3. We're well aware that risks will accumulate if margin calls not being eaten. Although admittedly BSIP42 helped the risk accumulation to an extent, I still believe it's not fully due to BSIP42. Before BSIP42, E.G. on bitcrab's image, bitUSD has a more than 15% premium, to eat the margins which are hanging at -10% you still have to pay quite a bit more than market price.

BTS price limit the smartcoin supply, if the demand overcome the supply, either premium or system risk will arise.

will everything be OK if we adopt the dynamic MCR solution to replace BSIP42? seems not.

in MCR solution, while demand for smartcoin arise, MCR need to be adjusted downwards, say, if MCR reach 1.2, it will be easy to touch black swan if there is rapid fall of BTS price.

nobody doubt you have do much for Bitshare,
but it can't change the fact that after BSIP42, witness manipulation the feed price, sell the margin call at unreasonable price which lead to this blackswan event directely.
even now, they still sell the margin call orders at 4.2% higher than market price.
witness should just give the real price, if 10% punish for margin call order is too much, change it to 5%, 3%, 1%, what ever, but must have a profit so others can help eat the margin call orders.
now people need to pay 4.2% to help eat it , it's unreasonable.

I am not showing what I do for BTS, I am just showing there is also big possibility for black swan even without BSIP42.

you guys don't care whether smartcoins peg well, whether there can be enough smartcoin supply, whether smartcoin can be widely adopted as good stable coin. that's why you do not understand why BSIP42 comes out.

相当于规则做一点改动：系统取 max（喂价中位数，黑天鹅价）作为最终生效喂价，确保不触发全局清算。

好处：抵押生态不中断。

假设现在喂价=黑天鹅价0.0512，市场价0.0473，那么新的抵押借bitUSD按什么价格来计算呢？

感觉还是另外一个按账户来清算的方案更可行些。

https://www.gdex.io/price here to check the premium data of bitCNY and bitUSD.

gdex planned to apply the "max premium" rule in feed price algorithm, also we'd like to show some relevant data in a webpage.

the main concept is to get the highest premium of smartcoin in the market, and calculate out the feed price according to the negative feedback logic.

what sense does "highest premium" make?

there are 2 purposes before us: (maybe there are more, now we focus on these 2)

A: make the smartcoin pegging accurate enough.

B. provide some operation space to the market, make the smartcoin ecosystem grow rapidly.

obviously BSIP42 contributed greatly to A, however, it seems what the BSIP42 policy slow purpose B, recently there are a lot of discussion and complaints in Chinese community, mainly the voice focus on:

BSIP42 narrowed the market space of BTS, in DEX, while trading pushed up the price in bitCNY, the feed price always go down as responding according to the negative feedback logic, BTS price in DEX have to follow BTS price in CEX, these discouraged more money to come.

reducing feed price cause more margin calling so need to be careful, increasing feed price do not bring direct hurt to traders.

all these are demanding us to optimize the price feeding after understanding the market, I'd like to try some change on the calculation of premium, the point is, calculate several premium out from different routes, finally select the highest one to feed.

for example, as shown below we calculated out premiums of bitCNY from 3 routes and finally adopt the highest one - 0.97%





as shown below we calculated out premiums of bitUSD from 2 routes and finally adopt the highest one - 1.6%





later we will publish this page, hope it can help BTSers to evaluate witnesses' work.

this is just we want, please go through BSIP42 to understand the logic.

尽快推进吧。

单个账户资不抵债就触发全局清算是一个大坑，需要尽早除掉。

1%折价容忍可以保留。

最高溢价方案已经尽可能方便去BTS/BTC交易对拉盘了，但如果BTS社区的人除了在内盘加杠杆根本不会干别的，根本不想去触及BTS/BTC这样的交易对，那BTS归零也活该。