What about changing the margin sell price so that it is 10% lower than the lesser of the feed price or the Dex price?

That would encourage buying of the margin and mean that margin sell walls are actually eaten.

That is the biggest problem we have at the minute is margins are not eaten. We need to correct that asap otherwise we will never be safe in downward movement.

Guys this isn't the case.

bitUSD has been in existence for 4 years and survived this latest 90% drop in price of BTS. That's pretty remarkable and shows a robust system.

I agree that in recent weeks we have come closer to the global settlement situation than anyone wants but even then bitUSD has been backed by a minimum of 118% of its value.

The key thing for me is - how do we learn the lessons and make the system more robust?

1) The committee account had the right idea but should be EXTREMELY conservative with its margin. In my view it's function should be to step in when GS is getting close.we should not see it being called ever, it should have a call price of 1-2c.

2) BSIP42 needs to be evaluated and witness feeds in general need more clarity. We are talking about 'true' feed prices but at the minute we are concerned some of these feed prices (or at least their volume) is faked - we need to get our heads around that in a transparent way and have more reliable witness feeds. For info I voted against BSIP42 from the outset as I did not think it was the right way to go.

3) How do we make sure margins are eaten? In my view the current '10% below feed price" is not working as that can often match the DEX price. I would propose this is changed to '10% below the lesser of the feed price or the DEX market price'. Margins being sold as we drop is critical and I think that has been the main thing that has brought us so close to GS.

Please also compare our decentralised and blockchain checkable stablecoins against USDT with its endless audit dramas. Are you comfortable 1 USDT is definitely backed up by 1 USD held in a bank? Our solution is MUCH better and much more in line with how crypto should work. We just need to learn the lessons from this heavy drop in price and make the system more robust (note I say 'more robust' because it's been pretty damn impressive that there has been no GS considering 11 months ago everyone was margining on the basis we were about to break BTS = $1!

@matle85

I know exectly how things works.I'm a business owner for nearly 22 years now and i doubt any of these will succeed.
But to take that argument from people away
i will create a worker proposal for marketing
i will start as a proxy
and i will get a witness (so i can understand and play more with the script,not expecting to get voted in)


BTW the only decent exchange which has already bitshares and could list bitusd is HitBTC .However the volume of BTS there is very low.Past 24h $92 .
RightBTC had a volume of 0

That's great to hear Thule, look forward to reading it and if you want any input / discussions on drafts I'm sure people would be willing to help - marketing is the big one that will take us to the next level.

Alt and Thul - we are decentralised, you do realise there is actually nothing stopping either of you raising a worker and trying to get backing for it?

At least then you could legitimately say "come on guys we are trying here back us up" and complain if the proxies aren't supporting you.

I started typing out some examples but the reality is you both know plenty of the things that could be done so get something out there.

Hi Thule - thoughts / options welcomed at this point I think.

What would the options be?

• Reduce Global Settlement (GS) price by improving collateral position of the Committee account:
  - add more BTS with a worker but the 277k/day limit means we wouldn't make a dent in it.
  - sell BTS at a discount from that account to try and balance its position. Issue is this can't be adjusted as it stands so would need to be 'informal' - i.e. someone sends bitUSD to the account, that's used to free up margin and BTS is sent back. Would require a big holder to make any dent.
  

I'm not aware of any agreed weighting, but abit has publicly expressed his opinions, and this topic has been discussed multiple times here and on telegram.
I agree that some volumes (and trade history) seems faked, so I'll take some time to forge an updated opinion and scale my volumes accordingly.
I'll keep you informed.

Thanks Zapata and just to say, reading through all your posts I'm really impressed by the professional approach you have to this work. You're a great asset to the community.

It would be really interesting to see how the prices at different exchanges vary over time. That will show if some are skewing the price and causing some of the odd effects that Bitcrab & others are concerned about around discounts and force settlements etc.

It may be we consider some more reliable / relevant than others for bitCNY specifically. If the weighting is transparent and justified then it would be fine in my view to give some greater weight and others a reduced weight.

That's great - thank you!

Have we got agreed weighting for the different price feed sources? I.e. if we are concerned one exchange has faked volume it could be having an unjustified impact on the feed - I can see various discussions on the reliability of different sources but not sure if we maintain a weighting somewhere?