Author Topic: CN-VOTE Statement on Market making contest  (Read 1125 times)

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Offline cn-vote

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CN-VOTE Statement on Market making contest
« on: December 09, 2019, 12:09:01 pm »
                                   CN-VOTE Statement on Market making contest

      Regarding the recent Market making contest , after in-depth discussions and voting within the CN-VOTE, the following statement is hereby issued:

      One ,We support the Market making contest and thank Abit and other organizers for their hard work. Support to pay the organizers.

      Second, We hope the organizers can join usdt/bitcny trading pairs in the contest, and reward not less than 20,000 BTS per day,  while appropriately reducing the reward amount of gateway assets.

      Third, we hope that the future Market making contest will gradually increase the incentive for Bitassets . We believe that gateway assets should ultimately be self-financing and the future Market making contest should gradually be transformed into rewarding BTS's own Bitassets, which should be taken from the people and used by the people.

       The CN-VOTE is a large number of retail investors' guild, representing the interests of retail investors. We hope all directors and organizers of the Market making contest can carefully consider the opinions of the CN-VOTE. The CN-VOTE reserves the right to use our voting rights to push the matter forward.

Offline Thul3

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Re: CN-VOTE Statement on Market making contest
« Reply #1 on: December 09, 2019, 10:49:19 pm »
Quote
Second, We hope the organizers can join usdt/bitcny trading pairs in the contest, and reward not less than 20,000 BTS per day,  while appropriately reducing the reward amount of gateway assets.

Support it.
I would increase difficulty by 20% for current MM to lower payout by 20% .

Quote
Third, we hope that the future Market making contest will gradually increase the incentive for Bitassets . We believe that gateway assets should ultimately be self-financing and the future Market making contest should gradually be transformed into rewarding BTS's own Bitassets, which should be taken from the people and used by the people.
A side effect would be increase of issuer income of bitfiat

Offline Crypto Kong

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Re: CN-VOTE Statement on Market making contest
« Reply #2 on: December 10, 2019, 09:04:35 am »
Seeing as CN vote and allies make all the decisions these days, why dont you sort the pegs out on these assets first, no ones interested in trading these shit coins. Also worth mentioning that gateways have to prove that their assets are fully backed, when you can do the same for these shit coins then maybe it can be considered.

To be clear, when a user can settle 1bitUSD for 1USD worth of BTS and 1bitCNY for 1CNY worth of BTS, then they are fully backed. Until then, under no circumstance should these assets be included in the MM contest.
« Last Edit: December 10, 2019, 09:14:10 am by Crypto Kong »

Offline binggo

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Re: CN-VOTE Statement on Market making contest
« Reply #3 on: December 10, 2019, 09:16:35 am »
If you don't like it, you can not trad it, no one force you,these shit coins is feeding the system, so,go to do something you think not shit.

Seeing as CN vote and allies make all the decisions these days, why dont you sort the pegs out on these assets first, no ones interested in trading these shit coins. Also worth mentioning that gateways have to prove that their assets are fully backed, when you can do the same for these shit coins then maybe it can be considered.

To be clear, when a user can settle 1bitUSD for 1USD worth of BTS and 1bitCNY for 1CNY worth of BTS, then they are fully backed. Until then, under no circumstance should these assets be included in the MM contest.
« Last Edit: December 10, 2019, 09:19:36 am by binggo »

Offline Dinko

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Re: CN-VOTE Statement on Market making contest
« Reply #4 on: December 10, 2019, 04:31:33 pm »
Please think logically about this contest. If a BTS is bought solely for this purpose, the intent is to sell this BTS for a higher price (iou.btc usd, cny or whatever) therefor you are not helping at all the price recovery. Right on the contrary - you are building MASSIVE selling walls and nobody involved in this contest would like to sell their BTS on loss naturally. So actually your contest is eating all the newcomer investors purchases and depreciating the value of BTS with time.

 Following the development of BTS for more than two years i am absolutely shocked how things turned for this ecosystem and the best solution we have is to buy and sell the coins between same accounts to "increase liquidity". This contest is nothing but a wash trading in different clothes, even worse - you are killing the even small chance of price recovery... But hey, it is important that the gdex people get rich out of the budget right? 
“The most unprofitable item ever manufactured is an excuse.”

Offline Dinko

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Re: CN-VOTE Statement on Market making contest
« Reply #5 on: December 10, 2019, 04:34:39 pm »
Please think logically about this contest. If a BTS is bought solely for this purpose, the intent is to sell this BTS for a higher price (iou.btc usd, cny or whatever) therefor you are not helping at all the price recovery. Right on the contrary - you are building MASSIVE selling walls and nobody involved in this contest would like to sell their BTS on loss naturally. So actually your contest is eating all the newcomer investors purchases and depreciating the value of BTS with time.

 Following the development of BTS for more than two years i am absolutely shocked how things turned for this ecosystem and the best solution we have is to buy and sell the coins between same accounts to "increase liquidity". This contest is nothing but a wash trading in different clothes, even worse - you are killing the even small chance of price recovery... But hey, it is important that the gdex people get rich out of the budget right?
29,5 BTC to be sold ONLY IN GDEX GATEWAY before we recover to the 300 satoshis at this point. Why is that better when there were no sell walls and bullrun would be actually felt for BTS holders?
“The most unprofitable item ever manufactured is an excuse.”