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As the poll worker proposal 1.14.174 has been voted active and got more support than the "do not change" worker proposal 1.14.175, and the protocol upgrade to 3.0.1 has been done successfully, MCR of bitCNY will change from 1.75 to 1.6.

The change will happen after  UTC 00:00 28th, April, 2019.

Every witness is requested to update the feeding script to publish 1.6 as MCR of bitCNY, please do the job after UTC 00:00 28th, April, 2019 and finish before UTC 00:00 30th, April, 2019.

For more information about the poll for this change, please check

Stakeholder Proposals / [Poll] BSIP59:Reduce MSSR of bitCNY to 1.01
« on: April 16, 2019, 06:04:35 pm »
As MSSR values, 1% and 2% are different at:

1. 1% will lead to better pegging at time while margin call price impact the expectation on BTS price.

2. 1% reduce the benefits of shorting BTS in half.

3. lower MSSR will make the margin call orders a little more difficult to be eaten. and may lead to some risk accumulation.

Please find BSIP59 Doc: for detailed info of BSIP59.

Two worker proposals have been created for this poll:

1.14.181   Poll - BSIP59 - Reduce MSSR of bitCNY to 1.01

1.14.169   Poll - BSIP59 - Do Not Reduce MSSR of bitCNY

please consider the 2 choices carefully before you vote.

I open this thread and poll to provide a place for community to express their opinion on bitCNY price feeding.

good price feeding is so important, without it we cannot make bitCNY pegged well enough, and cannot convince users that BTS is a dependent financial system.

I hope that anyone vote here can at the same time provide proof and explanation on your selection.


As the poll worker proposal 1.14.179 has been voted up, MSSR of bitUSD will change from 1.1 to 1.02.

The change will happen after  UTC 00:00 12th, April, 2019.

Every witness, please update your feeding script to publish 1.02 as MSSR of bitUSD, please do the job after UTC 00:00 12th, April, 2019 and finish before UTC 00:00 14th, April, 2019.

Stakeholder Proposals / [Poll] BSIP59:Reduce MSSR of bitUSD
« on: April 06, 2019, 04:56:06 am »
BSIP59 define a general process for adjusting MSSR and/or MCR through voting

bitUSD has already revived, now it's time to optimize the parameter to get better peg and supply, based on the principle of BSIP59, now 3 poll worker proposals  are created as below:

1.14.178   Poll - BSIP59 - Reduce MSSR of bitUSD to 1.05
1.14.179   Poll - BSIP59 - Reduce MSSR of bitUSD to 1.02
1.14.180   Poll - BSIP59 - Do Not Reduce MSSR of bitUSD

Reducing bitUSD MSSR to 1.05 or 1.02 are both acceptable choice, comparatively, 1.05 is more conservative/careful,  1.02 is more active/aggressive.

As global settlement protection measure is already implemented through "1.14.176 Poll-BSIP58-Global Settlement Protection on bitUSD", the risk of global settlement is removed and we now just need to care the risk to enter "global settlement protection status".

please vote according to your opinion.

General Discussion / Introduce CEX in governance?
« on: April 03, 2019, 04:59:29 am »
It is always bad that one single person control too much BTS, either the person is alt or me. as in a DPoS blockchain tokens means voting power.

Obviously, the current voting power distribution in top proxies is out of balance, the governance is no longer as healthy as we have expected.

I am considering to introduce some CEX into the governance of BTS, as shown above, generally top proxies and top CEXs own comparative voting power, introducing more voting power can help to balance the current power whale and help to make the governance more healthy.



2 worker proposals are created for this:

1.14.176: Poll-BSIP58-Global Settlement Protection on bitUSD

1.14.177: Poll-BSIP58-No Global Settlement Protection on bitUSD

as described in the BSIP Doc, this BSIP is a general solution for smartcoin, but this voting is only for bitUSD, if you support to implement BSIP58 on bitUSD, please vote for 1.14.176, otherwise, please vote for 1.14.177.

General Discussion / Add "close long" feature?
« on: March 28, 2019, 07:08:05 am »
Now when a debt position owner need to sell some collateral to reduce debt, he need to firstly withdraw some collateral from the debt position with reducing the CR and then he can sell the collateral and then pay debt.

Firstly, several steps are needed to complete this "close long" operation, inconvenient.
secondly, this add more risk to the system. withdrawing some BTS from the debt position clearly increase the risk of margin call. one need to decrease risk by selling collateral and pay debt, but he need firstly increase the risk, reluctant?

So I greatly advise to add a "close long" feature, within this feature one can place sell orders to sell the BTS collateral inside the debt position, when the sell order is partly or completely filled, the got smartcoins will be used to reduce the debt automatically.

Any relevant development plan on this?


Stakeholder Proposals / [Poll] BSIP59:Reduce MCR of bitCNY to 1.6
« on: March 27, 2019, 01:18:55 pm »
Bitshares Core Release 3.0.0 fixed the MCR bug, the protocol update will happen at 23 APR 2019 14:02 UTC.

Based on BSIP59,, now 2 poll worker proposals have been created:

1.14.174   Poll - BSIP59 - Reduce MCR of bitCNY to 1.6
1.14.175   Poll - BSIP59 - Do Not Reduce MCR of bitCNY

Select 1.6 to vote base on following consideration:

1.bitCNY is still in obvious shortage and premium. a lower MCR will help to encourage supply and lessen the shorting power. community discussion, especially in Chinese community, 1.6 is a value that get most support. a reference, Maker DAI has a corresponding parameter and the current value is 1.5, to be cautious, to go to 1.6 at the first step is a better choice.

If the for worker finally win, the MCR will be modified only after the protocol update succeed.

Please vote according to your opinion.

General Discussion / Update market fee of bitCNY and bitUSD to 0.04%
« on: March 27, 2019, 08:56:02 am »
proposals created:

* 1.10.25653 update CNY market fee to 0.04%
* 1.10.25655 update USD market fee to 0.04%

expires in a week (2019-04-03 13:50:00 UTC)

this update is to make market making activities more feasible and also encourage trading.

please be aware that the update will be active 7 days later, if committee finally approve the 2 proposals.

中文(Chinese) / GDEX做市计划
« on: March 19, 2019, 04:07:53 am »







General Discussion / Anyone from Vietnam?
« on: March 14, 2019, 07:18:27 am »
jademont and I are planning to go to Ho Chi Minh City to attend the Blockchain Summit Vietnam 2019 at 30th-31th this month, if anyone there we can meet. :)

In the coming months, some important things will happen and give apparent impact on BTS ecosystem.

1. the hard fork in the second half of April.

As I know, some interesting features like market fee sharing(BSIP43) will become active after the hard fork, what I care most  is that MCR will be changeable after the update.

Several months ago when the community discussed BSIP42, the possibility to adjust MCR dynamically has also been discussed,now when I review the discussed proposal, I think maybe it is not good to let witnesses adjust MCR frequently, it should be sufficient to follow BSIP59 to reach a consensus on a MCR value, and request witnesses to feed that value.

In community discussion, seems 1.6 is an appropriate value for bitCNY, I plan to issue a poll voting according BSIP59 for that.

2. reviving of bitUSD

if MCR of bitCNY change to 1.6, we can expect that the bitCNY supply will increase at least 10% in short term without other factors, and this will also bring an apparent rise up of BTS price.

current BTS price in USD is 0.0497, close to 0.0511, the global settlement price, we can expect that the MCR change of bitCNY will help the BTS price to go above 0.0511 USD, which will make the reviving of bitUSD much easier then current status. build a more competitive DEX

To make Bitshares DEX more competitive, we need to provide advanced permission feature to institutional users, in a typical scenario, institution A need institution B to provide some trading service, they need such an account: A fully control this account however B is only authorized to trade in some specified trading pairs within this account. now GDEX is cooperate with some market maker, we have a strong feel that we need this kind of account structure.

Fortunately I found BSIP40 can provide such feature and is already approved several months ago and in development, unfortunately as I know BSIP40 can go live at earliest as after the hard fork in Oct, anyway, I hope the core team can give high priority to this feature in the task list, I believe not only GDEX, but also many other institutions in BTS ecosystem are in great demand on this feature.

One other big thing is the market fee of bitCNY and bitUSD, now the market fee of all the smartcoins are 0.1%, this is not friendly enough to many big users.

Taking GDEX as example, we now invite maker makers to trade in DEX, when they make market in pairs like GDEX.EOS/GDEX.BTC, we will return the market fee back to them to save the market making cost, however, if we request them to make market in pairs like GDEX.BTC/bitCNY, we cannot return the bitCNY market fee as it is charged by committee-account, so we need to make the market fee of bitCNY low enough to make market making feasible, comparing to the fee level in CEX, I'd like to propose to reduce the market fee of bitCNY and bitUSD to 0.04% or lower.


中文(Chinese) / BTS生态发展的几个关键点
« on: March 08, 2019, 10:55:35 am »

















上次理事会调费用,把所有smartcoin的market fee都设成了0.1%。

但我觉得,后面至少bitCNY和bitUSD的market fee是需要下调的。





我的想法是,下一步把bitCNY和bitUSD的market fee调到万四或者更低。

General Discussion / option trading with BTS
« on: March 07, 2019, 01:17:56 pm »

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