BSIP59 define a general process for adjusting MSSR and/or MCR through voting

bitUSD has already revived, now it's time to optimize the parameter to get better peg and supply, based on the principle of BSIP59 https://github.com/bitshares/bsips/blob/master/bsip-0059.md, now 3 poll worker proposals  are created as below:

1.14.178   Poll - BSIP59 - Reduce MSSR of bitUSD to 1.05
   
1.14.179   Poll - BSIP59 - Reduce MSSR of bitUSD to 1.02
   
1.14.180   Poll - BSIP59 - Do Not Reduce MSSR of bitUSD

Reducing bitUSD MSSR to 1.05 or 1.02 are both acceptable choice, comparatively, 1.05 is more conservative/careful,  1.02 is more active/aggressive.

As global settlement protection measure is already implemented through "1.14.176 Poll-BSIP58-Global Settlement Protection on bitUSD", the risk of global settlement is removed and we now just need to care the risk to enter "global settlement protection status".

please vote according to your opinion.

BSIP Doc: https://github.com/bitshares/bsips/blob/master/bsip-0058.md

2 worker proposals are created for this:

1.14.176: Poll-BSIP58-Global Settlement Protection on bitUSD

1.14.177: Poll-BSIP58-No Global Settlement Protection on bitUSD

as described in the BSIP Doc, this BSIP is a general solution for smartcoin, but this voting is only for bitUSD, if you support to implement BSIP58 on bitUSD, please vote for 1.14.176, otherwise, please vote for 1.14.177.

Bitshares Core Release 3.0.0 fixed the MCR bug, the protocol update will happen at 23 APR 2019 14:02 UTC.

https://github.com/bitshares/bitshares-core/releases/tag/3.0.0

Based on BSIP59, https://github.com/bitshares/bsips/blob/master/bsip-0059.md, now 2 poll worker proposals have been created:

1.14.174   Poll - BSIP59 - Reduce MCR of bitCNY to 1.6
1.14.175   Poll - BSIP59 - Do Not Reduce MCR of bitCNY

Select 1.6 to vote base on following consideration:

1.bitCNY is still in obvious shortage and premium. a lower MCR will help to encourage supply and lessen the shorting power.
2.in community discussion, especially in Chinese community, 1.6 is a value that get most support.
3.as a reference, Maker DAI has a corresponding parameter and the current value is 1.5, to be cautious, to go to 1.6 at the first step is a better choice.

If the for worker finally win, the MCR will be modified only after the protocol update succeed.

Please vote according to your opinion.

GDEX已经和专业的交易团队签好协议，开始启动做市计划。

现在在BTS内盘做市，还有两个比较大的问题需要解决。

一个是BTS账号结构问题，目前BTS账号还不能象okex子账号那样，提供“A委托B交易，A全权控制账号，B只有交易权限，无权进行资金转移”的功能，BSIP40提供了解决方案，但至少要等到十月份的分叉才能上线。

一个是智能货币的手续费问题，现在bitCNY和bitUSD的交易手续费都是0.1%，而且是理事会收取，这个手续费对做市商来说还是太高，而且因为不是GDEX收取，也无法通过返还来降低做市商成本。

我计划下一步推动bitCNY交易费降到0.04%或更低，但这需要时间。

所以，现在GDEX的做市计划也只能在一定范围内进行，也暂时不选择做bitCNY交易对，等待各种条件慢慢具备，再逐步扩大范围。

现在BTS/GDEX.BTC的做市已经开始，GDEX.EOS/GDEX.BTC的做市也会尽快开始，欢迎关注。

In the coming months, some important things will happen and give apparent impact on BTS ecosystem.

1. the hard fork in the second half of April.

As I know, some interesting features like market fee sharing(BSIP43) will become active after the hard fork, what I care most  is that MCR will be changeable after the update.

Several months ago when the community discussed BSIP42, the possibility to adjust MCR dynamically has also been discussed，now when I review the discussed proposal, I think maybe it is not good to let witnesses adjust MCR frequently, it should be sufficient to follow BSIP59 to reach a consensus on a MCR value, and request witnesses to feed that value.

In community discussion, seems 1.6 is an appropriate value for bitCNY, I plan to issue a poll voting according BSIP59 for that.

2. reviving of bitUSD

if MCR of bitCNY change to 1.6, we can expect that the bitCNY supply will increase at least 10% in short term without other factors, and this will also bring an apparent rise up of BTS price.

current BTS price in USD is 0.0497, close to 0.0511, the global settlement price, we can expect that the MCR change of bitCNY will help the BTS price to go above 0.0511 USD, which will make the reviving of bitUSD much easier then current status.

3.to build a more competitive DEX

To make Bitshares DEX more competitive, we need to provide advanced permission feature to institutional users, in a typical scenario, institution A need institution B to provide some trading service, they need such an account: A fully control this account however B is only authorized to trade in some specified trading pairs within this account. now GDEX is cooperate with some market maker, we have a strong feel that we need this kind of account structure.

Fortunately I found BSIP40 can provide such feature and is already approved several months ago and in development, unfortunately as I know BSIP40 can go live at earliest as after the hard fork in Oct, anyway, I hope the core team can give high priority to this feature in the task list, I believe not only GDEX, but also many other institutions in BTS ecosystem are in great demand on this feature.

One other big thing is the market fee of bitCNY and bitUSD, now the market fee of all the smartcoins are 0.1%, this is not friendly enough to many big users.

Taking GDEX as example, we now invite maker makers to trade in DEX, when they make market in pairs like GDEX.EOS/GDEX.BTC, we will return the market fee back to them to save the market making cost, however, if we request them to make market in pairs like GDEX.BTC/bitCNY, we cannot return the bitCNY market fee as it is charged by committee-account, so we need to make the market fee of bitCNY low enough to make market making feasible, comparing to the fee level in CEX, I'd like to propose to reduce the market fee of bitCNY and bitUSD to 0.04% or lower.





 

fota.com

As the poll worker proposal 1.14.168 has been voted up, MSSR of bitCNY will change from 1.05 to 1.02.

The change will happen after  UTC 00:00 4th, March, 2019.

Every witness, please update your feeding script to publish 1.02 as MSSR of bitCNY, please do the job from UTC 00:00 4th, March, 2019 and finish before UTC 00:00 6th, March, 2019. 

In the past 10 months, open market operation fund lost much in the big bear market. A simple summary can be found here: https://bitsharestalk.org/index.php?topic=27790.0

However, I believe that the market fee income should be used in supporting the smartcoin ecosystem. What we learned in the past 10 months will help us to optimize the policy in the future.

So I now suggest to restart the Open Market Operation with updated rules:

1.Open Market Operation Fund will not get BTS through worker proposal, it will only get the market fee of smartcoins as fund source.
2.Smartcoin borrowing will not be allowed.
3.BTS buying orders can be placed only when there is margin called orders stayed.
4.BTS selling orders can be placed only when the smartcoin has at least 0.5% discount.

the operation will still cover bitCNY and bitUSD, as bitUSD is in global settlement status, operation on bitUSD will start after bitUSD revive.

bitCNY operation account: committee-cnytrader
bitUSD operation account: committee-usdoperator

As ebit and witness.still are voted out of committee, the active key of committee-cnytrader will be changed to a 2/3 multisig of bitcrab, jademont and abit.

2 poll worker proposals have been created for this plan:

1.14.166 Poll - Restart Open Market Operation
1.14.167 Poll - Do Not Restart Open Market Operation

please vote according to your opinion.