Author Topic: ANN: HONEST Market Pegged Assets  (Read 245 times)

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Offline litepresence

ANN: HONEST Market Pegged Assets
« on: January 21, 2020, 04:46:28 am »


and then DEX MPA's were finally HONEST...

HONEST MARKET PEGGED ASSETS
Code: [Select]
The right of nullification is a natural right,
which all admit to be a remedy against insupportable oppression.
    $$$ James Madison $$$

If it had not been for the justice of our cause,
and the consequent interposition of Providence,
in which we had faith, we must have been ruined.
    $$$ Ben Franklin $$$

Resistance and disobedience in economic activity
is the most moral human action possible.
    $$$ Samuel Edward Konkin III $$$

 8) *UNDER CONSTRUCTION* 8)

www.litepresence.com presents:


- HONEST.CNY 1.3.5641

- HONEST.BTC (coming soon)

- HONEST.USD (coming soon)




code:
https://github.com/litepresence/Honest-MPA-Price-Feeds/tree/master/honest

whitepaper:
https://github.com/litepresence/Honest-MPA-Price-Feeds/blob/master/docs/whitepaper.md

call to arms:
https://github.com/litepresence/Honest-MPA-Price-Feeds/blob/master/docs/call_to_arms.md

markets:
https://staging.bitshares.org/#/market/HONEST.CNY_BTS

cryptofresh
http://cryptofresh.com/a/HONEST.CNY

Be warned this project is very nascent; there are currently ONLY 3 feed producers and 2 more actively deploying their setup

An additional 12 candidates have been selected as potential feed producers and/or HONEST asset advisors due to their Bitshares community merit, technical expertise, and free market aligned philosophy.

We aim to provide 24/7 hourly updates of legitimate price feeds for CNY, USD, and BTC to the Bitshares DEX.

NOTE: There will be KEY differences in implementation vs. the traditional "Bitassets" with the aim to provide:

LIQUID, FREE MARKETS, with IMMEDIATE PRICE DISCOVERY

1) we WILL NOT seek nor be held ransom by worker funding
2) tx fees will be 0.2% if you pay in BTS (default on UI) or 0.4% if you pay in HONEST MPA's (Bitassets tx fees are currently 0.1%)
(we are actively discussing lowering of these fees, these were just some initial setting to get the project live)
3) tx fees will be distributed among feed producers as an incentive to provide HONEST price feeds
4) witnesses and committee members will NOT, by default, be feed producers
5) our price feed scripts will be open source
6) our price feed calculation data matrix will be published live at jsonbin.io for each feed producer
7) MSSR will be set to 200 instead of 101, this means YOU WILL get margin called up to 50% below market value if you fail to collateralize

re: point 7... I've been advised this may be an issue.  I am reviewing core code and discussing internally.

8) There will be NO "flat max" market fee to benefit large transactions
9) The only retained permission/flag is to adjust market fees, all others have been permanently abandonded:

    YES Enable market fee:
    NO Require holders to be white-listed:   
    NO Asset owner may transfer asset back to himself:   
    NO Asset owner must approve all transfers:   
    NO Disable force settling:   
    NO Allow asset owner to force a global settling:   
    NO Disable confidential transactions:   
    NO Allow witnesses to provide feeds:   
    NO Allow committee members to provide feeds:

10) Force Settlement Delay is 1h instead of 24h
11) Feed lifetime is 4h instead of 24h
12) 0% Force Settlment offset means NO "service fee" paid to undercollateralized debt holders.
13) Max Settlement volume is 100% not 0.5%
14) Price Feed producers will be required to run the price feed scripts provided as described in the whitepaper.


We are striving to make it highly unlikely that these MPA will ever globally settle through our asset settings.


These features currently match traditional Bitassets:

MCR = 160
Total supply = 100,000,000,000 HONEST.CNY
Precision = 4 (0.0001) HONEST.CNY

Further:

We will NOT engange in "open market" corrective operations or tweaks to MCR, MSSR, etc. with an aim to achieve price parity. 
We reserve the right to move MSSR up or down at any time, but it will never be less than 200.
We reserve the right to move MCR up or down at any time, but our producers are obligated to never increase more than +5 daily (ie 160 + 5 = 165 MCR)
We strongly recommend YOU RESPONSIBLY CHOOSE an ICR of 200+ given the volatile nature of crypto markets and the zero restrictions we've placed on liquidation of mal investement.
We also strongly recommend that YOU follow the market prices of your collateralized investments, maintain your collateral position, and invest wisely to make PROFIT while you hold our MPAs.
We intend to act as a traditional margin market with a TREND towards price parity with the pegged asset, but with an underlying expectation of volatility.
We intend to discourage TRENDS away from price parity through IMMEDIATE liquidation of mal investment coupled with HONEST price feeds.
It is our goal to keep the HONEST markets as free and unregulated as possible within the constraints of the blockchain environment.

NOTE: I am currently the "asset owner" but my intention is to form a multisig governance around them as soon as this project gets off the ground.

It is our hope that these markets catch on like wildfire and we can soon faithfully offer additional HONEST MPA fiats, cryptos, and precious metals.

ALSO: (coming soon) I have created "HONEST" as the base UIA, there are 100,000 non divisible tokens which I will be self issuing.  This project was built entirely pro bono; I intend to offer them on the books for 100 BTS each as a tip cup.  Much love.

For more on MCR, MSSR, and ICR please visit.
https://www.investopedia.com/terms/m/margin.asp
https://en.wikipedia.org/wiki/Margin_(finance)

You can find the first feed producer price calculation data matrixes here:

https://api.jsonbin.io/b/5e221d218d761771cc92b200/latest
https://api.jsonbin.io/b/5e2514975df640720838820d/latest
https://api.jsonbin.io/b/5e25c8055df640720838d768/latest
(additional feed producer jsonbins coming soon)

Please visit litepresence.com and check out some of my other work:

BitsharesQuant; an open source algo trading platform for the DEX,

CypherVault; an open source CLI password manager, and

NordVPN switcher; which maintains a high speed VPN connection through adversity for high bot trading up time

A final note...  Yes! This is a response:  There cannot be a need for nullification and interposition, unless there is an underlying injustice and oppression being overcome.    These MPA's are not just a new novel asset class put forth for fun; or as some idle experiment or alternative.  HONEST price feeds are in fact a remedy, for an inherent dysfunction, in the previous political order, which has led to the destruction of Bitassets, as a viable market pegged instrument.  Beyond Bitshares, HONEST MPA's are also a reaction to the events which have led to a dearth of CNY:BTC markets globally.

Long Live Bitshares!

Long Live FREE Markets!



for individual liberty,

litepresence2020


ps... if you have some time and you care to learn more about free market theory, please read this paper I type scripted a few years back by Kyle O’Donnell:

Planning the End of Planning:
Disintervention and the Knowledge Problem


http://www.ronpaulforums.com/showthread.php?492708-Planning-the-End-of-Planning-Disintervention-and-the-Knowledge-Problem

Quote
"Interventionism is distortive, disruptive, and potentially socially destructive because it attempts to defy the criticisms and possibilities of centralized planning according to the market process view of the dynamic market. Yet disintervention faces the same problems. When disintervening, political actors with necessarily limited information and knowledge must somehow decide, not only what to liberalize, but how and when. [] there is no tendency in piecemeal disintervention to successfully liberalize via correctly discovering the proper order, rate, or even what and where to disintervene."  This raises the distinct possibility that nothing short of radical movement towards anarcho-capitalism might ever achieve an outcome close to its original goals.
« Last Edit: January 21, 2020, 03:10:13 pm by litepresence »

Offline dh

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Re: ANN: HONEST Market Pegged Assets
« Reply #1 on: January 21, 2020, 05:42:46 am »
You cannot use MSSR > MCR, otherwise an asset will be globally settled immediately. GS comes when least CR position == MSSR

Correction:
Quote
  /**
   *  let HB = the highest bid for the collateral  (aka who will pay the most DEBT for the least collateral)
   *  let SP = current median feed's Settlement Price
   *  let LC = the least collateralized call order's swan price (debt/collateral)
   *
   *  If there is no valid price feed or no bids then there is no black swan.
   *
   *  A black swan occurs if MAX(HB,SP) <= LC
   */
« Last Edit: January 24, 2020, 03:37:27 pm by dh »

Offline binggo

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Re: ANN: HONEST Market Pegged Assets
« Reply #2 on: January 21, 2020, 09:40:35 am »
I will say somthing in chinese, hope you can understand.

1. 抵押锚定的流动性很大的程度上来源于其杠杆特性及推广程度;
具体我们可以参见bitcny, 中国社区是bitcny最大与最活跃的用户群体, 中国社区前期的推广打下的基础带来的用户群使bitcny才有了良好的深度与流动性, 而其它抵押资产却完全无法与之相比, 即使是bitusd, 如果参与bitusd其中的中国资金一撤离, bitusd的深度与流动性立马见底.

所以: 杠杆特性虽然能够产生流动性,但是在推广没有到位之前, 起不了多大作用.

2. 希望能够所有BTS持有人能够理解BSIP74及BSIP77的意义所在。

MakerDAI的清算机制是存在问题的, 这个问题与BTS的MSSR一样,但是ETH在CEX良好的深度及流动性及ETH的转账速度把这个问题给掩盖住了,ETH在CEX良好的深度及流动性完全抵御住了makerdai清算人进行大量折价抛售ETH,转账的延迟性也掩饰了之一问题的严重性,如果makerdai锁定的ETH数量足够多,eth的转账速度足够快,到时候市场大幅度下调对makerdai清算机制带来的结果是致命性的,eth市场的连环崩塌并不是梦幻 ,到时候必然要触发MKR的增发机制及黑天鹅机制。

而BTS直接就已经把这个问题暴露得淋漓尽致,过大的MSSR大幅抹杀DEX内部市场深度与流动性,同时冲击CEX的市场价格,带来喂价的连环崩塌,再加上CEX的杠杆做空,一切就是这么发生的。

而我们推BSIP74的目的是为了什么?:
是为了最大程度的消除MSSR带来的影响,如果有暴仓费的手续费分享与线性解冻功能,我们也可以用此间接解决市场吃爆仓单的积极性与流动性问题,同时最大程度上规避直接使用MSSR抛售带来的负面效果,也就是最大程度上规避MakerDAI所存在的隐藏问题。

而BSIP77的目的是为了什么?:
也是为了一定程度上来消除MSSR带来的影响,我们做得是抵押锚定,不是做100倍的合约杠杆,价格在一定范围内的上下波动不应该爆来爆去的,同时也是为了一定程度上规避喂价带来的负面影响,防止利用CEX过低的深度及流动性,利用CEX做空杠杆打击喂价从而冲击抵押。
而且BSIP77还可以带来我们可能现在想不到的灵活性的调整。

而对于全局清算这个东西,其实是很傻的,一个人的债务违约不应当让这个银行的全体债务人被清算,合理的方式应当是把这个人的债务打包即时拍卖掉,实现债务拍卖市场。


I know it is very hard to understand what I'm saying, but i'm too lazy ;).

Offline chigbolu

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Re: ANN: HONEST Market Pegged Assets
« Reply #3 on: January 21, 2020, 03:15:51 pm »
I will say somthing in chinese, hope you can understand.

1. 抵押锚定的流动性很大的程度上来源于其杠杆特性及推广程度;
具体我们可以参见bitcny, 中国社区是bitcny最大与最活跃的用户群体, 中国社区前期的推广打下的基础带来的用户群使bitcny才有了良好的深度与流动性, 而其它抵押资产却完全无法与之相比, 即使是bitusd, 如果参与bitusd其中的中国资金一撤离, bitusd的深度与流动性立马见底.

所以: 杠杆特性虽然能够产生流动性,但是在推广没有到位之前, 起不了多大作用.

2. 希望能够所有BTS持有人能够理解BSIP74及BSIP77的意义所在。

MakerDAI的清算机制是存在问题的, 这个问题与BTS的MSSR一样,但是ETH在CEX良好的深度及流动性及ETH的转账速度把这个问题给掩盖住了,ETH在CEX良好的深度及流动性完全抵御住了makerdai清算人进行大量折价抛售ETH,转账的延迟性也掩饰了之一问题的严重性,如果makerdai锁定的ETH数量足够多,eth的转账速度足够快,到时候市场大幅度下调对makerdai清算机制带来的结果是致命性的,eth市场的连环崩塌并不是梦幻 ,到时候必然要触发MKR的增发机制及黑天鹅机制。

而BTS直接就已经把这个问题暴露得淋漓尽致,过大的MSSR大幅抹杀DEX内部市场深度与流动性,同时冲击CEX的市场价格,带来喂价的连环崩塌,再加上CEX的杠杆做空,一切就是这么发生的。

而我们推BSIP74的目的是为了什么?:
是为了最大程度的消除MSSR带来的影响,如果有暴仓费的手续费分享与线性解冻功能,我们也可以用此间接解决市场吃爆仓单的积极性与流动性问题,同时最大程度上规避直接使用MSSR抛售带来的负面效果,也就是最大程度上规避MakerDAI所存在的隐藏问题。

而BSIP77的目的是为了什么?:
也是为了一定程度上来消除MSSR带来的影响,我们做得是抵押锚定,不是做100倍的合约杠杆,价格在一定范围内的上下波动不应该爆来爆去的,同时也是为了一定程度上规避喂价带来的负面影响,防止利用CEX过低的深度及流动性,利用CEX做空杠杆打击喂价从而冲击抵押。
而且BSIP77还可以带来我们可能现在想不到的灵活性的调整。

而对于全局清算这个东西,其实是很傻的,一个人的债务违约不应当让这个银行的全体债务人被清算,合理的方式应当是把这个人的债务打包即时拍卖掉,实现债务拍卖市场。


I know it is very hard to understand what I'm saying, but i'm too lazy ;).
The assets will follow the traditional MPA pattern of BTS if you don't like it you can move on no need to criticize...

Offline teiva

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Re: ANN: HONEST Market Pegged Assets
« Reply #4 on: January 21, 2020, 10:49:04 pm »
Awesome initiative ! Long live HONEST MPAs

Offline binggo

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Re: ANN: HONEST Market Pegged Assets
« Reply #5 on: January 22, 2020, 12:22:56 am »

The assets will follow the traditional MPA pattern of BTS if you don't like it you can move on no need to criticize...

The traditional MPA pattern of BTS is just like a canser.