Show Posts

This section allows you to view all posts made by this member. Note that you can only see posts made in areas you currently have access to.

Topics - bitcrab

Pages: [1] 2 3 4 5 6 7 8 ... 12
中文(Chinese) / 一个基于GDEX.BTC抵押的智能货币?
« on: August 21, 2019, 04:17:33 pm »



As the poll worker proposal 1.14.210 has been voted active and got more support than the "do not change" worker proposal 1.14.211, MCR of bitUSD will change from 1.6 to 1.5.

The change will happen after  UTC 00:00 21st, Aug, 2019.

Every witness is requested to update the feeding script to publish 1.5 as MCR of bitUSD, please do the job after UTC 00:00 21st, Aug, 2019 and finish before UTC 00:00 23rd, Aug, 2019.

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

General Discussion / suggestion on new OMO fund
« on: August 15, 2019, 11:11:59 am »
More than 1 year ago, I have suggest a open market operation worker proposal and get it voted up, a fund get BTS from worker proposals has been built and operated for months, unfortunately, in the great bear market the fund experienced big failure, big amount of BTS were sold in low prices comparing to bought price due to margin call, the OMO failed to play the role of market stabilizer.

In early this year, I also have suggested to restart the OMO fund but get little support, However, currently, I feel even more necessary to restart the OMO operation, I understand that the failure in previous OMO will make me difficult to get sufficient support on doing so, anyway, I'd like to start a serious discussion on the possibility of restarting the OMO fund and reach consensus on the key setting of the new OMO fund, it's OK for me to be excluded out of the operation team. the important thing is to make the new OMO work well and can really help the ecosystem to grow.

why we need the New OMO fund? what's the mission of the New OMO fund?

In China in the past months, we can feel that investors kept on leaving BTS, as BTS behaved bad in market.

China community has suggested to repurchase and burn BTS, this process is ongoing, this reflected how eager the community want BTS price to go up, however, I don't think it's a good idea to burn the bought BTS, why don't we manage a debt position with the bought BTS and supply more smartcoin to the market?

Why don't we show to public that it's possible to manage a debt position well, especially with continuous income?

Recently cn-vote took an action to vote refund400k, this action make several big workers voted down and lose the income, either this action is good or bad, I understand why there is always high voice in China community to cancel some workers, BTS ecosystem is so weak at this moment and the selling pressure from workers always play a big role in pressing down the BTS price, we need to find ways to make BTS ecosystem more robust. 

Comparing to burning BTS, another way to support the ecosystem is to put more BTS into debt position and release more smartcoins to the public.

what shall we learn from previous OMO fund?

I admit that as the key organizer of the previous OMO fund I have some unfeasible idea at that moment, I have hoped that OMO can provide a strong sustain to BTS price, but the market told that no one can counter with extreme market trend, even you have hundreds of millions of BTS.

another key factor is that, at that moment, smartcoin rules is not robust enough to resist shorting attack. that's why I tried my best to push GS protection and MSSR&MCR reduction after the disaster.

now smartcoin is more rubust than before to resist shorting attack, although the GS protection still depend on witnesses' work.

what a strategy is suitable?

the fund will manage debt positions and focus on BTS/smartcoin trading.

at this moment, the fund need to focus on BTS/bitUSD trading.

two price are defined to differenciate the current market status.

price A: BTS is underestimated if price<A
price B: BTS is overestimated   if price>B

1.the debt position margin call price should be always less than GS price, otherwise, the incoming fund can only be used to increase the CR.
2.margin call price should always < A.
3.while price < A, it's not allowed to sell BTS.
4.while price > B, it's not allowed to buy BTS.

to get A & B at this moment.

first suppose that 0.2175CNY is the long term bottom price.

for underestimated price I'd like to define like this:

0.2175*MCR = 0.348 CNY, or 0.05 USD

which means, if the price is underestimated, if you borrow with setting your margin call price < GS price, you have no worry for margin calling.

top price in the last 9 months is 0.5377CNY

overestimated price = 0.5377/1.05 = 0.512CNY, or 0.073USD.

A=0.05USD, B=0.073USD

A&B can be adjusted in long run.

how to organize the operation team? will the operation team be paid?

I suggest to operate with a 2/3 or 3/5 multisig account, the members should be the ones who are trusted by the committee.

every quarter the fund will be calculated net worth based on BTS. 50% of the profit will be paid to the operation team.

threads of previous OMO fund:

relevant threads:
will update soon...

中文(Chinese) / 重启OMO的想法
« on: July 29, 2019, 08:41:14 am »
















如果用来抵押借出bitUSD,以当前的GS price 0.0385为爆仓价,可以借出9.4万bitUSD







1.不再从worker中获取BTS来操作,而是基于现在理事会账户中的BTS,以及以后理事会账户中积累的market fee。





General Discussion / how market fee is sharing?
« on: July 24, 2019, 10:15:40 am »
I tested this with new created account vesting-tester.

the member stats is like this

Fee Allocation

Network   20%
Lifetime Referrer   (bitcrab)   30%
Registrar   (gdex-faucet)   25%
Affiliate Referrer   (bitcrab)   25%
Membership Expiration   N/A

then I use this account to buy 10000 GDP, GDP has a 0.1% market fee, and 50% market fee sharing. which means in this trade there are totally 5 GDP shared.

I saw bitcrab get 2.5 GDP, gdex-faucet get 2.5GDP

what's the rule in this fee sharing? registrar get 50% and referrer get another 50%?

General Discussion / New BSIP:GS protection via core code
« on: July 19, 2019, 07:04:34 am »
I plan to draft a BSIP to implement GS protection via core code, before doing that, I'd like to do some explanation here:

Global Settlement may be the worst way to handle bad debt, because:

1. it settles all the debt positions, including the ones with CR>1
2. it stop the borrowing feature.
3. it make it not easy for the smartcoin to revive, and it's easy to make whales in the revive process, as what happened in bitUSD in recent past.

GS is just like suicide.

another mechanism has been discussed for long time at, which can be called "individual settlement", the core idea is that when bad debt appears, instead of triggering GS, only convert the bad debt positions to sell orders at settlement price of that individual debt position.

but this solution also have big issues.

if force settlement is still active after settlement order appears, for example, bad debt positions have been converted to sell orders in 0.04~0.06bitUSD with debts, however, as the market price fall sharply to 0.02bitUSD, bitUSD is off peg, devaluated to about 0.6USD.

which means, feed price is 0.02USD, DEX price is 0.033 bitUSD.

then bitUSD holders begin to exploit debt position owners with force settlement.

even worse, the last bitUSD balance cannot do force settlement, it can only fill the settlement orders with higher price.

this process is unfair to the debt position owners and the last bitUSD holders, and will not help things to recover.

then how about disable force settlement feature while settlement order appear?

then bitUSD holders can only fill the settlement orders from lower price to higher price, in other words, from debt positions from higher CR to lower CR, and filling some settlement orders will devalue bitUSD more, as the left settlement orders has higher price.

after considering this, I think a good mechanism need to follow base principle: not stop the borrowing feature.
2.ensure smartcoin holders to settle bad debt positions from lower CR to higher CR.
3. accept the possibility that the smartcoin will devalue, just try to minimize the hurting to the ecosystem.

GS protection is perfect to suit the above principle.

GS protection ensure the feed price be above the GS price, this is irrelevant to market manipulation or price faking, it is just to force the smartcoin holders to settle the bad debt position with lowest CR first. and filling margin call orders will reduce GS price and also feed price as well and have chance to end the bad debt, this is a way to let the market do the choice.

in the last several days we have seen that this mechanism protect bitUSD from one more time black swan, it works well, however now it depend on witnesses' work and not 100% reliable, to switch to realize the mechanism via core code will help to make it 100% reliable.


Stakeholder Proposals / [Poll] BSIP59:Reduce MCR of bitUSD to 1.5
« on: July 17, 2019, 05:46:31 am »
Based on BSIP59,, now 2 poll worker proposals have been created:

1.14.210   Poll - BSIP59 - Reduce MCR of bitUSD to 1.5
1.14.211   Poll - BSIP59 - Keep MCR of bitUSD as 1.6

We have to save bitUSD.

bitUSD is in illiquidity for long time, partly because the black swan hurt its brand seriously, partly because now bitCNY is in good liquidity and pegging so even less traders would like to trade in bitUSD.

However, we need to find ways to change this, to make bitUSD still play an important role in BTS financial ecosystem.

To reduce MCR of bitUSD to 1.5 will reduce the cost to mint bitUSD, hopefully this will attract users switch from CNY market to USD market, as MCR of bitCNY will be kept as 1.6 at the same time.

On the other hand, GS protection for bitUSD already worked to avoid the risk of black swan.

Please vote according to your opinion.






As the poll worker proposal 1.14.207 has been voted active and got more support than the "Keep MSSR of bitUSD as 1.02" worker proposal 1.14.208, MSSR of bitUSD will change from 1.02 to 1.01.

The change will happen after  UTC 00:00 22th, July, 2019.

Every witness is requested to update the feeding script to publish 1.01 as MSSR of bitUSD, please do the job after UTC 00:00 22th, July, 2019 and finish before UTC 00:00 24th, July, 2019.

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

Proposal 1.10.38714 is created to set force_settlement_offset of bitCNY to 1%. the proposal will expire in UTC 18th, July, 00:00

To do this is based on below considerations:

1.the feed price quality is obviously better than before.
2.bitCNY is in obvious discount, A lower offset can help to limit the discount.
3.other smartcoins, like bitUSD&bitEUR, all have a force settlement offset of 1%, it make sense to set same force settlement offset for them.

Committee members, please check and vote according to your opinion.

Code: [Select]
unlocked >>> get_object 1.10.38714
    "id": "1.10.38714",
    "expiration_time": "2019-07-18T00:00:00",
    "review_period_time": "2019-07-17T23:00:00",
    "proposed_transaction": {
      "ref_block_num": 0,
      "ref_block_prefix": 0,
      "expiration": "2019-07-18T00:00:00",
      "operations": [[
            "fee": {
              "amount": 12650000,
              "asset_id": "1.3.0"
            "issuer": "1.2.0",
            "asset_to_update": "1.3.113",
            "new_options": {
              "feed_lifetime_sec": 86400,
              "minimum_feeds": 7,
              "force_settlement_delay_sec": 86400,
              "force_settlement_offset_percent": 100,
              "maximum_force_settlement_volume": 50,
              "short_backing_asset": "1.3.0",
              "extensions": []
            "extensions": []
      "extensions": []
    "required_active_approvals": [
    "available_active_approvals": [],
    "required_owner_approvals": [],
    "available_owner_approvals": [],
    "available_key_approvals": [],
    "proposer": "1.2.121"

中文(Chinese) / 市场呼唤有历史使命感的大户和机构
« on: July 09, 2019, 03:23:15 am »











General Discussion / topics to be discussed in Shanghai
« on: July 02, 2019, 10:30:01 am »
1. core team discussions

2. marketing WP

3. GS protection (updated BSIP58, protection is guaranteed by core code)
4. BSIP62:close short position
5. BSIP40:Custom active permission
6.committee work organization.

7. BSIP70: Lending for Margin Trading
8. mobile App WP.
9.GXC&BTS cooperation.
10.smartcoin marketing/ZBG

Stakeholder Proposals / [Poll] BSIP59:Reduce MSSR of bitUSD to 1.01
« on: June 24, 2019, 10:25:35 am »
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.

We have seen that bitCNY behaved well after the MSSR was reduced to 1.01.

Now bitUSD has a MSSR of 1.02, what we can see is that bitUSD has a 2%+ premium.

I feel it's time to bring a better pegging to bitUSD.

GS protection is already implemented in bitUSD, so no need to worry too much on black swan.

Please find BSIP59 Doc: for detailed info of BSIP59.

Two worker proposals have been created for this poll:

1.14.207   Poll - BSIP59 - Reduce MSSR of bitUSD to 1.01

1.14.208   Poll - BSIP59 - Keep MSSR of bitUSD as 1.02

please consider the 2 choices carefully before you vote.

This proposal is to replace 1.14.200

I agree with what the China BTSer Union suggested,, BTS is now obviously under estimated in the market, we need to introduce more money to increase BTS holdings.

I think currently it's a good idea to use the accumulated bitCNY market fee to buy BTS, and this measure can be combined together with the left OMO issue.

1. now account committee-cnytrader owns a debt position of 451K CNY debt and 3.9M BTS collateral,  reorganize account committee-cnytrader, let the representative from CNY BTSer Union to replace witness-still,  committee-cnytrader will handle the task of buying BTS using the bitCNY market fee.

2.each time the accumulated bitCNY market fee is above 100K CNY, claim it and transfer to the cnytrader account, when BTS price is under 1CNY, the multisig members will decide the process to buy in BTS.

3. when the BTS price is above 1CNY, multisig members need to sell some BTS to pay the debt, and also accumulate bitCNY for the next down trend.

A poll worker proposal is created for this:

1.14.205   Poll - increase BTS holdings with accumulated market fee

please vote this proposal according to your opinion.

中文(Chinese) / 把BTS从ZB提出来?
« on: June 21, 2019, 04:16:58 am »










所以,我们需要反对的不是做空机制本身,而是种种不规范操作可能给BTS本身带来的伤害,杠杆做空机制本身没有问题,可以更有效地进行价格发现。目前社区正在讨论的“lending margin call”新功能,如果能成功实施,那么用户可以再内盘抵押bitCNY借BTS来做空,但这里不存在裸卖空或者资金挪用的可能,这种机制就是我们所需要的。



Three committee proposals are created to update bitCNY, bitUSD and bitEUR.

1.10.34553 set bitCNY reward percent to 80%, market fee to 0.1%.

1.10.34555 set bitUSD reward percent to 80%, market fee to 0.1%.

1.10.34565 set bitEUR reward percent to 80%, market fee to 0.1%.

All the three proposals will expire at 2019-7-1 00:00:00 UTC.

The 80% reward percent and 0.1% market fee can help to

1.generate enough incentive for referral.
2.add more value to LTM, as LTM will actually need only to pay 0.02% fee and have chance to get good referral reward.

and at the same time, 0.1% is not too high a fee rate, it is still a normal exchange fee rate.

Committee members, please check and vote according to your opinion.

forum discussion:

Pages: [1] 2 3 4 5 6 7 8 ... 12