no need to wait more time, now I'll start the poll for modifying settlement parameters for all the fiat pegged smartcoins.

as scheduled bitUSD should have been modified yesterday, but because some unexpected issue(not enough BTS in committee-account to pay fee) the time is postponed to 28th.

other than bitCNY and bitUSD, in Bitshares there are also fiat pegged smartcoins including EUR, JPY, GBP, KRW, TRY, SGD, HKD, RUB, SEK, NZD, MXN, CAD, CHF, AUD, ARS. most of these smartcoins have little supply, however some of them are potential to become wildly used, for the same reason that we modify bitCNY and bitUSD, I now suggest to apply the same change to all the smartcoins mentioned above - set force settlement offset to 1% and max settle volume to 0.5%

as ARS have already 1% as force settlement offset and 2% as max settle volume limit, this time ARS will be left unchanged, it can also help us to observe how a different max settle volume influence the behavior of one smartcoin.

regarding other smartcoins as bitBTC, bitSILVER, bitGOLD etc, as what they peg are not stable in price by themselves and then they are different with the fiat pegged smartcoins, this time the suggested change will not touch these smartcoins, if necessary, we will discuss the necessity to also modify them in another poll/thread.

this poll will collect opinion from community for at least a couple of weeks, and considering that many need to see bitUSD's behavior after the modification and then decide the opinion, this poll allow voters to change option.

relevant links for reference:
poll for modifying bitUSD:  https://bitsharestalk.org/index.php/topic,22936.0.html
BSIP for modifying bitUSD: https://github.com/bitshares/bsips/issues/14
discussion thread for modifying bitCNY: https://bitsharestalk.org/index.php/topic,22416.0.html
BSIP for modifying bitCNY: https://github.com/bitshares/bsips/blob/master/bsip-0016.md

smartcoin economy and current bitCNY status

smartcoin is not only stable currency, but also financial leverage tool.

shorters use this leverage tool to fulfill financial needs by borrowing smartcoins from system, for bitCNY, the 1% force settlement offset and 0.5% force settle volume limit greatly reduce the shorters' worry of being force settled, even their debt position are force settled, they always have big chance to buy back BTS from market without loss. in summary, this setting make the user experience of the leverage tool much better than before, that is why bitCNY supply doubled in 5 weeks. 

then is bitCNY devalued by 1%? things are not simple, now bitCNY express its value by trading, or by withdrawing to fiat CNY, in both ways it is not devalued, however in both ways transwiser play an important role. this lead to another question - does bitCNY's value depend on transwiser's service?

in my opinion in smartcoin economy gateways and market makers are must and play important role, they help exact pegging and provide liquidity, however, this is not to say that the smartcoins' value depend on their service, we can also say it's smartcoins' own value make the gateway and market making service possible.

force settlement should not be seen as a common value express, it is "last resort", I don't think we can expect merchants to accept smartcoins just because of the 100% force settlement, a gateway service is always needed for merchants to accept smartcoins.

bitCNY now has a supply of 1.57M, in my view the supply may reach 5M at the end of this year, frankly speaking, as a gateway transwiser now face bigger chanllenge than before, now most bitCNY finally come to transwiser as an exit but seldom people buy bitCNY from transwiser, to balance the liquidity flow, transwiser need to try to make bitCNY trading base for more markets in DEX, and also need to try to build something like CNY-USD exchange channel with the help of bitCNY,bitUSD/USDT.

bitUSD's current status and change proposal

generally speaking, bitUSD is now in low supply(about 115k), low trading volume and bad pegging(bitUSD always worth 5~10% higher than fiat USD)

I am not sure why things are like this, but in the past we do not have a good channel to do bitUSD/fiat USD conversion, now thanks to OpenLedger's work, we now have OPEN.USDT to play the role of bridging bitUSD and fiat USD, now any market maker can do more in bitUSD market to provide liquidity and help exact pegging, but at that stage the same problem that has puzzled bitCNY ecosystem will also appear here - how to encourage shorters to generate more bitUSD?

here I propose the same solution to bitUSD as had applied to bitCNY - change the force settlement offset to 1% and max hourly force settle volume to 0.5%, currently the two parameter values for bitUSD are 0% and 20%.

The force settlement offset can be seen as a service fee that holder pay to the settled shorter at the time of force settlement. The offset need to be a proper value that can balance the risk of holders and shorters. A 0 offset is not reasonable enough as in common financial logic the collateral should not be force settled without any compensation if the collateral price does not fall below the margin call price. On the other hand, if the offset is set too high, force settlement will be unfeasible as "last resort" for value express. another parameter -  the max hourly force settle volume -  should be low enough to prevent sudden settlement to force shorters out quickly. experience in bitCNY shows the 1% offset and 0.5% max hourly force settle volume are comparatively reasonable combination.

this poll is to collect opinions from community, next, similarly, BSIP and maybe also worker proposals will be created, and finally if there are enough support, a committee proposal will be created to implement the change.

after all the necessary process, now this proposal is on the final step, the committee proposal is created and will expire in 06/21.

if you are bitCNY holder or shorter, or if this change is important to you for any reason,  please pay necessary attention to the status of the voting and take according action while necessary.

relevant links:

committee proposal: http://cryptofresh.com/p/1.10.286
worker proposal 1.14.39: http://cryptofresh.com/workers
BSIP:https://github.com/bitshares/bsips/blob/master/bsip-0016.md
discussion thread:https://bitsharestalk.org/index.php/topic,22355.0.html  https://bitsharestalk.org/index.php/topic,22416.0.html

今天是DAO的ICO第一阶段的最后一天，目前购买DAO的资金价值已经超过九千万美元。 daohub.org

为给用户提供最大的方便，transwiser从现在开始开通TRANS.DAO在BTS内盘的交易，目前所售的100万TRANS.DAO对应巨蟹个人购买的100万DAO。对应ETH账户为:0x433e3ba1c51b810fc467D5ba4dea42F7A9885e69



主交易对为：TRANS.DAO:BTS和TRANS.DAO:bitCNY，交易费 0.1%。

transwiser团队将尽最大努力在DAO ICO结束的第一时间实现TRANS.DAO的自动充提。

感谢社区一直以来对transwiser的大力支持，我们将尽力为大家提供便捷优质的服务。

标题似乎有点打自己的脸，不过我相信这选择是正确的。

修改bitCNY强清参数的建议经过一阵儿讨论现在已经没有大的阻力，BSIP已经发布：https://github.com/bitshares/bsips/issues/13 ，理事会正在讨论要不要发个worker proposal让社区投一下票，等各种程序走完应该就可以实施了。

最近我正在不断发起TCNY的强清，没有办法，我还得为时代收上来的TCNY承兑，又没别的方法变现。不乐意被强清的shorter可以到我这儿买TCNY自己平仓，保障供应。

当初系统创建了很多smartcoin，比如bitUSD，bitCNY，bitEUR，bitCAD等等，但是没有对应阿根廷比索的bitARS。

阿根廷的比特股社区是拉丁美洲最大的比特币社区，活跃度也很高，现在阿根廷社区提出需要创建一个bitARS方便阿根廷用户。https://bitsharestalk.org/index.php/topic,22231.0.html

理事会已经讨论过此事，已经就支持创建达成一致，选择的路径是，由阿根廷社区创建一个worker proposal来收集创建所需的费用，创建bitARS后transfer给comittee-account账户。使bitARS最终成为公共的智能资产。

现在创建bitARS需要大约1.17M的BTS，以现在的情况，需要社区的良好协同，使该worker proposal获得通过后才能完成bitARS的创建。

worker proposal 收集的BTS全部用来创建bitARS，作为费用归回到reserve pool，因此并不存在浪费。

希望大家支持，可以直接投票支持“bitARS smartcoin creation” 这一worker proposal, 亦可通过设我（bitcrab）为代理支持。

for private smartcoin TCNY the parameter maximum_force_settlement_volume is set to 2%

recently TCNY has a supply less than 150000, means the maximum force volume will be no more than 3000, however yesterday I tried to issue a settlement of 4000 TCNY, the command is executed w/o any error and today I saw the settlement is finished.

does this mean the 2% setting do not perform any limitation or I misunderstand this parameter?