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Messages - bitcrab

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46
what I care most is the market fee of smartcoins.

Code: [Select]
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.



47
中文(Chinese) / Re: 【讨论】后BSIP42时代bitCNY的规则改进
« on: February 06, 2019, 12:35:49 pm »
黑天鹅保护已通过,下一步可以推动mssr到102了

似乎有阻力https://github.com/bitshares/bsips/issues/140

48
中文(Chinese) / Re: 【讨论】后BSIP42时代bitCNY的规则改进
« on: February 01, 2019, 11:10:13 am »
黑天鹅保护的提案,投票涨的好慢,似乎到了瓶颈了。

反对票至今为零,赞成票超过两亿,共识已经很强。
多数见证人已经采用黑天鹅保护,搞这个BSIP投票是为了取得社区共识上的合法性。

49
中文(Chinese) / Re: 【讨论】后BSIP42时代bitCNY的规则改进
« on: February 01, 2019, 06:54:10 am »
牵涉到治理的事情本来就不可能达成一致,决策的前提也不是达成一致,而是达成强共识。

分叉没卵用,真实的交易量和深度无法在分叉上模拟出来。

50
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:https://github.com/bitshares/bsips/issues/140, 通过的话下一步就着手把bitCNY的MSSR降到1.02

51
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: https://github.com/bitshares/bsips/issues/140

52
中文(Chinese) / Re: 【讨论】后BSIP42时代bitCNY的规则改进
« on: January 24, 2019, 11:05:26 am »
给bitCNY应用黑天鹅防护的WP已发,请投票支持1.14.160.
https://bitsharestalk.org/index.php?topic=27753.0

53
BSIP Doc: https://github.com/bitshares/bsips/blob/master/bsip-0058.md

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.

54
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

有时想,也许可以弱化甚至取消爆仓,让强清唱主角,强清补偿和抵押率挂钩。

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%

这样随着价格下跌,强清也更有利,鼓励bitCNY持有者在整体抵押率低的时候强清,鼓励债仓持有者增加抵押率,同时不鼓励在抵押率较高的时候强清。

55
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:
https://github.com/bitshares/bsips/issues/135

56
中文(Chinese) / Re: 【讨论】后BSIP42时代bitCNY的规则改进
« on: January 13, 2019, 10:12:16 am »
各种智能货币交易深度活跃度差别巨大,必须区别对待。
黑天鹅防护在等待core team的动作,着急的可到https://github.com/bitshares/bsips/issues/135跟帖催。
黑天鹅防护不需要储备。

57
中文(Chinese) / Re: 【讨论】后BSIP42时代bitCNY的规则改进
« on: January 08, 2019, 09:36:36 am »
先把黑天鹅保护搞定。https://github.com/bitshares/bsips/issues/135

58
support.

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


59
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.

4.market 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.

60
中文(Chinese) / Re: 【讨论】后BSIP42时代bitCNY的规则改进
« on: January 03, 2019, 04:14:54 am »
基于BTS价格从高到低,溢价从低到高,市场情况可分为几个阶段。

1.bitCNY折价>强清补偿
因为强清补偿的缘故,这个阶段即便出现也会很快因为强清的缘故而消失。

2.-强清补偿<溢价<(MSSR-1)
这个阶段爆仓单随爆随吃,风险及时释放,锚定相对准确,是比较理想的阶段。

3.溢价>MSSR-1
这个阶段爆仓单会积累,全局清算价不会随着BTS价格下跌而下降。

4.市场价跌到全局清算价之下
因为黑天鹅防护,喂价将下降到全局清算价时停止下降,之后如BTS价格继续下跌,bitCNY会由于抵押不足而贬值。

阶段2对应的是经济比较健康的状态。

阶段4对应的是经济崩溃,货币贬值的状态。

阶段3是介于两者之间的状态。

由于生态本身的特性,阶段4一年半载总会发生一次,而阶段3也是比较经常的状态。

做黑天鹅防护,可以使得当进入阶段4的时候尽量“软着陆”,并且尽量为之后的恢复创造便利。

降低MSSR到比如1.02,可以使系统处于阶段3的时候bitCNY依然可以有不很高的溢价,使得阶段3也成为一种可接受的阶段。

如果将来实施了动态MCR,那么将会把原来处于阶段3的一大部分变成阶段2.

总之,智能货币系统是一种基于债务的稳定币发行系统,应该更多考虑资产与负债之间的平衡,而不是一味地强调降低风险。

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