[Poll] BSIP76:Set bitCNY feed threshold

[R]

interesting, why shall I trust you, not my eyes?

https://www.nytimes.com/2020/04/02/us/politics/cia-coronavirus-china.html
https://www.bloomberg.com/news/articles/2020-04-01/china-concealed-extent-of-virus-outbreak-u-s-intelligence-says
https://www.bbc.co.uk/news/world-asia-china-52321529
https://www.youtube.com/watch?v=0CC6ChW-CQg
https://www.thetimes.co.uk/edition/news/no-10-drops-china-from-coronavirus-death-toll-list-dxfr92fdk

They hit their threshold and set a fixed feed like bitCNY 🤔

we just updated the design of bitCNY, in old times bitCNY is a derivative that base on BTS real time price. now it is a derivative that base on one function of BTS price

Without providing bitasset holders a vote, without changing the asset details nor website's technical documentation to reflect these changes. A cover up.

Why not instead buy more BTS to cover bad debt positions than defraud bitasset holders?

surely this change hurt bitCNY holders, but it solve the death spiral and benefit BTS future. the decision is made mainly by China community, include most of the bitCNY holders.

No doubt it hurt bitasset holders, 70%+ loss of asset value is a substantial second bailout of bad debtors without their permission. bitCNY is no longer a stable store of value for savers nor retail, new smartcoins are being created with substantially higher credibility than bitassets.

Death spiral is subjective, the spiral has already occurred for the asset holder not the bad debtor; global settlement at real prices would have provided an opportunity for traders, denying this core trading activity disincentivizes buying BTS at these high prices.

[binggo]

surely this change hurt bitCNY holders, but it solve the death spiral and benefit BTS future. the decision is made mainly by China community, include most of the bitCNY holders.

This logic is very very stupid, this didn't solve anything and it's very harmful to the BTS future.

Don't blame that to the China community！

and how did you get this conclusion "include most of the bitCNY holders"?

Just want to beg the price arising to rescue, this is …… very pathetic!

[bitcrab]

It's an identical problem - when faced with an unacceptable situation the outcome has been to repeatedly provide fake numbers.

Trust me when I say nobody believes China has solved the problem, they're simply lying about the figures, exactly like how BSIP76 proponents have behaved with bitCNY (provide fake numbers to escape an undesirable reality). https://www.youtube.com/watch?v=llgCCybOZoA

Why does my location matter? No courts are open; if I was in china would you be demanding my incarceration? Sad. I may or may not currently reside in the fully independent nation state of Taiwan.

interesting, why shall I trust you, not my eyes?

we just updated the design of bitCNY, in old times bitCNY is a derivative that base on BTS real time price. now it is a derivative that base on one function of BTS price.

surely this change hurt bitCNY holders, but it solve the death spiral and benefit BTS future. the decision is made mainly by China community, include most of the bitCNY holders.

[binggo]

It's an identical problem - when faced with an unacceptable situation the outcome has been to repeatedly provide fake numbers.

Trust me when I say nobody believes China has solved the problem, they're simply lying about the figures, exactly like how BSIP76 proponents have behaved with bitCNY (provide fake numbers to escape an undesirable reality). https://www.youtube.com/watch?v=llgCCybOZoA

Why does my location matter? No courts are open; if I was in china would you be demanding my incarceration? Sad. I may or may not currently reside in the fully independent nation state of Taiwan.

You are talking about the thing you didn't know, the thing also can be "Trump: 'You don't know what the coronavirus numbers are in USA', ".

This is political attacks and subject, you can talk about it in anywhere, but please not here.

Stakeholder Proposals

Propose, discuss, and approve BitShares witnesses, workers, proxies, committee members, and other parameter changes.

[R]

In August 1971, U.S. President Richard Nixon announced to remove the dollar peg to gold, the Bretton Woods System collapsed.

You surely can say that US cheated the whole world, but the point is, at that moment US has no other choice.

BTS also face similar problem, BTS need first to survive, and then can seek more.

BitAssets are not created as a killer to BTS.

BS. Global settlement would have nullified this bad debt issue & we'd likely have recovered by this point.

BitAssets weren't created to defraud the bitshares community, yet here we are - the committee owned bitassets now permanently disgraced scamcoins.

Shame on you for fundamentally destroying the integrity of bitassets permanently.

On the upside, at least we know now that china's lying about their covid figures since these bitCNY fixed feeds are seemingly fully acceptable to the CCP. Had you not led the bitassets to defraud the entire Bitshares community I might have taken the CN Covid figures at face value and not prepared as well as I did for this quarantine. Cheers mate 👍

if you want to discuss bitCNY issue, let's focus on it, covid figures is another irrelevant problem.

and it's clear that China has solved internal problems and is now helping the whole world. as a Chinese that live in Shanghai I am clear what happened here.

BTW, where do you come from?

It's an identical problem - when faced with an unacceptable situation the outcome has been to repeatedly provide fake numbers.

Trust me when I say nobody believes China has solved the problem, they're simply lying about the figures, exactly like how BSIP76 proponents have behaved with bitCNY (provide fake numbers to escape an undesirable reality). https://www.youtube.com/watch?v=llgCCybOZoA

Why does my location matter? No courts are open; if I was in china would you be demanding my incarceration? Sad. I may or may not currently reside in the fully independent nation state of Taiwan.

[bitcrab]

In August 1971, U.S. President Richard Nixon announced to remove the dollar peg to gold, the Bretton Woods System collapsed.

You surely can say that US cheated the whole world, but the point is, at that moment US has no other choice.

BTS also face similar problem, BTS need first to survive, and then can seek more.

BitAssets are not created as a killer to BTS.

BS. Global settlement would have nullified this bad debt issue & we'd likely have recovered by this point.

BitAssets weren't created to defraud the bitshares community, yet here we are - the committee owned bitassets now permanently disgraced scamcoins.

Shame on you for fundamentally destroying the integrity of bitassets permanently.

On the upside, at least we know now that china's lying about their covid figures since these bitCNY fixed feeds are seemingly fully acceptable to the CCP. Had you not led the bitassets to defraud the entire Bitshares community I might have taken the CN Covid figures at face value and not prepared as well as I did for this quarantine. Cheers mate 👍

if you want to discuss bitCNY issue, let's focus on it, covid figures is another irrelevant problem.

and it's clear that China has solved internal problems and is now helping the whole world. as a Chinese that live in Shanghai I am clear what happened here.

BTW, where do you come from?

[R]

In August 1971, U.S. President Richard Nixon announced to remove the dollar peg to gold, the Bretton Woods System collapsed.

You surely can say that US cheated the whole world, but the point is, at that moment US has no other choice.

BTS also face similar problem, BTS need first to survive, and then can seek more.

BitAssets are not created as a killer to BTS.

BS. Global settlement would have nullified this bad debt issue & we'd likely have recovered by this point.

BitAssets weren't created to defraud the bitshares community, yet here we are - the committee owned bitassets now permanently disgraced scamcoins.

Shame on you for fundamentally destroying the integrity of bitassets permanently.

On the upside, at least we know now that china's lying about their covid figures since these bitCNY fixed feeds are seemingly fully acceptable to the CCP. Had you not led the bitassets to defraud the entire Bitshares community I might have taken the CN Covid figures at face value and not prepared as well as I did for this quarantine. Cheers mate 👍

[R]

I do not want to explain more to the guys who just say others do not understand this and that, it's wasting time.

The best thing that could happen to bitshares is for you personally to end up in concrete box with bars after an anonymous report to state security and exchange commission.   And all your friends and associates locked up and fined as well. 

Please somebody, do us all a favor, and report this asshole:

CHINA http://www.csrc.gov.cn/pub/csrc_en/about/contact/
USA https://www.sec.gov/tcr
EU https://www.esma.europa.eu/whistleblowers-corner

If you report to SEC you may be eligible for up to 10% of any money recovered as a reward!

Flectere si nequeo superos, Acheronta movebo.

just report it yourself, don't you like the reward?

the decision is made by community through voting, not by myself.

So what you're saying is fetch all historic votes for price threshold WP & include them in the report as co-conspirators of this scam? You did orchestrate this scam so you're not off the hook just because others approved it - that's like saying the guy that ordered/planned/coordinated a hit didn't commit murder just because his gang voted on it, doesn't work like that buddy.

[bitcrab]

I do not want to explain more to the guys who just say others do not understand this and that, it's wasting time.

The best thing that could happen to bitshares is for you personally to end up in concrete box with bars after an anonymous report to state security and exchange commission.   And all your friends and associates locked up and fined as well. 

Please somebody, do us all a favor, and report this asshole:

CHINA http://www.csrc.gov.cn/pub/csrc_en/about/contact/
USA https://www.sec.gov/tcr
EU https://www.esma.europa.eu/whistleblowers-corner

If you report to SEC you may be eligible for up to 10% of any money recovered as a reward!

Flectere si nequeo superos, Acheronta movebo.

just report it yourself, don't you like the reward?

the decision is made by community through voting, not by myself.

[litepresence]

I do not want to explain more to the guys who just say others do not understand this and that, it's wasting time.

The best thing that could happen to bitshares is for you personally to end up in concrete box with bars after an anonymous report to state security and exchange commission.   And all your friends and associates locked up and fined as well. 

Please somebody, do us all a favor, and report this asshole:

CHINA http://www.csrc.gov.cn/pub/csrc_en/about/contact/
USA https://www.sec.gov/tcr
EU https://www.esma.europa.eu/whistleblowers-corner

If you report to SEC you may be eligible for up to 10% of any money recovered as a reward!

Flectere si nequeo superos, Acheronta movebo.

[binggo]

I do not want to explain more to the guys who just say others do not understand this and that, it's wasting time.

You are wasting BTS time，may i will call you “The killer of BTS”.

Your explanation is weak，it even can't convince yourself，but it can bamboozle your followers, how pathetic，blinded by the endless greed.

The reality will show the ignorance of somebody, ok, it has shown.

[bitcrab]

In August 1971, U.S. President Richard Nixon announced to remove the dollar peg to gold, the Bretton Woods System collapsed.

You surely can say that US cheated the whole world, but the point is, at that moment US has no other choice.

BTS also face similar problem, BTS need first to survive, and then can seek more.

BitAssets are not created as a killer to BTS.

You give an example that you didn't understand until now，that is such an irrelevant example.

If other stablecoin use BTS as collateral, then you will get a very good pretext to blame which is the culprit can‘t make BTS survive！

How pathetic and preposterous！

Then who is the killer to BTS？

I do not want to explain more to the guys who just say others do not understand this and that, it's wasting time.

[binggo]

In August 1971, U.S. President Richard Nixon announced to remove the dollar peg to gold, the Bretton Woods System collapsed.

You surely can say that US cheated the whole world, but the point is, at that moment US has no other choice.

BTS also face similar problem, BTS need first to survive, and then can seek more.

BitAssets are not created as a killer to BTS.

You give an example that you didn't understand until now，that is such an irrelevant example.

If other stablecoin use BTS as collateral, then you will get a very good pretext to blame which is the culprit can‘t make BTS survive！

How pathetic and preposterous！

Then who is the killer to BTS？

[bitcrab]

In August 1971, U.S. President Richard Nixon announced to remove the dollar peg to gold, the Bretton Woods System collapsed.

You surely can say that US cheated the whole world, but the point is, at that moment US has no other choice.

BTS also face similar problem, BTS need first to survive, and then can seek more.

BitAssets are not created as a killer to BTS.

[R]

BSIP76 is a scam. Even to this day the bitshares.org website misleads investors: https://bitshares.org/technology/price-stable-cryptocurrencies/

BSIP76 has HUMILIATED CNY on an international stage & destroyed the credibility of bitassets as a store of value permanently.

Shame on all BSIP76 proponents.

If you do not understand what sense does BSIP76 make, update yourself.

bitshares.org need update.

we understand BSIP76 make bitCNY&bitUSD peg off, but there is no better choice.

to stop the death spiral from destroying BTS, we have to do so.

what we need to do is make BTS price above the threshold stably, the way is to make the system income support BTS price, and that is what the core prelude worker focus on.

BSIP76 has repeatedly defrauded tens of thousands of bitasset holders via BSIP76. This has been worse for BTS than all the proposal scammers combined detrimental impact on bitshares. Shame on BSIP76 proponents for degrading the reputation&value of bitassets to save yourself/friends from bad gambling outcomes.

It's not just the website that deceives users, but it's also the CNY asset details which lie about it being pegged to the CNY. It's not pegged to the CNY but a fake number. Why lie about the asset? Why humiliate the real CNY & China like this?

The correct outcome should have been globally settlement, as originally intended, as fully known/acknowledged by all bitasset participants. Face reality instead of cheating the system to the direct detriment of the platform as a whole.

[Thul3]

BSIP76 is a scam. Even to this day the bitshares.org website misleads investors: https://bitshares.org/technology/price-stable-cryptocurrencies/

BSIP76 has HUMILIATED CNY on an international stage & destroyed the credibility of bitassets as a store of value permanently.

Shame on all BSIP76 proponents.

If you do not understand what sense does BSIP76 make, update yourself.

bitshares.org need update.

we understand BSIP76 make bitCNY&bitUSD peg off, but there is no better choice.

to stop the death spiral from destroying BTS, we have to do so.

what we need to do is make BTS price above the threshold stably, the way is to make the system income support BTS price, and that is what the core prelude worker focus on.

You do it by adding $20 daily market fee?

[bitcrab]

BSIP76 is a scam. Even to this day the bitshares.org website misleads investors: https://bitshares.org/technology/price-stable-cryptocurrencies/

BSIP76 has HUMILIATED CNY on an international stage & destroyed the credibility of bitassets as a store of value permanently.

Shame on all BSIP76 proponents.

If you do not understand what sense does BSIP76 make, update yourself.

bitshares.org need update.

we understand BSIP76 make bitCNY&bitUSD peg off, but there is no better choice.

to stop the death spiral from destroying BTS, we have to do so.

what we need to do is make BTS price above the threshold stably, the way is to make the system income support BTS price, and that is what the core prelude worker focus on.

[R]

BSIP76 is a scam. Even to this day the bitshares.org website misleads investors: https://bitshares.org/technology/price-stable-cryptocurrencies/

BSIP76 has HUMILIATED CNY on an international stage & destroyed the credibility of bitassets as a store of value permanently.

Shame on all BSIP76 proponents.

[abit]

As far as I can tell, data on CMC is not reliable.

72% of volume on BTS on CMC is from CoinEgg, with fake volume.
100% of volume on bitCNY on CMC is from CoinTiger, where you can't deposit/withdraw.

I have no idea how Coingecko got that data.

0.19975 CNY/BTS : https://www.livecoinwatch.com/price/BitShares-BTS
0.20149 CNY/BTS : https://coincodex.com/crypto/bitshares/?period=7D
0.2006 CNY/BTS: https://coincheckup.com/coins/bitshares/
0.208 CNY/BTS: https://coinlib.io/coin/BTS/Bitshares
0.20152 CNY/BTS: https://coincap.io/assets/bitshares

avg: (0.19975 + 0.20149 + 0.2006 + 0.208 + 0.20152)/5 = ‭0.202272‬ CNY/BTS
avg value of 1 bitCNY: 4.54545 * 0.202272‬ = ‭0.9194172624‬ = ‭8.058% below peg

Thanks for the links.

[R]

As far as I can tell, data on CMC is not reliable.

72% of volume on BTS on CMC is from CoinEgg, with fake volume.
100% of volume on bitCNY on CMC is from CoinTiger, where you can't deposit/withdraw.

I have no idea how Coingecko got that data.

0.19975 CNY/BTS : https://www.livecoinwatch.com/price/BitShares-BTS
0.20149 CNY/BTS : https://coincodex.com/crypto/bitshares/?period=7D
0.2006 CNY/BTS: https://coincheckup.com/coins/bitshares/
0.208 CNY/BTS: https://coinlib.io/coin/BTS/Bitshares
0.20152 CNY/BTS: https://coincap.io/assets/bitshares

avg: (0.19975 + 0.20149 + 0.2006 + 0.208 + 0.20152)/5 = ‭0.202272‬ CNY/BTS
avg value of 1 bitCNY: 4.54545 * 0.202272‬ = ‭0.9194172624‬ = ‭8.058% below peg

[abit]

As far as I can tell, data on CMC is not reliable.

72% of volume on BTS on CMC is from CoinEgg, with fake volume.
100% of volume on bitCNY on CMC is from CoinTiger, where you can't deposit/withdraw.

I have no idea how Coingecko got that data.

[R]

I don't think the result you got is right.

The right answer is there: https://dev.bts.xyz/merchant/staff?action=recharge&asset=CNY

Your website isn't loading properly, it's displaying an indefinite spinning loading animation.

CMC shows the current BTS CNY price as 0.205061 & Coingecko say it's 0.203866, so:
4.54545 * 0.205061 = 0.93209  (6.79% below peg).
4.54545* 0.203866 = ‭0.92666 (‭7.334‬% below peg).

bitCNY/CNY conversion fee at this moment:

I'm unfamiliar with this trading exchange, but the shown rates are below my above estimates.

[bitcrab]

It's more than 4% though, no? https://bitsharestalk.org/index.php?topic=29679.msg336034#msg336034

CNY feed price: 4.54545 BTS per 1 CNY (https://wallet.bitshares.org/#/asset/CNY)
1 CNY in USD (CURRENT): $0.140133 (https://www.xe.com/currencyconverter/convert/?Amount=1&From=CNY&To=USD)
1 BTS in USD (CURRENT): $0.028488 (https://coinmarketcap.com/currencies/bitshares/)
(1-((4.54545*0.028488)/0.140133))*100= 7.594%


1 CNY in USD (26th september 2019): $0.140220 (https://www.poundsterlinglive.com/best-exchange-rates/best-us-dollar-to-chinese-yuan-history)
1 BTS in USD (26th september 2019): $0.025056 (same cmc source)
(1-((4.54545*0.025056)/0.140220))*100= 18.777% (That's a deep discount, no?)

bitCNY/CNY conversion fee at this moment:

[bench]

How long will this be active for then? It's almost been 2 weeks now.

Until MCR for bitCNY is set to 1.5.
Min. feedprice can be lowered to 0.20625 bitCNY/BTS

I very much doubt that lowering the threshhold will __ever__ happen, as long as the outside market price is lower. It would mean instant margin call for pretty much all positions.

No margin call, because MCR (bitCNY)= 1.5!

[binggo]

I don't think the result you got is right.

The right answer is there: https://dev.bts.xyz/merchant/staff?action=recharge&asset=CNY

How long will this be active for then? It's almost been 2 weeks now.

Until MCR for bitCNY is set to 1.5.
Min. feedprice can be lowered to 0.20625 bitCNY/BTS

I very much doubt that lowering the threshhold will __ever__ happen, as long as the outside market price is lower. It would mean instant margin call for pretty much all positions.

I don't think that will happen, I don't think community will select to lower the threshold.

actually the current status is not so bad, although BTS market price is about 10% lower than 0.22CNY, bitCNY has about 4% discount, better than the 10%+ premium that we always see when MSSR=1.1.

It's more than 4% though, no? https://bitsharestalk.org/index.php?topic=29679.msg336034#msg336034

CNY feed price: 4.54545 BTS per 1 CNY (https://wallet.bitshares.org/#/asset/CNY)
1 CNY in USD (CURRENT): $0.140133 (https://www.xe.com/currencyconverter/convert/?Amount=1&From=CNY&To=USD)
1 BTS in USD (CURRENT): $0.028488 (https://coinmarketcap.com/currencies/bitshares/)
(1-((4.54545*0.028488)/0.140133))*100= 7.594%


1 CNY in USD (26th september 2019): $0.140220 (https://www.poundsterlinglive.com/best-exchange-rates/best-us-dollar-to-chinese-yuan-history)
1 BTS in USD (26th september 2019): $0.025056 (same cmc source)
(1-((4.54545*0.025056)/0.140220))*100= 18.777% (That's a deep discount, no?)

[R]

How long will this be active for then? It's almost been 2 weeks now.

Until MCR for bitCNY is set to 1.5.
Min. feedprice can be lowered to 0.20625 bitCNY/BTS

I very much doubt that lowering the threshhold will __ever__ happen, as long as the outside market price is lower. It would mean instant margin call for pretty much all positions.

I don't think that will happen, I don't think community will select to lower the threshold.

actually the current status is not so bad, although BTS market price is about 10% lower than 0.22CNY, bitCNY has about 4% discount, better than the 10%+ premium that we always see when MSSR=1.1.

It's more than 4% though, no? https://bitsharestalk.org/index.php?topic=29679.msg336034#msg336034

CNY feed price: 4.54545 BTS per 1 CNY (https://wallet.bitshares.org/#/asset/CNY)
1 CNY in USD (CURRENT): $0.140133 (https://www.xe.com/currencyconverter/convert/?Amount=1&From=CNY&To=USD)
1 BTS in USD (CURRENT): $0.028488 (https://coinmarketcap.com/currencies/bitshares/)
(1-((4.54545*0.028488)/0.140133))*100= 7.594%


1 CNY in USD (26th september 2019): $0.140220 (https://www.poundsterlinglive.com/best-exchange-rates/best-us-dollar-to-chinese-yuan-history)
1 BTS in USD (26th september 2019): $0.025056 (same cmc source)
(1-((4.54545*0.025056)/0.140220))*100= 18.777% (That's a deep discount, no?)

[bitcrab]

How long will this be active for then? It's almost been 2 weeks now.

Until MCR for bitCNY is set to 1.5.
Min. feedprice can be lowered to 0.20625 bitCNY/BTS

I very much doubt that lowering the threshhold will __ever__ happen, as long as the outside market price is lower. It would mean instant margin call for pretty much all positions.

I don't think that will happen, I don't think community will select to lower the threshold.

actually the current status is not so bad, although BTS market price is about 10% lower than 0.22CNY, bitCNY has about 4% discount, better than the 10%+ premium that we always see when MSSR=1.1.

[sschiessl]

How long will this be active for then? It's almost been 2 weeks now.

Until MCR for bitCNY is set to 1.5.
Min. feedprice can be lowered to 0.20625 bitCNY/BTS

I very much doubt that lowering the threshhold will __ever__ happen, as long as the outside market price is lower. It would mean instant margin call for pretty much all positions.

[bench]

How long will this be active for then? It's almost been 2 weeks now.

Until MCR for bitCNY is set to 1.5.
Min. feedprice can be lowered to 0.20625 bitCNY/BTS

[R]

How long will this be active for then? It's almost been 2 weeks now.

[R]

https://btsapi.grcnode.co.uk/get_bts_object?object_id=1.13.26121&api_key=123abc
https://btsapi.grcnode.co.uk/get_bts_object?object_id=1.13.26116&api_key=123abc

The above BSIP WP's were activated for a very short moment this morning, days after the changes were thrust upon witnesses. Why was the BSIP WP process bypassed/disregarded when it comes to such a high impact BSIP?

[R]

Why was this implemented before activation? None of the proposed BSIPs gained sufficient network consensus:
https://btsapi.grcnode.co.uk/get_bts_object?object_id=1.13.26121&api_key=123abc
https://btsapi.grcnode.co.uk/get_bts_object?object_id=1.13.26116&api_key=123abc
https://btsapi.grcnode.co.uk/get_bts_object?object_id=1.13.26117&api_key=123abc

Why pretend to use BSIP & WP if it's purpose is disregarded?

[binggo]

Losing pegg for a described timeframe is not as bad as losing big part of the community and their trust because bitshares can't protect debt holders from obvious price manipulation.
Who is going to take the risk to create debt if bitshares shows that everyone can manipulate them like he is pleased.

The only manipulation happening here is this arbitrary price feed that has nothing to do with reality!

You are deliberately destroying the credibility of our SmartCoins, and you think that will instill trust in our userbase?

Just a a temporary measures for emergency situation and mechanism problem, something like Circuit Breaker, don't need to worry about this too much.

If really want to help or do something, should give a better mechanism to prevent the short attack which come from the fictitious trading of CEX.

If we have a perfect mechanism, we will not need this BSIP anymore.

[pc]

Losing pegg for a described timeframe is not as bad as losing big part of the community and their trust because bitshares can't protect debt holders from obvious price manipulation.
Who is going to take the risk to create debt if bitshares shows that everyone can manipulate them like he is pleased.

The only manipulation happening here is this arbitrary price feed that has nothing to do with reality!

You are deliberately destroying the credibility of our SmartCoins, and you think that will instill trust in our userbase?

[bitcrab]

It reflects the ideas from two people, abit and yourself. Certainly not "the community" nor "the team".

not sure which core team member other than abit support this, but at least 5 committee members support this.

It destroys the value proposition of our smartcoins. What else is a smartcoin good for? Who is ever going to believe that 1 bitCNY = 1 CNY if you decide to break the peg in order to protect the interests of speculators, using the voting power of these speculators?

Detroying credibility of our smartcoins will have a devastating effect on the entire BitShares ecosystem.

Yes, this action bring partial and temporary harm to smartcoin, but we focus on global and long term issues.

smartcoin is not a perfectly designed concept, maybe mathematically it can support itself, but the key point in economy is people's behavior, when you review it economically, you'll find many flaws inside it, that's why we push continuous update on it.

one key point is, it is not a right way to pay any cost to maintain the stability of smartcoin.

we have thought GS is a good design, but now most of the community support GS protection.

maybe the "threshold of feed price" is another big change to smartcoin design, we need to face it, not to blame it or try to kill it.

[Bangzi]

BSIP76 Activated in BitCNY and BitUSD

[Thul3]

It reflects the ideas from two people, abit and yourself. Certainly not "the community" nor "the team".

I joined their idea.
Losing pegg for a described timeframe is not as bad as losing big part of the community and their trust because bitshares can't protect debt holders from obvious price manipulation.
Who is going to take the risk to create debt if bitshares shows that everyone can manipulate them like he is pleased.

Current active accounts on bitshares are around 5000.
We are already a small community and shouldn't let another part of the community leave just to uphold a pegg of bitfiat which is already near GS and losing its pegg anyway.

[pc]

it really reflect the ideas from the community and the team.

It reflects the ideas from two people, abit and yourself. Certainly not "the community" nor "the team".

I don't think this will do bad to smartcoins.

It destroys the value proposition of our smartcoins. What else is a smartcoin good for? Who is ever going to believe that 1 bitCNY = 1 CNY if you decide to break the peg in order to protect the interests of speculators, using the voting power of these speculators?

Detroying credibility of our smartcoins will have a devastating effect on the entire BitShares ecosystem.

[bitcrab]

This does not look good. Reminds me on BSIP42.

Why did the Chinese community not vote for 1.14.215   Poll - BSIP59 - Reduce MCR of bitCNY to 1.5?

different.

BSIP76 is protection, just avoid the feed price to fall into some price area. BSIP42 is dynamic adjusting feed price based on the "peg exactness" of the smartcoin, BSIP42 bring more uncertainty.

another thing is that GS protection is not alive while BSIP42 is implemented, this add more risk.

[bitcrab]

BSIP 76 was merged without following proper procedures. Discussion was (and is) still ongoing.

This is a deliberate attempt to unilaterally destroy the concept of our smartcoins, without caring about the consequences.

The rationale is clear and the thing is a little urgent, actually some witnesses already did what BSIP76 describes while it was not drafted out yet, it's not a good choice to go through a long process while watching tragic stories continue to happen.

We always need to review the BTS mechanism and optimize. I don't think this will do bad to smartcoins.

This BSIP is drafted by core team member and merged by committee member, although it do not strictly follow the core team process, it really reflect the ideas from the community and the team.

Surely discussion will go on, if there is strong negative opinions, please express through voting power.

[bench]

This does not look good. Reminds me on BSIP42.

Why did the Chinese community not vote for 1.14.215   Poll - BSIP59 - Reduce MCR of bitCNY to 1.5?

[pc]

BSIP 76 was merged without following proper procedures. Discussion was (and is) still ongoing.

This is a deliberate attempt to unilaterally destroy the concept of our smartcoins, without caring about the consequences.

[bitcrab]

Based on BSIP76, https://github.com/bitshares/bsips/blob/master/bsip-0076.md, now 2 poll worker proposals have been created:

1.14.218   Poll - BSIP76 - Set bitCNY feed threshold to 0.246CNY/BTS
1.14.222   Poll - BSIP76 - Set bitCNY feed threshold to 0.22CNY/BTS
1.14.219   Poll - BSIP76 - Do Not Set bitCNY feed threshold

This action is a little urgent and is triggered by what happened at ZB.com at 24th night, China community recognized that BTS have to develop some method to resist the shorting attack from CEX immediately, otherwise all the stakeholders can only play tragic role.

Please vote according to your opinion.