Author Topic: [worker proposal] - Poll on implementing updated BSIP42 on bitCNY  (Read 1795 times)

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Offline bitcrab

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as some time ago the voting power that oppose BSIP42 overcome that support BSIP42, most of the witnesses return to feed just market price, immediately the BTS/bitCNY price fall about 8%, although more margin call orders are eaten, but:

1. price fall continue, bitCNY holders seems to wait for lower price, no big will to eat current margin call orders.

2. bitCNY has a premium of about 10%, it's a disaster for bitCNY business.

3.more debt position margin called, not obvious margin call quantity reduction.

actually witnesses need to be careful while doing a big change, it is not a good behavior to just change while seeing the voting result - no one host/claim/announce the voting activity, it is likely that some balance owner change lead to this result, please be careful while seeing this!

here I propose to restart BSIP42, with adding some new logic:

1.add the black swan protection logic, ensure feed price >global settlement price*1.11

2.ensure feed price > market price.

3.ensure feed price < market price*MSSR

4. if 1 conflict with 3, ignore 3.

5.tolerate a -2%-1% premium, do not adjust feed price if bitCNY premium is in this interval.

this poll will be regarded successful if it get more voting weight than 1.14.119
-----------------------------------------------------------------------------------------------------------

因为BSIP42投票刚刚反对票多过了支持票,于是一些见证人就直接改回了真实市场价喂价,导致内盘BTS价格瞬间跌了7,8个点,虽然帮助消化了一些低抵押率爆仓单,但是造成的恶果是:

1.价格再持续下跌,bitCNY吃爆仓单的意愿并没有足够强,期待更低价格的情绪明显。

2.bitCNY再次溢价10%,大家可以想象带来的恶果是什么。

3.喂价持续下跌带来了更多的爆仓单。

BSIP42投票有特定的计票日,即便要取消BSIP42也不应该采取这么生硬的方式。而且在现在这样的非常时期是需要BSIP42来提升活力并确保bitCNY供应的,我提议对BSIP42进行更新之后重新启动,更新如下:

1.增加黑天鹅防护,确保喂价 >全局清算价*1.11

2.确保喂价高于市场价

3.确保喂价低于市场价*MSSR

4. 如果1与3冲突,舍弃3

5.对-2%-1%之间的溢价作容忍,不更改喂价。

本投票当获得支持超过1.14.119时生效。
« Last Edit: November 29, 2018, 12:58:05 pm by bitcrab »

Online clockwork

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Re: [worker proposal] - Poll on implementing updated BSIP42 on bitCNY
« Reply #1 on: November 29, 2018, 12:01:34 pm »
as some time ago the voting power that oppose BSIP42 overcome that support BSIP42, most of the witnesses return to feed just market price, immediately the BTS/bitCNY price fall about 8%, although more margin call orders are eaten, but:

1. price fall continue, bitCNY holders seems to wait for lower price, no big will to eat current margin call orders.

2. bitCNY has a premium of about 10%, it's a disaster for bitCNY business.

3.more debt position margin called, not obvious margin call quantity reduction.

actually witnesses need to be careful while doing a big change, it is not a good behavior to just change while seeing the voting result - no one host/claim/announce the voting activity, it is likely that some balance owner change lead to this result, please be careful while seeing this!

here I propose to restart BSIP42, with adding some new logic:

1.add the black swan protection logic, ensure feed price >global settlement price*1.11

2.ensure feed price > market price.

3.ensure feed price < market price*MSSR

4. if 1 conflict with 3, ignore 3.

5.tolerate a -2%-1% premium, do not adjust feed price if bitCNY premium is in this interval.

this poll will be regarded successful if it get more voting weight than 1.14.119


(2) only in case of premium imho...

Offline bitcrab

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Re: [worker proposal] - Poll on implementing updated BSIP42 on bitCNY
« Reply #2 on: November 29, 2018, 12:15:42 pm »
as some time ago the voting power that oppose BSIP42 overcome that support BSIP42, most of the witnesses return to feed just market price, immediately the BTS/bitCNY price fall about 8%, although more margin call orders are eaten, but:

1. price fall continue, bitCNY holders seems to wait for lower price, no big will to eat current margin call orders.

2. bitCNY has a premium of about 10%, it's a disaster for bitCNY business.

3.more debt position margin called, not obvious margin call quantity reduction.

actually witnesses need to be careful while doing a big change, it is not a good behavior to just change while seeing the voting result - no one host/claim/announce the voting activity, it is likely that some balance owner change lead to this result, please be careful while seeing this!

here I propose to restart BSIP42, with adding some new logic:

1.add the black swan protection logic, ensure feed price >global settlement price*1.11

2.ensure feed price > market price.

3.ensure feed price < market price*MSSR

4. if 1 conflict with 3, ignore 3.

5.tolerate a -2%-1% premium, do not adjust feed price if bitCNY premium is in this interval.

this poll will be regarded successful if it get more voting weight than 1.14.119


(2) only in case of premium imho...

actually in Chinese community there's a lot complaints against the fact that feed price can be lower than market price, some think this hurt them by margin calling a debt position with enough collateral.

Offline bitcrab

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Re: [worker proposal] - Poll on implementing updated BSIP42 on bitCNY
« Reply #3 on: November 29, 2018, 12:17:07 pm »
woker 1.14.140 created, kindly vote if you support this.

Offline zhouxiaobao

Re: [worker proposal] - Poll on implementing updated BSIP42 on bitCNY
« Reply #4 on: November 29, 2018, 12:49:04 pm »
agree

Offline xixi002020

Re: [worker proposal] - Poll on implementing updated BSIP42 on bitCNY
« Reply #5 on: November 29, 2018, 12:53:49 pm »
agree 

Offline lovegan007

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Re: [worker proposal] - Poll on implementing updated BSIP42 on bitCNY
« Reply #6 on: November 29, 2018, 01:02:00 pm »
我觉得下跌采用负反馈,上涨采用最高价,并且废除黑天鹅机制。

Online Bangzi

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Re: [worker proposal] - Poll on implementing updated BSIP42 on bitCNY
« Reply #7 on: November 29, 2018, 01:06:31 pm »
Voted! +5% +5%
Please Vote for My Witness: Bangzi
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Offline liondani

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Re: [worker proposal] - Poll on implementing updated BSIP42 on bitCNY
« Reply #8 on: November 29, 2018, 01:15:14 pm »
Quote
1.price fall continue, bitCNY holders seems to wait for lower price, no big will to eat current margin call orders.

That is just speculation... Nobody can guarantee they will not eat current margin. Actually I personally believe if you let the market free as possible it will happen in no time. Raise MSSR to 20% for start and then you will see how margin will get eaten!


PS and maybe the market just speculate that the market will continue to be bearish , and has nothing to do with BTS specifically ....
« Last Edit: November 29, 2018, 01:18:23 pm by liondani »
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Offline Crypto Kong

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Re: [worker proposal] - Poll on implementing updated BSIP42 on bitCNY
« Reply #9 on: November 29, 2018, 01:17:14 pm »
Fractional reserve CNY here we come!

Offline bitcrab

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Re: [worker proposal] - Poll on implementing updated BSIP42 on bitCNY
« Reply #10 on: November 29, 2018, 01:21:14 pm »
Quote
1.price fall continue, bitCNY holders seems to wait for lower price, no big will to eat current margin call orders.

That is just speculation... Nobody can guarantee they will not eat current margin. Actually I personally believe if you let the market free as possible it will happen in no time. Raise MSSR to 20% for start and then you will see how margin will get eaten!

yes, some more margin order will be eaten, and people can buy cheaper BTS in DEX, BTS price in CEX will fall, and then feed price will become lower, more debt position margin called, bitCNY will be in higher premium - this is positive feedback, we have seen similar process before 719 hard fork, unfortunately we now see this again. we have better way to revive the whole ecosystem.
« Last Edit: November 29, 2018, 01:22:49 pm by bitcrab »

Offline liondani

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Re: [worker proposal] - Poll on implementing updated BSIP42 on bitCNY
« Reply #11 on: November 29, 2018, 01:36:30 pm »
Quote
1.price fall continue, bitCNY holders seems to wait for lower price, no big will to eat current margin call orders.

That is just speculation... Nobody can guarantee they will not eat current margin. Actually I personally believe if you let the market free as possible it will happen in no time. Raise MSSR to 20% for start and then you will see how margin will get eaten!

yes, some more margin order will be eaten, and people can buy cheaper BTS in DEX, BTS price in CEX will fall, and then feed price will become lower, more debt position margin called, bitCNY will be in higher premium - this is positive feedback, we have seen similar process before 719 hard fork, unfortunately we now see this again. we have better way to revive the whole ecosystem.

I think the mistake is to force-revive a market in a manipulative way. At least that would think and believe a observer. You already see how the community things about it. In the long term we would loose confidence from investors...  I think the best solution is to let the markets as free as possible and the price feed represent the reality (market price)


Quote
BTS price in CEX will fall

How are we so sure? Just from past behaviour ?
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Offline liondani

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Re: [worker proposal] - Poll on implementing updated BSIP42 on bitCNY
« Reply #12 on: November 29, 2018, 01:41:31 pm »
What about raising MSSR to 20% and decreasing MCR to 1.50 for start... ?  The market should revive MUCH easier.



PS Or temporary decrease MCR to 1.3 to insta-revive ... am I missing something?
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Offline zhouxiaobao

Re: [worker proposal] - Poll on implementing updated BSIP42 on bitCNY
« Reply #13 on: November 29, 2018, 01:50:37 pm »
agree

Offline JonnyB

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Re: [worker proposal] - Poll on implementing updated BSIP42 on bitCNY
« Reply #14 on: November 29, 2018, 01:51:54 pm »
What about raising MSSR to 20% and decreasing MCR to 1.50 for start... ?  The market should revive MUCH easier.



PS Or temporary decrease MCR to 1.3 to insta-revive ... am I missing something?

I agree that the MSSR should raised to at least 20% maybe higher so that margin calls are bought more promptly.
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