BitCNY Force settlement offset still at 5%? by jonnybitcoin

View this thread on steempeak.com
bitshares · @jonnybitcoin ·
$6.18
BitCNY Force settlement offset still at 5%?
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
👍  , , , , , , , , ,
properties (23)
post_id25,755,130
authorjonnybitcoin
permlinkbitcny-force-settlement-offset-still-at-5
categorybitshares
json_metadata"{"app": "steemit/0.1", "format": "markdown", "links": ["http://cryptofresh.com/a/CNY"], "tags": ["bitshares"]}"
created2018-01-15 04:32:30
last_update2018-01-15 04:32:30
depth0
children9
net_rshares656,125,689,225
last_payout2018-01-22 04:32:30
cashout_time1969-12-31 23:59:59
total_payout_value4.887 SBD
curator_payout_value1.296 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length662
author_reputation14,017,374,183,467
root_title"BitCNY Force settlement offset still at 5%?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (10)
@ddangerwu ·
$2.00
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
👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
properties (23)
post_id25,760,446
authorddangerwu
permlinkre-jonnybitcoin-bitcny-force-settlement-offset-still-at-5-20180115t051353848z
categorybitshares
json_metadata"{"app": "steemit/0.1", "tags": ["bitshares"]}"
created2018-01-15 05:13:54
last_update2018-01-15 05:13:54
depth1
children6
net_rshares212,394,750,135
last_payout2018-01-22 05:13:54
cashout_time1969-12-31 23:59:59
total_payout_value1.782 SBD
curator_payout_value0.219 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length308
author_reputation10,770,161,662,981
root_title"BitCNY Force settlement offset still at 5%?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (51)
@jonnybitcoin ·
$0.30
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)
👍  ,
properties (23)
post_id25,761,198
authorjonnybitcoin
permlinkre-ddangerwu-re-jonnybitcoin-bitcny-force-settlement-offset-still-at-5-20180115t051951982z
categorybitshares
json_metadata"{"app": "steemit/0.1", "tags": ["bitshares"]}"
created2018-01-15 05:19:54
last_update2018-01-15 05:19:54
depth2
children5
net_rshares32,157,628,829
last_payout2018-01-22 05:19:54
cashout_time1969-12-31 23:59:59
total_payout_value0.232 SBD
curator_payout_value0.068 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length384
author_reputation14,017,374,183,467
root_title"BitCNY Force settlement offset still at 5%?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (2)
@ravid ·
$0.11
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
👍  
properties (23)
post_id25,762,179
authorravid
permlinkre-jonnybitcoin-re-ddangerwu-re-jonnybitcoin-bitcny-force-settlement-offset-still-at-5-20180115t052627559z
categorybitshares
json_metadata"{"app": "steemit/0.1", "tags": ["bitshares"]}"
created2018-01-15 05:27:12
last_update2018-01-15 05:27:12
depth3
children3
net_rshares11,684,841,005
last_payout2018-01-22 05:27:12
cashout_time1969-12-31 23:59:59
total_payout_value0.081 SBD
curator_payout_value0.024 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length143
author_reputation806,615,692,176
root_title"BitCNY Force settlement offset still at 5%?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (1)
@ddangerwu ·
$0.56
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?
👍  , , , , , , , , , , , , , ,
properties (23)
post_id25,768,931
authorddangerwu
permlinkre-jonnybitcoin-re-ddangerwu-re-jonnybitcoin-bitcny-force-settlement-offset-still-at-5-20180115t061822454z
categorybitshares
json_metadata"{"app": "steemit/0.1", "tags": ["bitshares"]}"
created2018-01-15 06:18:24
last_update2018-01-15 06:18:24
depth3
children0
net_rshares60,192,000,150
last_payout2018-01-22 06:18:24
cashout_time1969-12-31 23:59:59
total_payout_value0.466 SBD
curator_payout_value0.097 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length607
author_reputation10,770,161,662,981
root_title"BitCNY Force settlement offset still at 5%?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (15)
@steemitboard · 
Congratulations @jonnybitcoin! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/votes.png)](http://steemitboard.com/@jonnybitcoin) Award for the number of upvotes

Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click [here](https://steemit.com/@steemitboard)

If you no longer want to receive notifications, reply to this comment with the word `STOP`

> Upvote this notification to help all Steemit users. Learn why [here](https://steemit.com/steemitboard/@steemitboard/http-i-cubeupload-com-7ciqeo-png)!
properties (22)
post_id44,325,570
authorsteemitboard
permlinksteemitboard-notify-jonnybitcoin-20180419t074520000z
categorybitshares
json_metadata"{"image": ["https://steemitboard.com/img/notifications.png"]}"
created2018-04-19 07:45:21
last_update2018-04-19 07:45:21
depth1
children0
net_rshares0
last_payout2018-04-26 07:45:21
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length683
author_reputation38,705,954,145,809
root_title"BitCNY Force settlement offset still at 5%?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@steemitboard · 
Congratulations @jonnybitcoin! You received a personal award!

<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@jonnybitcoin/birthday3.png</td><td>Happy Birthday! - You are on the Steem blockchain for 3 years!</td></tr></table>

<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@jonnybitcoin) and compare to others on the [Steem Ranking](http://steemitboard.com/ranking/index.php?name=jonnybitcoin)_</sub>


###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!
properties (22)
post_id75,223,430
authorsteemitboard
permlinksteemitboard-notify-jonnybitcoin-20190523t180512000z
categorybitshares
json_metadata{"image":["https:\/\/steemitboard.com\/img\/notify.png"]}
created2019-05-23 18:05:12
last_update2019-05-23 18:05:12
depth1
children0
net_rshares0
last_payout2019-05-30 18:05:12
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length635
author_reputation38,705,954,145,809
root_title"BitCNY Force settlement offset still at 5%?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
Help/Feedback