Author Topic: proposal to create bitXCD  (Read 5463 times)

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Offline rambunctious-1

Re: proposal to create bitXCD
« Reply #15 on: December 13, 2017, 05:15:21 pm »
Jerry,
I would love to connect with you to discuss the ccrc.io initiative we are building with Barbuda. Let's align our efforts and make sure that BTS does become the leader in the Caribbean for an alternative to what they have today.

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Re: proposal to create bitXCD
« Reply #16 on: December 13, 2017, 07:14:11 pm »
how about you fix bitCNY first?
I don't know why are you doing this over and over again?! That's interesting.
« Last Edit: December 14, 2017, 02:31:09 am by binggo »

binggo

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Re: proposal to create bitXCD
« Reply #17 on: December 13, 2017, 08:37:37 pm »
我们是否需要分析一下官方汇率与民间汇率的问题?!
因为民间汇率有时与官方汇率偏离巨大,尤其是这种固定式汇率.
第二个方案存在的风险性太大,个人不建议
第一个方案采用bitusd的1/2.7为固定喂价标准,以bts为直接缓冲质押.
民间汇率问题可由当地承兑商间接解决,可能会出现大范围的锚定偏离.即出现bitxcd与xcd的大范围兑换变动.不知道加勒比方面是否接受这种锚定偏离.
或者是否由加勒比银行体系或大型第三方金融机构介入作为bitxcd承兑商,来维持bitxcd与xcd的兑换比例?!


« Last Edit: December 14, 2017, 03:37:11 am by binggo »

Offline xeroc

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Re: proposal to create bitXCD
« Reply #18 on: December 14, 2017, 09:59:02 am »
1) BTS as short back asset
in this way bitXCD and bitUSD are separated, the peg rely on the price feeding, witnesses need to get BTS price in USD and then divide it by 2.7 and feed to the system, for convenient bitUSD/bitXCD exchanging, we need some big traders to provide the liquidity from both sides.

2)bitUSD as short back asset
this way bring more complex, when one need borrow bitXCD, he need to hold bitUSD first, and while borrowing bitXCD by putting bitUSD into collateral, if set collateral ratio >100%, then actually the cost for borrowing bitXCD is higher then normal smartcoin borrowing, if set collateral ratio =100%, then margin calling may easily happen if some wrong price feeding happen. some risks hide there.

On 2)

The collateral of 100% could be done since the price feed is denoted in
XCD/USD which is 'static' and doesn't move at all. Technically, however,
you can only go as low as 100.01% (to my knowledge).

Also, the borrow button of the bitshares-ui could be changed so that it
borrows bitUSD first and right away puts it into call position for XCD.
That would be a transaction with two "call_update" operations and thus
results in twice the fee (which is really low though).

Of course, going route 1) is easier for the end user, still.
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Online bitcrab

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Re: proposal to create bitXCD
« Reply #19 on: December 17, 2017, 10:24:44 am »
plan to create bitXCD with below setting, as same as bitUSD:

MAXIMUM SUPPLY 100,000,000,000
Precision 4
Feed lifetime   24h
Minimum feeds   7
Force settlement delay   24h
Force settlement offset   1%
Max force settle vol   0.5%
Short backing asset   BTS

Offline Ravid

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Re: proposal to create bitXCD
« Reply #20 on: December 17, 2017, 12:51:30 pm »
plan to create bitXCD with below setting, as same as bitUSD:

MAXIMUM SUPPLY 100,000,000,000
Precision 4
Feed lifetime   24h
Minimum feeds   7
Force settlement delay   24h
Force settlement offset   1%
Max force settle vol   0.5%
Short backing asset   BTS

This is just awesome! Real world use - finally we are breaking through!
I'm just curious how in the world do you meet such people so casually?

Online bitcrab

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Re: proposal to create bitXCD
« Reply #21 on: December 17, 2017, 02:37:13 pm »
proposal created and is waiting for approval:
https://cryptofresh.com/p/1.10.6006

witnesses please prepare the price feeding for bitXCD, with the assumption that 1USD=2.7XCD.

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Re: proposal to create bitXCD
« Reply #22 on: December 17, 2017, 02:41:15 pm »

This is just awesome! Real world use - finally we are breaking through!
I'm just curious how in the world do you meet such people so casually?

I met Mr.Zheng in one meetup, we discussed the possibility to issue a currency for CFTZ, at first he tend to adopt the USDT way and issue the currency as a ERC20 asset with bank balance, after we discussed a lot finally we switch to the Bitshares smartcoin solution.

Offline Ravid

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Re: proposal to create bitXCD
« Reply #23 on: December 17, 2017, 03:01:59 pm »
I think this might be the single biggest contribution to the platform since the invention of the platform itself. Thank you so much

Offline fav

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Re: proposal to create bitXCD
« Reply #24 on: December 17, 2017, 06:11:22 pm »
proposal created and is waiting for approval:
https://cryptofresh.com/p/1.10.6006

witnesses please prepare the price feeding for bitXCD, with the assumption that 1USD=2.7XCD.

trying to approve, gives out an error on my client
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Offline fav

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Re: proposal to create bitXCD
« Reply #25 on: December 17, 2017, 06:36:16 pm »
[member=23]bitcrab[/member] talked with xeroc, the proposal is already in review and locked, it's impossible to approve it now.

please add more time to a new one
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Offline mike623317

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Re: proposal to create bitXCD
« Reply #26 on: December 17, 2017, 07:05:18 pm »
How exactly do we see this being used, is it aimed towards large business transactions rather than small personal use?

I love this real world business use. Thank you bitcrab for pulling that together.

mike

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Re: proposal to create bitXCD
« Reply #27 on: December 18, 2017, 02:00:59 pm »
due to the too short time setting the last proposal is not approved, in this period some suggestive ideas emerged and it seems we need to consider more on the back asset selection.

below is the XCD/USD rate chart in last ten years, we can see that from 2011 the rate is fixed to 0.37037 USD/XCD with some minor fluctuation.



the design logic/purpose of XCD(not bitXCD) is to peg USD, if we create bitXCD which has a fixed rate to bitUSD, it would be great, right?

I tried to set a newly parameter as below after went through all the ideas about it.

MAXIMUM SUPPLY 100,000,000,000
Precision 4
Feed lifetime   1year #to make a 'static' price
Minimum feeds   7
Force settlement delay   10 min #to enable instantly USD/XCD conversion, should be as short as possible
Force settlement offset   0.3%   #with the fixed rate shorters have little risk, so the 'service fee' should be low.
Max force settle vol   5%          # need to be larger than other BTS backed smartcoins
Short backing asset   USD

and, witnesses need to feed as below:

1XCD = 0.37037 USD
MCR:100.1%  #should be higher than but close to 100%
MSSR:100.5% #even when margin call happen, shorters will lose little.

any ideas on this?
and, this solution is not tested yet, is it possible to do the test in several days to ensure it is bug free?


Offline paliboy

Re: proposal to create bitXCD
« Reply #28 on: December 18, 2017, 02:12:24 pm »
Quote
MAXIMUM SUPPLY 100,000,000,000

I know that it's set to the same value for other smartcoins but is there any technical or practical reason to limit it to 100 billion? Can it be changed later?

Online bitcrab

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Re: proposal to create bitXCD
« Reply #29 on: December 18, 2017, 02:32:23 pm »
Quote
MAXIMUM SUPPLY 100,000,000,000

I know that it's set to the same value for other smartcoins but is there any technical or practical reason to limit it to 100 billion? Can it be changed later?

AFAIK, no, this is relevant to precision and can not be changed, if at first set precision = 2, then the max supply can be 10000 billion