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Offline blahblah7up

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inactivity fee and security
« on: October 17, 2014, 01:18:36 PM »

The inactivity fee has been discussed a lot.  What I am curious to ask is how it will be technically implemented and what the implications of that are for security.

Imagine I make a cold storage wallet and send funds there which I leave for 2 years.  If only I hold the private key to that account, how will the balance of that account be accessible to others (the developers I assume) and changed if the inactivity fee has been implemented.


Offline bytemaster

Re: inactivity fee and security
« Reply #1 on: October 17, 2014, 01:22:06 PM »
The inactivity fee has been discussed a lot.  What I am curious to ask is how it will be technically implemented and what the implications of that are for security.

Imagine I make a cold storage wallet and send funds there which I leave for 2 years.  If only I hold the private key to that account, how will the balance of that account be accessible to others (the developers I assume) and changed if the inactivity fee has been implemented.

In activity fee has only ever been an idea, it is not implemented and will not be implemented.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline Rune

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Re: inactivity fee and security
« Reply #2 on: October 17, 2014, 01:22:48 PM »
I think it has been decided that the inactivity fee shouldn't be implemented for marketing reasons. Perhaps a different system to increase security will be implemented instead, such as having votes expire after a set time.

Offline Empirical1.1

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Re: inactivity fee and security
« Reply #3 on: October 17, 2014, 01:31:10 PM »
I'm not against an inactivity fee applied to unclaimed stake myself, because of the funding it would provide, but even that didn't get unanimous support. https://bitsharestalk.org/index.php?topic=9950.0

I'd be interested on Bytemaster's views on whether he still sees dilution as necessary for the success of BTSX having looked at the feedback regarding how it would be received by the market.
I had an emotional reaction to it as I'm sure others did, but I'm open to it now. I also think if we were to add it, the sooner the better probably but I would be in favour of fixing a system in place instead of haphazard unknown dilution.

Offline blahblah7up

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Re: inactivity fee and security
« Reply #4 on: October 17, 2014, 01:35:24 PM »
It doesn't make sense to me. The fee will force people either sell their unclaimed stakes or transfer the stakes once awhile , neither way you can get 5% fee from them, unless they don't know about it at all. Which means although this can be announced as widely as possible but the punishments will only drop to the people who hasn't heard it, it still feels morally not right.

People with unclaimed stakes paid for their stakes as everyone else, they are being more supportive to the whole market than the dumpers at least.

A fee that can be avoided with a as little work as importing your wallet and making a single transaction is not really a fee.    All future DACs will have a much stronger inactivity fee: losing 100% of your stake over 12 months if you don't get involved within the first 3 months.   This is a good way to drive new users to try out your DAC and gain adoption.  Otherwise many people may not even bother trying a new DAC.... silent partners if you will.     

Thanks for the clarification, but I am a little confused because of the quote above from a couple days ago.  I assume you were responding to BTSX. I was referring to BTSX.

If all future DACs will have this inactivity fee, how then will that be implemented
« Last Edit: October 17, 2014, 01:41:04 PM by blahblah7up »

Offline bytemaster

Re: inactivity fee and security
« Reply #5 on: October 17, 2014, 01:46:59 PM »
Future DACs will only have a fee for genesis stake not claimed in a timely manner... ie: forefeit your genesis stake if it is not claimed in a reasonable time.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline Pheonike

Re: inactivity fee and security
« Reply #6 on: October 17, 2014, 02:53:22 PM »
Instead of 5% inactivity make it 1% non-voting penalty.

Offline Pheonike

Re: inactivity fee and security
« Reply #7 on: October 17, 2014, 02:58:28 PM »
Also add a count down since last vote.

 

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