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。

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。

support.

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

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。

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 smartcoin system, debt and supply are the 2 sides of the same thing, increasing supply also means increasing debt, paying debt also means reducing supply.

so it make little sense to manage the risk just base on "ensuring the margin call orders being eaten", we need to consider more to optimize the system.

in the "dynamic MCR"way, system allow debt position be in lower collateral ratio without being margin called, to provide more supply. this way try to make the smartcoin in phase 2.

while "dynamic MCR" is not available until the necessary bug fix and hard fork six months later, reducing MSSR can also help to improve the bitCNY supply.

currently MSSR=1.05 and bitCNY is with a premium of about 10%, margin called orders stay there without being eaten, if MSSR is reduced to, say 1.02, we can expect bitCNY holders will have less will to eat the margin call orders, speculators will be encouraged to borrow more bitCNY.

it is not too bad that we have margin call orders there without being eaten, in another world, it is to reduce CR to increase bitCNY supply without changing MCR.

both measures lead to risk accumulation and increase the possibility of black swan...wait, isn't black swan totally avoided by the feed price protection?

Yes, there will be no black swan, there will be only "black swan protection phase", we should also try to avoided smartcoin to enter this phase, and try to enter with an as low as possible GS price to make the smartcoin easy to revive.

but here one key index is smartcoin premium, if the premium is too high, we should select to take the measures to trigger more supply with bearing the risk of entering black swan protection phase.

black swan protection phase is much better than black swan.

可是内盘大户们还有上亿的bts没有任何抵押，无疑让观望的人们更加不敢抵押

人家是澳洲良田千顷财务自由的农场主，你是小岗村连年歉收快要饿死的农民，你现在要决定在不在联产承包的契约上按血手印，你要看人家的脸色？

开个玩笑，别当真。

贬点值不算什么，怕的是不贬值，还稍有溢价。

MSSR=1，那么bitCNY稍有溢价爆仓单就吃不掉，如果BTS价格从高处跌下，风险就会一直积累，直至黑天鹅。

到时如果用喂价保护的方式防止黑天鹅，就会导致喂价偏离市场价，bitCNY贬值。

总之，即便用喂价保护的方式防止黑天鹅，也依然需要防范爆仓单吃不掉导致的风险积累。