anyway, I think this is much better than just let global settlement happen.
Would you say this is an accurate way to rephrase your statement: "better to lose the peg via a nonconsensus hack than to lose the peg via a GS."
I'm pretty sure that I agree with that sentiment.
That makes it sound like it's worth looking in to a major protocol update which would soften the GS nuclear option in some way.
I don't think "nonconsensus hack" is a suitable name for that.
there is already a lot of discussion on an update handle method on black swan, most of key opinion leads agree to adopt some new methods to handle that without stopping borrowing feature, such as what are mentioned here.
https://bitsharestalk.org/index.php?topic=27522.0but as you know, to do such update in a public blockchain need long time to go through the discussion->BSIP draft->voting->develop and test->hard fork process. when the real risk is nearby, I think it's good for the witnesses to feed the black swan protection price, as it is based on public discussion, not private manipulation.
and you can see bitCNY and bitUSD are in different status now, although neither of them peg well, but bitCNY has a 2-6% premium, however bitUSD has a 30% discount.
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