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Added global settlement for dependent MPAs

oxarbitrage-patch-1
Peter Conrad 2016-11-13 17:20:51 +01:00
parent 207a44bda1
commit e07a56a769
1 changed files with 24 additions and 0 deletions
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@ -250,6 +250,30 @@ event on an asset and the revival of that same asset. The parameter will be
modifiable by the committee and defaults to 4 weeks (28 days). See discussion
below.
### Dependent MPAs
If at the time of global settlement an MPA exists that is backed by the settled
asset, that dependent MPA is also settled.
Additionally, it will be forbidden to create assets backed by bitAssets that
have a settlement_price.
The reason for this is that after global settlement the settled asset is no
longer pegged to its "real" counterpart. For example, suppose that an asset
bitGOLD_USD exists that is supposed to represent the value of an amount of gold
and is backed by an amount of bitUSD (which is supposed to be pegged to the
US-Dollar). After bitUSD has suffered a black swan, bitUSD is no longer pegged
to USD. Instead, bitUSD represents a fixed amount of BTS, defined by the
settlement_price.
Supposedly, the price feed for bitGOLD_USD will continue to follow the gold
price in terms of US-Dollars, which will quickly deviate from the actual worth
of bitGOLD_USD, which is really defined by the BTS price at that time. This will
lead to confusion and anger among market participants. It is therefore
reasonable to put bitGOLD_USD into the same state of limbo as the backing USD.
This change requires further discussion.
# Discussion
## minimum_time_before_asset_revival