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Topics - abit

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106

中文 (Chinese) / 2020-11-16 老 bitCNY 喂价人调整

« on: November 16, 2020, 09:48:27 am »

目前不少 bitCNY 喂价人没能及时更新喂价。

现调整喂价人如下，为逐步恢复正常喂价作准备。

1.2.376 liondani
1.2.4952 abc123
1.2.14035 xn-delegate
1.2.35248 in.abit
1.2.420186 clone
1.2.551261 delegate-zhaomu
1.2.709204 ioex
1.2.862994 gdex-witness
1.2.987999 zapata42-witness
1.2.1031601 btspp-witness

其中， clone 为新增喂价人。

107

General Discussion / 2020-11-15 Old bitCNY parameters adjustment

« on: November 15, 2020, 02:22:47 pm »

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:
MCR (Maintenance collateral ratio) adjusted from 275% to 290%
The maximum supply is adjusted from 21,000,000 bitCNY to 20,000,000 bitCNY.

Current parameters:

ICR (Initial collateral ratio) 330%
MCR (Maintenance collateral ratio) 290%
MSSR (Maximum short-squeeze ratio) 190%
MCFR (Margin call fee rate) 7%
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 20,000,000 bitCNY.

Note:

* As of writing, market trading price of BTS on CEXs is around 0.12 CNY, the collateral ratio (CR) of the debt position with the lowest CR in the BitShares DEX is 150%, the corresponding black swan price is 0.08 CNY.

* the ICR value 330% for feed price 0.22 effectively means 180% for market price 0.12, and the corresponding black swan price is 0.0667:
0.22 / 330% = 0.120 / 180% = 0.0667

* the MCR value 290% for feed price 0.22 effectively means 158.2% for market price 0.12, and the corresponding black swan price is 0.076:
0.22 / 290% = 0.12 / 158.2% = 0.076

* the MSSR value 190% for feed price 0.22 means collateral of low-CR debt positions will be listed for sale at 0.22 / 190% = 0.1158 bitCNY
** the MCFR value 7% means the price for buyers' is 0.22 / (190%-7%) = 0.120218579 bitCNY
** 0.1158 / 0.12 = 96.5% which means the actual penalty for being margin called is 3.5%

108

中文 (Chinese) / 2020年11月15日老bitCNY参数调整

« on: November 15, 2020, 02:15:12 pm »

参数调整目的：争取恢复 bitCNY 锚定，缓解部分借款仓位抵押率过低的问题。

今日操作：
维持抵押率（爆仓线） MCR 从 275% 调整为 290%
债务上限从 2100 万 bitCNY 调整为 2000 万 bitCNY

目前参数：
初始抵押率（抵押线） ICR 330%
维持抵押率（爆仓线） MCR 290%
最大轧空率（爆仓惩罚上限） MSSR 190%
爆仓费 MCFR 7%
强清价格偏移 2%
强清费率 1%
喂价 0.22 暂时保持不变

借款功能目前开放，债务上限 2000 万 bitCNY

注：
按目前外盘价0.12算，内盘抵押率最低的债仓的抵押率为 150% ，黑天鹅价为 0.08 （注：该数据会根据债仓数据变化而变化）

330%的ICR结合0.22喂价，相当于价格0.12时要求180%的初始抵押率。
计算方法： 0.22 / 330% = 0.12 / 180% = 黑天鹅价 0.0667

290%的MCR结合0.22喂价，相当于价格0.12时要求158.2%的最低抵押率。
计算方法： 0.22 / 290% = 0.12 / 158.2% = 黑天鹅价 0.076

190%的MSSR结合0.22喂价，相当于抵押品最低卖出价为 0.22 / 190% = 0.1158
再结合 7% 的MCFR，相当于要吃爆仓单，最低买单价为 0.22 / (190%-7%) = 0.120218579
同时，0.1158 / 0.12 = 96.5% ，相当于实际爆仓惩罚为 3.5%

109

General Discussion / 2020-11-13 Old bitCNY parameters adjustment

« on: November 13, 2020, 06:37:47 am »

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:
MCR (Maintenance collateral ratio) adjusted from 250% to 275%

Current parameters:

ICR (Initial collateral ratio) 330%
MCR (Maintenance collateral ratio) 275%
MSSR (Maximum short-squeeze ratio) 190%
MCFR (Margin call fee rate) 7%
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 21,000,000 bitCNY.

Note:

* As of writing, market trading price of BTS on CEXs is around 0.12 CNY, the collateral ratio (CR) of the debt position with the lowest CR in the BitShares DEX is 136%, the corresponding black swan price is 0.088 CNY.

* the ICR value 330% for feed price 0.22 effectively means 180% for market price 0.12, and the corresponding black swan price is 0.0667:
0.22 / 330% = 0.120 / 180% = 0.0667

* the MCR value 275% for feed price 0.22 effectively means 150% for market price 0.12, and the corresponding black swan price is 0.08:
0.22 / 275% = 0.12 / 150% = 0.08

* the MSSR value 190% for feed price 0.22 means collateral of low-CR debt positions will be listed for sale at 0.22 / 190% = 0.1158 bitCNY
** the MCFR value 7% means the price for buyers' is 0.22 / (190%-7%) = 0.120218579 bitCNY
** 0.1158 / 0.12 = 96.5% which means the actual penalty for being margin called is 3.5%

110

中文 (Chinese) / 2020年11月13日老bitCNY参数调整

« on: November 13, 2020, 06:26:08 am »

参数调整目的：争取恢复 bitCNY 锚定，缓解部分借款仓位抵押率过低的问题。

今日操作：
维持抵押率（爆仓线） MCR 从 250% 调整为 275%

目前参数：
初始抵押率（抵押线） ICR 330%
维持抵押率（爆仓线） MCR 275%
最大轧空率（爆仓惩罚上限） MSSR 190%
爆仓费 MCFR 7%
强清价格偏移 2%
强清费率 1%
喂价 0.22 暂时保持不变

借款功能目前开放，债务上限 2100 万 bitCNY

注：
按目前外盘价0.12算，内盘抵押率最低的债仓的抵押率为 136.4% ，黑天鹅价为 0.088 （注：数据待更新）

330%的ICR结合0.22喂价，相当于价格0.12时要求180%的初始抵押率。
计算方法： 0.22 / 330% = 0.12 / 180% = 黑天鹅价 0.0667

275%的MCR结合0.22喂价，相当于价格0.12时要求150%的最低抵押率。
计算方法： 0.22 / 275% = 0.12 / 150% = 黑天鹅价 0.08

190%的MSSR结合0.22喂价，相当于抵押品最低卖出价为 0.22 / 190% = 0.1158
再结合 7% 的MCFR，相当于要吃爆仓单，最低买单价为 0.22 / (190%-7%) = 0.120218579
同时，0.1158 / 0.12 = 96.5% ，相当于实际爆仓惩罚为 3.5%

111

General Discussion / 2020-11-06 Old bitCNY parameters adjustment

« on: November 06, 2020, 07:58:40 am »

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 (Initial collateral ratio) adjusted from 315% to 330%
MCR (Maintenance collateral ratio) adjusted from 220% to 230% , then 250%
MSSR (Maximum short-squeeze ratio) adjusted from 180% to 190%
MCFR (Margin call fee rate) adjusted from 5% to 7%
Maximum supply adjusted from 23,000,000 to 21,000,000

Current parameters:

ICR (Initial collateral ratio) 330%
MCR (Maintenance collateral ratio) 250%
MSSR (Maximum short-squeeze ratio) 190%
MCFR (Margin call fee rate) 7%
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 21,000,000 bitCNY.

Note:

* As of writing, market trading price of BTS on CEXs is around 0.12 CNY, the collateral ratio (CR) of the debt position with the lowest CR in the BitShares DEX is 120%, the corresponding black swan price is 0.10 CNY.

* the ICR value 330% for feed price 0.22 effectively means 180% for market price 0.12, and the corresponding black swan price is 0.0667:
0.22 / 330% = 0.120 / 180% = 0.0667

* the MCR value 250% for feed price 0.22 effectively means 136.4% for market price 0.12, and the corresponding black swan price is 0.088:
0.22 / 250% = 0.12 / 136.4% = 0.088

* the MSSR value 190% for feed price 0.22 means collateral of low-CR debt positions will be listed for sale at 0.22 / 190% = 0.1158 bitCNY
** the MCFR value 7% means the price for buyers' is 0.22 / (190%-7%) = 0.120218579 bitCNY
** 0.1158 / 0.12 = 96.5% which means the actual penalty for being margin called is 3.5%

112

中文 (Chinese) / 2020年11月6日老bitCNY参数调整

« on: November 06, 2020, 07:51:45 am »

参数调整目的：争取恢复 bitCNY 锚定，缓解部分借款仓位抵押率过低的问题。

今日操作：
初始抵押率（抵押线） ICR 从 315% 调整为 330%
维持抵押率（爆仓线） MCR 从 220% 调整为 230% ，后再次调整为 250%
最大轧空率（爆仓惩罚上限） MSSR 从 180% 调整为 190%
爆仓费 MCFR 从 5% 调整为 7%
债务上限从 2300 万调整为 2100 万

目前参数：
初始抵押率（抵押线） ICR 330%
维持抵押率（爆仓线） MCR 250%
最大轧空率（爆仓惩罚上限） MSSR 190%
爆仓费 MCFR 7%
强清价格偏移 2%
强清费率 1%
喂价 0.22 暂时保持不变

借款功能目前开放，债务上限 2100 万 bitCNY

注：
按目前外盘价0.12算，内盘抵押率最低的债仓的抵押率为 120% ，黑天鹅价为 0.10 （注：数据待更新）

330%的ICR结合0.22喂价，相当于价格0.12时要求180%的初始抵押率。
计算方法： 0.22 / 330% = 0.12 / 180% = 黑天鹅价 0.0667

250%的MCR结合0.22喂价，相当于价格0.12时要求136.4%的最低抵押率。
计算方法： 0.22 / 250% = 0.12 / 136.4% = 黑天鹅价 0.088

190%的MSSR结合0.22喂价，相当于抵押品最低卖出价为 0.22 / 190% = 0.1158
再结合 7% 的MCFR，相当于要吃爆仓单，最低买单价为 0.22 / (190%-7%) = 0.120218579
同时，0.1158 / 0.12 = 96.5% ，相当于实际爆仓惩罚为 3.5%

113

General Discussion / 2020-10-26 Old bitCNY parameters adjustment

« on: October 26, 2020, 11:39:57 am »

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:
MCR (Maintenance collateral ratio) adjusted from 210% to 220%
Maximum supply adjusted from 25,000,000 to 23,000,000

Current parameters:

ICR (Initial collateral ratio) 315%
MCR (Maintenance collateral ratio) 220%
MSSR (Maximum short-squeeze ratio) 180%
MCFR (Margin call fee rate) 5%
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 23,000,000 bitCNY.

Note:

* As of writing, market trading price of BTS on CEXs is around 0.126 CNY, the collateral ratio (CR) of the debt position with the lowest CR in the BitShares DEX is 120.2%, the corresponding black swan price is 0.105 CNY.

* the ICR value 315% for feed price 0.22 effectively means 180% for market price 0.126, and the corresponding black swan price is 0.070:
0.22 / 315% = 0.126 / 180% = 0.070

* the MCR value 220% for feed price 0.22 effectively means 126% for market price 0.126, and the corresponding black swan price is 0.100:
0.22 / 220% = 0.126 / 126% = 0.100

* the MSSR value 180% for feed price 0.22 means collateral of low-CR debt positions will be listed for sale at 0.22 / 180% = 0.122 bitCNY
** the MCFR value 5% means the price for buyers' is 0.22 / (180%-5%) = 0.1257143 bitCNY
** 0.122 / 0.126 = 96.8% which means the actual penalty for being margin called is 3.2%

114

中文 (Chinese) / 2020年10月26日老bitCNY参数调整

« on: October 26, 2020, 11:36:18 am »

参数调整目的：争取恢复 bitCNY 锚定，缓解部分借款仓位抵押率过低的问题。

今日操作：
维持抵押率（爆仓线） MCR 从 210% 调整为 220%
债务上限从 2500 万调整为 2300 万

目前参数：
初始抵押率（抵押线） ICR 315%
维持抵押率（爆仓线） MCR 220%
最大轧空率（爆仓惩罚上限） MSSR 180%
爆仓费 MCFR 5%
强清价格偏移 2%
强清费率 1%
喂价 0.22 暂时保持不变

借款功能目前开放，债务上限 2300 万 bitCNY

注：
按目前外盘价0.126算，内盘抵押率最低的债仓的抵押率为 120.2% ，黑天鹅价为 0.105 （注：数据待更新）

315%的ICR结合0.22喂价，相当于价格0.126时要求180%的初始抵押率。
计算方法： 0.22 / 315% = 0.126 / 180% = 黑天鹅价 0.070

220%的MCR结合0.22喂价，相当于价格0.126时要求126%的最低抵押率。
计算方法： 0.22 / 220% = 0.126 / 126% = 黑天鹅价 0.100

180%的MSSR结合0.22喂价，相当于抵押品最低卖出价为 0.22 / 180% = 0.122
再结合 5% 的MCFR，相当于要吃爆仓单，最低买单价为 0.22 / (180%-5%) = 0.1257143
同时，0.122 / 0.126 = 96.8% ，相当于实际爆仓惩罚为 3.2%

115

General Discussion / 2020-10-24 Old bitCNY parameters adjustment

« on: October 24, 2020, 01:45:41 pm »

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:
MCR (Maintenance collateral ratio) adjusted from 195% to 200%, then adjusted to 210%
MSSR (Maximum short-squeeze ratio) adjusted from 151% to 180%
MCFR (Margin call fee rate) adjusted from 8% to 5%

Current parameters:

ICR (Initial collateral ratio) 315%
MCR (Maintenance collateral ratio) 210%
MSSR (Maximum short-squeeze ratio) 180%
MCFR (Margin call fee rate) 5%
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 0.126 CNY, the collateral ratio (CR) of the debt position with the lowest CR in the BitShares DEX is 110.9%, the corresponding black swan price is 0.114 CNY.

* the ICR value 315% for feed price 0.22 effectively means 180% for market price 0.126, and the corresponding black swan price is 0.070:
0.22 / 315% = 0.126 / 180% = 0.070

* the MCR value 210% for feed price 0.22 effectively means 120% for market price 0.126, and the corresponding black swan price is 0.105:
0.22 / 210% = 0.126 / 120% = 0.105

* the MSSR value 180% for feed price 0.22 means collateral of low-CR debt positions will be listed for sale at 0.22 / 180% = 0.122 bitCNY
** the MCFR value 5% means the price for buyers' is 0.22 / (180%-5%) = 0.1257143 bitCNY
** 0.122 / 0.126 = 96.8% which means the actual penalty for being margin called is 3.2%

116

中文 (Chinese) / 2020年10月24日老bitCNY参数调整

« on: October 24, 2020, 01:38:41 pm »

参数调整目的：争取恢复 bitCNY 锚定，缓解部分借款仓位抵押率过低的问题。

今日操作：
维持抵押率（爆仓线） MCR 从 195% 调整为 200% ，后来调整为 210%
最大轧空率（爆仓惩罚上限） MSSR 从 151% 调整为 180%
爆仓费 MCFR 从 8% 调整为 5%

目前参数：
初始抵押率（抵押线） ICR 315%
维持抵押率（爆仓线） MCR 210%
最大轧空率（爆仓惩罚上限） MSSR 180%
爆仓费 MCFR 5%
强清价格偏移 2%
强清费率 1%
喂价 0.22 暂时保持不变

借款功能目前开放，债务上限 2500万 bitCNY

注：
按目前外盘价0.126算，内盘抵押率最低的债仓的抵押率为 110.9% ，黑天鹅价为 0.114 （注：数据待更新）

315%的ICR结合0.22喂价，相当于价格0.126时要求180%的初始抵押率。
计算方法： 0.22 / 315% = 0.126 / 180% = 黑天鹅价 0.070

210%的MCR结合0.22喂价，相当于价格0.126时要求120%的最低抵押率。
计算方法： 0.22 / 210% = 0.126 / 120% = 黑天鹅价 0.105

180%的MSSR结合0.22喂价，相当于抵押品最低卖出价为 0.22 / 180% = 0.122
再结合 5% 的MCFR，相当于要吃爆仓单，最低买单价为 0.22 / (180%-5%) = 0.1257143
同时，0.122 / 0.126 = 96.8% ，相当于实际爆仓惩罚为 3.2%

117

General Discussion / 2020-10-21 Old bitCNY parameters adjustment

« on: October 21, 2020, 10:59:18 am »

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

118

中文 (Chinese) / 2020年10月21日老bitCNY参数调整

« on: October 21, 2020, 10:53:12 am »

参数调整目的：争取恢复 bitCNY 锚定，缓解部分借款仓位抵押率过低的问题。

今日操作：
初始抵押率（抵押线） ICR 从 295% 调整为 315%
债务上限从 2800 万调整到 2500 万

目前参数：
初始抵押率（抵押线） ICR 315%
维持抵押率（爆仓线） MCR 195%
最大轧空率（爆仓惩罚上限） MSSR 151%
爆仓费 MCFR 8%
强清价格偏移 2%
强清费率 1%
喂价 0.22 暂时保持不变

借款功能目前开放，债务上限 2500万 bitCNY

注：
按目前外盘价0.122算，内盘抵押率最低的债仓的抵押率为 103.7% ，黑天鹅价为 0.119

315%的ICR结合0.22喂价，相当于价格0.122时要求174%的初始抵押率。
计算方法： 0.22 / 315% = 0.122 / 174% = 黑天鹅价 0.070

195%的MCR结合0.22喂价，相当于价格0.122时要求108%的最低抵押率。
计算方法： 0.22 / 195% = 0.122 / 108% = 黑天鹅价 0.113

151%的MSSR结合0.22喂价，相当于抵押品最低卖出价为 0.22 / 151% = 0.1457
再结合 8% 的MCFR，相当于要吃爆仓单，最低买单价为 0.22 / (151%-8%) = 0.15385

119

General Discussion / bitUSD price feed discussion (blackswan revival)

« on: October 16, 2020, 08:21:23 pm »

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

120

中文 (Chinese) / bitUSD 喂价讨论（黑天鹅复活相关）

« on: October 16, 2020, 05:41:26 pm »

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。