Author Topic: proposal to create bitXCD  (Read 24777 times)

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Offline bitcrab

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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
Email:bitcrab@qq.com

Offline xeroc

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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.

binggo

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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 »

binggo

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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 »

Offline rambunctious-1

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.

Offline mike623317

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Fantastic work bitcrab. This is very exciting.

I wonder what sort of volumes we would possibly be talking about?

Offline fav

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how about you fix bitCNY first?

Offline yvv

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Quote
if set collateral ratio =100%, then everybody can issue infinite amount of bitXCD

FTFY

Offline bitcrab

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what we need:

make bitXCD a smartcoin well pegged to USD with a fixed rate of 1:2.7, it can be easily exchanged with bitUSD.


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.

this way really show more power of bitshares, but this is not the most important thing, what we need is a stable, bug-free and market tested solution.

I'll prepare to create bitXCD in 1) way if no more suggestive discussions.
Email:bitcrab@qq.com

Offline Brekyrself

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Great news, thanks for sharing.

In regards to backing it with BitUSD, what happens if the 1USD=2.7XCD rate is changed or abolished completely?  How quickly can BitShares react?  What would be the procedure to do so? 

Perhaps it is best to keep it separate in case some issue arises with the bitUSD market.  This would isolate any major bugs/issues/etc... if something were to happen, not causing a cascade effect.
« Last Edit: December 12, 2017, 09:56:22 pm by Brekyrself »

Offline oxarbitrage

wow, this really looks amazing for bitshares, its the kind of business i personally love to see. many thanks @bitcrab for bringing them on and i hope we can give all the support they need starting by creating the asset  :)

Offline ripplexiaoshan

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 +5% +5% +5% It is always good to use blockchain to resolve real world issues.  I would like to travel there and spend bitCXD without worrying about exchanges.
BTS committee member:jademont

Offline xeroc

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I like the idea of backing it with bitUSD because it allows to show some more power of bitshares.
For instance, you can make the committee publish the feed once every year and have it expire after a year

We could also reduce the min. collateral requirments and the short squeeze protection ratio ..

Offline 白衣

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Bit系列应该早日覆盖全球各国货币,让Bitshares成为全球民间资产汇兑中心

Offline bitcrab

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Since XCD is pegged to USD, is it good to create bitXCD and back it with bitUSD?

then how to set the smartcoin parameters?
Witnesses can feed a static price against base(USD). May still need to feed dynamic CER.

By the way, perhaps there are bugs about non-BTS backed assets, last year I've been playing with KITTY.CNY and remember there are some issues. Best make some tests on testnet first.

then how much bitUSD need to be put into collateral to generate 2.7bitXCD? 1? so MCR need to be set to 100%, MSSR also 100%?
is there any risks? and what's the pros of this way?

I understand the pros of this way, when one like, he can easily convert his bitUSD to bitXCD(by borrowing) and vice versa(by force settlement or close position), no need to cultivate USD/XCD market.

then it will be better to set the DELAY FOR FORCED SETTLEMENTS to a short period to enable users to do the conversion instantly.

but if there are issue in price feeding there will be risks, if there is option to fix the settlement price then this is a perfect way.
« Last Edit: December 12, 2017, 03:20:13 pm by bitcrab »
Email:bitcrab@qq.com