Author Topic: Smratcoin GCNY backed by GDEX.BTC  (Read 401 times)

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Offline bitcrab

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Smratcoin GCNY backed by GDEX.BTC
« on: August 27, 2019, 02:09:15 pm »
A smartcoin GCNY is created.
it is pegged to CNY.
it is backed by GDEX.BTC.

I hope witnesses can feed price with MCR=1.5, MSSR=1.01
the witness is now owned by bitcrab, as planned, the ownership will be soon transferred to committee-account.


Offline xeroc

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Re: Smratcoin GCNY backed by GDEX.BTC
« Reply #1 on: August 27, 2019, 02:13:48 pm »
If it's backed by GDEX.BTC, why don't you run private price feeds too?
Much quicker and easier to setup and less burden for the witnesses.
It's based on an IOU so the feeds don't really change much in the risk profile anyhow
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Offline bitcrab

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Re: Smratcoin GCNY backed by GDEX.BTC
« Reply #2 on: August 27, 2019, 03:01:32 pm »
If it's backed by GDEX.BTC, why don't you run private price feeds too?

how?

Offline Customminer

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Re: Smratcoin GCNY backed by GDEX.BTC
« Reply #3 on: August 27, 2019, 08:41:14 pm »
If it's backed by GDEX.BTC, why don't you run private price feeds too?

how?
You'll have to get GCNY integrated into multiple price feed scripts, otherwise witnesses won't have the tools available to provide feeds (aside from manually via the UI).
There's about 4 or 5 different price feeds you'll need to support for best redundancy, but one or two should be sufficient for a few witnesses to provide price feeds.
You'll need to directly contact prospective price feed publishers, bitsharestalk threads don't attract their attention that effectively lol
« Last Edit: August 27, 2019, 08:52:34 pm by Customminer »

Offline sschiessl

Re: Smratcoin GCNY backed by GDEX.BTC
« Reply #4 on: August 28, 2019, 12:19:03 am »
If it's backed by GDEX.BTC, why don't you run private price feeds too?
Much quicker and easier to setup and less burden for the witnesses.
It's based on an IOU so the feeds don't really change much in the risk profile anyhow

Awesome!

On the price feed:
You can define a whitelist of accounts providing a feed, then e.g. write a script that merely copies bitCNY/bitbtc feed.. As long as GDEX.BT is not trustless or sufficiently decentralized having GCNY as a committee owned bitasset makes no sense and would carry wrong notion of trust (i.e. committee should not be made owner, and please not that committee can't give it back and would only have the option to disable it if anything goes wrong). Bottom line is: some more thought and preparation is necessary beforehand imo, and starting it centralized is most reasonable!
« Last Edit: August 29, 2019, 04:44:34 am by sschiessl »

Offline bitcrab

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Re: Smratcoin GCNY backed by GDEX.BTC
« Reply #5 on: August 28, 2019, 05:06:26 am »
Awesome!

On the price feed:
You can define a whitelist of accounts providing a feed, then e.g. write a script that merely copies bitCNY/bitbtc feed.. As long as Gdex BTC is not trustless or sufficiently decentralized having gcny as a committee owned bitasset makes no sense and would carry wring notion of trust (i.e. committee should not be made owner, please not that committee can't give it back and would to disable it). Bottom line is some more thought and preparation is necessary beforehand imo, and starting it centralized is most reasonable

you are not member of committee, how can you say that committee would to disable it?

right, GDEX.BTC is UIA, is centralized asset, gdex team guarantee that GDEX.BTC=BTC.

just in order to try to make GCNY more decentralized, I'd like to consider to introduce committee here, committee can play the role of administrator of GCNY. with no other responsibilities.


Offline clockwork

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Re: Smratcoin GCNY backed by GDEX.BTC
« Reply #6 on: August 28, 2019, 07:12:19 am »
Awesome!

On the price feed:
You can define a whitelist of accounts providing a feed, then e.g. write a script that merely copies bitCNY/bitbtc feed.. As long as Gdex BTC is not trustless or sufficiently decentralized having gcny as a committee owned bitasset makes no sense and would carry wring notion of trust (i.e. committee should not be made owner, please not that committee can't give it back and would to disable it). Bottom line is some more thought and preparation is necessary beforehand imo, and starting it centralized is most reasonable

you are not member of committee, how can you say that committee would to disable it?

right, GDEX.BTC is UIA, is centralized asset, gdex team guarantee that GDEX.BTC=BTC.

just in order to try to make GCNY more decentralized, I'd like to consider to introduce committee here, committee can play the role of administrator of GCNY. with no other responsibilities.


Stefan is pointing out the fact that the committee cannot transfer ownership back to anyone else so it will be stuck with it for ever (with the only controlling option being to disable it)

FWIW, I too think that an MPA backed by a centralized asset should not be owned/endorsed by the committee.

What happens on the worst case scenario where GDEX gets hacked and all BTC gone? bitGCNY (that will be its name if committee owned) will be backed by worthless collateral. Why should the committee have to deal with the fall out?

Offline Customminer

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Re: Smratcoin GCNY backed by GDEX.BTC
« Reply #7 on: August 28, 2019, 03:38:17 pm »
Would a BSIP request be the most direct method of requesting price feed publisher support from the witnesses for GDEX.BTC? 🤔 Or would that set a bad precedent?

Offline sschiessl

Re: Smratcoin GCNY backed by GDEX.BTC
« Reply #8 on: August 29, 2019, 04:47:01 am »
Awesome!

On the price feed:
You can define a whitelist of accounts providing a feed, then e.g. write a script that merely copies bitCNY/bitbtc feed.. As long as Gdex BTC is not trustless or sufficiently decentralized having gcny as a committee owned bitasset makes no sense and would carry wring notion of trust (i.e. committee should not be made owner, please not that committee can't give it back and would to disable it). Bottom line is some more thought and preparation is necessary beforehand imo, and starting it centralized is most reasonable

you are not member of committee, how can you say that committee would to disable it?

right, GDEX.BTC is UIA, is centralized asset, gdex team guarantee that GDEX.BTC=BTC.

just in order to try to make GCNY more decentralized, I'd like to consider to introduce committee here, committee can play the role of administrator of GCNY. with no other responsibilities.

I did not mean to insinuate what the committee will be doing, or has to do.

I don't see anything wrong with starting this centralized and refine as you go. Introducing the committee as owner for GCNY will not make it more decentralized, since the bottleneck is the centralized collateral.

Offline Digital Lucifer

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Re: Smratcoin GCNY backed by GDEX.BTC
« Reply #9 on: August 29, 2019, 07:39:50 pm »
Awesome!

On the price feed:
You can define a whitelist of accounts providing a feed, then e.g. write a script that merely copies bitCNY/bitbtc feed.. As long as Gdex BTC is not trustless or sufficiently decentralized having gcny as a committee owned bitasset makes no sense and would carry wring notion of trust (i.e. committee should not be made owner, please not that committee can't give it back and would to disable it). Bottom line is some more thought and preparation is necessary beforehand imo, and starting it centralized is most reasonable

you are not member of committee, how can you say that committee would to disable it?

right, GDEX.BTC is UIA, is centralized asset, gdex team guarantee that GDEX.BTC=BTC.

just in order to try to make GCNY more decentralized, I'd like to consider to introduce committee here, committee can play the role of administrator of GCNY. with no other responsibilities.

Apart from the legal one - re responsibilities.
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Offline abit

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Re: Smratcoin GCNY backed by GDEX.BTC
« Reply #10 on: August 30, 2019, 01:47:38 am »
Awesome!

On the price feed:
You can define a whitelist of accounts providing a feed, then e.g. write a script that merely copies bitCNY/bitbtc feed.. As long as Gdex BTC is not trustless or sufficiently decentralized having gcny as a committee owned bitasset makes no sense and would carry wring notion of trust (i.e. committee should not be made owner, please not that committee can't give it back and would to disable it). Bottom line is some more thought and preparation is necessary beforehand imo, and starting it centralized is most reasonable

you are not member of committee, how can you say that committee would to disable it?

right, GDEX.BTC is UIA, is centralized asset, gdex team guarantee that GDEX.BTC=BTC.

just in order to try to make GCNY more decentralized, I'd like to consider to introduce committee here, committee can play the role of administrator of GCNY. with no other responsibilities.
Technically, every committee-owned MPA can only be backed by BTS or an MPA backed by BTS, the logic is in code. That said, you're unable to transfer the GCNY asset to committee-account if it's backed by GDEX.BTC.
BTS account: abit
BTS committee member: abit
BTS witness: in.abit