bitCNY optimization committee proposal voting begins

[xeroc]

I don't see the price feed there .. all I see is the settlement price and the "LAST PRICE" which is the price of the last filled order!

[prebuffo]

Hallo do you experienced more liquidity and Interest in the CNY smart contract with this new feature?

[天籁]

Given your numbers, you are actually correct:

settlement price 0.032644 CNY per BTS
 .. that means one BTS costs you 0.032644 CNY
 .. that means for 1 CNY, you get 30.63350 BTS

actual price feed 0.033 CNY per BTS
 .. that means on BTS costs you 0.033 CNY
 .. that means for 1 CNY, you get 30.303

but where exactly did you get them? The cli-wallet only knows what is denoted as "settlement_price" ..
[/quote

https://bitshares.openledger.info/#/market/BTS_CNY

[xeroc]

Given your numbers, you are actually correct:

settlement price 0.032644 CNY per BTS
 .. that means one BTS costs you 0.032644 CNY
 .. that means for 1 CNY, you get 30.63350 BTS

actual price feed 0.033 CNY per BTS
 .. that means on BTS costs you 0.033 CNY
 .. that means for 1 CNY, you get 30.303

but where exactly did you get them? The cli-wallet only knows what is denoted as "settlement_price" ..

[天籁]

if you want to settle, you HAVE bitCNY .. and you want to settle FOR BTS. So as the long that wants to settle, you get LESS BTS .. that looks totally fine for me

"if you want to settle, you HAVE bitCNY .. and you want to settle FOR BTS. So as the long that wants to settle, you get LESS BTS ..  "

That's the point.

BUT I get MORE BTS now, as the settle price of BTS is lower than the actual price feed. So, I can buy more BTS with bitCNY at lower price.

[xeroc]

if you want to settle, you HAVE bitCNY .. and you want to settle FOR BTS. So as the long that wants to settle, you get LESS BTS .. that looks totally fine for me

[天籁]

Why the 99% settlement rule become 101% settlement in fact？

Have you tried to settle and received more than you expected?

MY deposited bts was just settled at the feed price  0.033，settle price 0.032644 CNY/bts： block #7403434

it's difficult to tell if there is something wrong because of the price movements currently ..
please distinguish between "settlement price" and "price feed" .. one of both has the 1% offset, the other has not ..
I think the GUI shows the settlement price and not the actual price feed ..

I saw the settlement price 0.032644 and the actual price feed 0.033.

you can see the difference between the settlement price and the actual price feed NOW!

[xeroc]

Why the 99% settlement rule become 101% settlement in fact？

Have you tried to settle and received more than you expected?

MY deposited bts was just settled at the feed price  0.033，settle price 0.032644 CNY/bts： block #7403434

it's difficult to tell if there is something wrong because of the price movements currently ..
please distinguish between "settlement price" and "price feed" .. one of both has the 1% offset, the other has not ..
I think the GUI shows the settlement price and not the actual price feed ..

[Erlich Bachman]

And the world didn't end?

[天籁]

Why the 99% settlement rule become 101% settlement in fact？

Have you tried to settle and received more than you expected?

MY deposited bts was just settled at the feed price  0.033，settle price 0.032644 CNY/bts： block #7403434

[xeroc]

Why the 99% settlement rule become 101% settlement in fact？

Have you tried to settle and received more than you expected?

[天籁]

Why the 99% settlement rule become 101% settlement in fact？

[Brekyrself]

What's the latest with this?  Feedback from the CNY users?

[ag]

this is ridiculous. if this really increases liquidity ill rescind that comment however. but when will we tell ? if we had steem dollars already I would have force settled all my bitCNY. but i take loss.

i expected xeroc to vote this down.


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[BunkerChainLabs-DataSecurityNode]

The recent events on ETH/TheDAO bear a lot of parallels with the proposal discussed here. Of course when I wrote https://steemit.com/bitshares/@cyrano.witness/before-entering-into-a-smart-contract--read-the-fine-print I didn't dream of someone screwing the DAO. However, that's what happened: someone read the "fine print" of the DAO contract, and used it to his advantage.

Today, I read this comment from @cube, which got me thinking:

Yes, "the intent of the parties" is the key.

I agree. Whenever a disagreement about the interpretation of a contract is brought before a court, the court will take a step back and try to find out what the original intent of the parties was when the contract was set up. The precise wording of the contract is relevant only insofar as it sheds some light on that question - which is usually the case, but the truth is bigger than the wording of a contract.

I think in our case here, the intent is quite clear:

SmartCoins are guaranteed to be worth at least their face value
- https://bitshares.org/technology/price-stable-cryptocurrencies/

Even some newer documentation that postdates BSIP-0016, like EstefanTT's writeup or Chronos' first video states that bitassets can be redeemed for their equivalent value in BTS. Which will no longer be true after BSIP-0016 has been accepted. The 1:1 settlement guarantee is the big print, and IMO that's clearly the intent of our BitAssets smart contract.

@cube @datasecuritynode @clayop @Harvey @abit @ebit @bitcrab - please reconsider your vote on 1.10.286.

Thanks.

This is a good time I suppose to explain why @datasecuritynode choose to vote this way.

From what was observed, the Worker through which a polling of the community was taken on this particular change was done, and it was given support.

It's been seen the arguments for and against this and a similar perspective of what has already been expressed regarding social contracts and the intent are shared.

It's believed in this instance that as a Committee member, the vote should go the way the majority of stakeholder voters are choosing to go on this particular matter.

In the end, if it turned out to be a bad decision, it can always be turned around again.

This ability to move and adjust to conditions is what gives the network amazing capacity.