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Topics - bitcrab

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1
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 https://bitsharestalk.org/index.php?topic=28208.0

2
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: https://github.com/bitshares/bsips/blob/master/bsip-0059.md 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.

3
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.

 

4
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.

5
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 https://github.com/bitshares/bsips/blob/master/bsip-0059.md, 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.

6
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.

Thoughts?

7
BSIP Doc: https://github.com/bitshares/bsips/blob/master/bsip-0058.md

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.

8
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?

 

9
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.

https://github.com/bitshares/bitshares-core/releases/tag/3.0.0

Based on BSIP59, https://github.com/bitshares/bsips/blob/master/bsip-0059.md, 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.
2.in community discussion, especially in Chinese community, 1.6 is a value that get most support.
3.as 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.

10
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.

11
中文(Chinese) / GDEX做市计划
« on: March 19, 2019, 04:07:53 am »
GDEX已经和专业的交易团队签好协议,开始启动做市计划。

现在在BTS内盘做市,还有两个比较大的问题需要解决。

一个是BTS账号结构问题,目前BTS账号还不能象okex子账号那样,提供“A委托B交易,A全权控制账号,B只有交易权限,无权进行资金转移”的功能,BSIP40提供了解决方案,但至少要等到十月份的分叉才能上线。

一个是智能货币的手续费问题,现在bitCNY和bitUSD的交易手续费都是0.1%,而且是理事会收取,这个手续费对做市商来说还是太高,而且因为不是GDEX收取,也无法通过返还来降低做市商成本。

我计划下一步推动bitCNY交易费降到0.04%或更低,但这需要时间。

所以,现在GDEX的做市计划也只能在一定范围内进行,也暂时不选择做bitCNY交易对,等待各种条件慢慢具备,再逐步扩大范围。

现在BTS/GDEX.BTC的做市已经开始,GDEX.EOS/GDEX.BTC的做市也会尽快开始,欢迎关注。

12
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. :)

13
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.

3.to 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.





 

14
中文(Chinese) / BTS生态发展的几个关键点
« on: March 08, 2019, 10:55:35 am »
以前有人说,BTS发展生态不应该太focus在smartcoin上面,应该多发展DEX生态。

我的看法是,在BTS这里,稳定币和去中心化交易所生态是互为依存,难以分离的。

从DEX这边来看,缺少了bitCNY和bitUSD,交易所就少了一个很能吸引用户的点,跟现在的其它DEX也没什么区别。

而且,BTS的价格与smartcoin生态状况关联度极大,很难设想完全抛开smartcoin单纯发展DEX。

从稳定币这边看,稳定币目前最大的两个应用场景就是通证交易和跨境支付,和一个交易所共生对smartcoin来说多好啊,干嘛要分离呢?

bitCNY在等待四月硬分叉之后下调MCR,不论是调到1.5还是1.6,都有望大大增加bitCNY的供应,同时也对BTS价格的支撑有明显作用。

之后期待的是bitUSD的复活,复活后的bitUSD也需要跟进bitCNY的改革-增加黑天鹅防护,下调MSSR和MCR,当然因为市场活跃度和深度都不可与bitCNY同日而语,对bitUSD的改动需要更谨慎。

在之后,需要考虑的是如何让内盘的交易量起来。

GDEX最近在跟一些做市服务提供商洽谈,过程中发现一些问题很值得思考。

一个是账号的问题。

当机构A提供资金委托机构B进行自动交易服务时,资金安全是一个很重要的问题,这涉及到账户的结构。

比如在okex,一个主账号下面可以开若干子账号,子账号受主账号控制,主账号控制主账号与子账号间的资金划转,子账号只有交易功能。

这样机构A可以自己控制主账号,把子账号交给机构B管理,这样机构B能方便地交易,机构A也可不用担心资金被盗。

币安现在也在推企业账户,基本上也是类似的思路。

很遗憾,现在BTS没有提供这样的账户结构,暂时还很不方便进行这种托管交易。

也许可以把开发类似这样的账户结构提上日程?

还有一个问题是smartcoin的交易费用。

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。

中心化交易所这边,有各种各样的政策减免大户的交易费用,有的按照月交易量把用户分成9个级别,对应不同的交易费率水平,等等,基本上,做市商/量化交易账户需要付的手续费不高于万五。

币安新推出的DEX,交易费好像是万四?

GDEX找交易商来做市,如果做GDEX.EOS/GDEX.BTC交易对,两边的手续费都可以返还给交易商,可是如果做GDEX.EOS/bitCNY,bitCNY这边的手续费就没法返还,因为是理事会收取的。

千一的手续费是bitCNY市场的做市的一个很大的障碍。

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


15
General Discussion / option trading with BTS
« on: March 07, 2019, 01:17:56 pm »

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