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« on: November 17, 2014, 07:24:42 am »
虽然我认为 bitusd 的锚定理论上已经成功了，波动不大，且在30天内总能按 feed price 买到 bts。
但这样的结果对大多数人来说是不可接受的，大众认为的锚定，一定要能随时按1：1兑换到人民币。
到底是什么导致理想和现实的差距呢？
1. 一般来说，对锚定有信心的人，应该是有很强的动力提供1：1兑换赚取手续费，为什么他们没有这样做？因为无法确定多少资金做锚定才是合适的，如果bitcny发行量太大，会导致在一定时间内承担bitcny全砸在手上的风险。
2. 就算有人提供兑换了，bitcny在支付应用上也有风险，如果他的发行量过小，根本无法满足流通需求。比如现在 40万bitcny发行量，交易所根本不可能用它来取代法币的地位。如果市场上太多人看空BTS，那么人们就没动力去及发行BTA了。
可以看到，这两个问题都跟发行量有关系，因为 bitcny 发行量的不可控，导致配套应用很难展开。
假如我们让他的发行量根据需求可控呢？根据市场对 bitcny 的实际承兑能力及流通需求，设定 bitcny 发行的最大值和最小值，由delegate喂给系统。
当发行量小于最低限制时，鼓励 short 单成交，比如免除利息，免除空单30天过期限制。
当发行量超过最高限制时，停止 short 单成交。
因为承兑服务是盈利的，所有愿意提供承兑服务的人定期提供自己账户证明，汇总后作为承兑能力参考。
而愿意使用 bitcny 的商户，则应提供自己对 bitcny 需求量，作为流通需求参考。
我相信做到这一步后会出现大量愿意提供承兑的个人和愿意使用其支付的商家
Translations :
Although I think the peg theory works , the fluctuation is not much , and you can always sell the peg asset for BTS at the open market rate according to the price feed within 30 days .
But this kind of effort is not that acceptable in the eyes of the general public . Because the peg demand from the public is that it can be converted to fiat at all time for 1:1 .
So , what's causing the difference between the ideal demand and the reality ?
1. Generally speaking , the people who believed in the peg should have incentive to provide 1:1 exchange for fees . Why didn't they ? Because they can't be sure they should put in how much fiat money for this kind of exchange . If the issuing amount of BTA is to much for the market to bear , then the people who provide this exchange service would have a lot of BTA but no fiat money .
2 . Even if some one provide such a exchange service , the issuing amount still can not meet the demand if the issuing amount is too small (comparing to the potential demand .). For example , there are just 0.4 million BitCNY now , major exchanges would not consider to use it as some sort of redeem code to be a on-ramp or off-ramp . If too many people on the market don't think the price of BTS will rise , they don't have the incentive to issue new BTA .
So , as we can see , these two issues are related to the issuing amount . Because if the issuing amount is unpredictable , it leads to uncertainty for those who offer to exchange it with fiat .
But what if we can control the issuing amount base on market demand ? The delegates can feed a maximum and minimum amount for the issuing of BTA according to the actual demand for BitCNY and the need for circulation .
When the issuing amount is lower than the minimum amount , the system encourages the shorts to execute by a discount on interest or lift the limit for the short order to expire after 30 days .
When the issuing amount higher than the maximum limit , the short orders should not be execute .
Because being an simple exchange between fiat and BTA is profitable , those who want to provide such service should gave financial proof to the public , the delegates gather those numbers to provide maximum demand parameters for the system.
Those who want to hold and use BTA , should provide their demand for BTA as well , so the delegates can gather them to provide minimum demand parameters for the system .
I believe this way we can have a lot of individuals who will exchange BTA for fiat , and merchants who will use BTA as a payment tool.
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