Author Topic: [Poll] BSIP59:Reduce MCR of bitUSD to 1.6  (Read 1222 times)

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Online bitcrab

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[Poll] BSIP59:Reduce MCR of bitUSD to 1.6
« on: May 01, 2019, 02:26:21 am »
Based on BSIP59, https://github.com/bitshares/bsips/blob/master/bsip-0059.md, now 2 poll worker proposals have been created:

1.14.187   Poll - BSIP59 - Reduce MCR of bitUSD to 1.6
1.14.188   Poll - BSIP59 - Do Not Reduce MCR of bitUSD

The purpose of this change is to improve the liquidity and also the peg, at the time while bitUSD is in great shortage and premium.

The MCR of bitCNY has already been reduced from 1.75 to 1.6 and worked well up to now, it's also necessary to set MCR of bitUSD as same as bitCNY, otherwise more users would like to select to borrow bitCNY to lessen the liquidity of bitUSD。

Please vote according to your opinion.
« Last Edit: May 01, 2019, 02:43:49 am by bitcrab »

Offline bench

Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.6
« Reply #1 on: May 01, 2019, 07:49:14 pm »
When lowering MCR for bitUSD, we should first consider raising MSSR to 2.5%. BitUSD has not the same liquidity as bitCNY, having the same parameter doesn't make much sense.
« Last Edit: May 02, 2019, 11:19:23 pm by bench »
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Online bitcrab

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Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.6
« Reply #2 on: May 03, 2019, 03:32:14 pm »
now the bitUSD/bitCNY ratio is increasing, bitUSD is in more serious shortage and higher premium than bitCNY, I hope voters to vote for this proposal to help to encourage bitUSD supply.

Offline alt

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Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.6
« Reply #3 on: May 04, 2019, 12:14:16 am »
I will not participate this voting because I am benefit related one.

Online bitcrab

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Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.6
« Reply #4 on: May 04, 2019, 03:37:36 am »
I will not participate this voting because I am benefit related one.

every USD debt position owner, every USD holder is benefit related, you are not so special.

now USD is in higher premium and more serious shortage, lower liquidity than bitCNY. voters need to consider more on how to solve these questions and how to push the evolution ahead, less on how to avoid suspicion or keep political correctness.

at least you can vote both the for and against workers, to increase the participation rate, but let other voters to make the final decision.
« Last Edit: May 04, 2019, 03:40:49 am by bitcrab »

Offline bench

Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.6
« Reply #5 on: May 04, 2019, 12:58:38 pm »
With a MSSR of 2% for bitUSD almost no margin position gets eaten.
MSSR of 2% works good for bitCNY but not for bitUSD.

I am not against a MCR of 1.6, but we also have to raise MSSR for bitUSD to a minium of 2.5% or better 3%, to reduce risks. 
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Online binggo

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Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.6
« Reply #6 on: May 04, 2019, 02:04:24 pm »
With a MSSR of 2% for bitUSD almost no margin position gets eaten.
MSSR of 2% works good for bitCNY but not for bitUSD.

I am not against a MCR of 1.6, but we also have to raise MSSR for bitUSD to a minium of 2.5% or better 3%, to reduce risks.

Margin position gets eaten was not determined by MSSR, must clear this.
How do think raise MSSR for bitusd to 2.5% or 3% even 10% will reduce the risk?  can you prove it?

Offline bench

Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.6
« Reply #7 on: May 04, 2019, 04:00:51 pm »
With a higher MSSR there is a bigger arbitrage opportunity and a bigger discount to the market.

MSSR for bitUSD should be at least 3%.
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Online binggo

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Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.6
« Reply #8 on: May 04, 2019, 10:42:05 pm »
With a higher MSSR there is a bigger arbitrage opportunity and a bigger discount to the market.

MSSR for bitUSD should be at least 3%.
You didn't prove it.

Offline Thul3

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Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.6
« Reply #9 on: May 05, 2019, 11:10:41 am »
Voted for it since a higher MCR than bitCNY makes bitUSD less attractiv and the timing doesn't have any effect on bitUSD with the small amount of debt holders.


Quote
at least you can vote both the for and against workers, to increase the participation rate, but let other voters to make the final decision.

agree on that

Offline bench

Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.6
« Reply #10 on: May 06, 2019, 01:10:50 am »
With a higher MSSR there is a bigger arbitrage opportunity and a bigger discount to the market.

MSSR for bitUSD should be at least 3%.
You didn't prove it.
The bigger the discount to feed price, the more people will take the discount.
Be part of the change and vote for the bitshares-vision proxy!

Online binggo

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Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.6
« Reply #11 on: May 06, 2019, 02:39:44 am »
With a higher MSSR there is a bigger arbitrage opportunity and a bigger discount to the market.

MSSR for bitUSD should be at least 3%.
You didn't prove it.
The bigger the discount to feed price, the more people will take the discount.
At this point it's all speculation.

Offline bench

Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.6
« Reply #12 on: May 06, 2019, 12:24:49 pm »
With a higher MSSR there is a bigger arbitrage opportunity and a bigger discount to the market.

MSSR for bitUSD should be at least 3%.
You didn't prove it.
The bigger the discount to feed price, the more people will take the discount.
At this point it's all speculation.
No speculation, this is how markets work.
Be part of the change and vote for the bitshares-vision proxy!

Online binggo

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Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.6
« Reply #13 on: May 06, 2019, 01:25:11 pm »
With a higher MSSR there is a bigger arbitrage opportunity and a bigger discount to the market.

MSSR for bitUSD should be at least 3%.
You didn't prove it.
The bigger the discount to feed price, the more people will take the discount.
At this point it's all speculation.
No speculation, this is how markets work.
This is just speculation,you can't prove it.
The market doesn't work as your speculation, the reality has proved it

Offline alt

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Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.6
« Reply #14 on: May 07, 2019, 02:56:29 am »
I'll support reduce MCR to 1.6 for both CNY and USD after this have already executed in CNY.
but I will not support reduce from 1.6 for neither CNY nor USD.

Offline bench

Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.6
« Reply #15 on: May 07, 2019, 12:54:03 pm »
With a higher MSSR there is a bigger arbitrage opportunity and a bigger discount to the market.

MSSR for bitUSD should be at least 3%.
You didn't prove it.
The bigger the discount to feed price, the more people will take the discount.
At this point it's all speculation.
No speculation, this is how markets work.
This is just speculation,you can't prove it.
The market doesn't work as your speculation, the reality has proved it
No speculation, I have valid arguments and you have zero arguments so far.
Explain why a higher MSSR does not result in a higher chance to eat up the margin call?
Be part of the change and vote for the bitshares-vision proxy!

Online binggo

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Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.6
« Reply #16 on: May 07, 2019, 01:14:18 pm »
With a higher MSSR there is a bigger arbitrage opportunity and a bigger discount to the market.

MSSR for bitUSD should be at least 3%.
You didn't prove it.
The bigger the discount to feed price, the more people will take the discount.
At this point it's all speculation.
No speculation, this is how markets work.
This is just speculation,you can't prove it.
The market doesn't work as your speculation, the reality has proved it
No speculation, I have valid arguments and you have zero arguments so far.
Explain why a higher MSSR does not result in a higher chance to eat up the margin call?

We have many years with MSSR=1.10, and you should find the result from the market, if you didn't find the result, i think the explain is doughy.

What is the market sentiment?and how did it works? and the margin call was eaten with which market sentiment?

If you understand this i think you will see.

The high MSSR is a cancer of the Bitasset.
« Last Edit: May 07, 2019, 01:15:57 pm by binggo »

Offline bench

Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.6
« Reply #17 on: May 08, 2019, 01:41:26 am »
With a higher MSSR there is a bigger arbitrage opportunity and a bigger discount to the market.

MSSR for bitUSD should be at least 3%.
You didn't prove it.
The bigger the discount to feed price, the more people will take the discount.
At this point it's all speculation.
No speculation, this is how markets work.
This is just speculation,you can't prove it.
The market doesn't work as your speculation, the reality has proved it
No speculation, I have valid arguments and you have zero arguments so far.
Explain why a higher MSSR does not result in a higher chance to eat up the margin call?

We have many years with MSSR=1.10, and you should find the result from the market, if you didn't find the result, i think the explain is doughy.

What is the market sentiment?and how did it works? and the margin call was eaten with which market sentiment?

If you understand this i think you will see.

The high MSSR is a cancer of the Bitasset.

We have a consensus about MSSR to be as low as possible and as high as needed?
Be part of the change and vote for the bitshares-vision proxy!

Offline sschiessl

Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.6
« Reply #18 on: May 13, 2019, 06:55:34 am »
Message from Ryan Fox to the Witnesses

Quote
NOTICE: Poll worker proposal 1.14.187 has been voted active and got more support than the "do not change" worker proposal 1.14.188, MCR of bitUSD will change from 1.75 to 1.6.

The change will happen after  UTC 00:00 13th, May, 2019.

Every witness is requested to update the feeding script to publish 1.6 as MCR of bitUSD, please do the job after UTC 00:00 13th, May, 2019 and finish before UTC 00:00 15th, May, 2019.