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General Discussion / Re: Privatizing BitAssets
« on: April 16, 2015, 12:49:14 pm »
I do not like this idea, perhaps it will lead to a ripple-like ecosystem, I don’t think that is the right way for Bitshares.
But I think the rules for issuing pegged assets need some change.
I am now operating a BitCNY gateway transwiser.com. users pay me CNY and I pay them BitCNY back. as you can image, I now find that I am in a dilemma - I have no way to generate BitCNY to cover customers' requirement.
as we are all aware, normally BitCNY are issued by shorting trades when the orders fulfill many conditions, for example, now the feed price is 35.2181BTS/BitCNY. user A can place a short order with price not lower than the feed price, say 35.22BTS/BitCNY. If there’s no other ask orders with price lower than 35.22BTS/BitCNY, another user B can place an bid order to make the trade done and the BitCNY issued.
It is easy to understand that in this scenario user A can play the role of B and trade with him/herself using another BTS id, put 3* value BTS into collateral and get BitCNY back. Actually it seems most of the pegged assets are issued in this way.
But this “shorting to oneself” way does not work when there is an ask order with price lower than its price. And now I find there are robots which keep on placing ask orders with price a little lower than the feed price, this make the “shorting to oneself” way does not work.
Now there is a question – should we make the “shorting to oneself” way always work by changing the rules. I strongly say yes we should. We can enable user to short to him/herself when the price is no lower than the feed price, either there is lower price ask orders or not.
With this change, gateway operators can issue BitAssets when it is needed and he has enough BTS, and he will actually play the role of banker in Bitshares ecosystem. This will bring much incentive to Bitshares.
But I think the rules for issuing pegged assets need some change.
I am now operating a BitCNY gateway transwiser.com. users pay me CNY and I pay them BitCNY back. as you can image, I now find that I am in a dilemma - I have no way to generate BitCNY to cover customers' requirement.
as we are all aware, normally BitCNY are issued by shorting trades when the orders fulfill many conditions, for example, now the feed price is 35.2181BTS/BitCNY. user A can place a short order with price not lower than the feed price, say 35.22BTS/BitCNY. If there’s no other ask orders with price lower than 35.22BTS/BitCNY, another user B can place an bid order to make the trade done and the BitCNY issued.
It is easy to understand that in this scenario user A can play the role of B and trade with him/herself using another BTS id, put 3* value BTS into collateral and get BitCNY back. Actually it seems most of the pegged assets are issued in this way.
But this “shorting to oneself” way does not work when there is an ask order with price lower than its price. And now I find there are robots which keep on placing ask orders with price a little lower than the feed price, this make the “shorting to oneself” way does not work.
Now there is a question – should we make the “shorting to oneself” way always work by changing the rules. I strongly say yes we should. We can enable user to short to him/herself when the price is no lower than the feed price, either there is lower price ask orders or not.
With this change, gateway operators can issue BitAssets when it is needed and he has enough BTS, and he will actually play the role of banker in Bitshares ecosystem. This will bring much incentive to Bitshares.
