当喂价已经低于市场价的时候向下调喂价需要更谨慎，以免对系统造成不必要的伤害。

可以对bitCNY折价有一个小范围的容忍，比如，当折价范围在0.5%以内，可以保持现有喂价，不启动负反馈。

gdex-witness已经启动这样的设置。

作为BTS多方，在当前状况下应该怎样对价格和交易作总体上的把握？

BSIP42实施后的一个结果是：外盘砸盘或者内盘（BTS/bitCNY或者BTS/bitUSD交易对）拉盘都可能造成bitCNY/bitUSD溢价下跌，从而造成对多方不利的喂价下跌。

所以，多方在吸筹的时候，应该尽量选用能引起外盘而不是内盘价格拉升的办法。而多方在出货的时候，应该尽量采用能引起内盘而不是外盘价格下跌的方法。

外盘主要的交易对依然是BTS/BTC交易对，所以，应该让BTS/GDEX.BTC交易对与外盘价格产生紧密联动，这样在内盘用GDEX.BTC购买BTS能将拉盘力量传导到外盘。

这也要求GDEX.BTC/bitCNY与GDEX.BTC/bitUSD有良好的深度。

GDEX将在这些方面做一些事情。

还有，ZB的BTS借贷业务对BTS多方有何种影响以及应该如何应对？熟悉的小伙伴贡献点分析？

Quote from: binggo on October 26, 2018, 01:44:08 pm

杠杆不是涨的快的原因，bts都算是涨的慢的。

而且目标抵押率并没有彻底解决连环爆仓的问题，不然还要喂价反馈干什么？！

溢价很大的原因在于MSSR，喂价反馈不就是变相调的MSSR？！顺便还变相调了MCR降低了爆仓量。

BTS最大的问题在于爆仓压制内盘价格问题，而内盘价格高于外盘根本不是什么问题，机器人搬砖与套利行为会搬平价差，即使搬不平也有强清机制进行平抑，不需要喂价反馈对这种市场行为进行干涉。熊市也有避险与囤积的需求，何况又并非bts一个交易对，内盘其它的bitcny交易对都对bitcny有避险与囤积需求，怎么能如此的就判断供应过剩？！

正如天籁所说，喂价算法不能强迫抵押者去卖（这里指低于外盘喂价的算法），被强清至少还有时间调整与补偿来保护抵押者，低于外盘喂价的反馈算法又如何保护抵押者？！

都说的这么明白，见证人有过反应与讨论吗？！ 喂价越反馈越低，实际抵押率高于175%都被爆掉，那还有何安全的抵押率？！何况这种反馈的喂价低于外盘喂价对风险消除毫无作用，却极大的干扰市场，有何用？而“干扰市场“这个词似乎很多人并不懂。

喂价算法反馈低于外盘喂价没有任何意义，而这时所谓的维系锚定不过是干扰市场，这是在强迫实际抵押率大于175甚至178的抵押者卖出自己的抵押，而并非市场的实际行为，他们也是bitcny的生产者，实际抵押率大于175的抵押者就应受到系统强制性无人为干涉规则的保护。

避险与囤积需求的存在导致bitcny的供应量实际上永远是缺的。

如果认为批评者容易当，那就只能等市场的暴击来反馈。

这个逻辑我认同，比如178的抵押率根据市场成交价是足额抵押，但是由于喂价低于市场价导致被爆，对于bitcny生产者是打击

bitCNY缺不缺，需要有一个标准来判断，不是你说缺就是缺的，现在的标准就是溢价。

bitCNY一直折价的时候，那可不就该打压bitCNY生产行为吗？调低喂价也好，调高MCR也好，都是标准变动让以前”足额“的抵押变得”不足额“了。

当前CNY市场价格：0.674，喂价：0.658，喂价低2.37%
      USD市场价格：0.0972，喂价：0.122，喂价高25.5%

为什么会这样？

从鼓鼓钱包看，充值费0%，提现费0.63%，bitCNY依然处于折价状态。
Kraken BTC/USD价格6394.6，综合BTS/BTC价格0.0000151， 换算BTS/USD价格0.0966，换其他路径算结果也差不多，bitUSD也处于折价状态。

所以现在CNY喂价是正常的，USD的喂价是不正常的？

负反馈喂价把智能货币的锚定精确度作为目标，同时等于设定，拉高内盘BTS/bitCNY or bitUSD价格，等于向折价的方向拉智能货币，而在外盘拉高BTS价格，才相当于向溢价的方向拉智能货币。

所以，要想喂价高起来，在内盘BTS/bitCNY or bitUSD交易对拉盘没啥用处，反而起反作用，要去外盘拉盘才有用处。

如果有人民币，可以通过充值换成bitCNY进入内盘，然后购买GDEX.BTC，然后在BTS/GDEX.BTC交易对拉BTS，才比较有用。
当然如果有BTC直接冲进来拉也没问题。

当然这也需要内盘BTS/GDEX.BTC交易对和外盘交易对之间是畅通的，可以影响外盘的，或者算法把BTS/GDEX.BTC价格也作为计算外盘价格的因素。

也许这就是abit常说的“只有真金白银进来才有效”。

Can we add "lobby/convince CEX to enable borrowing bitasset with BTS via CEX" as a secondary bounty objective? It would help return BTS to the DEX, increase BTS buy pressure on affected CEX & solve CEX bitasset supply issues.

this is  a little complex, need to do some assessment before marketing, I don't recommend it to be included in this worker proposal.

NAME:   bounty based smartcoin marketing campaign
WORKER HANDLER:   smartcoin-marketing (a committee owned account)
TOTAL:   9M BTS
DURATION:   2018/11/10 - 2019/2/7 (90 days)
DAILY PAY:   100K BTS
WORKER ID:   1.14.129


“Stable coin” become hot recently and attracted much attention,  the event that USDT is discounted more than 5% bring great worry on this token that occupy more than 95% stable coin market shares, now there is a great market chance for smartcoins, we should not miss it and need to do some big promotion to extend the market share.

Now one of the biggest market for stable coin is exchange, exchange has the demand to adopt stable coin as base trading currency, to encourage every potential people in this world to help to lobby the exchanges to adopt bitCNY and bitUSD, after community discussion, now we create a worker proposal for a bounty based smartcoin marketing campaign.

1. Bounty quantity

the 4 most famous exchange: binance, OKEX, Huobi, Bitfinex.      1M/0.5M BTS

Top 20 in coinmarketcap  Adj.Vol(24h) ranking                           400K/200K BTS

Top 50 in coinmarketcap  Adj.Vol(24h) ranking                           200K/100K BTS

open smartcoin market: one exchange open smartcoin market means the exchange adopt smartcoin as base trading currency and list at least 3
relevant trading pairs, including BTC/smartcoin.

if one succeed to lobby one of the 4 most famous exchange -  Binance, OKEX, Huobi, Bitfinex to open smartcoin market, he/she will get 1M BTS as reward for the first adopted smartcoin(either bitCNY or bitUSD), 0.5M BTS as reward for the second adopted smartcoin(either bitCNY or bitUSD).

for other exchanges, the reward is as listed above based on the Adj.Vol(24 hours) ranking in coinmarketcap.com.

2. Work verification and reward distribution
Bitshares Committee will take the responsibility to verify the work of lobbyist and decide the distribution of reward.

People who want to work as lobbyists need to comment on the work proposal thread and leave the information of bts account, email and which exchanges he/she want to lobby, if finally the exchange open smartcoin market, the lobbyist need to provide evidence that it’s his/her work that make things happen.

it's possible that the reward for one event (one exchange open 1 smartcoin market) be distributed to more than one people/team, this depend on the committee's judgment on the contribution.

There is a 60 days observation period, if the smartcoin markets are kept open in these period, then the highest  Adj.Vol(24h) rank of this exchange in coinmarketcap in these 60 days will be used to determine the reward.

the worker proposal will end at 2019/2/7, only when exchange open smart coin market from when the worker proposal is active to the end day  then the reward will be distributed accordingly.

this worker proposal will collect totally 9M BTS. it will suffice if not too many exchanges adopt BTS.

if too many exchanges open smart coin markets and the totally 9M BTS is not enough to pay the reward, it is possible that open market operation fund release the fund to fill up the gap. however this need another discussion to reach consensus.

below is the statistic of the trading of OMO fund up to today:


account                          trade type    BTS quantity    smartcoin quantity     average price
committee-cnytrader       buy             15581697.83   17901590.24              1.148 bitCNY
                                     sell              1605097.827   963195.7544              0.60 bitCNY

committee-usdoperator   buy              5968469.697   1059789.265              0.177 bitUSD

the sell come from margin call.

yes, OMO bought a lot BTS in obviously higher price comparing to today's BTS price, as most of the trading are done before 8th, Aug, at that time bitCNY is still in premium and it's not easy to predict that a big bear is coming to the market.

I believe either 1.148bitCNY or 0.177USD is not very high price for BTS, BTS will go above these prices in the future, and, more importantly, to provide liquidity of bitCNY and bitUSD, rather than making profit is the No.1 purpose of OMO.

we learnt a lot in the past several months, we saw that in the big bear market, OMO is not able to prevent BTS price from falling down rapidly, it is not able to prevent the speeding up margin call/price falling, however, after 719 hard fork and BSIP42 implementation, we saw that the rule change helps a lot to prevent the speeding up margin call/price falling in bear market.

rules here is much more important than fund, after 719 and BSIP42, the system itself can adjust the supply according to the demand, now OMO is not so necessary as we have imagined.

now another worker proposal that need a >100K BTS daily pay is under discussion, if finally it can be voted active I think it will be good for that worker proposal to replace the OMO proposal.

Quote from: xixi002020 on October 21, 2018, 01:53:49 pm

这大半年都是熊市，以前内盘交易量再低也没有低过现在。。。

以前bitcny溢价是因为囤积bitcny可以获利，所以需求量大一些。应用场景上跟现在无异，基本只有内盘需求。

BTS从0.8+跌回0.6+这段时间里。依然是价格跌，bitcny充值手续费≥0. 横盘或上涨充值手续费≤0
哪怕现在BTS现价1分钱，bitcny的需求也是一样的, 如果按照现在的喂价算法，喂价还是会比现价低。喂价也越压越低。需求始终不会变，bitcny的需求≠全部~~智能货币仅仅是BTS的一部分。

也就是说，币值稳定导致投机需求减少，甚至打击了承兑商的热情，所以总需求减少。

这是个问题。

作为曾经的承兑商，我不认为这是问题。

承兑商赚的是差价，只要有差价就有钱赚，现在的价差足够。

打击的是那些屯bitCNY等着跌成狗抄底的，但在一个健康的系统，这样的玩法本来就不该有多少空间。