Author Topic: [Committee Proposal] set force_settlement_offset of bitCNY to 1%  (Read 348 times)

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Offline bitcrab

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Proposal 1.10.38714 is created to set force_settlement_offset of bitCNY to 1%. the proposal will expire in UTC 18th, July, 00:00

To do this is based on below considerations:

1.the feed price quality is obviously better than before.
2.bitCNY is in obvious discount, A lower offset can help to limit the discount.
3.other smartcoins, like bitUSD&bitEUR, all have a force settlement offset of 1%, it make sense to set same force settlement offset for them.

Committee members, please check and vote according to your opinion.

Code: [Select]
unlocked >>> get_object 1.10.38714
[{
    "id": "1.10.38714",
    "expiration_time": "2019-07-18T00:00:00",
    "review_period_time": "2019-07-17T23:00:00",
    "proposed_transaction": {
      "ref_block_num": 0,
      "ref_block_prefix": 0,
      "expiration": "2019-07-18T00:00:00",
      "operations": [[
          12,{
            "fee": {
              "amount": 12650000,
              "asset_id": "1.3.0"
            },
            "issuer": "1.2.0",
            "asset_to_update": "1.3.113",
            "new_options": {
              "feed_lifetime_sec": 86400,
              "minimum_feeds": 7,
              "force_settlement_delay_sec": 86400,
              "force_settlement_offset_percent": 100,
              "maximum_force_settlement_volume": 50,
              "short_backing_asset": "1.3.0",
              "extensions": []
            },
            "extensions": []
          }
        ]
      ],
      "extensions": []
    },
    "required_active_approvals": [
      "1.2.0"
    ],
    "available_active_approvals": [],
    "required_owner_approvals": [],
    "available_owner_approvals": [],
    "available_key_approvals": [],
    "proposer": "1.2.121"
  }
]

Online sahkan

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Re: [Committee Proposal] set force_settlement_offset of bitCNY to 1%
« Reply #1 on: July 09, 2019, 01:04:34 pm »
I encourage everyone to approve it immediately, 2% was a temporary measure and 1% is where it should be.

Online binggo

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Re: [Committee Proposal] set force_settlement_offset of bitCNY to 1%
« Reply #2 on: July 09, 2019, 01:27:50 pm »
Stupid idea!

The Committee member who support this Proposal is foolish.

1.the feed price quality is obviously better than before.

You can't give any evidence to show it.

2.bitCNY is in obvious discount, A lower offset can help to limit the discount.

What's mean the "obvious", a lower offset  is a double-edged,it will be affeted by the low quality feed price, i think you should have a lesson from the poloniex,and we wasted how much time to solve this problem?!

3.other smartcoins, like bitUSD&bitEUR, all have a force settlement offset of 1%, it make sense to set same force settlement offset for them.

bitUSD&bitEUR is almost dead, they should follow the bitcny, not bitcny follow them.

Offline JohnR

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Re: [Committee Proposal] set force_settlement_offset of bitCNY to 1%
« Reply #3 on: July 12, 2019, 01:17:46 pm »
Given one of the reasons for returning to 1% offset is to return it to same status as the others, presumably there was a reason to deviate in the past.

Bitcrab would you please comment on those conditions generally and if you believe they are unlikely to return please comment on why? Thank you.

Offline bitcrab

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Re: [Committee Proposal] set force_settlement_offset of bitCNY to 1%
« Reply #4 on: July 12, 2019, 07:59:33 pm »
Given one of the reasons for returning to 1% offset is to return it to same status as the others, presumably there was a reason to deviate in the past.

Bitcrab would you please comment on those conditions generally and if you believe they are unlikely to return please comment on why? Thank you.

why we have set the offset of bitCNY to 2% and even 5% in the past?

because some time in the past the feed price is bad, which make it possible for bitCNY holders to exploited debt position owners by force settlement, under the pressure from China community, we increased the offset to solve the problem.

now I believe the feed price is much better than before, and we see the necessity to limit bitCNY discount.

we still need efforts to improve the exactness of price feed, I believe we can make it better.


Online binggo

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Re: [Committee Proposal] set force_settlement_offset of bitCNY to 1%
« Reply #5 on: July 12, 2019, 11:53:25 pm »
I think we should get the lesson from the Poloniex and BSIP42.

Please don't believe we can make the feed price better, just do it and show it, give the rule and see the result.

Discount of bitCNY is not a big problem,and it can help to eliminate the margin call partly.

We should have many method and parameter to limit the discount,not need to use the rigid force_settlement_offset to crush the

market,you will find it from the new BSIP, abit konw it and you should know it,every Committee member should think about it.


why we have set the offset of bitCNY to 2% and even 5% in the past?

because some time in the past the feed price is bad, which make it possible for bitCNY holders to exploited debt position owners by force settlement, under the pressure from China community, we increased the offset to solve the problem.

now I believe the feed price is much better than before, and we see the necessity to limit bitCNY discount.

we still need efforts to improve the exactness of price feed, I believe we can make it better.
« Last Edit: July 15, 2019, 07:04:41 am by binggo »

Online binggo

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Re: [Committee Proposal] set force_settlement_offset of bitCNY to 1%
« Reply #6 on: July 15, 2019, 06:58:22 am »
Again!!!

The Committee member who support this Proposal is foolish, and didn't understand the market at all.

YOU want to destroy the bitcny, just to support it.