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[POLL]BAIP8 : Reduce price threshold by 30% for bitcny
Thul3:
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.
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