Author Topic: plan to raise the bitCNY force settlement offset to 5%  (Read 8215 times)

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Offline mf-tzo

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Re: plan to raise the bitCNY force settlement offset to 5%
« Reply #75 on: November 17, 2017, 06:29:10 pm »
Seriously...Can we concentrate on important issues? Where are these bitshares spokespersons now??What are they doing??
Read the spokesperson proposal to understand what the spokesperson is there for ...
It will *NOT* make or lead political decisions within the blockchain ... that's up to the shareholders to do

[member=120]xeroc[/member] obviously I don't expect any spokeperson to decide about the 5% debate but I was referring for someone to be in touch with Poloniex issue.

So, for protecting shareholders' interests, who will discuss with Poloniex?! Committee members or someone?

The 5% debate: Not going to be discusses by the spokesperson
The Poloniex issue: Going to be descissed by the spokesperson - BBF has reached out to poloniex, but hasn't heard back from them

Glad to hear these news.

good news indeed. Please keep us updated.

Offline oco101

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Re: plan to raise the bitCNY force settlement offset to 5%
« Reply #76 on: November 18, 2017, 04:09:44 am »
only reasonable solution is asking witnesses to fix their feeds. that's what they get paid for

that was the first step taken as you should know, and the reasons why it was not enough were discussed in depth.

I'll just leave this here: https://en.wikipedia.org/wiki/Law_of_triviality

Hahaha nice one never heard of before. Thanks

Offline vegolino

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Re: plan to raise the bitCNY force settlement offset to 5%
« Reply #77 on: November 19, 2017, 12:47:07 pm »
It looks like increase in Force settlement offset to 5% in BITCNY/BTS pair has been working as intended.
Good call bitcrab

Offline fav

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Re: plan to raise the bitCNY force settlement offset to 5%
« Reply #78 on: November 19, 2017, 05:50:05 pm »
It looks like increase in Force settlement offset to 5% in BITCNY/BTS pair has been working as intended.
Good call bitcrab

congrats on creating a market nonpegged asset
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Offline yvv

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Re: plan to raise the bitCNY force settlement offset to 5%
« Reply #79 on: November 19, 2017, 06:27:29 pm »
Quote
congrats on creating a market nonpegged asset

It is still pegged by the way, but to different price, this should be mentioned throughout bitshares publications.  When those Chinese, who deposit funds via bitCNY, will realize that they can't exchange them for other tokens at fair price, they'll be very happy.


Offline xeroc

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Re: plan to raise the bitCNY force settlement offset to 5%
« Reply #80 on: November 20, 2017, 07:08:55 am »
[member=120]xeroc[/member] obviously I don't expect any spokeperson to decide about the 5% debate but I was referring for someone to be in touch with Poloniex issue.
good news indeed. Please keep us updated.
My fault. Lost track of what was actually discussed :-/
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Offline yvv

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Re: plan to raise the bitCNY force settlement offset to 5%
« Reply #81 on: November 22, 2017, 04:02:08 pm »
The GUI still shows that settlement price is the same as the feed price. This is confusing. How should I read this?

Offline Brekyrself

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Re: plan to raise the bitCNY force settlement offset to 5%
« Reply #82 on: December 13, 2017, 06:43:11 pm »
What is the latest feedback on this?  Positive, negative, no impact?  This was an important experiment as I believe all BitAssets should have the same parameters.  New traders will expect this and may become frustrated not knowing BitAssets all have different settlement parameters.

Offline vegolino

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Re: plan to raise the bitCNY force settlement offset to 5%
« Reply #83 on: December 13, 2017, 08:55:43 pm »
What is the latest feedback on this?  Positive, negative, no impact?  This was an important experiment as I believe all BitAssets should have the same parameters.  New traders will expect this and may become frustrated not knowing BitAssets all have different settlement parameters.

I would like to know as well. So far fav doesn't like it  :)
 but much more bitCNY was created which is good.
So I guess it would be nice to hear from bitcrab

Offline renkcub

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Re: plan to raise the bitCNY force settlement offset to 5%
« Reply #84 on: December 14, 2017, 12:29:04 am »
The obvious solution to prevent market manipulation is a small fee on all official Smartcoins. I would suggest 1.5-2% for smaller liquidity coins, and as low as 0.5% on very liquid, fiat-based smartcoins. 5% is too high though..

Offline bitcrab

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Re: plan to raise the bitCNY force settlement offset to 5%
« Reply #85 on: December 14, 2017, 09:03:30 am »
the key point is the price feeding.

up to now we can still see that the settlement price is always 3-5% lower than latest price.



this does not happen in bitUSD/BTS market.

from Magicwallet data we can know that bitCNY peg CNY well, bitCNY is not cheaper than CNY.

so the problem is still in price feeding, the force settlement offset can be reduced only when the fed price can trace the market price well enough.
« Last Edit: December 15, 2017, 02:07:34 am by bitcrab »

Offline renkcub

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Re: plan to raise the bitCNY force settlement offset to 5%
« Reply #86 on: December 18, 2017, 01:01:15 am »
Is there any fee for creating or unwinding a BitCNY margin position? Or are fees ONLY for settlement offset?

If so, why don't we have a small fee for unwinding one, to reduce the opportunity for manipulation? No more than executing a forex trade - 1% or so (about the round trip cost on Forex), maybe a little more for now to encourage certain things, as we're doing with the 5% for BitCNY to prevent removing smartcoins and manipulation (although this fee is extremely high, I understand the temporary need. In the end I envision maybe something like 0.5% for unwinding a margin position, and 1% for force settlement as fair and the funds go back to the BTS ecosystem anyway...)

Offline renkcub

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Re: plan to raise the bitCNY force settlement offset to 5%
« Reply #87 on: December 18, 2017, 01:46:03 am »
A further comment on this: I only think a fee makes sense for unwinding a BTS short / Smartcoin margin position for the instant settlement. 24 hour delay (like there is for Force Settle) could be an even smaller or non-existent fee. I also think perhaps a longer timeframe option for the two could be offered with less/no fee, such as 3 or 7 days for force settle (in this case to avoid the equivalent of the larger 5% fee).

Online binggo

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Re: plan to raise the bitCNY force settlement offset to 5%
« Reply #88 on: April 16, 2018, 06:09:50 am »
I suggest to design a floating Force settlement offset, and establish a max and min  Force settlement offset to protect the Force settlement person.
This can protect the debtor which have the high collateral ratio and reduce the debor which have the low collateral ratio.

Assumption the collateral ratio above 175%,  Force settlement offset max 5% . floating rate=0

Assumption arithmetic 1:
Force settlement offset=collateral ratio- maintenance collateral ratio+floating rate
IF the debtor wants to get the max  Force settlement offset 5%, he need to keep his collateral  ratio above 180%.


Assumption arithmetic 2:
Force settlement offset=[collateral ratio - maintenance collateral ratio]/2+floating rate
IF the debtor wants to get the max  Force settlement offset 5%, he need to keep his collateral ratio above 185%.


Assumption arithmetic 3:
Force settlement offset={[collateral ratio+maintenance collateral ratio ]/2- maintenance collateral ratio}/2+floating rate
IF the debtor want get the max  Force settlement offset 5%, he need to keep his collateral ratio above 195%.


Assumption collateral ratio below 175% ,  Force settlement offset Min  -10%.
of caurse, when the collateral ratio below 175%, the debt was Margin Call, the Force settlement person don't need the Force settlement to get bts, he can eat the Margin Call.

Asummption arithmetic 1
Force settlement offset=collateral ratio- maintenance collateral ratio
the Force settlement person want get the Min Force settlement offset -10%, he need to wait the collateral ratio to 165%.


Asummption arithmetic 2
Force settlement offset=[collateral ratio- maintenance collateral ratio]/2
the Force settlement person want get the Min Force settlement offset -10%, he need to wait the collateral ratio to 155%.


Assumption arithmetic 3
Force settlement offset={[collateral ratio+maintenance collateral ratio]/2- maintenance collateral ratio}/2
the Force settlement person want get the Min Force settlement offset -10%, he need to wait the collateral ratio to 135%.

Assumption 4
the debt which the collateral ratio below 175%, when it was force settlement, take -10% as the fixed Force settlement offset.
I don't think this Assumption is a good idea.

Assumption 5
the debt which the collateral ratio below 175% will not get the Force settlement offset.


another important key
Settlement delay, now is 24H
if the rules of the  Force settlement can be designed, it can be change to 12h or 6h.

another important key:
Max force settle vol ,now is 0.5%.
this can be changed to 1% or 2%.
« Last Edit: April 22, 2018, 02:04:00 pm by binggo »

Offline Methodise

Re: plan to raise the bitCNY force settlement offset to 5%
« Reply #89 on: April 23, 2018, 05:50:44 pm »
I'm forever protesting that the rules for bitCNY must be the same as for bitUSD and bitEUR and bitBTC and everything else.

How can bitCNY be anything but the CNY equivalent of bitUSD?

Traders shouldn't have to do fine-grain research to be comfortable trading any/all of these instruments.
BTS: methodise