Author Topic: suggestion for an committee controlled open market operation fund  (Read 5748 times)

0 Members and 1 Guest are viewing this topic.

Offline fav

  • Administrator
  • Hero Member
  • *****
  • Posts: 4241
  • No Pain, No Gain
    • View Profile
  • BitShares: fav
Re: suggestion for an committee controlled open market operation fund
« Reply #30 on: March 24, 2018, 09:02:20 pm »
This seems like a horrible idea. Let the markets evolve naturally. Spend money on quality development or just put it in the bank. We can start to reduce the supply and thus increase the value which will entice more people to the environment and grow bitshares further. Artificially affecting the beautiful decentralized markets seem contra to the ideas of the community.

this.
► How-to Buy BitShares: https://goo.gl/i9j2YZ

Online sschiessl

Re: suggestion for an committee controlled open market operation fund
« Reply #31 on: March 28, 2018, 08:25:33 am »
How is the market operations going?

How much did the bitCNY and bitUSD fees generate, and did you see an effect on the market and volume?

Online sschiessl

Re: suggestion for an committee controlled open market operation fund
« Reply #32 on: March 31, 2018, 10:13:05 pm »
Please do provide some feedback @committee

Online sschiessl

Re: suggestion for an committee controlled open market operation fund
« Reply #33 on: April 03, 2018, 11:46:35 am »
The voting works again in the UI so this worker proposal can be reviewed.

In the first post from bitcrab only contains suggested principles, is it possible that the committee reviews this and formulates a precise worker proposal? The ask is immense and I think the constraints should be put down exactly.

And who will be the operators controlling the accounts until locked?

Offline xeroc

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 12636
  • ChainSquad GmbH
    • View Profile
    • ChainSquad GmbH
  • BitShares: xeroc
  • GitHub: xeroc
Re: suggestion for an committee controlled open market operation fund
« Reply #34 on: April 04, 2018, 07:26:46 am »
I will vote for this worker so that it can receive funds.
Two weeks after it received funds, I will remove my vote for a subsequent report to convince me it is a good idea.
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH

Offline clockwork

  • Committee member
  • Full Member
  • *
  • Posts: 127
    • View Profile
  • BitShares: clockwork
Re: suggestion for an committee controlled open market operation fund
« Reply #35 on: April 04, 2018, 08:00:19 am »
I will vote for this worker so that it can receive funds.
Two weeks after it received funds, I will remove my vote for a subsequent report to convince me it is a good idea.

I pretty much agree with this and will follow the same process

Online sschiessl

Re: suggestion for an committee controlled open market operation fund
« Reply #36 on: April 04, 2018, 09:41:24 am »
The voting works again in the UI so this worker proposal can be reviewed.

In the first post from bitcrab only contains suggested principles, is it possible that the committee reviews this and formulates a precise worker proposal? The ask is immense and I think the constraints should be put down exactly.

And who will be the operators controlling the accounts until locked?

I would still be interested in a clarification of my questions, or is that information committee only?

Offline Thom

Re: suggestion for an committee controlled open market operation fund
« Reply #37 on: April 04, 2018, 11:46:08 pm »
This seems like a horrible idea. Let the markets evolve naturally. Spend money on quality development or just put it in the bank. We can start to reduce the supply and thus increase the value which will entice more people to the environment and grow bitshares further. Artificially affecting the beautiful decentralized markets seem contra to the ideas of the community.

this.

I too agree with this. Let's not emulate the obviously poor policies of a corrupt organization like the U.S. FED. I realize some who voiced an opinion here don't believe central planing of an economy is bad, but I certainly do. Let's "Let the market decide" was is an appropriate level of liquidity. Anything else I feel is risky and the funds would be better spent on other things we need more.

If this WP is to be implemented, at least  let the WP be written with a short time period, as xeroc and clockwork suggest.
Injustice anywhere is a threat to justice everywhere - MLK |  Verbaltech2 Witness Reports: https://bitsharestalk.org/index.php/topic,23902.0.html

Offline abit

  • Committee member
  • Hero Member
  • *
  • Posts: 3302
    • View Profile
    • Steemit Blog
  • BitShares: abit
  • GitHub: abitmore
Re: suggestion for an committee controlled open market operation fund
« Reply #38 on: April 06, 2018, 07:33:54 am »
I will vote for this worker so that it can receive funds.
Two weeks after it received funds, I will remove my vote for a subsequent report to convince me it is a good idea.
Without huge amount of funds (IMHO 100M CNY or more), the open market operation fund wouldn't be able to do any significant thing.
BTS account: abit
BTS committee member: abit
BTS witness: in.abit

Offline bitcrab

  • Committee member
  • Hero Member
  • *
  • Posts: 877
    • View Profile
  • BitShares: bitcrab
  • GitHub: bitcrab
Re: suggestion for an committee controlled open market operation fund
« Reply #39 on: April 10, 2018, 03:11:50 pm »
up to now:

1.02M BTS from worker proposal filled to operator accounts.

in committee-cnytrader:
3.75M BTS in collateral, 840k bitCNY debt position, 191k bitCNY in buy orders. 1.07M bought with average price 0.846CNY/BTS. 2M BTS transferred in from committee-account accumulated BTS.

in committee-usdoperator:
0.42M BTS in collateral, 15k bitUSD debt position, 15k bitUSD in buy orders. 84k BTS bought with average price 0.127USD/BTS.

today is the first day that BTS from reserve pool are claimed and put into the operation plan, it's just a beginning, no significant effect to the market yet, however, while 200k BTS/day keep coming, the accumulated BTS in the operator accounts will show the power step by step.

with the coming hard fork to improve the margin call rule. BTS price will get great power to go up, let's keep on watching.
« Last Edit: April 10, 2018, 03:24:54 pm by bitcrab »

Offline bitcrab

  • Committee member
  • Hero Member
  • *
  • Posts: 877
    • View Profile
  • BitShares: bitcrab
  • GitHub: bitcrab
Re: suggestion for an committee controlled open market operation fund
« Reply #40 on: April 10, 2018, 03:42:18 pm »
This seems like a horrible idea. Let the markets evolve naturally. Spend money on quality development or just put it in the bank. We can start to reduce the supply and thus increase the value which will entice more people to the environment and grow bitshares further. Artificially affecting the beautiful decentralized markets seem contra to the ideas of the community.

this.

I too agree with this. Let's not emulate the obviously poor policies of a corrupt organization like the U.S. FED. I realize some who voiced an opinion here don't believe central planing of an economy is bad, but I certainly do. Let's "Let the market decide" was is an appropriate level of liquidity. Anything else I feel is risky and the funds would be better spent on other things we need more.

If this WP is to be implemented, at least  let the WP be written with a short time period, as xeroc and clockwork suggest.

US FED is not perfect, but we can not imagine how US financial system work without such an organization.

totally decentralization is not always beautiful, in many cases decentralization means low efficiency and blindness. on the other hand, committee is voted by stake holders and do the necessary decision and execution. committee members can be voted out at any time. as a committee member I think we need a committee with deep understanding to the ecosystem and execution power to push things ahead. it's the amazing DPoS!
 

Online sschiessl

Re: suggestion for an committee controlled open market operation fund
« Reply #41 on: April 10, 2018, 06:28:06 pm »
I will vote for this worker so that it can receive funds.
Two weeks after it received funds, I will remove my vote for a subsequent report to convince me it is a good idea.
Without huge amount of funds (IMHO 100M CNY or more), the open market operation fund wouldn't be able to do any significant thing.

That's totally understandable. I have been asking for clarification if the bounds of the worker and if there is a precise formulation I see a greater chance of prolonging.

I think it also sends the right signal if the committee steps forward as the example on worker transparency and clarity. In its formulation.

Online sschiessl

Re: suggestion for an committee controlled open market operation fund
« Reply #42 on: April 28, 2018, 12:45:29 pm »
Two weeks have long passed, has this proposal been reevaluated since it is still active?

@committee can you please disclose more details?

Offline bitcrab

  • Committee member
  • Hero Member
  • *
  • Posts: 877
    • View Profile
  • BitShares: bitcrab
  • GitHub: bitcrab
Re: suggestion for an committee controlled open market operation fund
« Reply #43 on: May 01, 2018, 04:05:30 pm »
as BTS price now grow up to above 2CNY, now it's time to adjust the rule to determine minimum collateral ratio in open market operation fund account.

we need the minimum ratio to increase with feed price, with a nonlinear decreasing rate。

I found below formula is likely a suitable choice, in the next price stage it will be used to determine the minimum collateral rate.



please advise if you have any ideas on this.
« Last Edit: May 01, 2018, 04:07:14 pm by bitcrab »

Online sschiessl

Re: suggestion for an committee controlled open market operation fund
« Reply #44 on: May 03, 2018, 05:36:21 am »
I would like to see a precise formulation of this worker before going forward, also an overview of the history therewith would be appreciated. But I am but a lone voice it seems ..
How is the BTS inflow split so far? I know there was 2 million initially, plus worker pay plus bitCNY/bitUSD fee. What are the absolute numbers there, is it still necessary to keep market fees on the bitAsset?

To your question:
I can tell you if you formula is mathematically sound, but I can't tell you if it makes sense. Do you have any further explanation on the intended goals of the formula?