[Poll] BSIP76:Set bitCNY feed threshold

[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.