Author Topic: [Poll] BSIP59:Reduce MCR of bitUSD to 1.5  (Read 25322 times)

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Offline bitcrab

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Updated my votes as well 2019-08-17 02:14:57 (GMT +7)

Support MCR for BitEUR to 1.6 and BitUSD to 1.5, with MSSR 1.02 and 1.01 along GS protection.

More liquidity and less harm to both precious and very needed smartcoin.

@bitcrab
Please, evaluate and open discussion how possibly we could restore BitBTC - hence we have working HTLC function and actually can develop a trustless native built-in gateway through HTLC with Bitcoin blockchain.

Chee®s

it will revive when BTS/BTC price restore to a certain level...

anyway, I don't think bitBTC make big sense, we need not to pay much efforts to cultivate it.

first, it is difficult and make little sense to peg an asset with big fluctuations.

second, to peg USD&CNY because we want to make fiat be transferred freely in Internet. however, BTS can already be freely transferred, no need to create another asset to peg it.

« Last Edit: August 18, 2019, 02:49:49 pm by bitcrab »
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Offline Digital Lucifer

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Updated my votes as well 2019-08-17 02:14:57 (GMT +7)

Support MCR for BitEUR to 1.6 and BitUSD to 1.5, with MSSR 1.02 and 1.01 along GS protection.

More liquidity and less harm to both precious and very needed smartcoins.

@bitcrab
Please, evaluate and open discussion how possibly we could restore BitBTC - hence we have working HTLC function and actually can develop a trustless native built-in gateway through HTLC with Bitcoin blockchain.

Chee®s

Milos (DL) Preocanin
Owner and manager of bitshares.org
Move Institute, Non-profit organization
RN: 2098555000
Murska Sobota, Slovenia.

Offline Thul3

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Offline bitcrab

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I hope all voters can consider this proposal carefully and understand how it can help the BTS ecosystem.

BTS is under big price pressure, that's why China community vote refund400k to reduce the inflation.

the low price keep on hurting the holders' confidence, it's necessary to find ways to make BTS price more sustainable, to reduce inflation from workers is part of the efforts, although it may hurt some contributors.

We need to find more efficient ways, to reduce MCR is another way, it can increase smartcoin supply and make the ecosystem more healthy.

please support this!
Email:bitcrab@qq.com

Offline bench

What will happen if USD MCR is 1.5?
More people will borrow bitUSD, which does increase liquidity. Low liquidity is the bigger problem, than reducing MCR from 1.6 to 1.5. Without liquidity every MCR is too low.
« Last Edit: August 12, 2019, 09:31:10 am by bench »
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Offline bitcrab

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What will happen if USD MCR is 1.5?

first, all the below margin called orders will disappear, which will reduce the sell pressure of BTS greatly.





second, as the cost to mint bitUSD is obvious lower than to mint bitCNY, more borrowers will switch from CNY market to USD market, which will activate the USD market.

there is only one question to ask -  is 1.5 safe enough for MCR?

sure, we can see

DAI already adopted a 1.5 MCR for long time.

we already implemented GS protection for bitUSD, and it works well. 
« Last Edit: August 11, 2019, 09:40:48 am by bitcrab »
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Offline bench

« Last Edit: August 12, 2019, 10:45:21 am by bench »
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Offline bitcrab

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@bitcrab: When we allow MCR of 1.5, we should also introduce a margin call fee of 0.1% to make the ecosystem more sustainable!
The 0.1% fee doesn't hurt anybody, but makes a huge difference on the income side.

We should also consider we have no interest rate for the borrower compared to Maker/DAI.

I feel it's reasonable to charge the same market fee in margin call trading, but seems that need change in core code?

that's another topic and need another BSIP.

« Last Edit: August 09, 2019, 02:55:29 am by bitcrab »
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Offline bench

@bitcrab: When we allow MCR of 1.5, we should also introduce a margin call fee of 0.1% to make the ecosystem more sustainable!
The 0.1% fee doesn't hurt anybody, but makes a huge difference on the income side.

We should also consider we have no interest rate for the borrower compared to Maker/DAI.
« Last Edit: August 08, 2019, 05:25:23 pm by bench »
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Offline bitcrab

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Support on basis of https://bitsharestalk.org/index.php?topic=28823.0, and settings of other crypto-collaterized stablecoins.

Thanks, I feel it's better to set bitUSD first, when more borrowing happen and make USD market active enough, then set bitCNY and bitEUR also.

bitUSD is ill and bitCNY is healthy at the moment, we need to attract some capital from CNY market to USD market.

I don't think now we need to pay much attention on smartcoins other than these 3, anyway if anyone want to do the same setting, he can also do that following BSIP59, I'll support.
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Offline sschiessl

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Support on basis of https://bitsharestalk.org/index.php?topic=28823.0, and settings of other crypto-collaterized stablecoins.

Offline bitcrab

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every voter, I beg you to support this proposal.

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Offline bitcrab

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I suggest voters to read Doctor Brown's paper to get some deeper understanding on the necessity of this change.
https://bitsharestalk.org/index.php?topic=28823.0
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Offline bitcrab

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I would be supporting 1.5 as the final low MCR for bitUSD.

bitcrab

a) You should start voting on anything else apart your own workers as a whale who is crying why other whales don't support yours one. E.g. If you ever took time to read University Colorado research worker on BitUSD assets, you would be able to understand - THERE ARE MORE PEOPLE WHO THINK LIKE YOU.

https://bitsharestalk.org/index.php?topic=28542.msg332738#msg332738 - biophil explains in details why from economical and liquidity reasons bitUSD should have MCR 1.5. You - not voting on that worker. Shame.

b) "now my team advices not to vote, sorry." - Sounds like OL.

c) "I am conservative, not tend to support this" - Sounds like a core dev that was here from the birth of chain and respect that "minimum 180% collateral" as a letter in Bible. Should respect that - devs usually have no backgrounds in economics or trading to understand these efforts.

d) "some whales tend to accumulate bitUSD, they benefit from the scarcity of bitUSD and do not like the growing of supply." - George BitSpark for instance.


There is no need for some this, some that - we are here for transparency, right ?

So, since you all proxies are total mess when it comes to unity for the benefits for the blockchain, please exit that nugshell of yours and start voting AND PARTICIPATING other workers around.

I do support 1.5 as LOWEST MCR for bitUSD, but no more.

Chee®s

Thanks  for reminding.

actually this is not a worker - no BTS income for this, this is just a poll voting to get community consensus.

to support a worker with BTS income always need more powerful reason.

I paid attention to biophil's worker for long time, I have hesitated on whether to support that, now I decided to support that project.
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Offline Digital Lucifer

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I would be supporting 1.5 as the final low MCR for bitUSD.

bitcrab

a) You should start voting on anything else apart your own workers as a whale who is crying why other whales don't support yours one. E.g. If you ever took time to read University Colorado research worker on BitUSD assets, you would be able to understand - THERE ARE MORE PEOPLE WHO THINK LIKE YOU.

https://bitsharestalk.org/index.php?topic=28542.msg332738#msg332738 - biophil explains in details why from economical and liquidity reasons bitUSD should have MCR 1.5. You - not voting on that worker. Shame.

b) "now my team advices not to vote, sorry." - Sounds like OL.

c) "I am conservative, not tend to support this" - Sounds like a core dev that was here from the birth of chain and respect that "minimum 180% collateral" as a letter in Bible. Should respect that - devs usually have no backgrounds in economics or trading to understand these efforts.

d) "some whales tend to accumulate bitUSD, they benefit from the scarcity of bitUSD and do not like the growing of supply." - George BitSpark for instance.


There is no need for some this, some that - we are here for transparency, right ?

So, since you all proxies are total mess when it comes to unity for the benefits for the blockchain, please exit that nugshell of yours and start voting AND PARTICIPATING other workers around.

I do support 1.5 as LOWEST MCR for bitUSD, but no more.

Chee®s
Milos (DL) Preocanin
Owner and manager of bitshares.org
Move Institute, Non-profit organization
RN: 2098555000
Murska Sobota, Slovenia.