Author Topic: [POLL]BAIP8 : Reduce price threshold by 30% for bitcny  (Read 2499 times)

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Offline Thul3

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[POLL]BAIP8 : Reduce price threshold by 30% for bitcny
« on: June 20, 2020, 12:25:00 am »
BAIP8(https://github.com/bitshares/baips/blob/master/baip-0008.md) is a new drafted proposal that consist reduce of bitcny price threshold from 0.22 cny to 0.154 cny

Now 2 poll workers have been created:

1.14.264 Poll-BAIP8-Implement new threshold for bitcny at 0.154CNY
1.14.265 Poll-BAIP8-Do Not Implement new threshold for bitcny
According to BAIP procedure definition, the BAIP8 will be considered approved while below 3 criteria are met:

1.worker 1.14.264 get more voting power than 1.14.265 worker.
2.worker 1.14.264 get more voting power than BAIP-Threshold Worker 1.14.236.
3.Both No.1 & 2 above last for three consecutive days.

BAIP: 0008 Title: Reduce of price threshold by 30% for bitcny Authors: b-dex Status: Accepted Type: Consensus Created: 2020-06-20


Abstract

The purpose of this proposal is to get bitcny full pegg back and make bitshares dex back attractive to traders


Specification

Bitcny and Bitusd has been put a price feed threshold to stop the negative effects of price manipulations on CEX.
Since then volume and interrest on trading on these both bitassets have sunk dramaticly.
To get back interest for the bitcny there is an opportunity to get the pegg back by reducing the threshold by 30%.
Currently all debtors who are shorting bitcny have a CR of 2.6 or higher.
This means reducing the threshold by 30% their CR will fall to 1.8.
There will be no margin calls and noone is going to lose a single BTS.
This way bitcny gets back its full value and the market gets attractive again to be used for trading.
BitUSD has currently not the opportunity because their CR is way lower than at bitcny debtors.


Operation
3 days after getting the BAIP proposal approved all witnesses change at 10 pm UCT time the price feed threshold for bitcny from
0.22 bitcny/bts to 0.154 bitcny/bts.

Please vote according to your opinion.


BAIP8(https://github.com/bitshares/baips/blob/master/baip-0008.md)



Please note the 2 debtors under CR of 2.6 also have enough BTS to increase their CR to above 2.6 but are currently so low fighting between each other to catch the force settlements.
« Last Edit: June 20, 2020, 02:23:33 am by Thul3 »

Offline Thul3

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Re: [POLL]BAIP8 : Reduce price threshold by 30% for bitcny
« Reply #1 on: June 20, 2020, 01:33:46 am »
P.S reducing bitcny threshold by 30% will reduce peoples CR from 2.6+ to 1.8+ .
Also reducing bitcny threshold by 30% will set the threshold at 0.154 bitcny or $0.0217 which at current price on CEX means that bitcny would have its pegg fully restored.
Since new threshold price would be at 0.154 bitcny and current real price is arround 0.17 cny it means the CR as of today would only fall from 2.6+ to 1.98+
« Last Edit: June 20, 2020, 02:25:58 am by Thul3 »

Offline finn-bts

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Re: [POLL]BAIP8 : Reduce price threshold by 30% for bitcny
« Reply #2 on: June 20, 2020, 02:16:12 am »
Great. I'll back you up

Offline btstodamoon

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Re: [POLL]BAIP8 : Reduce price threshold by 30% for bitcny
« Reply #3 on: June 20, 2020, 04:09:08 am »
一个愿意思考的老外,但是中国社区不会同意的,除了我。

Offline binggo

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Re: [POLL]BAIP8 : Reduce price threshold by 30% for bitcny
« Reply #4 on: June 20, 2020, 07:46:24 am »
一个愿意思考的老外,但是中国社区不会同意的,除了我。

CN-VOTE不能代表中国社区,中国社区的名声不能让他们毁了。

But why still retain the threshold,not to remove it thoroughly? even BAIP2 is not so good, but with it any price threshold can't hold up.

and i think BAIP/BSIP threshold(as they didn't get the approve) is not suitable, we can use WPS vote system(get fully day pay) as temporary passing criteria.


这个投票阈值有问题,因为这个投票阈值设计就没有经过BTS持有人投票通过过……极易被操控。
所以前期所有的BAIP/BSIP投票都应当重新审视,而且需要重新设计一套阈值机制来保证投票系统不被作弊操控与保证最低投票率。

而且现在喂价已经从见证人身上剥离了,迄今为止没有落地方案,都在靠爱发电,理事会很容易就可以操控喂价机制。

总而言之的话:

1.不采用现在的BAIP/BSIP阈值设计(因为它们没有投票生效过),临时采用WPS足额工资制作为通过标准;

2.喂价回归见证人; 这个是后话了。喂价剥离也没有经过bts持有人投票同意。


1.I suggest don't use BAIP/BSIP threshold(as they didn't get the approve), we can use WPS vote system(get fully day pay) as temporary passing criteria.

2.Restore the feed price to Wittness after this vote.



« Last Edit: June 20, 2020, 08:01:31 am by binggo »

Offline abit

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Re: [POLL]BAIP8 : Reduce price threshold by 30% for bitcny
« Reply #5 on: June 20, 2020, 07:59:43 pm »
It could be doable if force-settlement is disabled or force-settlement parameters are adjusted significantly at the same time, otherwise it will be gamed.
BTS account: abit
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Offline Thul3

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Re: [POLL]BAIP8 : Reduce price threshold by 30% for bitcny
« Reply #6 on: June 20, 2020, 11:50:41 pm »
It could be doable if force-settlement is disabled or force-settlement parameters are adjusted significantly at the same time, otherwise it will be gamed.

That's a detail which should be no problem to be included.

Offline finn-bts

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Re: [POLL]BAIP8 : Reduce price threshold by 30% for bitcny
« Reply #7 on: June 21, 2020, 04:07:43 am »
一个愿意思考的老外,但是中国社区不会同意的,除了我。
:D我同意降低或者解锁

Offline bench

Re: [POLL]BAIP8 : Reduce price threshold by 30% for bitcny
« Reply #8 on: June 21, 2020, 12:56:21 pm »
Support!
Be part of the change and vote for the bitshares-vision proxy!

Offline optionswallet

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Re: [POLL]BAIP8 : Reduce price threshold by 30% for bitcny
« Reply #9 on: June 21, 2020, 05:07:42 pm »

Dear community. I recommend that each of you vote against reducing the bitCNY feed to 0.154. Please go to the voting menu and check the box "Do not implement new threshold for bitcny". Voters for the reducing the bitCNY feed  are slaves of the central exchanges. These are enemies of bitshares and independence of dex. Please note if your proxy voted for reducing the bitCNY feed - delete it from your proxy


Pay particular attention to the Committee Member "b-dex"  - Never vote for him as a member of the committee, and if you have already voted, delete your vote and vote for the "bitcrab". bitcrab votes against reducing the bitCNY feed.
Never vote for him as your proxy -   if you have already voted, delete your vote.
Vote for me as your proxy "options-wallet".
Hit the menu - Voting - fill Proxy column - press save

Offline fractalnode

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Re: [POLL]BAIP8 : Reduce price threshold by 30% for bitcny
« Reply #10 on: June 21, 2020, 07:30:48 pm »
At the same time, I propose to increase Force Settlement Delay to 48 hours. The risk of changing prices during this period may somewhat stop the tendency to use this feature frequently and get people to buy straight from the market.
« Last Edit: June 21, 2020, 07:32:38 pm by fractalnode »

Offline binggo

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Re: [POLL]BAIP8 : Reduce price threshold by 30% for bitcny
« Reply #11 on: June 21, 2020, 11:31:21 pm »
At the same time, I propose to increase Force Settlement Delay to 48 hours. The risk of changing prices during this period may somewhat stop the tendency to use this feature frequently and get people to buy straight from the market.

Increase force-settlement offset to 5% or more higher is the suitable way, increase Force Settlement Delay to 48 hours can't change anything, there have some trading skills in Force Settlement, offset is the main factor, time is not so important.
« Last Edit: June 21, 2020, 11:41:55 pm by binggo »

Offline bitcrab

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Re: [POLL]BAIP8 : Reduce price threshold by 30% for bitcny
« Reply #12 on: June 22, 2020, 02:52:27 am »
do not support this, it will hurt a big group one more time.
to optimize the system, firstly need to find a chance to lower the USD threshold to be equal to that of CNY.

Offline binggo

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Re: [POLL]BAIP8 : Reduce price threshold by 30% for bitcny
« Reply #13 on: June 22, 2020, 03:20:15 am »
do not support this, it will hurt a big group one more time.
to optimize the system, firstly need to find a chance to lower the USD threshold to be equal to that of CNY.

hurt who?show your data!

Offline fractalnode

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Re: [POLL]BAIP8 : Reduce price threshold by 30% for bitcny
« Reply #14 on: June 22, 2020, 05:58:55 am »
At the same time, I propose to increase Force Settlement Delay to 48 hours. The risk of changing prices during this period may somewhat stop the tendency to use this feature frequently and get people to buy straight from the market.

Increase force-settlement offset to 5% or more higher is the suitable way, increase Force Settlement Delay to 48 hours can't change anything, there have some trading skills in Force Settlement, offset is the main factor, time is not so important.

we already had force-settlement offset at 5% level, don't you remember?
the result was that the bitCNY price fell by 5% and nothing more.
increasing the delay from 24h to 48h increases the risk. It may just be more profitable to buy at the current market price.
And if there is not enough BTS in DEX, you can always buy some from CEX
Only force settlement that exists in the world is in Steem / Hive and lasts 3.5 days. Experience teaches that maybe 24h is not enough.