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Messages - bitcrab

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中文(Chinese) / 一个基于GDEX.BTC抵押的智能货币?
« on: August 21, 2019, 04:17:33 pm »



UPDATED bitUSD MCR to 1.5 and I strongly suggest to do that with all major bitASSETS.

my plan is to wait some days to see that all the margin call orders in USD markets disappear.

then do the same change to bitCNY.

for other bitAssets, if anyone feel necessary to do the same change, he can create a BSIP59 based poll worker to push the change.

A question back to you: How do you know that 1.5 and 1.01 are the sweet spot? Why not 1.2 and 1?

good question.

in 1.5 voting, many people said that they can support 1.5, but no to lower value.

my question is, why? why do you suppose 1.5 is the lowest? why do you know a lower MCR cannot be better?

I feel they said so just because of fear, not careful analysis.

we really need to understand deeply where a lower MCR can lead to, maybe 1.4/1.3/1.2 is better choice than 1.5.

I hope the research can help on this topic.

I suggest cn-vote to support this research after the USD margin call orders disappear, I expect this can happen in 1-2 weeks. 

General Discussion / Re: Thoughts on new OMO fund
« on: August 18, 2019, 03:33:58 pm »
I drafted a suggestion on this, hope you can also review it. @Thul3

Stakeholder Proposals / Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.5
« on: August 18, 2019, 07:59:33 am »
Updated my votes as well 2019-08-17 02:14:57 (GMT +7)

Support MCR for BitEUR to 1.6 and BitUSD to 1.5, with MSSR 1.02 and 1.01 along GS protection.

More liquidity and less harm to both precious and very needed smartcoin.

Please, evaluate and open discussion how possibly we could restore BitBTC - hence we have working HTLC function and actually can develop a trustless native built-in gateway through HTLC with Bitcoin blockchain.


it will revive when BTS/BTC price restore to a certain level...

anyway, I don't think bitBTC make big sense, we need not to pay much efforts to cultivate it.

first, it is difficult and make little sense to peg an asset with big fluctuations.

second, to peg USD&CNY because we want to make fiat be transferred freely in Internet. however, BTS can already be freely transferred, no need to create another asset to peg it.

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

Stakeholder Proposals / Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.5
« on: August 16, 2019, 10:35:49 am »
I hope all voters can consider this proposal carefully and understand how it can help the BTS ecosystem.

BTS is under big price pressure, that's why China community vote refund400k to reduce the inflation.

the low price keep on hurting the holders' confidence, it's necessary to find ways to make BTS price more sustainable, to reduce inflation from workers is part of the efforts, although it may hurt some contributors.

We need to find more efficient ways, to reduce MCR is another way, it can increase smartcoin supply and make the ecosystem more healthy.

please support this!

if BTS ecosystem is always so weak and BTS price is not sustainable, it's not easy to convince BTS holders to support continuous inflation via worker proposal.

I do not understand why it's so hard to push the USDMCR 1.5 proposal, it's obvious it will help to make USD and also the whole ecosystem healthy.


Stakeholder Proposals / Re: Proxy: bitcrab - make the ecosystem grow
« on: August 15, 2019, 03:18:49 pm »
I tried a lot to lobby the community to support to change USD MCR to 1.5, I beg you, I beg OL, I beg BEOS... but everyone rejected to support.
So sad, liquidity makes the difference, but not MCR of 1.6/1.5.

it's relevant, definitely, just as Federal Reserve can adjust the interest rate to influence the USD liquidity.

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...

General Discussion / Re: Thoughts on new OMO fund
« on: August 15, 2019, 06:50:57 am »
Where does the initial fund come from?

I feel the accumulated BTS and accumulated smartcoin fee in committee-account can be used.

I don't think it's good to get BTS via worker proposal, but I feel we can keep the possibility open, to get BTS via a worker proposal need another independent voting.

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

A mulitsig account will be built to operate the fund, either 2/3 or 3/5 multisig is OK.

members who want to do this job and are also trusted by the community can join.

the fund will be calculated BTS based net value every quarter, if net value increase >0, then 50% of the net value will be paid to the operation team, otherwise there will be no payment.

Stakeholder Proposals / Re: Proxy: bitcrab - make the ecosystem grow
« on: August 15, 2019, 02:46:18 am »
Our reserve pool is limited, inflation needs to be around 0%.
We had that between 2015 and 2017, look where it brought us ..
Look what changed after voters started spending money for good.

I don't necessarily say we should through out money easily, but a 3% inflation rate is really really low compared to other cryptocurrencies which even raised millions through an ICO.
If you can find devs that work for free, great, bring them on!

In China investors keep on leaving BTS.

I even received death threat before the DEVCON in Shanghai, because someone invested a lot in BTS after one of my public speech but lost so much.

I am not saying this threat is reasonable or I fear of that, but we need to care the investors' experience.

generally speaking, our people care too much on getting money via worker proposal, but care so little on how to make the ecosystem healthy and sustain the BTS price.

one reason of the bad BTS price is the bad bitUSD status, in current status, bitUSD holders can just wait and buy as much BTS as they want after a big falling down of price.

we need to incentivize bitUSD minting and make the margin call orders disappear ASAP.

I tried a lot to lobby the community to support to change USD MCR to 1.5, I beg you, I beg OL, I beg BEOS... but everyone rejected to support.

Why? Why? Why? you guys do not want to see a healthy bitUSD? you guys just enjoy selling BTS from worker proposals without caring how can we make the BTS price sustainable?

if BTS price fall to 0, no worker will make sense.

Stakeholder Proposals / Re: Proxy: bitcrab - make the ecosystem grow
« on: August 15, 2019, 02:18:39 am »
From my side this is not a permanent action, perhaps it will last at least several weeks.

Without certainty regarding funding for the 201907-uccs-research-project worker, I will soon be forced to move the PhD student to a different project and cease our development of simulations and analysis for BitShares. It costs approximately $37k-$40k to support the student for one year (this does not include travel funding and any funds for myself), but the worker so far has only collected about $15k.

What are your requirements for reversing your votes for the research project and the refund worker? I'd be very happy to provide more information about my research project to help change your mind (and the minds of the cn-vote team).

I voted this worker, but I am not sure cn-vote can support it, BTS just experienced a price falling down, which make things even worse.

General Discussion / Re: On The Importance of Bit.GOLD
« on: August 14, 2019, 06:05:46 am »
take bitBTC as an example.

for bitCNY, the risk happen when BTS price go down.

for bitBTC the risk also happen when BTC price go up.

it is not feasible to make bitBTC, and bitGOLD to peg well.

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