Author Topic: bitCNY live on LATOKEN from 14 October  (Read 236 times)

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Offline matle85

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bitCNY live on LATOKEN from 14 October
« on: October 07, 2019, 07:13:34 pm »



All,

The listing of bitCNY goes live on LATOKEN from 14 October 2019.

LATOKEN is a Top-20 crypto exchange focusing on providing liquidity for new tokens:
•   $1 bn+ daily turnover
•   400 k+ registered traders
•   450+ crypto pairs available for trading


You can register to trade bitCNY on LATOKEN at this link: http://bit.ly/2mNzFKF

There is also a 14 day free market-making trial available if anyone wants to make use of that service (I will but it would be better if a bigger holder of bitCNY did as well!)

If someone can provide me with a Chinese translation of appropriate announcement text I will include it on the banner. At the minute the draft text says 'Chinese Yuan pegged stablecoin bitCNY is live on LATOKEN from 14 October 2019!' (if it is preferred for me to call it Renminbi I can but for most western readers I think they are used to seeing Yuan).

LATOKEN look to have good legitimate traffic as they are currently Top 10 for 'adjusted volume' on CMC (https://coinmarketcap.com/rankings/exchanges/) so hopefully this will be positive. Just 3% of their current traffic is Chinese so it would be good to see a boost from this bitCNY listing!

If anyone wants to reach out about the market making just message me on telegram (matle85).

Thanks!

Mathew

Offline R

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Re: bitCNY live on LATOKEN from 14 October
« Reply #1 on: October 07, 2019, 07:56:05 pm »
Quote
Chinese Yuan pegged stablecoin bitCNY
bitCNY isn't pegged to CNY right now though (see BSIP76)

Offline abit

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Re: bitCNY live on LATOKEN from 14 October
« Reply #2 on: October 07, 2019, 11:28:14 pm »
Quote
Chinese Yuan pegged stablecoin bitCNY
bitCNY isn't pegged to CNY right now though (see BSIP76)
You buy more BTS make the price above 0.22 then it's pegged again.
BTS account: abit
BTS committee member: abit
BTS witness: in.abit

Offline sschiessl

Re: bitCNY live on LATOKEN from 14 October
« Reply #3 on: October 08, 2019, 07:15:38 am »
Some thoughts and numbers on the side:

The threshold price has the effect that margin calls are effectively disabled, and force settlements are targeting a price that deviates from market price. The peg for me is the market price, and as such defined by the trader. As such I would see the threshold price creating sort of undercollaterization (since the promise of settling for equal value in BTS is broken).

Looking at CoinMarketCap we have a deviation of 1% (https://coinmarketcap.com/currencies/bitcny/, CMC is always weird), doing it by hand (BTS/bitCNY latest DEX price, BTS/BTC binance price, BTC/CNY binance price) I see a deviation of 4.5%. The feed price has a deviation of 7.5%. Interestingly, the traders do not exactly follow what the threshhold price dictates.

Offline Sapiens

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Re: bitCNY live on LATOKEN from 14 October
« Reply #4 on: October 08, 2019, 06:17:43 pm »

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You buy more BTS make the price above 0.22 then it's pegged again.

How is it so? It's already 0.028 on CMC and 0.03 on the DEX!

Offline Thul3

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Re: bitCNY live on LATOKEN from 14 October
« Reply #5 on: October 08, 2019, 06:21:42 pm »

Quote
You buy more BTS make the price above 0.22 then it's pegged again.

How is it so? It's already 0.028 on CMC and 0.03 on the DEX!

They talk about bitcny

Offline Alisonenacy

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bitCNY live on LATOKEN from 14 October
« Reply #6 on: October 16, 2019, 03:29:15 am »
saw that and I’m working that weekend. Sucks ‘cause I would have gone, even for one day


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