Proxy: bitcrab - make the ecosystem grow

[bitcrab]

From my side this is not a permanent action, perhaps it will last at least several weeks.

I'd like to support good projects, but actually we need to review the workers and control the budget, especially in bear market, for long time the inflation from workers is too high and out of control, if we continue to let things be like this, I don't think BTS has a good future.

another point is that the action is mainly done by cn-vote, which is a multisig proxy in China community, all the votings  are decided by themselves.

sorry for the inconvenience.

[Digital Lucifer]

voted refund400K.

it's time to control the inflation of BTS.

This move is nothing good for people around this network, its structure, stability or future.

a) The worker that is supporting research on BitAssets is gone.
b) Infrastructure worker that holds 20+ API is gone.
c) bitshares.org worker is gone and 4 people are living of it. As full-time employees which that budget salaries are bread&butter for them, including myself.
d) all event conferences will be cancelled and all the funds that are paid already will be lost.

I can go through entire alphabet for the rest of the workers, but I'm not planning to.

If your wish is to completely destroy BitShares and chase away this small amount of good people/development we have around, please carry on.

If you wish something better for BitShares, please stop making moves that are against good people of this Consensus.


Chee®s

[sschiessl]

voted refund400K.

it's time to control the inflation of BTS.

As of right now only reference faucet and infrastructure worker are active.

I don't know if that is intended, but that means ALL our conference workers (among other also important workers) are halted. This will cause a major setback in the motivation of the involved people  (and any downpayments would be down the drain as well)

• 201907-steemfest
• NABTS2019
• 2019-06-decentralized-partnership

Is that really the intention of this action? Please do re-consider if this is the best time to choke those efforts.

[bitcrab]

voted refund400K.

it's time to control the inflation of BTS.

[bitcrab]

voted 1.14.174   Poll - BSIP59 - Reduce MCR of bitCNY to 1.6

this poll WP is initiated by me, more details can be found here https://bitsharestalk.org/index.php?topic=28208.0

you can also consider to set bitcrab as proxy to support this change.

[sahkan]

unvote witnesses elmato, abc123 and sahkan-bitshares.

poll voting worker proposals have decided to changed MSSR of bitCNY from 1.1 to 1.05 months ago, from 1.05 to 1.02 several days ago, but they still feed 1.1 as MSSR of bitCNY, ignoring the community consensus.

I adjusted to 1.02 per the BSIP.

[bitcrab]

unvote witnesses elmato, abc123 and sahkan-bitshares.

poll voting worker proposals have decided to changed MSSR of bitCNY from 1.1 to 1.05 months ago, from 1.05 to 1.02 several days ago, but they still feed 1.1 as MSSR of bitCNY, ignoring the community consensus.

[armin]

I don't think it will work. Because bitCNY is a derivative asset and not actual CNY, the market can always adjust its demand to appreciate/depreciate bitCNY. For example, if we consider an extreme example, make feed price = 2x market price on Bitshares, internal price is 0.65, feed is now 1.3, so now margin calls can only go to (1.3 - 0.13), it doesn't mean the market will suddenly buy up all BTS from 0.65 to the margin call price.

I guess the effect it will have is margin calls won't be eaten though

Maybe it will also affect settlement operations by devaluing bitCNY in a bear market. If that is the case, maybe it can work. But as I just said, because bitCNY is a derivative the market can just increase demand for bitCNY when it is devalued

[bitcrab]

the point is negative feedback, which means, when bitCNY is in shortage and have a big premium, we need to help to support the system to produce more bitCNY by feeding a price of market price + some offset.

more detail can be found at BSIP42 doc https://github.com/bitshares/bsips/blob/master/bsip-0042.md

[armin]

I don't understand the point of the formula, can you please explain. BitCNY premium of 2% means that BitCNY is in shortage, also known as bear market. You're saying the feed price should be 1.09 times the BTS/BitCNY pair price, which at the moment would be 1.09 x 0.65 = 0.7085. The feed price is currently at 0.712 and always is at around a 10% higher price than the BTS/BitCNY pair price in a bear market, so I do not see how this new formula helps.

I hope you can explain, maybe I misunderstood something

[bitcrab]

BSIP42 passed, proxy bitcrab will push the implementation of this BSIP by witnesses voting.

below is a page on magicwallet that shows the bitCNY price feeding status.



the witnesses points that fall inside the smallest circle now provide the lowest price, possibly they haven't updated their price feeding according to BSIP42, please start to do that.

how to judge whether the price feeding is well enough, I have one simple metric: when bitCNY premium is higher than 2%, the feed price should be higher than Pdex*1.09, here Pdex is the BTS price in bitCNY in DEX.

one week later, proxy bitcrab will begin to unvote the witnesses that publish feed price that do not fulfill this condition.

[paliboy]

Thanks, it makes sense

[xeroc]

mr.agsexplorer worries me more... is there any SLA how often should witnesses produce feed? 3 hours doesn't seem right for actively traded assets.

Most scripts don't actually push prices *frequently* but instead have an expiration of say 12h (the minimum frequency) and trigger republishing only if a certain percentage in price difference (From on-chain feed to locally derived feed) is reached. That reduces the burdon that is put onto the blockchain by feed operations and still is flexible.

No need to announce a price again and again if it doesn't change

[paliboy]

mr.agsexplorer worries me more... is there any SLA how often should witnesses produce feed? 3 hours doesn't seem right for actively traded assets.

[xeroc]

in the recent past the CNY feeding from elmato is too low to be reasonable, unvote it temporarily.

BTS need some change on price feeding to protect the ecosystem from being attacked by shorters, suggest witnesses can feed price with the suggestion here as a reference.https://bitsharestalk.org/index.php?topic=26914.msg320692;topicseen#msg320692

Given that the blockchain derives a *median* of all the price feeds available, a single feed that is below by 100% is as irrelevant as if it was below only 5%.
Unvoting is unecessary IMHO, but the feed should be fixed asap