Community post
Question about CNY
Hey bitshares friends. I was just looking up bitCNY on coinmarketcap to see how active our major smartcoin is and I was amazed to see HUGE volume. Over 320 million CNY, currently 320,865,297 CNY in a day.
But then the total supply is actually well below that number... How can it be that the volume is insanely higher than the supply?
It looks like most of this volume is on CoinTiger. Are they trading real bitCNY or is that some sort other asset named bitCNY and coinmarketcap is confused?
They are definitely confused on the bitshares exchange volume... that data is not getting reported correctly.
I think it is very cool to see the big volume and that bitCNY has consistently tracked 1 yuan for the last 5 years now without any major failure. Congrats Bitshares community.
Replies (7)
total supply is 28,769,200. So the volume is actually 10x higher than the supply. If cointiger actually has to buy enough BTS to actually make that much bitCNY then the price would go exponential.
bitcny is a broken smartcontract that has been destroyed by the chinese bitshares committee & friends. I would not consider this one as a stablecoin, as such it's just a floating shitcoint like any other.
Just my personal opinion here, but I would avoid bitCNY, bitUSD and bitBTC like the plague. Those 3 market pegged assets (mpa's) are no longer pegged, at all. Not even close. It seems a couple of guys found a flaw in the code that allows them to use the custodial voting mechanism to game the system and get more voting power to protect their bad debt positions with those coins. Pardon me if I worded that incorrectly. Custodial voting will probably be removed in the next core update, but use or hold those mpa's at your own risk.
The good news is that other mpa's have popped up on the Bitshares Dex which have honest pricefeed producers, so if you have time, check out HONEST.CNY, HONEST.USD, HONEST.XAU, HONEST.EUR, etc. :)
Thanks so much for this. It is unfortunate to hear the bitAsssets aren't working as hoped in the whitepaper.
Alright I see HonestAssets are MPA but not owned by the Committee. Can you point me to some info on these?
try this telegram group:
https://t.me/onestcommunity
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