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Messages - bitcrab

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1
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reducing MCR means we can get more bitCNY supply and make better pegging.
Nearly noone is going to create new debt to go long on BTS during a downtrend.Thats nonsense.You would waste the power of decreasing  MCR.

Quote
GS? we have GS protection, it's not a big problem.
Its a pegg and reputation problem.We lost already enough supporters and reputation on our bitassets.Margins are not really gettin eaten because you took away big part of possibility of arbitrage.
Its like taking debt holders who were not able to decrease risk quickly enough into hostage which may lead into a total loss thanks to the margin call not being eaten.
nder 1 ?

surely users will borrow more, no doubt.

smartcoin lost some reputation because the GS of bitUSD, and because smartcoin is always in shortage, not because GS protection or margin call orders. some margin call orders stay there is not a problem.

2
Its a big mistake to change MCR in a downtrend.It will have zero impact because of bad timing.
Instead we could use it in a real uptrend with clear singals to push BTS and make external traders join that push to pump it back up.
In a downtrend you won't see much of an effect.....you even risk getting quicker near gs....... losing again its pegg and reputation.

Patience is a virtue

After a quick look at the calls this morning after a 5% drop, agree with Thul3 too.

In THEORY, it would be helpful, but in practice NOONE is being sensible about their CR so will only make things worse. Contemplating removing votes.

still in bear market.

reducing MCR means we can get more bitCNY supply and make better pegging.

GS? we have GS protection, it's not a big problem.

to increase MCR at current time is just like Federal Reserve to increase interest at Great Depression, it will make everything worse.

3
太阔怕了 >:(

4
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

5
I have two questions:

If I offboarding 1 bitCNY to my bank account, how much CNY will I get?

If I onboard now 1 CNY, how much bitCNY do I get?

This must include all fees in the process.

the deposit/withdraw fee in magicwallet can answer these questions.
you can mail to [email protected] to get API for that info.

6
Even though currently the DEX price more or less reflex the market price; based on buys and sells it can spike significantly in relation to global markets. And of course we can't just feed the DEX price by itself. I have been working on my tuning my prices a bit. I  have also noticed that GDEX updates their price feeds every 2 minutes. Is that were we are trying to go with this? Provide frequent up to a minute feeds?

I don't think each witness should feed every 2 minutes, however it is not acceptable that the market price have changed a lot but the feed price is not updated for long time.

feed price should not conflict with DEX price modified with bitCNY premium/discount, otherwise feed price will be the tool for shorting.


7
这喂价简直无语了,刚才价格反弹竟然喂价还在跌,充值费率2.3竟然喂价又是比内盘成交价还低,明目张胆的害人啊!!

是的,这问题必须解决。

把所有见证人喂价做到K线图里去,把内盘修正价也做到K线图里去,谁胡乱喂价就会一目了然,投票就可以有理有据。

投票有啥用呢,票都在大户那里。这种喂价,降mcr还有啥用呢,喂价插针秒秒钟爆你。喂价不得低于内盘实际价格必须确定下来。

你还真别不信,只要把喂价的荒唐充分可视化出来,我就可以去挨个说服大户投票,把表现不合格的见证人投出去。

8
这喂价简直无语了,刚才价格反弹竟然喂价还在跌,充值费率2.3竟然喂价又是比内盘成交价还低,明目张胆的害人啊!!

是的,这问题必须解决。

把所有见证人喂价做到K线图里去,把内盘修正价也做到K线图里去,谁胡乱喂价就会一目了然,投票就可以有理有据。

9
I am considering to push one principle for bitCNY price feed -  price feed should not conflict with DEX price.

exactly speaking, price feed should not conflict with DEX price modified with bitCNY premium/discount.

as shown below, at the time bitCNY has a premium of about 1.7%, so the price feed should be about 0.4069*1.017=0.4138



but most of the witnesses feed a price which is even under 0.4069 at the time, this is killing the bitCNY ecosystem!



10
中文(Chinese) / Re: 将MSSR降为101
« on: April 20, 2019, 10:39:00 pm »

Quote

可以增大借出能力啊,本来该爆的,改了就不爆了,不就是增大借出能力了么。

我们的市场本质上是信心市场,大家有信心,bitcny就能够保值,bts就能涨。但是bts给大家的预期就是连环爆仓,没信心啊。

所以我觉得让连环爆仓难一点,就是正确的方向。

当然我也支持降mcr。好事。

一个空方占绝对优势的市场,寄希望与低MSSR来实现随爆随吃基本不现实,道理已经说的很明白,留出价格缓冲区,从侧面也能提高供给量。市场已经被随时爆仓培养出惯性这个事实难道都看不到?!

有啥不现实啊,CNY现在就是随爆随吃啊,就算MSSR降到1.01也是随爆随吃啊,就算不随爆随吃也无所谓啊。1.6抵押+爆仓和1.6爆仓1.75抵押哪个更有助于增加供应量清楚得很啊。

爆个仓无非就是筹码换手啊。

11
中文(Chinese) / Re: 将MSSR降为101
« on: April 20, 2019, 04:14:17 pm »
爆仓线和抵押线分开没有意义。

爆仓都不算个事儿,没必要防护。

降低MCR就是要增大供应量,如果爆仓线降到1.6,抵押线还保留在1.75,增大不了借出能力,那搞降MCR是吃饱撑的吗?

12
中文(Chinese) / Re: 将MSSR降为101
« on: April 20, 2019, 08:26:53 am »
MSSR降低有什么用处?从近期的走势能看出一二。

4月11日的暴跌,一个大原因是因为alt的巨额债仓爆掉直接导致的。

我相信,如果在4月11日的时候USD的MSSR已经降到1.02,BTS不会跌这么多。

不是MSSR高就能让爆仓单尽快被吃掉,连环爆仓引起的,常常是智能货币供应进一步减少,进一步升值,而爆仓单还在那里。

MSSR设为1.1比设为1.02,其实促进爆仓单尽快被吃掉的作用大不了多少,大很多的作用,是当趋势向下时让市场加速下跌的作用。

所以我的主张是,MSSR应该在大于1的前提下尽量小。

当然,现在这个更改也不急迫,现在急迫的是MCR。

Maker DAI的MCR是1.5,我们是1.75,资产抵押创造智能货币的能力低了多少?这种规则下,如何去跟DAI竞争?

我们就算再没追求,也应该把让bitUSD的供应量赶上DAI的供应量当成一个小目标吧?

大户们也不要觉得屯屯币,套套利,财务自由鲜衣怒马看看人世繁华就够了吧?有点追求行吗?

还有大户说,调低MSSR降低了空头的预期收益,不利于吸引交易者 - 拜托,如果你是一家上市公司老板,难道你整天想着邀请人来做空你家的股票吗?

去中心化交易所为什么可以存在?别的我不知道,但我知道BTS内盘如果要发展壮大,一定离不开智能货币,具体点说是bitCNY+bitUSD的发展壮大。

BTC,USDT这些交易对,内盘比起外盘来,没有任何优势,逆袭基本不可能。

而如果bitCNY,bitUSD玩好了,有大量bitCNY,bitUSD供应的内盘是会对交易者产生吸引力的。

规则与资金,是管道与水流的关系,管道设计的好,水流才会流向有利的方向。

13
If we all agree that MSSR should be 0%, MCR at 1.0 and force settlement as high as we can (100%?), we should be able to get everyone creating some bitCNY, but who is going to buy it? I would rather see a bit smaller MCR than non-existent MSSR.

you misunderstood what I mean. I don't forget the basic financial principle.

I don't think MCR can be reduced to 1, in my view, it is possible to go down to say 1.5 or 1.4 and stay there without going down.

MSSR is possible to go to 1, but need step by step.

force settlement offset is not supposed to go as high as possible, I don't think there is a "the higher, the better" logic for this offset, actually, now 2% for bitCNY is as low as possible, as up to now we do not have an always reliable feed price.

14
the only way can help increase the supply is provide more real money support BTS.

this statement is 100% correct but senseless.

rules are like tubes, funds are like water, to which direction will the water flow depend on how the tube is designed.

everyone knows that the ecosystem need real money to support, but as a system designer, what we need to consider is how to design the tubes well, then the water will be directed to the BTS ecosystem from outside.

what we need to do is to optimize the rules, to make it more friendly to BTS longers,  less friendly to BTS shorters, and of course, based on the base financial principles.

what we have done on this way:

introduce target CR.
reduce MSSR
increase force settlement offset.

what we can do in the future:

reduce MCR
reduce MSSR continually
introduce "close short" feature.
...

I think you just experienced what's the difference that MSSR=1.1 and MSSR=1.02 can make, the big price fall in 11th April is relevant to high MSSR and your big USD debt position, if MSSR has been reduced to 1.02 before that day, I think it's highly possible that the big price fall will not happen.

and the change from 1.02 to 1.01 also make sense, it reduce the profit expectation for shortening BTS.
 

15
I will not support reduce MSSR less than 1.02.
sure we need to keep some profit space for those who help eat the margin call order.
I saw some people want to reduce MSSR because they think feed price is too lower than it should be,
they should try to change feed price instead of change MSSR. there is big different between these two problem.

I agree that price feed problem and MSSR problem are different and need different ways to solve.

but after so long time practice,  I think we should understand more deeply on the margin call rule sets.

first, can we just ragard the profit space for eating margin call orders as same as "MSSR-1"?

No, actually when the debt position is margin called/the collateral is forced to be sold, the profit space for eating margin call/the punishment to debt position owners is there.

even if MSSR = 1.

because if you are provided the rights to buy some volume of BTS at the current market price, don't you think this right worth some money?

the same logic that trader need to pay for American options.

and what we can see clearly is that, either we set MSSR=1.1 or 1.02 does not determine whether the margin call orders be eaten or not, the more important factor is market sentiment.

the disadvantage of high MSSR is that, it benefit more on shorting BTS, and then encourage traders to short BTS.

so my ideas on MSSR setting is, MSSR should be greater or equal to 1, the lower, the better.

for bitCNY, 1.02 is a value that do not lead to "margin call orders not eaten" phenomena, it's time to consider to reduce MSSR more, to discourage shorters, to ensure better pegging.

for bitUSD, 1.02 is a value that margin call orders always stay there without being eaten, so no need to consider to reduce MSSR currently.



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