Could it be that it works as follows:
- The system (no one) owns all the globally settled short positions (MPA and debt).
- At revival, all the short positions are given to those who have bidded, in proportion to their bids, and none left to the system. Regardless of amounts bidded.
If that's how it works, then assuming there's 1 000 000 bitUSD shorts and 20 000 000 BTS debt (at $0.05 / BTS), and 175% MCR, then the revival would happen when there's either 35 000 000 BTS in collateral, BTS goes to $0.0875, or something in between. Would the following also be true: I bid 1BTS in collateral, and no-one else bids anything, then BTS goes up to $0.0875. I get the debt of $1M and collateral position with 20M BTS.
Anticipating a revival, that would be a pretty interesting opportunity.
RE: How Global Settlements work