Author Topic: [Worker Proposal] Use bitAsset fees for GS protection  (Read 357 times)

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Online bench

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[Worker Proposal] Use bitAsset fees for GS protection
« on: May 21, 2019, 02:34:32 pm »
The bitCNY market had some good volume last time and the unclaimed issuer income (~600k bitCNY), could be spent to save the reserve pool for active workers.

I suggest to use 30k bitCNY daily until we are over 1000 satoshi or 0.1$ or run out of bitCNY.

What do you think?   
« Last Edit: June 04, 2019, 05:44:12 pm by bench »

Online bench

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Re: [Worker Proposal] Use bitAsset fees for GS pretection
« Reply #1 on: June 04, 2019, 03:13:34 pm »
The second idea is to use the bitCNY for a Global Settlement protection. Buy up all debt with auto margin call positions of 1.05 or lower.
The settled BTS can now be used to pay the worker!

We should add the 0.04% market fee to all markets to provide a GS fund. Some bitCNY could be used at the beginning to buy up other bitAssets.

Depending on the size of the vesting balance/collateral we could also lower the MCR to 1.5
« Last Edit: June 05, 2019, 10:57:57 am by bench »

Offline finn-bts

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Re: [Worker Proposal] Use bitAsset fees for GS protection
« Reply #2 on: June 05, 2019, 02:18:54 am »
I agree with

Offline sahkan

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Re: [Worker Proposal] Use bitAsset fees for GS protection
« Reply #3 on: June 05, 2019, 03:31:06 am »
According to bitcrab bitCNY does not need any GS protection.

Online bench

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Re: [Worker Proposal] Use bitAsset fees for GS protection
« Reply #4 on: June 05, 2019, 11:01:22 am »
According to bitcrab bitCNY does not need any GS protection.

GS protection by manipulating price feed should be the last option of our toolbox.
« Last Edit: June 05, 2019, 11:04:03 am by bench »

Offline binggo

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Re: [Worker Proposal] Use bitAsset fees for GS protection
« Reply #5 on: June 05, 2019, 01:12:19 pm »
This should be the first step:
Charge fees from the margin call as the insurance Fund.
https://github.com/bitshares/bsips/issues/164

Bitcny have the 600 million highest supply and now have 70 million, charge 10%,the insurance Fund will have 40 million bitcny at least.

The second step should be recalled the bitasset;
If one bitasset will be GS,the bitasset should be recalled (buy the margin to reback to the holder of bitasset)to maintain the global collateral ratio in 101%.
But still have some details need to think.
« Last Edit: June 05, 2019, 01:25:20 pm by binggo »