plan to raise the bitCNY force settlement offset to 5%

[天籁]

Congratulation！

[guan1990]

Argument is good, but please focuse the problem,  the BTS in Poloniex was a "Stand-alone game" now, BTS can't Deposit and Withdraw for days, the feed price from the Poloniex has no any reference value.

So, we have four solutions: 
1. Cotanct with the Poloniex to open Deposit and Withdraw  BTS asap;
2. Kick out the Poloniex from the feed price asap;
3. Raise the bitCNY force settlement offset to 5% for now;
4. Do nothing on the sidelines, seeing the BTS to die slowly.

Which you can do? to do it now.

only reasonable solution is asking witnesses to fix their feeds. that's what they get paid for

please read my post on  38# to  see  if witnesses  can do it.It's  profitable by harming  the  CNY market  through   setting   low feeding  prices .We  should  admit that  the Poloniex price is not  real  market demand price(I  call BTSs which can be circulated  are True BTSs and polo's BTSs are fake BTSs).The  scene  is much  alike   some  institutions  removed  Okcoin's BTC price in the BTC  index when  the  CN  gov.  forced  okcoin to  forbidden  the withdraw of BTCs.

[binggo]

Argument is good, but please focuse the problem,  the BTS in Poloniex was a "Stand-alone game" now, BTS can't Deposit and Withdraw for days, the feed price from the Poloniex has no any reference value.

So, we have four solutions: 
1. Cotanct with the Poloniex to open Deposit and Withdraw  BTS asap;
2. Kick out the Poloniex from the feed price asap;
3. Raise the bitCNY force settlement offset to 5% for now;
4. Do nothing on the sidelines, seeing the BTS to die slowly.

Which you can do? to do it now.

only reasonable solution is asking witnesses to fix their feeds. that's what they get paid for

So, now we need to know how? when? who to do this?
how to make sure all the witnesses fix their feeds?

[fav]

Argument is good, but please focuse the problem,  the BTS in Poloniex was a "Stand-alone game" now, BTS can't Deposit and Withdraw for days, the feed price from the Poloniex has no any reference value.

So, we have four solutions: 
1. Cotanct with the Poloniex to open Deposit and Withdraw  BTS asap;
2. Kick out the Poloniex from the feed price asap;
3. Raise the bitCNY force settlement offset to 5% for now;
4. Do nothing on the sidelines, seeing the BTS to die slowly.

Which you can do? to do it now.

only reasonable solution is asking witnesses to fix their feeds. that's what they get paid for

[binggo]

Argument is good, but please focuse the problem,  the BTS in Poloniex was a "Stand-alone game" now, BTS can't Deposit and Withdraw for days, the feed price from the Poloniex has no any reference value.

So, we have four solutions: 
1. Contact with the Poloniex to open Deposit and Withdraw  BTS asap;
2. Kick out the Poloniex from the feed price asap;
3. Raise the bitCNY force settlement offset to 5% for now;
4. Do nothing on the sidelines, seeing the BTS to die slowly.

Which you can do? to do it now.

[yvv]

By the way, I can't try you magicwallet because I can't read Chinese, but I feel that this is an awesome project. The problem which you have with peg offset is natural, because you will always have disbalance between deposits/withdrawals, you just need to think out the best solution for it without rush. Do it right and you'll be the kings.

[yvv]

The peg at your ramp (or whoever runs it) is off because deposit and withdrawal volumes are different. This has nothing to do with price feed or fairness. And anyway, you should not address the problems of your ramp by screwing up a committee token. Issue your own token and do whatever you want with it.

This is an even deeper issue.
Deposit and withdrawal volumes are different (actually at this moment more people want to deposit with fiat but less want to withdraw), means there are more demands than supply, in order to maintain the peg we should provide more supply, so it's fair to bias to shorters.

There is enough of supply of bitCNY, you can buy it at discount rate at DEX. The problem with your ramp is that it has a broken loop, you should close it.

What are you trying to do instead is making the peg closer at one market by breaking it worse at another market.

Fiat ramps are important to get mass adoption. I'm shocked that you think it should be closed.

Dude, can you read english words? I am talking about closing the broken arbitrage loop, not about closing your ramp. I know how important are fiat ramps.

[abit]

The peg at your ramp (or whoever runs it) is off because deposit and withdrawal volumes are different. This has nothing to do with price feed or fairness. And anyway, you should not address the problems of your ramp by screwing up a committee token. Issue your own token and do whatever you want with it.

This is an even deeper issue.
Deposit and withdrawal volumes are different (actually at this moment more people want to deposit with fiat but less want to withdraw), means there are more demands than supply, in order to maintain the peg we should provide more supply, so it's fair to bias to shorters.

There is enough of supply of bitCNY, you can buy it at discount rate at DEX. The problem with your ramp is that it has a broken loop, you should close it.

What are you trying to do instead is making the peg closer at one market by breaking it worse at another market.

Fiat ramps are important to get mass adoption. I'm shocked that you think it should be closed. Without mass adoption, bitAssets are only toys. Without mass adoption, BTS won't worth much.

Actually the feed issue has nothing to do with the ramps. I'd admit some of my previous arguments are focused on the wrong way. 1% premium is not big a deal.

The certainty to be able to buy cheap bitCNY directly from the Dex (at market price) then settle the bought bitCNY for more BTS via force settlement (at feed price) is just wrong, which means the price feed provided by witnesses is incorrect, is away from the market price. Even if the ramp is closed, the price feed issue is still there. This issue has been with us for quite some days, it's serious so need to be addressed.

[yvv]

The peg at your ramp (or whoever runs it) is off because deposit and withdrawal volumes are different. This has nothing to do with price feed or fairness. And anyway, you should not address the problems of your ramp by screwing up a committee token. Issue your own token and do whatever you want with it.

This is an even deeper issue.
Deposit and withdrawal volumes are different (actually at this moment more people want to deposit with fiat but less want to withdraw), means there are more demands than supply, in order to maintain the peg we should provide more supply, so it's fair to bias to shorters.

There is enough of supply of bitCNY, you can buy it at discount rate at DEX. The problem with your ramp is that it has a broken arbitrage loop, you should close it.

What are you trying to do instead is making the peg closer at one market by breaking it worse at another market.

[abit]

The peg at your ramp (or whoever runs it) is off because deposit and withdrawal volumes are different. This has nothing to do with price feed or fairness. And anyway, you should not address the problems of your ramp by screwing up a committee token. Issue your own token and do whatever you want with it.

This is an even deeper issue.
Deposit and withdrawal volumes are different (actually at this moment more people want to deposit with fiat but less want to withdraw), means there are more demands than supply, in order to maintain the peg we should provide more supply, so it's fair to bias to shorters.

[yvv]

The peg at your ramp (or whoever runs it) is off because deposit and withdrawal volumes are different. This has nothing to do with price feed or fairness. And anyway, you should not address the problems of your ramp by screwing up a committee token. Issue your own token and do whatever you want with it.

[abit]

So, situation is even worse than it follows from OP. It turns out that topic starter runs a gateway which is not very efficient, and tries to solve his problem at a cost of bitCNY holders.

Magic wallet is not just a gateway running by someone, it's a free market like the Dex. Everyone can offer to exchange fiat CNY with bitCNY and vice versa with Magic Wallet (the software). Traders compete with each other. If one trader's price is not fair, people will go with others. It should be the most efficient. If it become inefficient, it means the pegging mechanism is flawed.

The fact that magicwallet users pay more CNY for bitCNY means that more users deposit funds into bitshares than withdraw through your wallet.
To bring the bitCNY price on par with CNY in your wallet, you need somebody to withdraw their funds through magicwallet, then deposit them back through other gateway.

Looks like you're saying "the market is acting wrong".

No, this is exactly how the market is supposed to work. If you have a mismatch between the deposit volume and withdrawal volume at your gateway, the price get skewed. You need arbitragers to correct it. Total supply of bitCNY has nothing to do with this, you can buy plenty at discount on DEX, it is your gateway which has deficit.

"you can buy plenty at discount on DEX" but only with BTS, you don't have that much BTS and nowhere to get that much with fiat (and even BTC). The on/off ramp is designed for the peg, where you can buy bitCNY with fiat CNY.

So what? To short bitCNY you need even more BTS than to buy it. How is messing up offset supposed to fix the peg at your ramp? This is ridiculous  misthinking.

I don't know why you keep saying it's "my ramp" or someone's ramp. It's actually a decentralized p2p ramp.

A successfully pegged bitCNY means everyone can exchange fiat CNY with bitCNY at around 1:1 and vise versa with anyone else without need to worry about profit or loss. Ideally for a ramp the exchange price should be more than 1:1 on one direction but less than 1:1 on the other direction. Currently both directions are operating above 1:1 (Note: in a free market but not a simple ramp that the owner sets arbitrary fee rate), which means the peg is slightly off, which means the feed price is wrong, which means bitCNY holders are now taking advantage of bitCNY producers (shorters), which is unfair. To get mass adoption, we need to eliminate this unfairness, either by correcting the price feed, or by adjusting the force settlement offset.

[yvv]

The fact that magicwallet users pay more CNY for bitCNY means that more users deposit funds into bitshares than withdraw through your wallet.
To bring the bitCNY price on par with CNY in your wallet, you need somebody to withdraw their funds through magicwallet, then deposit them back through other gateway.

Looks like you're saying "the market is acting wrong".

No, this is exactly how the market is supposed to work. If you have a mismatch between the deposit volume and withdrawal volume at your gateway, the price get skewed. You need arbitragers to correct it. Total supply of bitCNY has nothing to do with this, you can buy plenty at discount on DEX, it is your gateway which has deficit.

"you can buy plenty at discount on DEX" but only with BTS, you don't have that much BTS and nowhere to get that much with fiat (and even BTC). The on/off ramp is designed for the peg, where you can buy bitCNY with fiat CNY.

So what? To short bitCNY you need even more BTS than to buy it. How is messing up offset supposed to fix the peg at your ramp? This is ridiculous  misthinking.

[abit]

The fact that magicwallet users pay more CNY for bitCNY means that more users deposit funds into bitshares than withdraw through your wallet.
To bring the bitCNY price on par with CNY in your wallet, you need somebody to withdraw their funds through magicwallet, then deposit them back through other gateway.

Looks like you're saying "the market is acting wrong".

No, this is exactly how the market is supposed to work. If you have a mismatch between the deposit volume and withdrawal volume at your gateway, the price get skewed. You need arbitragers to correct it. Total supply of bitCNY has nothing to do with this, you can buy plenty at discount on DEX, it is your gateway which has deficit.

"you can buy plenty at discount on DEX" but only with BTS, you don't have that much BTS and nowhere to get that much with fiat (and even BTC). The on/off ramp is designed for the peg, where you can buy bitCNY with fiat CNY.

[yvv]

So, situation is even worse than it follows from OP. It turns out that topic starter runs a gateway which is not very efficient, and tries to solve his problem at a cost of bitCNY holders.