Couple things today:

1.)
Voted for witness btspp-witness: https://bitsharestalk.org/index.php?topic=26903.new#new

2.)
A rather long topic: CNY MSSR.
TL;DR; I removed my vote from gdex-witness, magicwallet.witness, and witness.yao.

I'd like to go a little into the details here: Certainly I would like this move to be temporary. The people behind those witnesses are good people and they are constantly delivering!
It is important to me to acknowledge the fact that it took me a day to come to a conclusion on how to deal with this situation. Unfortunately, I have not seen proper
discussion around the change of MSSR prior to these witnesses changing the parameter. Even though I understand that these have much more experience with the CNY
market (they brought in the volume to begin with) and thus should be given some "freedom" to experiment with their asset, I would have preferred to use current market conditions
to improve the governance system by establishing some processes instead of going forward with only a part of the community. The english speaking part of the community hasn't
been given notice and thus wasn't able to contribute to this rather important discussions - we are all sitting in the same boat.
Those wanting to look deeper into the topic should read through here: https://bitsharestalk.org/index.php?topic=26928.0;all

I'd like to emphasis again that I would love to put back the votes for those witnesses as they are delivering excellent work to the entire community. Let's learn how to deal with this together!

我觉得这贴才是正确的讨论方向。

bitCNY 本身是衍生品，是根据一定规则制造出来的，价格自然会根据市场行情波动，有波动就会有人炒，避免不了的。现在的模式，价格是市场博弈的结果，相对合理。【注意】抵押杠杆机制，必然导致波动加大，专业术语叫“正反馈”。

我们的目的是通过市场博弈的方式，尽量稳定 bitCNY 价格，那么，把 bitCNY 当成一种商品来看待就对了。

在市场大量买入会推高价格，大量卖出会压低价格，这是自然现象。请注意，“大量买入”和“大量卖出”的标的，不是BTS，而是bitCNY。比如，bitCNY供应量紧缺时，你在鼓鼓钱包大量用法币（现金）买入 bitCNY ，你买多了，市场上流通量少了，价格自然就高了；或者，买的人多了，价格自然就高了。要求别人必须低价卖，结果就会是没人卖，道理很简单，没人愿意做亏本生意。

根据规则， bitCNY 是靠 BTS 背书，那么，价格低时，可以借出的 bitCNY 数量就少，也就是总供应量有限，这也是正常市场现象。那么，一方面供应减少，一方面由于大量平仓需要导致需求量增加，bitCNY价格高是再正常不过了。

反过来说，当 BTS 价格很高时，平仓需求减少，很多人都抵押出 bitCNY 换法币，供过于求， bitCNY 自然跌价，也就是贬值。

结论一：正常市场情况下，BTS 跌价会导致 bitCNY 紧缺，产生“脱锚”现象。BTS价格太高会导致 bitCNY 泛滥，也是脱锚。

结论二：要 bitCNY 价格稳定，唯一办法是想办法稳定 BTS 价格。在价格低的时候托盘拉盘，价格高的时候压盘砸盘。

当然，还有个思路是改规则。



按现在的规则链，喂价 -> 抵押借款 -> 强平（爆仓） /  强清 。


喂价反映的是 BTS 相对 CNY 的市场价格。事实上，市场容量是有限的，在市场上，用这个价格能换到的量，不是无限的。

抵押借款公式，用了喂价，但是没有量的限制，借多少款，完全依赖抵押品数量。这是“正反馈”第一步。

爆仓公式，用了喂价，但是也没有量的限制，爆仓卖多少，完全依赖仓位大小。这也是“正反馈”。

爆仓公式里还用了价格限制，限制了内部市场波动，结果是波动会转移到其他市场。

强清公式有额度限制，限制内部市场交易量，结果是交易会转移到其他市场发生。

结论三：喂价偶尔偏差一两个百分点，宏观上说，对大趋势没有影响。

       再次研读大神的帖子，喂价应该是可以通过改规则轻易拉高的，不一定非要去交易所拉价格。当然前提是保证不脱猫，锚定是BTS 的根本机制，事实上我们可以通过修改规则让锚定更精确些。

产品做出来，会投的，加油

谢谢，我们会尽快发布测试版本，敬请期待。/Thank you, we will release the test version as soon as possible.

产品做出来，会投的，加油

It makes sense, but I'm sure there is a good reason for it being like this in the first place. Maybe possible to ask Dan/Nathan?