Author Topic: Proxy: xeroc  (Read 60867 times)

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Offline xeroc

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Let me give some explanation on why we launch SPRING and how we think the relation between SPRING and the open market operation fund(OMO fund).

China community has discussed a lot on how to increase the supply of bitCNY and promote the BTS and smartcoin ecosystem. Actually OMO help, it has income of BTS and bitCNY, bitUSD so it is more able to resist risk than general funds, however, it is small and the accumulation of fund is too slow, this limit it to play the role of a stabilization fund. Considering this, we finally decided to build another privately collected fund to help OMO, and of course, SPRING will make profit in this process, and when OMO grow big and powerful enough, SPRING will switch to focus on some other area, for example, to invest in some ICO project, especially in Graphene ecosystem.

OMO now focus on build a solid price bottom of BTS, now OMO has placed orders of 2M CNY at price 0.8CNY+, tomorrow OMO will added buying orders of 3M in this price level, in my plan, OMO will put orders of 10M in area 0.8-1 CNY, to make 0.8CNY a solid price bottom, and this bottom will slowly go up. Similar in bitUSD market.

OMO’s task is not to make profit, it focus on stabilizing market, it will help the system to resist the risks of black swan etc. and it will convince users to generate bitCNY/bitUSD at some certain price, say, now it’s very safe to borrow bitCNY will setting margin call price at 0.8 CNY.

SPRING play a role different with OMO,it will also provide bitCNY to build solid price bottom together with OMO, but it will also try to buy BTS, say, now SPRING will by BTS at price of about 1.3CNY

I don’t think there are interest conflict between SPRING and OMO, actually they help each other to make a good future of BTS.

SPRING do not have income from system, as OMO did, if SPRING do the job by itself, it will bear more risk than OMO did.

I built one sword to kill the wolf, when I find one is not enough I tried my best to build another one, but when the new one is ready I found the old one lost… this is what I felt when I saw your idea, please do not remove your support, here every trading is transparent and everyone can check what OMO and SPRING did anytime, no place for doing evil.

I am truly sorry if this has hit you by surprise and I certainly didn't want to appear evil or undermine your efforts.

Surely, your reasoning is very sound and I would very much like to see both of these efforts continued. I further trust
you to do the right thing all of the time. The reason I removed my support today is because I want to ensure you understand
the **potential** for conflicting interests.

One the one side, we have SPRING, a for-profit trading fund that buys and sells bitCNY, BTS and others.

And on the other side, we have OMO which is a non-profit (or rather for-profits for the DAC) which trades the same markets.
At one point in time, if not already happend, you might end up in the situation where one of those efforts needs bitCNY; and other
may have them to be sold on the market. This could subsidize SPRING, but that is not what OMO was meant to be.

Again, I don't believe this is what happens, or that this potential conflict actually ever will appear, I just would like to express the desire
to sit together and find a different solution that does not (maybe) put you in a difficult situtation.


I have had a comparing situtation with the BBF worker/escrow system that has constant need for bitUSD where someone approached
me and offered quite some bitUSD in the DEX and asked the BBF to fill the order with BTS from the reserves. I had to refuse that because
that is not how BBF deals with the workers and undermines the high standards and transparency there - but this shows clearly that even
with only the BBF workers, there is a huge *potential* for conflicting interest.

That's all I want to ensure. People need to understand the risks and @bitcrab, you need to understand the situation you put yourself into.

That said, I am willing to reapprove this worker again, however, I would like to see if we can find a solution where another independent
party deals with OMO.

Offline bitcrab

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@bitcrab: I'll have to remove my support for the worker "committee controlled open market operation fund".
The reasons are the *potential* conflict of interst that emerged with SPRING. Given that SPRING is a market
making fund, and the worker is funding another fund for providing liquidity, I believe it is best to not continue
subsidizing open market operations through a worker and leave the bussiness for SPRING (and other for-profit
competitors). This also puts you (@bitcrab) in a much nicer situation as you don't need to justify why you traded
when since you potentially could have SPRING trade against the open market worker.
Surely you understand my reasoning.

Let me give some explanation on why we launch SPRING and how we think the relation between SPRING and the open market operation fund(OMO fund).

China community has discussed a lot on how to increase the supply of bitCNY and promote the BTS and smartcoin ecosystem. Actually OMO help, it has income of BTS and bitCNY, bitUSD so it is more able to resist risk than general funds, however, it is small and the accumulation of fund is too slow, this limit it to play the role of a stabilization fund. Considering this, we finally decided to build another privately collected fund to help OMO, and of course, SPRING will make profit in this process, and when OMO grow big and powerful enough, SPRING will switch to focus on some other area, for example, to invest in some ICO project, especially in Graphene ecosystem.

OMO now focus on build a solid price bottom of BTS, now OMO has placed orders of 2M CNY at price 0.8CNY+, tomorrow OMO will added buying orders of 3M in this price level, in my plan, OMO will put orders of 10M in area 0.8-1 CNY, to make 0.8CNY a solid price bottom, and this bottom will slowly go up. Similar in bitUSD market.

OMO’s task is not to make profit, it focus on stabilizing market, it will help the system to resist the risks of black swan etc. and it will convince users to generate bitCNY/bitUSD at some certain price, say, now it’s very safe to borrow bitCNY will setting margin call price at 0.8 CNY.

SPRING play a role different with OMO,it will also provide bitCNY to build solid price bottom together with OMO, but it will also try to buy BTS, say, now SPRING will by BTS at price of about 1.3CNY

I don’t think there are interest conflict between SPRING and OMO, actually they help each other to make a good future of BTS.

SPRING do not have income from system, as OMO did, if SPRING do the job by itself, it will bear more risk than OMO did.

I built one sword to kill the wolf, when I find one is not enough I tried my best to build another one, but when the new one is ready I found the old one lost… this is what I felt when I saw your idea, please do not remove your support, here every trading is transparent and everyone can check what OMO and SPRING did anytime, no place for doing evil.
Email:bitcrab@qq.com

Offline xeroc

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@bitcrab: I'll have to remove my support for the worker "committee controlled open market operation fund".
The reasons are the *potential* conflict of interst that emerged with SPRING. Given that SPRING is a market
making fund, and the worker is funding another fund for providing liquidity, I believe it is best to not continue
subsidizing open market operations through a worker and leave the bussiness for SPRING (and other for-profit
competitors). This also puts you (@bitcrab) in a much nicer situation as you don't need to justify why you traded
when since you potentially could have SPRING trade against the open market worker.
Surely you understand my reasoning.

Offline startail

voting for the subsequent UI worker proposal

Thank you for your support @xeroc.
I've also posted here, https://bitsharestalk.org/index.php?topic=26858.0, about the renewal of the UI.

Offline xeroc

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voting for the subsequent UI worker proposal

Offline xeroc

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Voting for Alfredo's worker to cover the promised amount of payment

Offline xeroc

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Offline xeroc

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I am approving JohnR's proposal to become committee member: https://bitsharestalk.org/index.php?topic=26758.msg319777;topicseen#new

We need to catch up compatition there and I feel that someone with background in economics is the right thing for us nerds to find a way to grow BitShares into an *actual* business.

Offline Bangzi

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Please consider vote for Bangzi !!!

Testnet ID: bangzi-test (Only miss 1 block since few days ago)

Bitshares' Witness Proposal:
https://bitsharestalk.org/index.php?topic=26459.0
Bitshares DEX - Over 1000 Coins, Buy, Sell, Transfer & List Any Coins |Free Signup Today: https://wallet.bitshares.org/?r=bangzi

Offline win.neil

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Hello, xeroc:

You can vote for our witness (winex.witness), thank you very much.
https://bitsharestalk.org/index.php?topic=25831.0
DEX:winex.pro
witness: winex.witness

Offline xeroc

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https://bitsharestalk.org/index.php?topic=26107.new#new
I will vote for the committee-funding worker so that it can receive funds.
Two weeks after it received funds, I will remove my vote for a subsequent report to convince me it is a good idea.

Offline ivandev

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Your feeds for CNY were among those that I deemed inaccurate .. chinese community members approached me to tighten up the peg .. all I can do is disapprove workers that are farer away from the actualy price than others ...
If you fix your feeds you can get voted back.
Hello, dear Fabian. From the last time, you've checked our feeds, we made some major updates of feeds scripts, reconsidered reliable sources of prices, so we have much more objective feeds states, than previously. Could you please consider voting again for our witness?
Thanks in advance.

Offline xeroc

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I have voted for clockwork's worker since he proved himselve reliable on the testnet
I also intend to approve the committee proposal of xiaoshan

Offline xeroc

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FYI, I have had multiple discussions with clockwork during the last couple months and respect and
trust him more than enough to approve his newly created committee membership. Looking forward
to rattle those committee members that passed away
https://bitsharestalk.org/index.php?topic=25980.0

Offline openledger

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I've removed my support from committee-member `openledgerdc` since openledger started setting
a default voting proxy for its customers and breaks the long-standing social contract of no-voting
of exchanges with customer funds. This is unfortunate but OpenLedger wasn't able to present
sufficient motivations for this move and after discussion, couldn't be convinced to reconsider this
position.

This is, of course, a personal opinion, but I cannot accept businesses to set default voting behavior
for its customers.

For those wondering, the `bitshareseurope` account which is set as default_proxy account, too, does
not vote.

thanks, great to know how you consider a "company" - the de facto bitshares exchange OpenLedger, and this is not my words, but rather the creator or BitShares who said this. It has to be very clear that we are not an exchange as we have no access to manipulate the transactions on the DEX which is clearly the definition of an exchange, and until now we have offered a valuable service to all bts community where we are until now still at a minus overall for providing gateways allowing people to access a safe haven like bitshares stablecoins or bts itself or same procedure for leaving again. There is no doubt that this is not done out of pure charity, however, it is clear that we are providing a valuable support for the community to evolve and we do it with the face that allows us to constantly act for the benefit of the community.

What you decide to do personally is up to you, and you are right it is definitely personal and it is also personal when I remove my support from your own committee post, thank you for perhaps stating a discussion as to who does what and for the benefits of whom in whatever is done for bitshares, I think it could in fact become an interesting "soap opera" and I could be writing a lot more right now, but choose not to.

And lets be clear, it is only customers if they use the gateways provided by OpenLedger, and with more than 170 000 signups already, it is clear that less than 10 000 of these are in fact active, so what we are in fact providing is a support from the people not trading or even active making use of these accounts where they may have been not used and all for the benefit of bts. And the customers are in fact also the customers of the bts community as it is a service offered to the community and definitely also customers to all the OBITS holders who benefit minimum 50% of all revenues.
« Last Edit: February 08, 2018, 01:28:35 pm by ccedk »
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