Author Topic: how to revive bitCNY?  (Read 1198 times)

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Offline bitcrab

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Re: how to revive bitCNY?
« Reply #30 on: November 28, 2018, 02:35:38 pm »
as currently there is big quantities of margin call orders, gdex-witness feed max(market price*MSSR, black swan protection price) to protect price from being pushed down with the positive feedback effect.

I agree that it's better to feed market price and set MSSR to a value close to 101%, however this need more discussion to reach consensus.
« Last Edit: November 28, 2018, 02:56:39 pm by bitcrab »

Offline pluswave

Re: how to revive bitCNY?
« Reply #31 on: November 28, 2018, 04:21:56 pm »
magicwallet.witness now use this for CNY:  feed_price = MAX(real_price, gs_protect_price) where gs_protect_price = gs_price * 1.11
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Offline bitcrab

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Re: how to revive bitCNY?
« Reply #32 on: November 29, 2018, 04:45:22 am »
gdex-witness plan to update feed price algorithm for bitCNY as below:

Code: [Select]
plan for next update on bitCNY:

Pdex:BTS price in DEX in smartcoin
Pf: current feed price
premium: current premium
GS_price: global settlement price

scale= 0.5;
get Pdex, Pf, premium, GS_price;

black_swan_protection_price = GS_price*MSSR*1.01

while True:
   
   get Pdex, Pf, premium;
   if 0.5%>premium>-1%: ##just adopt the current median if the absolute premium is low enough.
       feed price = Pf;
   else:
       feed price = Pf*(1+premium*scale);
   feed price = min(feed price, Pdex*MSSR)
   feed price = max(feed price, Pdex, black_swan_protection_price)
 
   time.sleep(120); ##update every 2 minutes.

keep the BSIP42 logic, added GS protection logic, ensure the feed price is higher than market price and lower than market price*MSSR

bitCNY now has a premium of 2%+, if removing BSIP42 logic, the positive feed back effect will make price even lower and bitCNY in a higher premium, that is a disaster that actually can be avoided.

hope big proxy can support this updated BSIP42 as a temporary solution for this special moment.

Offline akledirs

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Re: how to revive bitCNY?
« Reply #33 on: November 29, 2018, 11:46:24 am »
as currently there is big quantities of margin call orders, gdex-witness feed max(market price*MSSR, black swan protection price) to protect price from being pushed down with the positive feedback effect.

I agree that it's better to feed market price and set MSSR to a value close to 101%, however this need more discussion to reach consensus.
Better do MSSR dynamic in depend from worst CollateralRatio. More CR - less MSSR and on the contrary but after peak value (on my opinion CR=1.2 and MSSR~19%) if CR decrease need also decrease and MSSR for protection from BlackSwan. Must be stimulation for debtors not hold very low CR - this not safety for MPA. And better this regulation write in core-function, for protection from bitcrab  ;)