[Poll] BSIP59:Reduce MCR of bitCNY to 1.6

[clockwork]

Stable coins no longer become stable if witnesses change MCR/MSSR every minute or every hour. Investors will feel very unsecure because the coin become very uncertain.

Thus I prefer the community propose BSIP to change MCR/MSSR, committee members announce it once it voted it and then witnesses implement it.

Agree with that.

Agree with that.

witnesses change MCR/MSSR every minute or every hour which like BSIP42, we have learned a lesson from BSIP 42.

BSIP42 (which left MCR/MSSR unchanged and relied on a "fake" price) was a different story altogether.

I agree that changing MCR/MSSR often makes it hard to evaluate risk but at the same time , it's the ONLY way to fight discount/premium.

We need to come up with a framework for it. Relying on BSIPs for every change HARDLY makes a difference as market changes much faster and could potentially leave us in a much worse state if market circumstances change quickly and MCR has gone low.

My suggestion originally was to allow witnesses to feed MCR/MSSR based on market conditions within a specified range. Thus if you stayed above that range you would always know where you stand (same as keeping your CR above 1.75 now).

Link to that very rough first implementation idea: https://bitsharestalk.org/index.php?topic=27360.msg324958#msg324958

[clockwork]

Stable coins no longer become stable if witnesses change MCR/MSSR every minute or every hour. Investors will feel very unsecure because the coin become very uncertain.

Thus I prefer the community propose BSIP to change MCR/MSSR, committee members announce it once it voted it and then witnesses implement it.

Agree with that.

Agree with that.

witnesses change MCR/MSSR every minute or every hour which like BSIP42, we have learned a lesson from BSIP 42.

BSIP42 (which left MCR/MSSR unchanged and relied on a "fake" price) was a different story altogether.

I agree that changing MCR/MSSR often makes it hard to evaluate risk but at the same time , it's the ONLY way to fight discount/premium.

We need to come up with a framework for it. Relying on BSIPs for every change HARDLY makes a difference as market changes much faster and could potentially leave us in a much worse state if market circumstances change quickly and MCR has gone low.

My suggestion originally was to allow witnesses to feed MCR/MSSR based on market conditions within a specified range. Thus if you stayed above that range you would always know where you stand (same as keeping your CR above 1.75 now).

[bitcrab]

Stable coins no longer become stable if witnesses change MCR/MSSR every minute or every hour. Investors will feel very unsecure because the coin become very uncertain.

Thus I prefer the community propose BSIP to change MCR/MSSR, committee members announce it once it voted it and then witnesses implement it.

this is what I think, if MCR/MSSR change frequently, it will bring much trouble/uncertainty to traders/smartcoin users on estimating the risk and making decision.

[binggo]

Stable coins no longer become stable if witnesses change MCR/MSSR every minute or every hour. Investors will feel very unsecure because the coin become very uncertain.

Thus I prefer the community propose BSIP to change MCR/MSSR, committee members announce it once it voted it and then witnesses implement it.

Agree with that.

Agree with that.

witnesses change MCR/MSSR every minute or every hour which like BSIP42, we have learned a lesson from BSIP 42.

[lin5464]

Stable coins no longer become stable if witnesses change MCR/MSSR every minute or every hour. Investors will feel very unsecure because the coin become very uncertain.

Thus I prefer the community propose BSIP to change MCR/MSSR, committee members announce it once it voted it and then witnesses implement it.

Agree with that.

[Bangzi]

Stable coins no longer become stable if witnesses change MCR/MSSR every minute or every hour. Investors will feel very unsecure because the coin become very uncertain.

Thus I prefer the community propose BSIP to change MCR/MSSR, committee members announce it once it voted it and then witnesses implement it.

[clockwork]

I would like to hear the witnesses' thoughts on this. Ultimately, its their job

personally i thought the WHOLE idea of the MCR fix was so that witnesses could set it as they see fit (not that I know how mind you...i gave a suggestion once but dont think others gave it much thought)

if we change it simultaneously by agreement at a specified time, it kinda defeats the purpose of the bug fix

[xeroc]

I would like to hear the witnesses' thoughts on this. Ultimately, its their job

[bitcrab]

Bitshares Core Release 3.0.0 fixed the MCR bug, the protocol update will happen at 23 APR 2019 14:02 UTC.

https://github.com/bitshares/bitshares-core/releases/tag/3.0.0

Based on BSIP59, https://github.com/bitshares/bsips/blob/master/bsip-0059.md, now 2 poll worker proposals have been created:

1.14.174   Poll - BSIP59 - Reduce MCR of bitCNY to 1.6
1.14.175   Poll - BSIP59 - Do Not Reduce MCR of bitCNY

Select 1.6 to vote base on following consideration:

1.bitCNY is still in obvious shortage and premium. a lower MCR will help to encourage supply and lessen the shorting power.
2.in community discussion, especially in Chinese community, 1.6 is a value that get most support.
3.as a reference, Maker DAI has a corresponding parameter and the current value is 1.5, to be cautious, to go to 1.6 at the first step is a better choice.

If the for worker finally win, the MCR will be modified only after the protocol update succeed.

Please vote according to your opinion.