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Messages - bitcrab

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what I care most is the market fee of smartcoins.

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2. Another *core* functionality and major *value proposition* is the
#    decentralized exchange (DEX) which is associated with a different set of feed.
#    Currently, the fees are flat fees for order creation, cancellation and update,
#    and are independent of the amount actually traded. Hence, small volume orders
#    pay the same fee as large volume orders. Taking a closer look at any
#    competitor reveals that this should certainly chance. Instead of asking for a
#    rather high flat fee to compensate the costs of the DEX (storing and matching
#    orders), I here propose to reduce the flat fee drastically to an amount that
#    mostly to prevents spam and instead set a percentage trading fee for every
#    committee-owned asset. The advantages are that the committee (read: DAC) could
#    earn more fees from matching orders. Since cancellation of orders results in a
#    refund of the creation fee, this should also encourage traders to bring
#    liquidity. A disadvantage is that the DAC earns less from trading of assets
#    that are not owned by the committee, such as OPEN.BTC, TRADE.MUSE etc. because
#    the flat fees are reduced and the percentage market fees go to the
#    corresponding issuer. Anyway, this approach should result in more traders
#    using the DEX and an increase of liquidity.
#    What percentage should be used? Since we are using a fixed percentage
#    independent of an individuals volume, we should choose a percentage that is
#    lower than the highest fee asked for by big exchanges such as Kraken,
#    Coinbase, BTC38, etc. Furthermore, regional difference should be
#    taken into account eventually. For now I propose a fee of
#                            0.10%
#    of the matched volume which is less than most centralized competitors even
#    though we offer an increased security over them. This fee may be considered as
#    a welcome package and may probably be increased to something close to 0.5% to
#    reflect the decentralized and trust-free nature of the DEX.

In my consideration, there is no possibility to increase the smartcoin market fee to 0.5%, in the future, these market fee will either stay at 0.1% or return to 0.

initially the market fee for all the smartcoins is 0, later for bitCNY and bitUSD the market fee was increased to 0.1%, with the start of the open market operation plan.

smartcoin is different with UIA, the community always suffer insufficiency of the supply, market fee lead to accumulation of the smartcoins on committee-account, if committee cannot put a good use plan on these revenue, maybe it is better to set the market fee to 0 and give traders more profit space.

another point is the incentive to better market depth/trading vitality, for example, GDEX is planning to find some market maker to provide more trading depth, these market maker always request lowest or even 0 market fee, for UIA like GDEX.BTC, GDEX can chose to return the market fee to market maker account, but there is no way to do this for bitCNY, which means market making service  for smartcoins trading pair is more expensive.

market fee rate like 0.5% is totally unacceptable, which will drive the traders away.

中文(Chinese) / Re: 【讨论】后BSIP42时代bitCNY的规则改进
« on: February 06, 2019, 12:35:49 pm »


中文(Chinese) / Re: 【讨论】后BSIP42时代bitCNY的规则改进
« on: February 01, 2019, 11:10:13 am »


中文(Chinese) / Re: 【讨论】后BSIP42时代bitCNY的规则改进
« on: February 01, 2019, 06:54:10 am »


中文(Chinese) / Re: 【讨论】后BSIP42时代bitCNY的规则改进
« on: January 27, 2019, 03:31:00 pm »
起草了新的BSIP-通过投票更改MSSR/MCR:, 通过的话下一步就着手把bitCNY的MSSR降到1.02

General Discussion / Re: suggestion on bitCNY rules update after BSIP42
« on: January 27, 2019, 03:29:15 pm »
A new BSIP is drafted to define the process for adjusting MSSR and/or MCR:

中文(Chinese) / Re: 【讨论】后BSIP42时代bitCNY的规则改进
« on: January 24, 2019, 11:05:26 am »


2 worker proposals are created for this:

1.14.160: Poll-BSIP58-Global Settlement Protection on bitCNY

1.14.161: Poll-BSIP58-No Global Settlement Protection on bitCNY

as described in the BSIP Doc, this BSIP is a general solution for smartcoin, but this voting is only for bitCNY, if you support to implement BSIP58 on bitCNY, please vote for 1.14.160, otherwise, please vote for 1.14.161.

可以去掉强清延时  mssr>1 在大跌时会造成连淮爆仓 cny溢价 更没人愿意吃爆仓池  去掉强清延时后黑天鹅风险也会减小


let offset = k*CR + a
k和a为可调参数,比如令k=0.24, a=0.35
这样,当CR = 1.5时,offset=1%, 当CR=1.1时,offset=-8.6%


General Discussion / Re: suggestion on bitCNY rules update after BSIP42
« on: January 15, 2019, 07:54:53 am »
BSIP58: Global Settlement Protection Through Price Feeding is in review:

中文(Chinese) / Re: 【讨论】后BSIP42时代bitCNY的规则改进
« on: January 13, 2019, 10:12:16 am »
黑天鹅防护在等待core team的动作,着急的可到跟帖催。

中文(Chinese) / Re: 【讨论】后BSIP42时代bitCNY的规则改进
« on: January 08, 2019, 09:36:36 am »


I am aware what BBT will do according to this WP is important to Bitshares Community.

suppose now:

feed price is the real market price.
feed price black swan protection implemented, feed price is ensured to be above GS price to protect GS from happening.

then while the BTS price is from high to low, bitCNY premium is from low to high, the whole market condition can be divided into 4 phases:

1.bitCNY discount > force settlement offset (current value 2%)
because of the force settlement, even bitCNY enter into phase it will soon get out.

2.bitCNY discount < force settlement offset & bitCNY premium < (MSSR-1) 
in this phase, the margin call orders will be eaten immediately after it is generated, risk will not be accumulated and bitCNY peg well, this is the ideal phase.

3.bitCNY premium > (MSSR-1)
in this phase the margin call orders will stay there without being eaten, GS price will not drop while the feed price drop, risk accumulate. price drop below the GS price
as black swan protection measure implemented, GS will not happen, feed price will stop to drop following the market price, if BTS price continue to drop, bitCNY will devalue.

in phase 2 the economy is healthy.

phase 4 means the ecosystem is in financial crisis,currency devalue。

phase 3 is a status between 2 and 3.

in Bitshares phase4 will always happen once every half to more than 1 year, and phase3 is a phase that we always meet.

black swan protection make it a "soft landing" while entering phase 4, this is much better than global settlement and benefit reviving.

if we reduce MSSR to say 1.02, it will make even in phase 3 the smatcoin is still in a not too high premium, and make phase 3 more acceptable.

if we increase MSSR to say 1.15 or higher, it will make in phase 3 smartcoin is in very high premium, and make phase 3 less acceptable.

if we implement dynamic MCR in the future, we will change a big part of phase 3 to phase 2.

smartcoin system is a stable coin issuing system based on debt, we need to optimize the rules to balance the asset and debt, not only emphasizing "to release risk".

frankly speaking, in current condition we need to reduce MCR, before we can do this, we need not to try to make all the margin call orders be eaten.

中文(Chinese) / Re: 【讨论】后BSIP42时代bitCNY的规则改进
« on: January 03, 2019, 04:14:54 am »













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