Author Topic: Hello, TCNY  (Read 2116 times)

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Offline bitcrab

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Hello, TCNY
« on: December 09, 2015, 03:50:03 pm »
the private smartcoin TCNY is created and below is the info of it.
the issuer is bitcrab, later it will be transfered to a multisig account.
for price feed script, I hope the default SQP value can be set to 100.1% instead of 110%. other setting can be set as same as BitCNY.
[member=120]xeroc[/member] can you modify the script if necessary?

unlocked >>> 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"
}
unlocked >>> get_object 2.4.33
get_object 2.4.33
[{
    "id": "2.4.33",
    "feeds": [[
        "1.2.9952",[
          "2015-12-09T09:15:18",{
            "settlement_price": {
              "base": {
                "amount": 1000,
                "asset_id": "1.3.734"
              },
              "quote": {
                "amount": 388050,
                "asset_id": "1.3.0"
              }
            },
            "maintenance_collateral_ratio": 1750,
            "maximum_short_squeeze_ratio": 1001,
            "core_exchange_rate": {
              "base": {
                "amount": 1000,
                "asset_id": "1.3.734"
              },
              "quote": {
                "amount": 388050,
                "asset_id": "1.3.0"
              }
            }
          }
        ]
      ]
    ],
    "current_feed": {
      "settlement_price": {
        "base": {
          "amount": 0,
          "asset_id": "1.3.0"
        },
        "quote": {
          "amount": 0,
          "asset_id": "1.3.0"
        }
      },
      "maintenance_collateral_ratio": 1750,
      "maximum_short_squeeze_ratio": 1500,
      "core_exchange_rate": {
        "base": {
          "amount": 0,
          "asset_id": "1.3.0"
        },
        "quote": {
          "amount": 0,
          "asset_id": "1.3.0"
        }
      }
    },
    "current_feed_publication_time": "2015-12-09T15:38:36",
    "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 xeroc

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Re: Hello, TCNY
« Reply #1 on: December 09, 2015, 04:34:59 pm »
I'll work on the script it tomorrow .. shouldn't take too much time ..
Do you have your own set of feed producers or will witnesses be producers?
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Offline bitcrab

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Re: Hello, TCNY
« Reply #2 on: December 09, 2015, 04:46:25 pm »
thanks xeroc.
now no plan to build own set of feed producers, if possible it's good that witnesses be the producers.

Offline wackou

Re: Hello, TCNY
« Reply #3 on: December 09, 2015, 09:00:25 pm »
Wanted to let you know, I will also update my feed script. I'm not as fast as xeroc, so it'll take a few more days, but you can count on me too ;)
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Offline merivercap

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Re: Hello, TCNY
« Reply #4 on: December 09, 2015, 09:03:19 pm »
 +5%

Great to see the progress! 
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Offline clayop

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Re: Hello, TCNY
« Reply #5 on: December 09, 2015, 09:16:04 pm »
 +5% The first private BitAsset in the history!
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Offline alt

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Re: Hello, TCNY
« Reply #6 on: December 09, 2015, 11:35:09 pm »
+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 alt

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Re: Hello, TCNY
« Reply #7 on: December 09, 2015, 11:45:31 pm »
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 55

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Re: Hello, TCNY
« Reply #8 on: December 10, 2015, 04:55:46 am »
 +5% +5%

Offline merivercap

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Re: Hello, TCNY
« Reply #9 on: December 10, 2015, 05:20:52 am »
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 bitcrab

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Re: Hello, TCNY
« Reply #10 on: December 10, 2015, 05:32:56 am »
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.

Offline merivercap

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Re: Hello, TCNY
« Reply #11 on: December 10, 2015, 05:40:23 am »
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. 
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Offline ebit

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Re: Hello, TCNY
« Reply #12 on: December 10, 2015, 06:14:05 am »
 +5%
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Offline abit

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Re: Hello, TCNY
« Reply #13 on: December 10, 2015, 08:54:12 am »
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 merivercap

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Re: Hello, TCNY
« Reply #14 on: December 10, 2015, 09:14:08 am »
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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