Purpose:
to restore the peg of bitCNY in the long run and mitigate the issue that some debt positions' collateral ratio is too low.

Changes:
ICR has been adjusted from 295% to 315%
Maximum supply has been adjusted from 28,000,000 to 25,000,000

Current parameters:

ICR (Initial collateral ratio) 315%
MCR (Maintenance collateral ratio) 195%
MSSR (Maximum short-squeeze ratio) 151%
MCFR (Margin call fee rate) 8%
FSO (Force settlement price offset) 2%
FSFP (Force settlement fee percent) 1%

The median feed price is 0.22 CNY/BTS.

Borrowing is enabled. The maximum supply is limited to 25,000,000 bitCNY.


Note:

* As of writing, market trading price of BTS on CEXs is around 0.122 CNY, the collateral ratio (CR) of the debt position with the lowest CR in the BitShares DEX is 103.7%, the corresponding black swan price is 0.119 CNY.

* the ICR value 315% for feed price 0.22 effectively means 174% for market price 0.122, and the corresponding black swan price is 0.070:
0.22 / 315% = 0.122 / 174% = 0.070

* the MCR value 195% for feed price 0.22 effectively means 108% for market price 0.122, and the corresponding black swan price is 0.113:
0.22 / 195% = 0.122 / 108% = 0.113

* the MSSR value 151% for feed price 0.22 means collateral of low-CR debt positions will be listed for sale at 0.22 / 151% = 0.1457 bitCNY
** the MCFR value 8% means the price for buyers' is 0.22 / (151%-8%) = 0.15385 bitCNY

Since bitUSD has been globally settled, and likely won't revive anytime soon, we got some time to discuss how to deal with the price feeds and test new rules without messing up the market.

The global-settlement price was 0.0345 USD, the MCR is 150%, so bitUSD will only revive if median price feed exceeds 0.05175 USD.

The threshold was to prevent some debt positions from being margin called. Since all  debt positions have been closed, IMHO it no longer makes sense to have a threshold, but better start feeding real market price.

Please discuss what to do next.

The price feed producer list of bitUSD has been updated to [clockwork] only who are feeding real market price. The list will be adjusted as the discussion goes on.

Another related thread in Chinese: https://bitsharestalk.org/index.php?topic=32702.0

因为 bitUSD 已经全局清算，短时间内预计无法复活，所以现在有一个比较长的缓冲期来讨论和调整喂价规则，不会对市场产生大的影响。

对于 bitUSD 来说，喂价的首要意义在于复活，其次是复活后的喂价规则。

这次 bitUSD 黑天鹅价是 0.0345 ，MCR 是 150%，也就是说喂价达到 0.05175 后即可复活。

现在喂价锁定在 0.0345 已经没有什么实际意义。我个人觉得喂价人可以开始按实际价格喂价了。

关于复活，我个人认为，目前的复活规则太容易被大户投机“劫胡”，不够合理。
为了保证复活后有一个相对公平的抵押借款环境，我个人倾向于让 bitUSD 自然复活，也就是等 BTS 价格回升、黑天鹅资金池抵押率达到 150% 以上后，由理事会接管黑天鹅债仓。这个想法可以通过理事会调整 bitUSD 喂价人的方式实现，当然，由于还有一些限制（可以说是BUG），需要喂价人配合才能实现。

复活前，bitUSD 持有人可以通过强清的方式，以黑天鹅价0.0345换取黑天鹅池中的 BTS ，这类强清没有24小时延迟。

复活后，将要重新面对爆仓、强清、脱锚、死亡螺旋等问题。不过，因为 bitCNY 没有全局清算（即使有折价），目前在 bitCNY 上做的一些实验，得到的经验，届时可以用到 bitUSD 上，相信问题不会很大。

目前想到就这么多，希望抛砖引玉。

为了促进健康抵押，现重新开启 bitEUR(欧元)和bitRUBLE(卢布) 强清功能。

每小时强清限额调整为总量的万分之一。

其他参数不变。

目前 bitEUR 共有近400万BTS的抵押仓， bitRUBLE 有200多万BTS的抵押仓。

Purpose:
to restore the peg of bitCNY in the long run and mitigate the issue that some debt positions' collateral is too low.

Changes:
MCR has been increased from 185% to 195%
MSSR has been increased from 150% to 151%.
MCFR has been increased from 6% to 8%.

Current parameters:

ICR (Initial collateral ratio) 295%
MCR (Maintenance collateral ratio) 195%
MSSR (Maximum short-squeeze ratio) 151%
MCFR (Margin call fee rate) 8%
FSO (Force settlement price offset) 2%
FSFP (Force settlement fee percent) 1%

The median feed price is 0.22 CNY/BTS.

Borrowing has been enabled earlier. The maximum supply is limited to 28,000,000 bitCNY.


Note:

* As of writing, market trading price of BTS on CEXs is around 0.13 CNY, the collateral ratio (CR) of the debt position with the lowest CR in the BitShares DEX is 109%, the corresponding black swan price is 0.119 CNY.

* the ICR value 295% for feed price 0.22 effectively means 174% for market price 0.13, and the corresponding black swan price is 0.075.

* the MCR value 195% for feed price 0.22 effectively means 115% for market price 0.13, and the corresponding black swan price is 0.113.

* the MSSR value 151% for feed price 0.22 means collateral of low-CR debt positions will be listed for sale at 0.22 / 151% = 0.1457 bitCNY
** the MCFR value 8% means the price for buyers' is 0.22 / (151%-8%) = 0.15385 bitCNY

现在有几天的窗口期，不然下一个窗口期要比较长了。

不着急

MCR increased from 180% to 185%.

I understand.

Not only you, but also many of us have contributed and invested a lot without getting much back.

However, the chain still needs more contributions and engagements to move forward. In this sense, I would prefer allocating more resources to the ones who are actively contributing, but give less weight on contributions in the past.

By the way, IMHO it's a waste of resources if everyone piles on providing the same services, especially when our resources are limited. The law of diminishing marginal utility applies. It is best for everyone to find a position that is not easily replaced by others.