unvote witnesses elmato, abc123 and sahkan-bitshares.

poll voting worker proposals have decided to changed MSSR of bitCNY from 1.1 to 1.05 months ago, from 1.05 to 1.02 several days ago, but they still feed 1.1 as MSSR of bitCNY, ignoring the community consensus.

没卵用。

大空头可以在外盘砸盘，难道不能在内盘砸盘？

bitCNY也可能有贬值，如果市场真实价格低于内盘的bitCNY价，凭啥不让人喂真实价格？

内盘加杠杆本身就是做多的手段，多空操作本身都是高风险操作。

可行的是，通过不断地优化规则，减少乃至去除掉那些不必要的对抵押借款风险的惩罚，做到在风险可控的前提下，让系统内的债务得以保持乃至持续增长。

因为很清楚，债务和bitCNY供应量是同一件事情的两面，债务增长，货币供应量才会增长。

bitCNY的进化也正是沿着这样的路在走。

从爆仓就全爆到目标抵押率。

MSSR从1.1到1.05，马上要到1.02。

可以更低吗？也许吧，但至少先观察一两个月再说继续降低的事儿。

四月份会有次硬分叉，分叉后MCR可以改变。

到时可以考虑降低bitCNY的MCR，第一步先降到1.6？

bitUSD加黑天鹅防护也只需要一次投票而已。

等bitUSD复活了就发起这投票。

actually lowering MSSR exponentially increases the chance of global settlement, because the margin call won't be arbitraged anymore

No, when MSSR=1.1 bitCNY has been at the edge of global settlement; when MSSR=1.05 the margin call orders are still being eaten, as what happened today.

traders will suppose 1bitCNY>1.05 fiat CNY when MSSR=1.05 and bitCNY is in phase 3. there will always be uneaten margin call orders either MSSR=1.1 or MSSR=1.05, if the bear is big enough.

MSSR does not determine whether black swan will come, the market emotion does.

MSSR降到1.02的worker已创建，欢迎踊跃投票。

1.14.168   Poll - BSIP59 - Reduce MSSR of bitCNY to 1.02

1.14.169   Poll - BSIP59 - Do Not Reduce MSSR of bitCNY

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

This poll will decide whether to reduce MSSR of bitCNY from current value 1.05 to 1.02.

as described in BSIP59 Doc: https://github.com/bitshares/bsips/blob/master/bsip-0059.md, currently bitCNY is in phase 3 - always margin called orders stayed, bitCNY has a 6%+ premium, and the current MSSR value is 1.05.

MSSR of bitCNY has been changed from 1.1 to 1.05 for months, we found that in phase 3 the bitCNY premium depend heavily on MSSR, higher MSSR always lead to high bitCNY premium, but not always lead to in time filling of the margin call orders.

to enable bitCNY peg better in phase 3, I now suggest to reduce MSSR of bitCNY from 1.05 to 1.02, it can be expected the bitCNY premium can be reduced to 2%+ after this change, this will benefit the whole ecosystem.

Two worker proposals have been created for this poll:

1.14.168   Poll - BSIP59 - Reduce MSSR of bitCNY to 1.02

1.14.169   Poll - BSIP59 - Do Not Reduce MSSR of bitCNY

please vote according to your opinion.

Quote from: dh on February 17, 2019, 07:18:03 pm

I have a better idea. Forget about OMO and turn off market fees on bitassets.

With the use of DEXBot staggered orders all market fees would be turned into liquidity providing orders which continually increase in size through the compounding of profits from the back and forth of price.

This is the simplest, safest, most efficient way forward for open market operations.

We cannot simply say that the purpose of OMO is market making.

take bitCNY as an example

buy BTS when bitCNY is in shortage and high premium.
sell BTS when bitCNY is in oversupply and obvious discount.

the rules do not lead to high trading volume.

bitCNY/BTS pair now has a fairly good depth, not in big demand on market making.

If we mainly concern market making, I prefer to turn off market fee of bitCNY, which can bring more incentive to trading.

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.