Author Topic: [Poll] BSIP59:Reduce MCR of bitUSD to 1.5  (Read 15990 times)

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Offline bitcrab

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[Poll] BSIP59:Reduce MCR of bitUSD to 1.5
« on: July 17, 2019, 05:46:31 am »
Based on BSIP59, https://github.com/bitshares/bsips/blob/master/bsip-0059.md, now 2 poll worker proposals have been created:

1.14.210   Poll - BSIP59 - Reduce MCR of bitUSD to 1.5
1.14.211   Poll - BSIP59 - Keep MCR of bitUSD as 1.6

We have to save bitUSD.

bitUSD is in illiquidity for long time, partly because the black swan hurt its brand seriously, partly because now bitCNY is in good liquidity and pegging so even less traders would like to trade in bitUSD.

However, we need to find ways to change this, to make bitUSD still play an important role in BTS financial ecosystem.

To reduce MCR of bitUSD to 1.5 will reduce the cost to mint bitUSD, hopefully this will attract users switch from CNY market to USD market, as MCR of bitCNY will be kept as 1.6 at the same time.

On the other hand, GS protection for bitUSD already worked to avoid the risk of black swan.

Please vote according to your opinion.
----------------------------------------------------------------

智能货币的三个状态:

A:随爆随吃
B:黄单高悬
C:黑天鹅防护

bitCNY现在大部分情况下处于A状态,少量时间处于B状态,基本不进入C状态,比较健康。
bitUSD现在大部分情况下处于B状态,BTS价格较高的少量时间处于A状态,进入C状态的概率比较大,比较不健康。

Alt这类用户属于典型的低风险偏好型,有明显的尽量减少负债囤积智能货币的倾向,bitUSD供应量一直难以增加,加上bitCNY好得多的市场深度和活跃度更能吸引用户,如没有相对有力的措施,bitUSD将难以摆脱困局,这对整个生态是非常不利的。

bitUSD的黑天鹅防护已经生效,当前,通过降低MCR来促进bitUSD供应显得更加可行。
« Last Edit: July 18, 2019, 12:59:02 pm by bitcrab »

Online binggo

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Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.5
« Reply #1 on: July 17, 2019, 06:21:25 am »
 Reduce MCR of bitUSD to 1.5 can't save it,only the big holder of bitusd can save it.

Offline btstodamoon

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Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.5
« Reply #2 on: July 18, 2019, 02:52:30 am »
*I have a big mouth and wanna get banned*

Warning.
« Last Edit: July 18, 2019, 04:26:11 pm by Digital Lucifer »

Offline BTSMoon

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Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.5
« Reply #3 on: July 18, 2019, 02:59:03 pm »
Support!!!!!!!!!!!!!!!!!!!!!!!!!!!

Offline bitcrab

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Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.5
« Reply #4 on: July 23, 2019, 11:21:22 pm »
I hope everyone can understand the importance to reduce the cost to mint bitUSD and then encourage more supply.

please support this proposal.

1.5 is a high enough MCR, Maker DAI has adopted this value for long time and it works well.

with the help of GS protection, nothing to worry.

Offline finn-bts

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Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.5
« Reply #5 on: July 24, 2019, 08:50:03 pm »
Ok, I'll vote for it

Offline bitcrab

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Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.5
« Reply #6 on: July 25, 2019, 05:19:19 am »
I don't understand why it's so difficult to persuade big proxies to support this proposal.

some said"now my team advices not to vote, sorry."

some said"I am conservative, not tend to support this"

some whales tend to accumulate bitUSD, they benefit from the scarcity of bitUSD and do not like the growing of supply.

but the community suffer the scarcity of bitUSD, can't you support encourging more bitUSD which benefit the whole ecosystem?

as MCR 1.5 is high enough, and bitUSD is under GS protection, really no need to worry!

Offline Digital Lucifer

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Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.5
« Reply #7 on: July 29, 2019, 05:28:58 am »
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 through Consensus
Move Institute - RN: 2098555000
Murska Sobota, Slovenia, SI.

Offline bitcrab

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Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.5
« Reply #8 on: July 29, 2019, 09:07:15 am »
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.

Offline bitcrab

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Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.5
« Reply #9 on: August 07, 2019, 05:16:31 pm »
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

Offline bitcrab

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Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.5
« Reply #10 on: August 08, 2019, 07:33:34 am »
every voter, I beg you to support this proposal.


Online sschiessl

Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.5
« Reply #11 on: August 08, 2019, 07:54:04 am »
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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Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.5
« Reply #12 on: August 08, 2019, 08:21:30 am »
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.

Offline bench

Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.5
« Reply #13 on: August 08, 2019, 05:13:33 pm »
@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 »
Be part of the change and vote for the bitshares-vision proxy!

Offline bitcrab

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Re: [Poll] BSIP59:Reduce MCR of bitUSD to 1.5
« Reply #14 on: August 09, 2019, 12:59:12 am »
@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 »