On November 6, 2018, the less collateralised Twentix shorter has passed under the 150% level imposed by the MSSR.
Which means that during the gradual decline of his collateral from 175% to 150%, he was in a margin-call situation.
Forced to buy at 150% of the PriceFeed the Twentix from the holders. agree to sell their precious token at this price.
But no one wanted to sell their precious tokens at 150% of PriceFeed !!!
Some bought their Twentix at a higher price and do not want to recognize their losses.
Others think that their Twentix will soon be worth much more and they expect very big profits.
It's a pity to have broken this beautiful little smartcoin that allowed us to wait patiently for the automatic "revive" of the BTWTY.
This will happen when Bitshares regains its deserved high market cap.
So we decided to "revive" the Twentix in an unconventional way.
When the PriceFeed falls below 6.00 bts / twentix, the settlement fund ( 75.563 bts at 6.42 bts / twentix) will represent a collateral ratio greater than 105%.
Insufficient for an MCR of 175% and for a MSSR of 150% but ...
We saw that it was useless to have a MSSR so high, since the holders did not want to sell, even at 150% !!!
We will decrease it to 105% like the bitCNY and maybe later for the bitUSD.
The settlement fund would then be a good candidate to take back the total debt in twentix with a collateral ratio higher than the MSSR.
Obviously, with an MCR of 175% no revive possible, unless it is reduced briefly.
At this point, the revive will be automatic and the short created will immediately return to margin-call as soon as the MCR returns to its normal value of 175%.
Not very orthodox at all, but no one is wronged and the borrow function comes back.
As the publication of the PriceFeed Twentix is still centralized, nothing prevents us to avoid future Black Swan by bridling the PF if necessary.
The price of Bit20 and Twentix are calculated precisely every hour, posted on the site, archived, available via API and verifiable by everyone with a simple calculator.
IIt is not essential the PriceFeed reflect this price and lead Twentix again to Black Swan.
