这的确是个需要认真研究的事情。

外盘不够透明，而且，外盘是BTC为主导的，当BTC出现极端行情时，市场的过度反应很容易把BTS也一起带到坑里。这也的确提供了操纵喂价谋利的机会。

还有，外盘的价格通常是由BTC价格->USDT价格->人民币价格换算出来的，而且，通常是使用的美元汇率是官方汇率，最终的结果反应不出真实的BTS人民币价格也是常有的事情。

如果说以前内盘还比价弱小，但现在，内盘BTS/bitCNY交易对已经是这地球上交易量最大的BTS交易对，喂价来源回归内盘可以提上日程了。

我觉得由BTS内盘bitCNY现价+鼓鼓提供的bitCNY当前充值费率，就是一个理想的CNY喂价。

为谨慎起见，可以取max（BTS内盘bitCNY现价+鼓鼓提供的bitCNY，外盘价格）作为最终喂价。

as BTS price now grow up to above 2CNY, now it's time to adjust the rule to determine minimum collateral ratio in open market operation fund account.

we need the minimum ratio to increase with feed price, with a nonlinear decreasing rate。

I found below formula is likely a suitable choice, in the next price stage it will be used to determine the minimum collateral rate.



please advise if you have any ideas on this.

this is the initial logic design at the start time of OMO, now when check it again, seems it is a little too conservative.

the OMO has an advantage that other funds do not have, it has daily income of 200K BTS and also bitCNY&bitUSD market fees, so it is more powerful to resist risks - when risk appear, we can use the new coming BTS and smarcoins to increase the ratio.

now the cnytrader team do the trading based on some other logic, mainly on the margin call price and the "bottom price" in our mind, we now suppose the price of about 0.75CNY is the bottom price and it's safe enough to set the margin call price at this point.

yes, tomorrow we'll use the new coming funds to increase the ratio.

and, actually I hope committee members from USD world can take care the committee-usdoperator account and do the bitUSD trading tasks, no problem to remove me from the multisig of committee-usdoperator.



 

Quote from: bitcrab on July 25, 2018, 02:49:39 pm

@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.

That is an *excellent* idea.
Do you think we can find some trusted individual from the Chinese community to assist with the CNY operators as well?

the committee-cnytrader consists of committee members from China community, I don't think we can find individuals in China who are more trustworthy and understand BTS more deeply than them,  if you find anyone of them is not trustworthy, you can suggest to unvote him.

@bitcrab: I'll have to remove my support for the worker "committee controlled open market operation fund".
The reasons are the *potential* conflict of interst that emerged with SPRING. Given that SPRING is a market
making fund, and the worker is funding another fund for providing liquidity, I believe it is best to not continue
subsidizing open market operations through a worker and leave the bussiness for SPRING (and other for-profit
competitors). This also puts you (@bitcrab) in a much nicer situation as you don't need to justify why you traded
when since you potentially could have SPRING trade against the open market worker.
Surely you understand my reasoning.

Let me give some explanation on why we launch SPRING and how we think the relation between SPRING and the open market operation fund(OMO fund).

China community has discussed a lot on how to increase the supply of bitCNY and promote the BTS and smartcoin ecosystem. Actually OMO help, it has income of BTS and bitCNY, bitUSD so it is more able to resist risk than general funds, however, it is small and the accumulation of fund is too slow, this limit it to play the role of a stabilization fund. Considering this, we finally decided to build another privately collected fund to help OMO, and of course, SPRING will make profit in this process, and when OMO grow big and powerful enough, SPRING will switch to focus on some other area, for example, to invest in some ICO project, especially in Graphene ecosystem.

OMO now focus on build a solid price bottom of BTS, now OMO has placed orders of 2M CNY at price 0.8CNY+, tomorrow OMO will added buying orders of 3M in this price level, in my plan, OMO will put orders of 10M in area 0.8-1 CNY, to make 0.8CNY a solid price bottom, and this bottom will slowly go up. Similar in bitUSD market.

OMO’s task is not to make profit, it focus on stabilizing market, it will help the system to resist the risks of black swan etc. and it will convince users to generate bitCNY/bitUSD at some certain price, say, now it’s very safe to borrow bitCNY will setting margin call price at 0.8 CNY.

SPRING play a role different with OMO，it will also provide bitCNY to build solid price bottom together with OMO, but it will also try to buy BTS, say, now SPRING will by BTS at price of about 1.3CNY

I don’t think there are interest conflict between SPRING and OMO, actually they help each other to make a good future of BTS.

SPRING do not have income from system, as OMO did, if SPRING do the job by itself, it will bear more risk than OMO did.

I built one sword to kill the wolf, when I find one is not enough I tried my best to build another one, but when the new one is ready I found the old one lost… this is what I felt when I saw your idea, please do not remove your support, here every trading is transparent and everyone can check what OMO and SPRING did anytime, no place for doing evil.

If 50M SPRING is sold you will add more SPRING to the market? Next round is another 50M or 150M?

will add more, but not your figure, will stop until 31th July 24:00 UTC-8 or the collected amount reach 200M. however in the month end of the first season, will also sell spring token if necessary.

So currently spring-team has 22m BTS, they will start trading with it tomorrow immediately?

no, team will trade after collecting 50M BTS

不看好！
感觉从根本并没有解决cny的需求和供应问题，而且基金就是应该考虑盈利，首要考虑是维护市场，感觉有点背道而驰，就像所谓的为国接盘一样。

没有一个稳定的市场，每个用户只能承担着不可预知的高风险。

这个基金，就是要把闲置的BTS集合起来，作为一致行动人来稳定和发展市场，市场平稳了，BTS价格涨起来了，作为基金持有人也会获利。

公市基金的实践说明这样的基金对市场是有作用的，但公市基金还很弱小，当前需要更多的帮助。

所以说，源水基金是承担了一部分公共责任的，如果你认为基金的目标只能是持有人利益最大化，那很抱歉，你不适合参加这个基金。

解决CNY供应问题需要时间，不是一蹴而就的，但我并不认为解决这问题是遥不可及的事情。

我甚至觉得，应该有更多的基金加入进来做这样的事情，这是个大有可为的领域。

成立这个基金，首要的目的是稳定和发展市场。

在理事会公市基金尚未长大之时，源水基金要承担起平准基金的作用。

衡量源水基金是否成功，第一个标准是它是否帮助了BTS价格稳步上涨，帮助bitCNY供应量逐步走向可以基本满足市场需求，帮助BTS交易所+智能货币生态逐步走向繁荣。

在这个前提下，才可以谨慎地去尝试各种获利方式。