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BitCNY Force settlement offset still at 5%?

BY: @jonnybitcoin | CREATED: Jan. 15, 2018, 4:32 a.m. | VOTES: 8 | PAYOUT: $6.18 | [ VOTE ]

Back in November we were told that adjusting the Force settlement offset to 5% from 1% for BitCNY would be a temporary measure while feed prices were sorted out. Yet here we are almost 2 months later and it's still at 5%. see here: http://cryptofresh.com/a/CNY

In my opinion it's pretty reckless to be so relaxed about such a fundamental change the settlement peg.
If we want people to trust our stablecoins they'll need a history of consistency to make it trustworthy.

5% offset was acceptable as a short term emergency fix but the fact nobody seems to care its still at 5% 2 months later is a big worry for me.

1 BitCNY should not be pegged at 0.95 BitCNY

TAGS: [ #bitshares ]

Replies

@ddangerwu | Jan. 15, 2018, 5:13 a.m. | Votes: 51 | [ VOTE ]

can you link the explanation for what it was changed to 5%? I would like to read that in details. I have always known it to be 5% because I just learned about bts recently. In my opinion, I thought that 5% was an extra cushion to protect against black swan events. I'm curious as to what others think as well

@jonnybitcoin | Jan. 15, 2018, 5:19 a.m. | Votes: 2 | [ VOTE ]

if you own 1 bitusd and press force settlement 24hrs later you will receive 99cents worth of BTS (force settlement offset is 1%)
If you own 1 bitcny and press force settlement 24hrs later you will receive 95 cents worth of BTS (force settlment offset is 5%)

the committee changed CNY force settlement offset from 1% to 5% because of pressure from bitcrab ( a large holder of bitcny)

@ravid | Jan. 15, 2018, 5:27 a.m. | Votes: 1 | [ VOTE ]

It was not due to pressure from bitcrab. It was to prevent black swan. If you ask the devs to return it to previous state they most likely will

@nutela | Jan. 17, 2018, 11:32 p.m. | Votes: 0 | [ VOTE ]

That's interesting because what did $BTS loose, like almost 2/3 of it's value from the date of publishing? Lowest I saw was $0.22 bitUSD

@ravid | Jan. 18, 2018, 11:14 a.m. | Votes: 0 | [ VOTE ]

Did you see any swans?

@nutela | Jan. 19, 2018, 3:04 p.m. | Votes: 0 | [ VOTE ]

Yeah not so much:[IMAGE: https://steemitimages.com/DQmQAtoh9nb9kafpdmgkjqaWpKBYCgqZP6RRktdTse2xz81/BitUSD%20under%20pressure.png]

@ddangerwu | Jan. 15, 2018, 6:18 a.m. | Votes: 15 | [ VOTE ]

im not really following you. 24hrs later force settle would be based on the feed price at that time, so isn't it kind of irrelevant comparing to % of bts at the time of force settlement initiation? also, I know who bitcrab is and have heard about what happened to his during the delist of bts on bittrex. to my knowledge, he leverages his bts for bitcny so he can buy more bts. both of those actions are good for our ecosystem, right? we want to protect those who put up their bts to get bitcny and those who reinvest those bitcny into bts. am I understanding this correctly or totally off in some regards?

@steemitboard | April 19, 2018, 7:45 a.m. | Votes: 0 | [ VOTE ]

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