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Messages - JonnyB

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8 months later BitCNY is still at an offset of 5%

Was told at the time it was a temporary measure.

why should BitCNY be offset at 5% and BitUSD at 1% it just makes no sense and damages the reputation of our stable coins.

makes sense, well done for opposing a clear conflict of interest

General Discussion / Re: How Is This Possible?
« on: May 06, 2018, 02:03:07 pm »
margin calls are punished with a bad price (feed - 10%) for not manually closing positions or maintaining collateral.

General Discussion / Re: BitCNY Force settlement offset still at 5%?
« on: February 08, 2018, 01:40:54 pm »

I signed up for a lykke account today and even bought some of their shares.

I hope they can be a real fiat on off ramp for bitshares

Just increase the MSSR.

I know you said its a separate issue


return it to 1%,  5% was supposed to be temporary

General Discussion / BitCNY Force settlement offset still at 5%?
« on: January 15, 2018, 04:30:35 am »
Back in November we were told that adjusting the Force settlement offset to 5% from 1% for BitCNY would be a temporary measure while feed prices were sorted out. Yet here we are almost 2 months later and it's still at 5%. see here:

In my opinion it's pretty reckless to be so relaxed about such a fundamental change the settlement peg.
If we want people to trust our stablecoins they'll need a history of consistency to make it trustworthy.

5% offset was acceptable as a short term emergency fix but the fact nobody seems to care its still at 5% 2 months later is a big worry for me.

1 BitCNY should not be pegged at 0.95 BitCNY

Get the witnesses to adjust their price feeds 5% lower.

witnesses should be able to react, they get paid $50k a week to do this.

i will not support 5% force settle offset when its a simple case of witnesses not providing the correct feed.

force settlement offset should not be adjusted below 1%.
Witnesses should be feeding in correct CNY prices instead.

There is no such thing as 1 correct price.  In a world market you have wide variance from location to location especially with high volatility and trading pathway disruption.   The mean price in US might be 10% lower or higher than the mean in China.  If the feed is simply between the two you still have a 5% difference on either side.  With a 1% settlement offset this gives heavy incentive to use/abuse the settlement for a purpose it was not designed for.  Forced settlement price should sit just outside this market disparity.  We should not be guaranteeing settlement at a price inside this global price disparity.  As it stands we are encouraging people to settle.

Some type of smart settlement adjustment metric might incorporate a volatility index that looks at change in price over a period of time as well as price feed deviation from the mean.  If a majority of witnesses are reporting feeds significantly different from each other this could effect the settlement offset.   Alternatively if price is stable and witnesses are all reporting in a tight group the settlement offset can come down to meet it.

Witnesses should be combining BTS prices from different exchanges giving more weight to those with big volume to create an accurate feed price. The forced settlement is the only thing that makes the peg certain if such major goal posts get moved then our stablecoins aren't safe.

force settlement offset should not be adjusted below 1%.
Witnesses should be feeding in correct CNY prices instead.

Price feeds from witnesses should be weighted by the BTS volume traded at the exchanges. Any specific witnesses need voting out right now?

Maybe some witnesses could adjust their CNY feed -10% to average or mean the settlement price lower as a temporary measure.

You could start by getting the BitShares Logo right

Hello everyone and thanks for your active participation. For now, poll is locked.
As we can see for today, the most preferable options, chosen by community, are Trustless gateway and ACCT transactions (with slight difference in total votes). Both options are very similar to each other and probably, they could be combined in final solution, but our main goal, according to will of the community, is deployment of decentralized gateway in the end.
From tomorrow our team will start researching and solution prototyping, and during next 7-10 days (till 20 Nov max) will prepare and announce detailed worker for community. We’re opened for any kind of collaboration, so, if you have ideas or proposals, feel free to suggest me personally or to our team through this thread.
Regards, OpenLedger Team.

This is how I think a trustless BTC token could work on BitShares:
Multisig bitcoin wallets that include the witnesses and possibly the BTC depositor with a designated time locked withdrawal every 3 months.

This essentially very similar to the sidechain solution proposed by


Listen live here:

Mumble can be a pain in the ass for those who are new to it and most people only attend to listen.
By live streaming on you tube we can reach a wider audience.
other benefits include having a countdown timer to the livestream and after the stream has finished the stream archive is ready to listen to immediately.

heres the link to the associated steemit post:

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