2020-10-14 Old bitCNY parameters adjustment

[abit]

Purpose:
to restore the peg of bitCNY in the long run and mitigate the issue that some debt positions' collateral is too low.

Changes:
MCR has been increased from 185% to 195%
MSSR has been increased from 150% to 151%.
MCFR has been increased from 6% to 8%.

Current parameters:

ICR (Initial collateral ratio) 295%
MCR (Maintenance collateral ratio) 195%
MSSR (Maximum short-squeeze ratio) 151%
MCFR (Margin call fee rate) 8%
FSO (Force settlement price offset) 2%
FSFP (Force settlement fee percent) 1%

The median feed price is 0.22 CNY/BTS.

Borrowing has been enabled earlier. The maximum supply is limited to 28,000,000 bitCNY.


Note:

* As of writing, market trading price of BTS on CEXs is around 0.13 CNY, the collateral ratio (CR) of the debt position with the lowest CR in the BitShares DEX is 109%, the corresponding black swan price is 0.119 CNY.

* the ICR value 295% for feed price 0.22 effectively means 174% for market price 0.13, and the corresponding black swan price is 0.075.

* the MCR value 195% for feed price 0.22 effectively means 115% for market price 0.13, and the corresponding black swan price is 0.113.

* the MSSR value 151% for feed price 0.22 means collateral of low-CR debt positions will be listed for sale at 0.22 / 151% = 0.1457 bitCNY
** the MCFR value 8% means the price for buyers' is 0.22 / (151%-8%) = 0.15385 bitCNY