Author Topic: poll for bitUSD parameter optimization  (Read 4381 times)

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Offline bitcrab

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Re: poll for bitUSD parameter optimization
« Reply #15 on: August 02, 2016, 03:10:44 pm »
IMHO we should postpone this for quite a bit ..
The CNY modifications are only active for a few weeks and I don't feel the need to modify bitUSD just now.
I'd like to see CNY become more prominent across the whole crypto space .. Only after that happend and people won't use bitUSD because of the 1% difference in settlement, then I think we can start discussing this again.

I don't think we need to wait for more time.
we are cautious enough, but effectiveness is also important,  some competitors such as MAKER will come in not long future,  we need to make bitshares smartcoins as prominent as possible.
this is not a dangerous change, even in the worst condition we can easily restore the parameters to old values.
bitCNY and bitUSD can become prominent together, no need to make this process delay, even more, we need to consider to do the change to EUR, JPY, GBP, CAD...etc. in recent future.
we should respect the opinion from the community reflected in this poll.
 
« Last Edit: August 02, 2016, 04:38:16 pm by bitcrab »
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Offline Chronos

Re: poll for bitUSD parameter optimization
« Reply #16 on: August 02, 2016, 04:11:02 pm »
I support this change. Thank you [member=23]bitcrab[/member] for your methodical and consistent handling of these proposals.

Offline Chris4210

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Re: poll for bitUSD parameter optimization
« Reply #17 on: August 02, 2016, 07:10:57 pm »
I think we had some really good arguments from both sides in this discussions already. The last time many concerns have been brought up regarding the promise of "at least 100%" back.

I would like to wait a bit longer with a market change with BitUSD too. I expect a different market situation once BlockPay started. We will have a huge liquidity inflow with hundreds of merchants who want to sell their BitAssets again. This will create a full new dynamic for our markets when people want to sell 30k BitUSD on the DEX every day.

What are your thoughts about that?
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Offline bitcrab

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Re: poll for bitUSD parameter optimization
« Reply #18 on: August 03, 2016, 02:53:19 am »
I think we had some really good arguments from both sides in this discussions already. The last time many concerns have been brought up regarding the promise of "at least 100%" back.

I would like to wait a bit longer with a market change with BitUSD too. I expect a different market situation once BlockPay started. We will have a huge liquidity inflow with hundreds of merchants who want to sell their BitAssets again. This will create a full new dynamic for our markets when people want to sell 30k BitUSD on the DEX every day.

What are your thoughts about that?

if you expect 30k bitUSD daily trading volume, there should be at least about 300k bitUSD supply,but where are they?
now the bitUSD supply is only 120k, and inside which about 40k are generated by me.
the change will also help your business, right? we can let the two market change happen together, right?


« Last Edit: August 03, 2016, 07:42:01 am by bitcrab »
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Offline JonnyB

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Re: poll for bitUSD parameter optimization
« Reply #19 on: August 04, 2016, 06:14:50 am »
My issue with this proposal is that it is actually 2 separate proposals.

1.) change force settlement by 1%
2.)  reduce max hourly settle volume to 0.5%

Do not bundle them together as one proposal please.
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Offline bitcrab

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Re: poll for bitUSD parameter optimization
« Reply #20 on: August 04, 2016, 07:07:41 am »
My issue with this proposal is that it is actually 2 separate proposals.

1.) change force settlement by 1%
2.)  reduce max hourly settle volume to 0.5%

Do not bundle them together as one proposal please.

but we do the change in order to reduce the worry of shorters, and then improve the user experience of the leverage tool, so not only need to set some price offset, but also need to lower the 20% hourly max settlement volume to a reasonable value.

you do not like the 0.5%? you want to propose another value?
I strongly suggest that this time we just adjust the 2 parameters together, as 20% is too big as an hourly settlement limit, then if you believe some other value is better than 0.5%, we can issue another poll to collect the opinion and adjust accordingly.
« Last Edit: August 04, 2016, 08:45:15 am by bitcrab »
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Offline Chris4210

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Re: poll for bitUSD parameter optimization
« Reply #21 on: August 04, 2016, 04:38:51 pm »
What is the parameter actually doing?

2.)  reduce max hourly settle volume to 0.5%

So I can maximum settle a total volume of 0.5% per hour? When I want to settle 100 BitUSD, I can only settle 0.5 BitUSD in one hour? That would slow down any black swan event.

What is the reason for 20% right now? What does it protect?
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Offline paliboy

Re: poll for bitUSD parameter optimization
« Reply #22 on: August 05, 2016, 07:50:51 am »
What is the parameter actually doing?

2.)  reduce max hourly settle volume to 0.5%

So I can maximum settle a total volume of 0.5% per hour? When I want to settle 100 BitUSD, I can only settle 0.5 BitUSD in one hour? That would slow down any black swan event.

What is the reason for 20% right now? What does it protect?

If I understand it correctly, it's percet of whole supply of particular asset. Right now there are 127098 bitUSD in existence so with current rules you can settle 25419.6 bitUSD per hour, with new rules only 635.5 bitUSD per hour. Can anyone confirm?

Offline pc

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Re: poll for bitUSD parameter optimization
« Reply #23 on: August 05, 2016, 09:22:10 am »

If I understand it correctly, it's percet of whole supply of particular asset.
That's correct.
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Offline JonnyB

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Re: poll for bitUSD parameter optimization
« Reply #24 on: August 05, 2016, 10:40:53 am »
What is the parameter actually doing?

2.)  reduce max hourly settle volume to 0.5%

So I can maximum settle a total volume of 0.5% per hour? When I want to settle 100 BitUSD, I can only settle 0.5 BitUSD in one hour? That would slow down any black swan event.

What is the reason for 20% right now? What does it protect?

If I understand it correctly, it's percet of whole supply of particular asset. Right now there are 127098 bitUSD in existence so with current rules you can settle 25419.6 bitUSD per hour, with new rules only 635.5 bitUSD per hour. Can anyone confirm?

Is this 635.5 BitUSD per person/account or 635.5 BitUSD per hour in total for everyone?
If it is per account someone could distribute the BitUSD they want to settle across 20 accounts and settle $127098 in an hour.

Can someone confirm?
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Offline bitcrab

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Re: poll for bitUSD parameter optimization
« Reply #25 on: August 05, 2016, 11:30:20 am »
What is the parameter actually doing?

2.)  reduce max hourly settle volume to 0.5%

So I can maximum settle a total volume of 0.5% per hour? When I want to settle 100 BitUSD, I can only settle 0.5 BitUSD in one hour? That would slow down any black swan event.

What is the reason for 20% right now? What does it protect?

If I understand it correctly, it's percet of whole supply of particular asset. Right now there are 127098 bitUSD in existence so with current rules you can settle 25419.6 bitUSD per hour, with new rules only 635.5 bitUSD per hour. Can anyone confirm?

Is this 635.5 BitUSD per person/account or 635.5 BitUSD per hour in total for everyone?
If it is per account someone could distribute the BitUSD they want to settle across 20 accounts and settle $127098 in an hour.

Can someone confirm?
in total
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Offline JonnyB

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Re: poll for bitUSD parameter optimization
« Reply #26 on: August 05, 2016, 12:08:21 pm »
What is the parameter actually doing?

2.)  reduce max hourly settle volume to 0.5%

So I can maximum settle a total volume of 0.5% per hour? When I want to settle 100 BitUSD, I can only settle 0.5 BitUSD in one hour? That would slow down any black swan event.

What is the reason for 20% right now? What does it protect?

If I understand it correctly, it's percet of whole supply of particular asset. Right now there are 127098 bitUSD in existence so with current rules you can settle 25419.6 bitUSD per hour, with new rules only 635.5 bitUSD per hour. Can anyone confirm?

Is this 635.5 BitUSD per person/account or 635.5 BitUSD per hour in total for everyone?
If it is per account someone could distribute the BitUSD they want to settle across 20 accounts and settle $127098 in an hour.

Can someone confirm?
in total

So that would mean If someone settled $635.5 everyone else would be unable to settle their BitUSD for the next hour?
why 0.5% what is wrong with 20%?
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Offline yvv

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Re: poll for bitUSD parameter optimization
« Reply #27 on: August 05, 2016, 12:23:40 pm »
They want to limit the total volume of forced settlements, such that people don't settle all bitAssets in few hours when the market price goes below the feed price. Imo, this is not necessary. It is ok if market decides how much is forced settled.

In fact, limiting forced settlement volume defeats the purpose of forced settlement.
« Last Edit: August 05, 2016, 12:38:32 pm by yvv »

Offline paliboy

Re: poll for bitUSD parameter optimization
« Reply #28 on: August 05, 2016, 12:54:47 pm »
So that would mean If someone settled $635.5 everyone else would be unable to settle their BitUSD for the next hour?
why 0.5% what is wrong with 20%?

I see it as protection for shorters... in all other trading engines, you get margin called and you still have opportunity to increase your collateral.

Another point of view: daily trading volume of bitUSD in last 24 hours was 1900 USD, in this context 635 USD per hour isn't that low number. Still good topic for discussion whether it shouldn't be set to some different value.

Offline bitcrab

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Re: poll for bitUSD parameter optimization
« Reply #29 on: August 05, 2016, 01:32:38 pm »
So that would mean If someone settled $635.5 everyone else would be unable to settle their BitUSD for the next hour?
why 0.5% what is wrong with 20%?

I see it as protection for shorters... in all other trading engines, you get margin called and you still have opportunity to increase your collateral.

Another point of view: daily trading volume of bitUSD in last 24 hours was 1900 USD, in this context 635 USD per hour isn't that low number. Still good topic for discussion whether it shouldn't be set to some different value.
yes, the limit is to prevent the holders from doing sudden big volume force settlement and force the shorters out.
actually 0.5% is not so low,  when Argentina people ask me for smartcoin parameters, I suggest them to set a 2% limit, but that is based on misunderstanding, because at that time I think max settle limit is per day!
after bitCNY change, up to now we saw force settlement always finished in a couple of hours under the 0.5% setting.
we can discuss what value is better, but I really think 20% is too high.
maybe this setting is not so friendly to speculators, but in my view, to design a rule, first priority is considering how to make the ecosystem become prosperous healthily, but not speculators' user experience.
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