Author Topic: suggestion for an committee controlled open market operation fund  (Read 16922 times)

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Offline xeroc

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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.

Offline sschiessl

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 sschiessl


Offline sschiessl

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?

Offline fav

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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.

Offline KenMonkey

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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.

Offline sschiessl

As far as 1. is concerned, it currently leaves about 40000 bts /daily available. That is almost 200k USD/month at current prices...

Considering the workers already voted in, it seems more than enough for any upcoming worker.

In any case, the idea is for this worker to function similarly to the refund400k one and have variable payment after all other workers have been paid.
So we expect the community to vote responsibly.

One main difference is that the refund worker pays back to the refund pool, which is controlled via BTS vote, whereas the committee accounts are controlled via commitee vote. This creates very centralized power expecially with the set end time and amount of daily pay.

I understand one could simply downvote the worker then, but it is a fact that letting things run happens easier than revoting it. I support the initiative though, just questioning the extent.
« Last Edit: March 20, 2018, 09:38:28 pm by sschiessl »

Offline theredpill


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As far as 1. is concerned, it currently leaves about 40000 bts /daily available. That is almost 200k USD/month at current prices...

Considering the workers already voted in, it seems more than enough for any upcoming worker.

In any case, the idea is for this worker to function similarly to the refund400k one and have variable payment after all other workers have been paid.
So we expect the community to vote responsibly.

Offline sschiessl

Is that really serious? Are you guys using the reserve funds to operate in the market?

Do I need to remember you that the whole point of SmartCoins is not to have someone with KEYs trying to set the price of the market?

I'm again very disappointed with the BTS community and committee for allowing this.

Seems to me like you don't want BTS to succeed... When things start to work out correctly someone comes with some BS to fuck it up.

This and that new fucking 0.1% fee set arbitrary on BitCNY and BitUSD smartcoins are the new middle finger from BTS to the business models that were being built around it.

Please if somebody can please point me out to the proposals for all this.


Is the main issue the market fees or that the commitee wants to create SmartCoins?

Anyways, what I am wondering:
  • The worker proposal that should be created soon by the commitee is asking 200.000 BTS a day, which means that there is not much room for other workers. What happens if the sum of all workers is greater than the maximum daily payout?
  • What is the maximum amount of SmartCoins to be created this way?
  • Why is the proposal dated until 2035-12-31T00:00:00? That is way more than testing market operations
  • When will the market fees be removed?
« Last Edit: March 20, 2018, 07:20:41 pm by sschiessl »

Offline theredpill

Is that really serious? Are you guys using the reserve funds to operate in the market?

Do I need to remember you that the whole point of SmartCoins is not to have someone with KEYs trying to set the price of the market?

I'm again very disappointed with the BTS community and committee for allowing this.

Seems to me like you don't want BTS to succeed... When things start to work out correctly someone comes with some BS to fuck it up.

This and that new fucking 0.1% fee set arbitrary on BitCNY and BitUSD smartcoins are the new middle finger from BTS to the business models that were being built around it.

Please if somebody can please point me out to the proposals for all this.

Offline paliboy

This happened so far:

https://wallet.bitshares.org/#/block/25391947
1.11.157917378   Transfer   committee-account sent 2,000,000 BTS to committee-cnytrader

https://wallet.bitshares.org/#/block/25392080
1.11.157923005   Update margin    committee-cnytrader changed bitCNY debt by 490,000.0000 bitCNY
and collateral by 1,999,999.00000 BTS

https://wallet.bitshares.org/#/block/25392723
1.11.157931156   Place order   committee-cnytrader placed an order to buy 297,619.04761 BTS at 0.8400 bitCNY/BTS
https://wallet.bitshares.org/#/block/25392726
1.11.157931204   Place order   committee-cnytrader placed an order to buy 275,862.06896 BTS at 0.8700 bitCNY/BTS

How did you come to 0.84 and 0.87 bitCNY/BTS? Feed price is around 0.987 and margin call price is 0.898.

Offline paliboy

while 4>collateral ratio>3, smartcoin income can be used to buy more BTS, but borrowing more smartcoin is not allowed.
while 3>collateral ratio, smartcoin income need to be used to reduce debt position, buying more BTS is not allowed.

What will happen with income from worker in these cases? Will it be used to increase collateral?

Offline haruka

It seems that the worker is pointing to this thread.

Please give the detailed plan of the fund operations before it's online.

I still think the whole project is not mature enough now to warrant payment from reserved fund.

Offline bench

If bitcrab's suggestions will be accepted, it's needed to get back 0% fee for bitCNY and bitUSD.

0.1% fee for bit-assets is a workaround to solve the issue at the expense of holders' pockets. There are many people how use bots and bring a liquidity on CNY and USD pairs. 0% for bit-assets was one of a big advantage of Bitshares DEX.

The 0.1% market fee should be only a temporary thing in a bear market like now. What happens with the trading fees now?
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