Author Topic: Hello, TCNY  (Read 4513 times)

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Offline merivercap

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I have updated the bts_tools package to now also publish feed price for TCNY with an MSSR of 100.1%. My witness 'wackou' is already publishing it (see https://bitshares.openledger.info/#/asset/TCNY)

Here is the annoucement of the update: https://bitsharestalk.org/index.php/topic,19537.msg267686.html#msg267686

Thanks for the update.  Look forward to seeing how things develop. 
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Offline wackou

I have updated the bts_tools package to now also publish feed price for TCNY with an MSSR of 100.1%. My witness 'wackou' is already publishing it (see https://bitshares.openledger.info/#/asset/TCNY)

Here is the annoucement of the update: https://bitsharestalk.org/index.php/topic,19537.msg267686.html#msg267686
Please vote for witness wackou! More info at http://digitalgaia.io

Offline bitcrab

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Thanks abit!
just now for testing I adjusted minimum feeds to 3 and made the first TCNY:



hope more witnesses can feed price to TCNY. Thanks in advance!
« Last Edit: December 12, 2015, 12:17:14 pm by bitcrab »
Email:bitcrab@qq.com

Offline abit

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Price feed from witness in.abit activated.
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Offline abit

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I think 1.75 is OK.
maybe you can adjust it to say 1.5, but seems it make no big sense however debate will arise on it.
and definitely collateral ratio need to be at least greater than 1.

Do you know where the buyer's collateral goes?  It just seems to me we are starting with 3x collateral instead of 2x collateral, but I'm not sure.
No buyer's collateral anymore (opposite to bts 0.x). Shorters "borrow" USD and sell it, buyers buy from the sellers.

If I'm a buyer, I use BTS to buy bitUSD.  Where does the BTS go?  Does the BTS go to the short seller?  If so that can make sense. So the short puts up 2x collateral and receives 1x collateral from the buyer when the trade executes?
Shorters puts any amount of BTS as collateral as they like. More collateral, less risky of being margin called and/or forced settlement.
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Offline merivercap

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I think 1.75 is OK.
maybe you can adjust it to say 1.5, but seems it make no big sense however debate will arise on it.
and definitely collateral ratio need to be at least greater than 1.

Do you know where the buyer's collateral goes?  It just seems to me we are starting with 3x collateral instead of 2x collateral, but I'm not sure.
No buyer's collateral anymore (opposite to bts 0.x). Shorters "borrow" USD and sell it, buyers buy from the sellers.

If I'm a buyer, I use BTS to buy bitUSD.  Where does the BTS go?  Does the BTS go to the short seller?  If so that can make sense. So the short puts up 2x collateral and receives 1x collateral from the buyer when the trade executes?
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Offline abit

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I think 1.75 is OK.
maybe you can adjust it to say 1.5, but seems it make no big sense however debate will arise on it.
and definitely collateral ratio need to be at least greater than 1.

Do you know where the buyer's collateral goes?  It just seems to me we are starting with 3x collateral instead of 2x collateral, but I'm not sure.
No buyer's collateral anymore (opposite to bts 0.x). Shorters "borrow" USD and sell it, buyers buy from the sellers.
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Offline ebit

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Offline merivercap

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I think 1.75 is OK.
maybe you can adjust it to say 1.5, but seems it make no big sense however debate will arise on it.
and definitely collateral ratio need to be at least greater than 1.

Do you know where the buyer's collateral goes?  It just seems to me we are starting with 3x collateral instead of 2x collateral, but I'm not sure. 
BitCash - http://www.bitcash.org 
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Offline bitcrab

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I think 1.75 is OK.
maybe you can adjust it to say 1.5, but seems it make no big sense however debate will arise on it.
and definitely collateral ratio need to be at least greater than 1.
Email:bitcrab@qq.com

Offline merivercap

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Thanks for the info.

Hey have you guys thought about adjusting the collateral requirements?

I'm still not exactly sure where the Smartcoin/TCNY buyer puts his BTS collateral, but if we have 'maintenance collateral' for the shorts of 750 instead of 1750 will it still work?  I assume TCNY long puts 1x collateral & TCNY short puts 2x collateral currently then we should be ok if we reduce it.  Just not sure exactly how the collateral works.  Thanks. 
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Offline alt

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for some people asked me how to create an private smart coin

1. create asset. '4' means precition is 0.0001, '511' means  enable all permision for the issuers. '128' means  get feed from witness.
     set 'market_fee_percent' to 100 if you want charge 1% fee.
Code: [Select]
create_asset bitcrab TCNY 4 {"issuer_permissions": 511, "flags": 128, "market_fee_percent": 0, "core_exchange_rate":{"base":{"amount":1,"asset_id":"1.3.1"},"quote":{"amount":1,"asset_id":"1.3.0"}}} {} true

check it
Code: [Select]
locked >>> get_asset TCNY
get_asset TCNY
{
  "id": "1.3.734",
  "symbol": "TCNY",
  "precision": 4,
  "issuer": "1.2.121",
  "options": {
    "max_supply": "1000000000000000",
    "market_fee_percent": 0,
    "max_market_fee": "1000000000000000",
    "issuer_permissions": 511,
    "flags": 128,
    "core_exchange_rate": {
      "base": {
        "amount": 1,
        "asset_id": "1.3.734"
      },
      "quote": {
        "amount": 1,
        "asset_id": "1.3.0"
      }
    },
    "whitelist_authorities": [],
    "blacklist_authorities": [],
    "whitelist_markets": [],
    "blacklist_markets": [],
    "description": "",
    "extensions": []
  },
  "dynamic_asset_data_id": "2.3.734",
  "bitasset_data_id": "2.4.33"
}
2. setup some important parameter for the smart coin
1) expired time for feeds 2 hours(7200 sec)
2) efficent number of feeds is 7, less than 7 is not efficeint.
3) delay 24 hours for force settlement(86400 sec)
4) price for force settlement have 2% addtion(200/10000)
5) limit for the force settlement volume is 2% of supply. (200/10000)
6) backup by BTS
Code: [Select]
update_bitasset TCNY {"feed_lifetime_sec" : 7200, "minimum_feeds" : 7, "force_settlement_delay_sec" : 86400, "force_settlement_offset_percent": 200, "maximum_force_settlement_volume" : 200, "short_backing_asset" : "1.3.0"} true
check it
Code: [Select]
locked >>> get_object 2.4.33
get_object 2.4.33
[{
    "id": "2.4.33",
    "feeds": [[
        "1.2.9952",[
......
    "current_feed_publication_time": "2015-12-09T23:44:54",
    "options": {
      "feed_lifetime_sec": 7200,
      "minimum_feeds": 7,
      "force_settlement_delay_sec": 86400,
      "force_settlement_offset_percent": 200,
      "maximum_force_settlement_volume": 200,
      "short_backing_asset": "1.3.0",
      "extensions": []
    },
    "force_settled_volume": 0,
    "is_prediction_market": false,
    "settlement_price": {
      "base": {
        "amount": 0,
        "asset_id": "1.3.0"
      },
      "quote": {
        "amount": 0,
        "asset_id": "1.3.0"
      }
    },
    "settlement_fund": 0
  }
]

Offline alt

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+5%
you'd better enable multisig later
it's still not very easy to use.
here are some documents I can found, thanks  xeroc
http://docs.bitshares.eu/bitshares/tutorials/propose-transaction.html

Offline clayop

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 +5% The first private BitAsset in the history!
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