while George Soros short HKD in 1998, as the Hong Kong Financial Management Officer, Mr Zeng Yinquan definitely need to do what he can to protect HKD and defeat Soros.

I can't imagine that Mr Zeng invite Soros to a party and tell him :"Well done, Buddy! Hong Kong is a free financial market, do what you like."

Maybe Mr Zeng remove the chance for Soros to buy HKD at the cheapest price, yes, that is his responsibility.

And so do OMO for BTS.

the chanllenge for OMO is how to get the purpose with high efficiency and low risk, surely OMO need to behave better.

Am requesting to all commitee members to remove bitcrab from the committee controlled open market operation fund.
Its a clear conflict of interrest and also the unnatural buy wall which is exectly near bitcrabs margin which is causing unnatural prices on DEX can't be tollarated anymore on a free market which DEX should be.
Today we saw a feed price of 1.06 but BTS price on DEX kept up on 1,084 and never moving down because of the big buy walls for 1 million BTS at 1.08 ,1.07 ,1.06 ,1.05 ,1.03  .
The fund should be used to buy BTS and not to create heavy buy walls which are not going to break.
Also why are the funds at bottom prices on the buy walls if he really wants to buy BTS ?


Thats a massiv abuse and also cheat on all traders who shorten BTS on a bear market to protect a persons own interrest.
No new bitasset was created so you can't tell us it was created to increase liquidity.

Also i'm very disappointed once again from all commitee members who let it happen

yes, the current ratio is a little lower, and when the new funds come, it will be used to increase the ratio.

but I do not agree that the buying wall are cheating and abuse.

what role will Bitshares play in the future? in my view it is "World Central Bank", to play this role we need to stabilize the market and increase the liquidity of the smartcoin, that's why I suggest to create the OMO.

frankly speaking, one of my purpose is to make BTS price above 6 CNY and never go down in half a year.

I hurt who shorten BTS on a bear market to protect a persons own interrest? maybe. why should OMO protect a person's interest who shorten BTS?

I had do many things, for example one is to increase the force settlement ratio to 1% or even more, this definitely will help the smartcoin generator but won't do good to a BTS shorter. to help the ecosystem to grow definitely we need to encourage the constructor of the ecosystem.

several days ago I had expected that the BTS price will be never go down to under 1CNY, but unfortunately it goes again, but in my watching, the key point is that several big debt positions, including mine, do not use the target collateral ratio feature, and that because the GUI that support the target CR feature do not come until several hours ago.

this give the speculator chance to short BTS and make BTS price go down, what we need to remove is the chance that shorters can use. please use the target CR ratio feature.

@xeroc I understand your worry, I think we may begin with the account committee-usdoperator, in the past I myself do the bitUSD transactions within this account because it always need much time to communicate for a multi-sig processing by members from all around the world, if you like, you can organize committee members from bitUSD world to deal with the bitUSD operation within the multisig form.

Excuse my potentially silly question, but how can one profit from investing into the fund? You thoroughly described the calculation of the management fee, but how will be determined the buyback price for SPRING tokens? I guess the price will depend on the value of the fund. Can anyone please explain?

there is one assumption for the fund to make profit - the fund can help to stabilize and develop the market and make the BTS price to go up. then the fund can make profit from the bought BTS at lower price.

here the point is that the fund can really help to stabilize the market by playing the role of the last fireman.

You only buyback without burn? Does that mean you'll sell the bought back assets at a later stage?

put into collateral, buy, sell, no burn, anyway, to help to stabilize the market is the very important consideration for spring fund while making trading decision at the first 6-12 months. while the public market operation fund grow big and powerful, step by step spring fund will remove the “stabilization fund” role from itself and focus on investment.

the English version announcement will be published soon.

我不觉得靠榨取爆仓的抵押者来积累资金是件正当的事情。

基金介绍：
源水BTS基金是水滴资本联合常春藤资本发起的BTS内盘基金。基金的发行，申购，管理，退出等所有操作都在去中心化交易所和资产管理平台BitShares比特股上进行，基金账户由两家资本方通过多重签名的方式共同管理，所有操作公开透明。
 
基金成立目的：
利用BTS内盘闲置的BTS，用于共同抵押产生bitCNY,一方面增加bitCNY供应量，另一方面在市场低位时买入BTS, 在BTS高位时卖出BTS, 起到平准基金的作用，具体操作点位以基金管理人的判断为主。同时，当bitCNY供应量充足或者基金本身实现较大盈利后，源水基金还可以作为天使投资基金，投资基石轮的区块链创业项目，为基金持有人持续获得收益。

募资目标人群：
有丰富投资经验的BTS持有者，充分理解比特股的运转机制，认可BTS长期价值，认为目前BTS价格被低估且bitCNY严重短缺，希望汇集社区的力量稳步提升BTS价格和bitCNY供应量，做大做强BTS智能货币和交易所生态。

源水1号认购方式：
基金凭证为BTS内盘发行的SPRING代币，每个SPRING对应一份基金，初始认购价格为1BTS/SPRING，SPRING可以在BTS内盘自由流通交易。

在2018.07.18之前，可以发送BTS到BitShares账户spring-team(#1019038)，最低发送额度为10万BTS，最小递增额度为10万。通过直接发送BTS的方式认购基金份额，可以保证认购成功。基金账户收到BTS后，会统一发回原账户SPRING代币作为凭证。

在2018.07.18-2018.07.31之间，可以在 SPRING/BTS市场直接挂单买入SPRING代币，价格为1 SPRING/BTS。基金账户挂出的SPRING代币的卖单数量取决于第一阶段的参与数额，如果第一阶段满足了基金运作的要求，第二阶段可能不再挂单。

源水1号募集额度：
最低启动额度为5000万BTS

如果在北京时间2018.08.01 零点之前募集到的BTS额度小于5000万，管理团队将退还募集到的BTS并关闭基金，否则，当募集到5000万BTS时，基金即开始操作。

初始募集额度最高为2亿BTS。

源水1号管理费：
每季度千分之二，用于管理人员工资支出以及法务合规等费用。

源水基金申购与赎回规则：
由于SPRING代币可以在市场流通，所以基金持有人随时可以在市场挂单卖出SPRING的方式退出。

第一个季度的每个月末都将计算净值并在下月初开放申购。

每季度一次固定申购赎回时间，届时，基金管理者将在SPRING/BTS市场挂单回购SPRING代币。用于回购的BTS数额由管理者决定，最低为基金总净值的10%。同时在SPRING/BTS市场挂单售卖SPRING以供申购。

源水1号净值计算规则：

以下所述“日平均价格”如无特殊说明，均指北京时间0:00-24:00的平均价格。

在资金初始募集期，募资额达到5000万BTS的当日，按照内盘BTS/bitCNY交易对的日平均价格计算初始净值。

第一个季度每月月末，取月末当日BTS内盘BTS/bitCNY交易对的日平均交易价格为依据计算月末净值，作为申购价格依据。

基金每季度进行结算，取季度末当日BTS内盘BTS/bitCNY交易对的日平均交易价格为依据，计算出BTS净值增加值A与bitCNY净值增加值B。

取Max(Min(B*10%, A*40%),0)作为基金留存比例，其余作为净值增加，留存费将以增发SPRING的方式奖励给基金管理人员。

具体来说，首先比较以bitCNY计价净值增加部分的10%，与以BTS计价净值增加部分的40%，取较小的数值。二者的任何一个低于0，则只收千分之二的管理费。

举例说明，
情况1：如果当前BTS价格为1元，基金初始值5000万BTS，一个季度后，BTS价格变为1.5元，假如基金此时拥有7000万BTS，另外有2000万债仓。那么以BTS计价的净值为7000-2000/1.5=5667万BTS，净值增667万BTS。以bitCNY计价的净值为7000*1.5-2000=8500万bitCNY，净值增加3500万bitCNY。二者较小的是以BTS计价，因此，基金留存费为667万*10%=66.7万BTS。同时，在季度末，基金会挂出至少567万BTS的回购单到市场上。

情况2：如果当前BTS价格为1元，基金初始值5000万BTS，一个季度后，BTS价格变为0.8元，假如基金此时拥有8000万BTS，另外有1000万债仓。那么以BTS计价的净值为8000-1000/0.8=6750万BTS，净值增1750万BTS。以bitCNY计价的净值为8000*0.8-1000=5400万bitCNY，净值增加400万bitCNY。二者较小的是以bitCNY计价，因此，基金留存费为400万bitCNY*40%=160万bitCNY。同时，在季度末，基金将挂出至少675万BTS的回购单到市场上。

情况3：如果当前BTS价格为1元，基金初始值5000万BTS，一个季度后，BTS价格变为0.9元，假如基金此时拥有6000万BTS，另外有1000万债仓。那么不论以BTS计价还是以bitCNY计价都为亏损，那么基金留存费为0，同时在季度末，基金将挂出不少于500万BTS用于回购SPRING。

源水基金其他收入来源：
源水基金将建立一个见证人，并组织专业技术人员进行维护，如能当选，所得收入扣除维护人员报酬后全部转入基金账户作为净值增加。