Author Topic: Abandon 100% peg?  (Read 324 times)

0 Members and 1 Guest are viewing this topic.

Online bitProfessor

Abandon 100% peg?
« on: September 26, 2019, 02:37:22 am »
Our series of reforms are aimed at accurately peg bitcny , like,reducing the mssr from 1.1 to 1.01...
From the short-selling attacks on CEX, we can see that we have no resistance. It's time to rethink the location of bitcny.
1. Evidence of CEX short selling attacks:
https://bitsharestalk.org/index.php?topic=29641.0
2. Bitcny is repositioned as a risk-averse tool and a low-risk investment product. We need to get back the right to settle the accounts from cex. bitcny is our product, and the initiative should be in us.(I have no idea yet.) Bitcny is allowed to have premiums and discounts, which attract investors with low risk preferences in order to obtain higher returns than bank interest rates. This crowd is huge.
3. MSsr is raised to 1.05-1.1, which allows BTS to fluctuate in price and attract investors with moderate risk preference to come in . Low buy high sell, quantification  become profitable and make exchanges active.
4. Give investors with high risk preference a bottom line and attract them to come in and take on high risk while gaining high returns.
Summary: in bts,bitcny is no longer the strategic center of gravity , but a financial derivative with stable returns.  the strategic center of gravity has returned to the exchanges and attracting investors has become the only important thing. At present, there are 5000 active users in the internal disk. If we can't keep and increase active users, it means that we have no future.

Offline JohnR

  • Committee member
  • Full Member
  • *
  • Posts: 89
    • View Profile
Re: Abandon 100% peg?
« Reply #1 on: September 26, 2019, 02:51:25 am »
Thanks for these thoughts bitprofessor.

It's clear we will need many voices to solve this problem and return autonomy to the BTS DEX.

bitCNY's weakness are
1) expensive to 'create' and sell. Tying up >1.6x capital that could be invested elsewhere for more reliably positive returns over any time period.
a) two options here - lower required CR again or offer some earning to those who create and sell BTS' most prized asset.

2) lack of alternative liquid trading pairs besides bitCNY:BTS. In fact this circularity between the most liquid market and the feed price stemming from CEX opens up the potential for manipulation in the first place.
a) this one is harder - to decouple from CEX price feed is not trivial. I do think we have the technology through time locks to offer a more robust mechanism for price discovery on-chain.

Offline sschiessl

Re: Abandon 100% peg?
« Reply #2 on: September 26, 2019, 07:29:09 am »
2. Bitcny is repositioned as a risk-averse tool and a low-risk investment product. We need to get back the right to settle the accounts from cex. bitcny is our product, and the initiative should be in us.(I have no idea yet.)

Could you please elaborate what you mean with "get back the right to settle the accounts from cex"?

Online bitProfessor

Re: Abandon 100% peg?
« Reply #3 on: September 26, 2019, 07:51:17 am »
I don't have an idea yet. A reference is from abit: when feed price  fall 0.22, lock in the feed price.

Offline clockwork

  • Committee member
  • Sr. Member
  • *
  • Posts: 365
    • View Profile
  • BitShares: clockwork
Re: Abandon 100% peg?
« Reply #4 on: September 26, 2019, 08:16:28 am »
If attempts to tighten the peg have failed, go back to original settings. Start over.

Online bitProfessor

Re: Abandon 100% peg?
« Reply #5 on: September 26, 2019, 08:32:13 am »
If I could get 20,000+ active users, I would like to restart

Online binggo

  • Hero Member
  • *****
  • Posts: 1459
    • View Profile
Re: Abandon 100% peg?
« Reply #6 on: September 26, 2019, 08:41:06 am »
haha

Offline clockwork

  • Committee member
  • Sr. Member
  • *
  • Posts: 365
    • View Profile
  • BitShares: clockwork
Re: Abandon 100% peg?
« Reply #7 on: September 26, 2019, 08:45:22 am »
If I could get 20,000+ active users, I would like to restart

If we could get 20000+ users we wouldnt have to :)

Online binggo

  • Hero Member
  • *****
  • Posts: 1459
    • View Profile
Re: Abandon 100% peg?
« Reply #8 on: September 26, 2019, 08:53:28 am »
I think we can restart 10x, then we will get 10×20,000 active users. :D
« Last Edit: September 26, 2019, 08:58:14 am by binggo »