.14.119






1.增加黑天鹅防护,确保喂价 >全局清算价*1.11



4. 如果1与3冲突,舍弃3



General Discussion / please restart BSIP42!!!
« on: November 29, 2018, 06:40:04 am »
as some time ago the voting power that oppose BSIP42 overcome that support BSIP42, most of the witnesses return to feed just market price, immediately the BTS/bitCNY price fall about 8%, although more margin call orders are eaten, but:

1. price fall continue, bitCNY holders seems to wait for lower price, no big will to eat current margin call orders.

2. bitCNY has a premium of about 10%, it's a disaster for bitCNY business.

3.more debt position margin called, not obvious margin call quantity reduction.

actually witnesses need to be careful while doing a big change, it is not a good behavior to just change while seeing the voting result - no one host/claim/announce the voting activity, it is likely that some balance owner change lead to this result, please be careful while seeing this!

now I greatly propose: 
1. witnesses please restart BSIP42, however according to what we learn in the past, I suggest to add black swan protection logic, and ensure the feed price is not lower than market price and not higher than market price*MSSR.

2. please vote to support BSIP42.

3.start the process to draft updated solution to relevant issues.

中文(Chinese) / 呼吁见证人重启BSIP42喂价
« on: November 29, 2018, 06:27:41 am »








General Discussion / how to revive bitCNY?
« on: November 27, 2018, 06:14:52 am »
frankly speaking, bitCNY is already in black swan status if the feed price reflect the real market price.

however, I don't think it's good to return to feed real market price and leave black swan happen for bitCNY,  as we have seen in bitUSD, after black swan happened, now the peg break, borrowing stop, hard to revive.

I suggest to protect bitCNY from black swan by setting a black swan protection price, say black swan protection price = global settlement price*1.11.

feed price = max(market price, black swan protection price)

then when market price goes up, the margin called orders will be eaten step by step, the black swan protection price become lower and lower, and bitCNY has chance to revive.


General Discussion / suggest to disable forcesettlement for bitCNY
« on: November 06, 2018, 10:12:29 am »
at this moment the settlement price is lower than latest price in bitCNY market. which means the debt positions are in risk to be force sold in a under market price.

it is not acceptable.

bitCNY is in good liquidity, if bitCNY want to convert bitCNY to BTS he can just trade in the market, here the force settlement here is not necessary but sometimes provide chance for speculator to exploit debt position owners.

I suggest to disable force settlement for bitCNY.

kindly let me know your opinion.

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