Author Topic: Stupid committee proposal: Urgent call for help by the BitCNY holders community  (Read 1715 times)

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Offline Bhuz

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And I really hope it's the same rules for all smartcoins and not some special rules for some but not others.

This is a good point.

However, if any specific-market rule will be requested or proposed or idk, it will be a Community call to decide on it, not a Committee one.

Offline JonnyB

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@JonnyBitcoin Do you understand that it is a temporary solution?

I really hope so.
And I really hope it's the same rules for all smartcoins and not some special rules for some but not others.
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Offline Bhuz

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Offline Akado

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Your comment doesn't actually make much sense.
I've never complained about the free market here,
I've complained that democratically elected committee members such as yourself have casually voted for changing the fundamental structure of what a smartcoin is.

And the fact that you keep saying that forced settlement is a flaw or a loophole is really winding me up when it's actually a critical part of the design.
It just shows to me that you are not a suitable candidate to be a committee member in my opinion.

No, you defend free market but now you're complaining about decisions made by the free market, otherwise that change wouldn't have be voted in. Can't have the best of both.

And I never applied to be a committee member because I know my knowledge is not near enough to make important decisions on BitShares system. You might be mistaking me with someone else. In fact, in this problem I've not yet taken any stance because I'm still trying to see what's the best option here, who are the "good" and "bad" guys here. I just pointed out that people often defend free market but then don't like the path of something, when that same path was chosen by the so called free market
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Offline tonyk

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The title of this thread is wrong. It was not a proposal but a voted change long before you opened the thread. Also bitCNY is a great new invention now - giving unprecedented powers to its holders [as discussed elsewhere] /s
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Xeldal

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Even Paypal USD is not worth a 5% markup , let alone a system that hasn't proven itself .

Paypal USD would be more like a UIA.  You trust Paypal and they honor a 1:1.  Paypal could do the same thing on bitshares with UIA

smartcoins don't work this way as there is no 3rd party to put trust in.  The mechanics have to be different.

If you can always buy a smartcoin at 2% above 1:1 and you can always sell at 2% above 1:1 .  this is essentially the same thing.
we can't guarantee 2% but we can set a minimum of 1:1 with settlement.  As liquidity grows the % above par will become more stable.

Thats the idea anyways.  I'm always open to discussions about how it can be made better.

Offline JonnyB

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The market will be deciding the mark up not you or transwiser.

paypal has hidden costs such as they can freeze your account at any time or they could leak you personal details.

Also paypal does charge merchants a markup which the end user actually pays for because the merchant has to build that price difference in to the retail price.
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Offline btswildpig

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Holders of CNY had the value of their smartcoin value decimated overnight when the peg floor was removed from beneath them by a simple committee vote.

whats the point of a smartcoin if it doesn't have a guaranteed minimum value?  why has the peg been removed?

Maybe the feed providers were feeding in the wrong price.
Maybe transwiser didn't understand the business they were in.
Maybe someone someone was sad that they might lose money.

I think we need to vote in some new committee members who have more conviction in the value and purpose of what a smartcoin is and does.

BTC38 and transwiser accepts BitCNY on a 1:1 ratio in exchange for ACTUAL CNY with large volume .
If you can buy cheap BitCNY lower than 1 CNY value  , you will make a killing by selling it to BTC38 or transwiser ,
DEX is not the only place to realize the value of BitCNY these days .

Yes and its not a good business model doing 1:1 exchange between bitCNY and CNY they will lose money doing this.
A better and more sustainable business model might by for them to buy bitCNY at 1:1  but then sell bitCNY for a 5% markup

Even Paypal USD is not worth a 5% markup , let alone a system that hasn't proven itself .
这个是私人账号,表达的一切言论均不代表任何团队和任何人。This is my personal account , anything I said with this account will be my opinion alone and has nothing to do with any group.

Offline JonnyB

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Holders of CNY had the value of their smartcoin value decimated overnight when the peg floor was removed from beneath them by a simple committee vote.

whats the point of a smartcoin if it doesn't have a guaranteed minimum value?  why has the peg been removed?

Maybe the feed providers were feeding in the wrong price.
Maybe transwiser didn't understand the business they were in.
Maybe someone someone was sad that they might lose money.

I think we need to vote in some new committee members who have more conviction in the value and purpose of what a smartcoin is and does.

BTC38 and transwiser accepts BitCNY on a 1:1 ratio in exchange for ACTUAL CNY with large volume .
If you can buy cheap BitCNY lower than 1 CNY value  , you will make a killing by selling it to BTC38 or transwiser ,
DEX is not the only place to realize the value of BitCNY these days .

Yes and its not a good business model doing 1:1 exchange between bitCNY and CNY they will lose money doing this.
A better and more sustainable business model might by for them to buy bitCNY at 1:1  but then sell bitCNY for a 5% markup
I run the @bitshares twitter handle
twitter.com/bitshares

Offline btswildpig

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Holders of CNY had the value of their smartcoin value decimated overnight when the peg floor was removed from beneath them by a simple committee vote.

whats the point of a smartcoin if it doesn't have a guaranteed minimum value?  why has the peg been removed?

Maybe the feed providers were feeding in the wrong price.
Maybe transwiser didn't understand the business they were in.
Maybe someone someone was sad that they might lose money.

I think we need to vote in some new committee members who have more conviction in the value and purpose of what a smartcoin is and does.

BTC38 and transwiser accepts BitCNY on a 1:1 ratio in exchange for ACTUAL CNY with large volume .
If you can buy cheap BitCNY lower than 1 CNY value  , you will make a killing by selling it to BTC38 or transwiser ,
DEX is not the only place to realize the value of BitCNY these days .

这个是私人账号,表达的一切言论均不代表任何团队和任何人。This is my personal account , anything I said with this account will be my opinion alone and has nothing to do with any group.

Offline JonnyB

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Your comment doesn't actually make much sense.
I've never complained about the free market here,
I've complained that democratically elected committee members such as yourself have casually voted for changing the fundamental structure of what a smartcoin is.

And the fact that you keep saying that forced settlement is a flaw or a loophole is really winding me up when it's actually a critical part of the design.
It just shows to me that you are not a suitable candidate to be a committee member in my opinion.
I run the @bitshares twitter handle
twitter.com/bitshares

Offline wallace

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I find it contradictory and funny when you argue about free markets, but when the free market decides to bite you in the ass, you end up complaining.

Free markets are all about being a bitch to others but lord forbid others from being a bitch, right. The irony in this situation is hilarious af.

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Offline Akado

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I find it contradictory and funny when you argue about free markets, but when the free market decides to bite you in the ass, you end up complaining.

Free markets are all about being a bitch to others but lord forbid others from being a bitch, right. The irony in this situation is hilarious af.
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Offline JonnyB

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One change that is probably needed as @svk pointed out is that when smartcoin is force settled it should take any bids above the feed first.

But once they're all gone the feed price should be the floor.

also you could increase the fee to do a settlement.
I run the @bitshares twitter handle
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Offline JonnyB

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Holders of CNY had the value of their smartcoin value decimated overnight when the peg floor was removed from beneath them by a simple committee vote.

whats the point of a smartcoin if it doesn't have a guaranteed minimum value?  why has the peg been removed?

Maybe the feed providers were feeding in the wrong price.
Maybe transwiser didn't understand the business they were in.
Maybe someone someone was sad that they might lose money.

I think we need to vote in some new committee members who have more conviction in the value and purpose of what a smartcoin is and does.

I run the @bitshares twitter handle
twitter.com/bitshares