[poll] increase BTS holdings with the accumulated market fee

[abit]

Price dropped to 0.27x CNY yesterday. I don't know where is the bottom. Personally I tend to agree with @pc

Somewhere between now and end of july.You will have the confirmation when fed makes the USD interest lower.
Based on a longterm Dominance chart we hit bottom and after hitting bottom there comes a big spike for altcoins.

Why altcoins but not bitcoin?

[Thul3]

Price dropped to 0.27x CNY yesterday. I don't know where is the bottom. Personally I tend to agree with @pc

Somewhere between now and end of july.You will have the confirmation when fed makes the USD interest lower.
Based on a longterm Dominance chart we hit bottom and after hitting bottom there comes a big spike for altcoins.


Its a perfect timing for an OMO fund it just need strict rules.
What effect has buy back when the reserve pool gives more BTS daily out than we ever can buy back.
Entering the OMO fund at bottom means it gets much stronger with raising prices and brings liquidity and price support which is much needed.
There are also some other thoughts like the OMO fund should collect OPEN.USDT to offer a bigger amount anytime against BitUSD and BitCNY to support prices on CEX.We talked a lot about CEXes crashing BTS price even BTS price is very healthy on DEX.It's imo caused because traders can't move funds (Bitassets) from DEX to CEXes without losing much value to uphold the price on CEX.
The only way to currently move bigger amount of funds are sending BTS to CEX and selling it there against USDT or BTC.
Volume of major assets on DEX are very low and the spread high making it currently impossible to support BTS DEX price on CEX.

[abit]

I have to agree with bitcrab.
Am already working last couple of days and brain storming to propose a bit diffrent OMO fund as last time with strict rules ,full transparency and most important hopefully also buy support on CEX which in my opinion the last OMO fund was leaking making it easy to destroy inner disk buy support.
Timing is good (beginning july) for starting an OMO fund and increasing its power with rising prices and i doubt we will see soon again a price drop from 1.08CNY to 0.22CNY like the last OMO fund did.

Will post my ideas about the modified OMO funds tomorrow.

Price dropped to 0.27x CNY yesterday. I don't know where is the bottom. Personally I tend to agree with @pc

I think we should instead learn from the catastrophic results of the OMO fund, use the accumulated CNY to pay back the OMO debt and return the few remaining OMO funds to the reserve pool.
Use any fuiure CNY fee income to slowly buy back BTS (or maybe trade off-market against BTS, e. g. those escrowed workers that are paid in CNY) and return them to the reserve pool as well.

[bitProfessor]

This proposal is to replace 1.14.200 https://bitsharestalk.org/index.php?topic=28508.0

I agree with what the China BTSer Union suggested, https://bitsharestalk.org/index.php?topic=28549.0, BTS is now obviously under estimated in the market, we need to introduce more money to increase BTS holdings.

I think currently it's a good idea to use the accumulated bitCNY market fee to buy BTS, and this measure can be combined together with the left OMO issue.

1. now account committee-cnytrader owns a debt position of 451K CNY debt and 3.9M BTS collateral,  reorganize account committee-cnytrader, let the representative from CNY BTSer Union to replace witness-still,  committee-cnytrader will handle the task of buying BTS using the bitCNY market fee.

2.each time the accumulated bitCNY market fee is above 100K CNY, claim it and transfer to the cnytrader account, when BTS price is under 1CNY, the multisig members will decide the process to buy in BTS.

3. when the BTS price is above 1CNY, multisig members need to sell some BTS to pay the debt, and also accumulate bitCNY for the next down trend.

A poll worker proposal is created for this:

1.14.205   Poll - increase BTS holdings with accumulated market fee

please vote this proposal according to your opinion.

agree

[Thul3]

I have to agree with bitcrab.
Am already working last couple of days and brain storming to propose a bit diffrent OMO fund as last time with strict rules ,full transparency and most important hopefully also buy support on CEX which in my opinion the last OMO fund was leaking making it easy to destroy inner disk buy support.
Timing is good (beginning july) for starting an OMO fund and increasing its power with rising prices and i doubt we will see soon again a price drop from 1.08CNY to 0.22CNY like the last OMO fund did.

Will post my ideas about the modified OMO funds tomorrow.

[bitcrab]

I think we should instead learn from the catastrophic results of the OMO fund, use the accumulated CNY to pay back the OMO debt and return the few remaining OMO funds to the reserve pool.
Use any fuiure CNY fee income to slowly buy back BTS (or maybe trade off-market against BTS, e. g. those escrowed workers that are paid in CNY) and return them to the reserve pool as well.

we want to give some impact on the market, however what you suggest has no such impact.

the OMO debt position has a CR of 3.8+, no need to pay it now, it's better to use the accumulated fees to do something else.

[pc]

I think we should instead learn from the catastrophic results of the OMO fund, use the accumulated CNY to pay back the OMO debt and return the few remaining OMO funds to the reserve pool.
Use any fuiure CNY fee income to slowly buy back BTS (or maybe trade off-market against BTS, e. g. those escrowed workers that are paid in CNY) and return them to the reserve pool as well.

[bitcrab]

This proposal is to replace 1.14.200 https://bitsharestalk.org/index.php?topic=28508.0

I agree with what the China BTSer Union suggested, https://bitsharestalk.org/index.php?topic=28549.0, BTS is now obviously under estimated in the market, we need to introduce more money to increase BTS holdings.

I think currently it's a good idea to use the accumulated bitCNY market fee to buy BTS, and this measure can be combined together with the left OMO issue.

1. now account committee-cnytrader owns a debt position of 451K CNY debt and 3.9M BTS collateral,  reorganize account committee-cnytrader, let the representative from CNY BTSer Union to replace witness-still,  committee-cnytrader will handle the task of buying BTS using the bitCNY market fee.

2.each time the accumulated bitCNY market fee is above 100K CNY, claim it and transfer to the cnytrader account, when BTS price is under 1CNY, the multisig members will decide the process to buy in BTS.

3. when the BTS price is above 1CNY, multisig members need to sell some BTS to pay the debt, and also accumulate bitCNY for the next down trend.

A poll worker proposal is created for this:

1.14.205   Poll - increase BTS holdings with accumulated market fee

please vote this proposal according to your opinion.