Author Topic: Delegate Pay Rate Change  (Read 6628 times)

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Offline Ander

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@Bytemaster:  I know you already know this, but please heavily test the new paid delegate system, prior to release on the 5th.  :)

We dont want version 2.0 of this thread on bitcointalk, with smug bitshares haters getting to tell everyone bitshares is a scam and devs are stealing from everone by 'accidentally' inflating: https://bitcointalk.org/index.php?topic=809378.0


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Offline Ander

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Voters choose the delegates, which means delegates are competing on price, relative to the value they are providing.

If voters want to elect you at a 5% pay rate, they will.  If they dont want to, they wont.  Its that simple!






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Offline liondani

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what about instead of  +3% a  +5% pay rate (+marketing wise it's good to use our  +5% meme in that way)

3% means about 3850 BTSX a month  per delegate aka 3850*$0.018= $69 per month,
considering the cost to maintain a server (vps) for the delegate and a seenode + the time for
the updates etc. and our time helping in various ways the bitshares ecosystem...

it would be better in my opinion to lock it at  +5% and it remains still fair for all....
 +5%  means 2.5 btsx/ block
that means for a month about 6400 btsx per delegate aka 6400*$0.018= $115  per month  (about what we are get paid before a month or so)

I think we are worth at least that money!  :)

my 2 bts

PS Of course if everybody agrees with the initial proposal, I am ok too. You know better

Offline Ander

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Lol .. yeah .. thats what we are trying to tell the the whole time .. WORST case 8% .. and only if stakeholders agree

Realistic case...probably 2% or less right now.

And yet, they reduced the BTS market cap by 50% because of this.  Markets are so irrational sometimes.


I'm very reassured by this. :)
I was expecting 8% inflation but now I'm expecting 2%. 
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Offline xeroc

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Lol .. yeah .. thats what we are trying to tell the the whole time .. WORST case 8% .. and only if stakeholders agree

Offline Method-X

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It seems to me that even if we elect every member of the dev team as a 100% paid delegate, plus the marketing team as 100% paid delegate, plus MethodX for his reddit ad campaign, plus a few others, we are probably STILL only looking at a ~2% or so inflation per year.

Wow, that is quite low!

The dumpers have been SERIOUSLY overreacting to this change.

Indeed they have. 2% is a great place to start and it allows us to figure out what's most effective before "maxing" it out at 8%.

Offline Ander

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It seems to me that even if we elect every member of the dev team as a 100% paid delegate, plus the marketing team as 100% paid delegate, plus MethodX for his reddit ad campaign, plus a few others, we are probably STILL only looking at a ~2% or so inflation per year.

Wow, that is quite low!

The dumpers have been SERIOUSLY overreacting to this change. 
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Offline Method-X

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Offline xeroc

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Missing some txs can happen due to network transport latency ... but it should be easuer then to identify those lazy delegates .. yhea

Offline roadscape

If this is true, then if ALL 101 delegate were elected with 100% pay, inflation would be around 8% a year (simlar to bitcoin).

If only a few delegates were elected with 100% pay, and the rest are elected with 3% pay, then inflation will be very very small?

Yep
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Offline roadscape

There job is to include transactions into blocks .. if they fail miserably .. they should be unapproved

Ah.. if we had on average 1000 tx's per block it would be trivial to see who was underperforming. Makes sense.

I like the proposal. Feels fair!
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Offline Ander

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I'm trying to better understand how delegate pay works.


Delegates only get paid for the blocks that they create, correct?  (So each delegate gets their turn once per 101 blocks, and they get paid then?)

Therefore, a delegate running at 100% pay would get 50 BTS per time their turn came, which happens once every 101 blocks?



If this is true, then if ALL 101 delegate were elected with 100% pay, inflation would be around 8% a year (simlar to bitcoin).

If only a few delegates were elected with 100% pay, and the rest are elected with 3% pay, then inflation will be very very small?

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Offline spartako

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wallet_account_set_approval spartako

Offline xeroc

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Interesting.. fees deflate, and pay inflates.

Transaction volume will no longer influence delegate pay.
Could this at all affect the incentive for which transactions are included in a block?

For example, couldn't a delegate process 0 transactions and still get paid?
Would they just have to get voted out?
There job is to include transactions into blocks .. if they fail miserably .. they should be unapproved

Offline xeroc

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