Author [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] Topic: 100% delegate pay in USD could be $200/month due to slippage  (Read 891 times)

Offline monsterer

100% delegate pay in USD could be $200/month due to slippage
« on: November 17, 2014, 11:09:36 AM »

I often see pay rate estimates in USD created by looking at the current 'price' of BTS and just doing a straight multiply to arrive at a number. However, this gives a distorted view because the top price often has so little volume associated with it.

Indeed the entire buy side order book at BTER.com for BTS/USD has less than $200!

This means, to cash out to USD, you have to go from BTS->BTC->USD.

Looking at the BTS/BTC market in BTER, a sell of 12,960,000 BTS (101 delegates at 100% pay rate for 1 month) would clean out the order book completely, and result in a slippage of around 500 BTC total value.

Long story short, on BTER, 100% pay, for 1 month, in USD at current market cap of 35M USD after slippage = ~$200

Obviously this is worst case, since I'm only considering 1 exchange here...

« Last Edit: November 17, 2014, 11:23:42 AM by monsterer »
My opinions do not represent those of metaexchange unless explicitly stated.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline cn-members

  • Sr. Member
  • ****
  • Posts: 365
    • View Profile
Re: 100% delegate pay in USD could be $200/month due to slippage
« Reply #1 on: November 17, 2014, 11:31:00 AM »
You can find the best trading pair to obtain the best fiat or BTC value .

You can go to the http://en.btc38.com/     BTS:CNY pair , there you can get a lot of CNY .

Then , you can buy BTC with the CNY , and take the BTC to your wallet to do whatever you want (sell it on other exchange for USD maybe).

1 USD often = 6.1  CNY .

Of course , as for the delegates , we encourage them not to sell at least for a couple of months until the market depth is deeper than now .
« Last Edit: November 17, 2014, 11:40:31 AM by cn-members »
BTS中文区发言人公共账号,帮助社区有效沟通与交流。
Chinese Community Spokesman Account,to help the effective communication between Chinese and other members of the community.We're not translators to do regular translations , but will help with vital ones as we see fit and available at that time.

Offline eagleeye

  • Hero Member
  • *****
  • Posts: 931
    • View Profile
Re: 100% delegate pay in USD could be $200/month due to slippage
« Reply #2 on: November 17, 2014, 11:34:54 AM »
You can find the best trading pair to obtain the best fiat or BTC value .

You can go to the http://en.btc38.com/     BTS:CNY pair , there you can get a lot of CNY .

Then , you can buy BTC with the CNY , and take the BTC to your wallet to do whatever you want (sell it on other exchange for USD maybe).

1 CNY often = 6.1  USD .

Of course , as for the delegates , we encourage them not to sell at least for a couple of months until the market depth is deeper than now .

Yes CNY is by far the best Government Issued-National currency.

Offline monsterer

Re: 100% delegate pay in USD could be $200/month due to slippage
« Reply #3 on: November 17, 2014, 11:40:21 AM »
You can find the best trading pair to obtain the best fiat or BTC value .

You can go to the http://en.btc38.com/     BTS:CNY pair , there you can get a lot of CNY .

What is the total order book bid depth in CNY?
My opinions do not represent those of metaexchange unless explicitly stated.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline cn-members

  • Sr. Member
  • ****
  • Posts: 365
    • View Profile
Re: 100% delegate pay in USD could be $200/month due to slippage
« Reply #4 on: November 17, 2014, 11:40:59 AM »
You can find the best trading pair to obtain the best fiat or BTC value .

You can go to the http://en.btc38.com/     BTS:CNY pair , there you can get a lot of CNY .

Then , you can buy BTC with the CNY , and take the BTC to your wallet to do whatever you want (sell it on other exchange for USD maybe).

1 CNY often = 6.1  USD .

Of course , as for the delegates , we encourage them not to sell at least for a couple of months until the market depth is deeper than now .

Yes CNY is by far the best Government Issued-National currency.

Sorry about the mix up . It should be 1USD = 6.1CNY
BTS中文区发言人公共账号,帮助社区有效沟通与交流。
Chinese Community Spokesman Account,to help the effective communication between Chinese and other members of the community.We're not translators to do regular translations , but will help with vital ones as we see fit and available at that time.

Offline cn-members

  • Sr. Member
  • ****
  • Posts: 365
    • View Profile
Re: 100% delegate pay in USD could be $200/month due to slippage
« Reply #5 on: November 17, 2014, 11:45:29 AM »
You can find the best trading pair to obtain the best fiat or BTC value .

You can go to the http://en.btc38.com/     BTS:CNY pair , there you can get a lot of CNY .

What is the total order book bid depth in CNY?

The order book can only see 30 lists  ? So I don't know all .

From current price to 0.0131USD , there are around 70000 USD worth of CNY buy orders .

And once the price is low enough , more people would want to buy , so the order book is not equal to reality .
« Last Edit: November 17, 2014, 11:48:19 AM by cn-members »
BTS中文区发言人公共账号,帮助社区有效沟通与交流。
Chinese Community Spokesman Account,to help the effective communication between Chinese and other members of the community.We're not translators to do regular translations , but will help with vital ones as we see fit and available at that time.

Offline monsterer

Re: 100% delegate pay in USD could be $200/month due to slippage
« Reply #6 on: November 17, 2014, 11:51:24 AM »
The order book can only see 30 lists  ? So I don't know all .

From current price to 0.0131USD , there are around 70000 USD worth of CNY buy orders .

And once the price is low enough , more people would want to buy , so the order book is not equal to reality .

So, that would be roughly 330 BTC worth of slippage. Or $700 / month at 100% pay.
My opinions do not represent those of metaexchange unless explicitly stated.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline cn-members

  • Sr. Member
  • ****
  • Posts: 365
    • View Profile
Re: 100% delegate pay in USD could be $200/month due to slippage
« Reply #7 on: November 17, 2014, 11:53:55 AM »
The order book can only see 30 lists  ? So I don't know all .

From current price to 0.0131USD , there are around 70000 USD worth of CNY buy orders .

And once the price is low enough , more people would want to buy , so the order book is not equal to reality .

So, that would be roughly 330 BTC worth of slippage. Or $700 / month at 100% pay.

Oh , I see where you are wrong .
There will not be 101 100% delegates .
By my est , there will only be 10-25 delegates who can have 100% payrate .
More than that , shareholders won't approve .
At this point , it's not even that easy to get all the developers to get a 100% delegate seat .
BTS中文区发言人公共账号,帮助社区有效沟通与交流。
Chinese Community Spokesman Account,to help the effective communication between Chinese and other members of the community.We're not translators to do regular translations , but will help with vital ones as we see fit and available at that time.

Offline monsterer

Re: 100% delegate pay in USD could be $200/month due to slippage
« Reply #8 on: November 17, 2014, 11:55:51 AM »
Oh , I see where you are wrong .
There will not be 101 100% delegates .
By my est , there will only be 10-25 delegates who can have 100% payrate .
More than that , shareholders won't approve .
At this point , it's not even that easy to get all the developers to get a 100% delegate seat .

My calculations assume worst case, yes, but this is not an error, just the opposite end of the estimation bound.

So, lower bound is $200 / month, upper bound is $2500 / month.
« Last Edit: November 17, 2014, 11:57:50 AM by monsterer »
My opinions do not represent those of metaexchange unless explicitly stated.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline cn-members

  • Sr. Member
  • ****
  • Posts: 365
    • View Profile
Re: 100% delegate pay in USD could be $200/month due to slippage
« Reply #9 on: November 17, 2014, 11:59:02 AM »
Oh , I see where you are wrong .
There will not be 101 100% delegates .
By my est , there will only be 10-25 delegates who can have 100% payrate .
More than that , shareholders won't approve .
At this point , it's not even that easy to get all the developers to get a 100% delegate seat .

My calculations assume worst case, yes.

If there comes to a point that 101 delegates successfully vote in with 100% payrate , then it means the value of the system is big enough , the numbers you are talking about will no longer apply .

But the reality is , most of the delegates can only get 3% payrate . The shareholders would be foolish to vote in 101 full paid delegates just to let them dump on the market without making significant value for the system .
BTS中文区发言人公共账号,帮助社区有效沟通与交流。
Chinese Community Spokesman Account,to help the effective communication between Chinese and other members of the community.We're not translators to do regular translations , but will help with vital ones as we see fit and available at that time.

Offline abit

Re: 100% delegate pay in USD could be $200/month due to slippage
« Reply #10 on: November 17, 2014, 12:26:24 PM »
Oh , I see where you are wrong .
There will not be 101 100% delegates .
By my est , there will only be 10-25 delegates who can have 100% payrate .
More than that , shareholders won't approve .
At this point , it's not even that easy to get all the developers to get a 100% delegate seat .

My calculations assume worst case, yes, but this is not an error, just the opposite end of the estimation bound.

So, lower bound is $200 / month, upper bound is $2500 / month.
Image when the price of bts get rising.. It should be much more than that.
Don't just look at current price.
BTS account: abit
BTS committee member: abit
BTS witness: in.abit

Offline monsterer

Re: 100% delegate pay in USD could be $200/month due to slippage
« Reply #11 on: November 17, 2014, 12:52:16 PM »
Image when the price of bts get rising.. It should be much more than that.
Don't just look at current price.

Did you read the OP? The very point of this post is the problem *with* using the current price.
My opinions do not represent those of metaexchange unless explicitly stated.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline abit

Re: 100% delegate pay in USD could be $200/month due to slippage
« Reply #12 on: November 17, 2014, 01:15:14 PM »
Image when the price of bts get rising.. It should be much more than that.
Don't just look at current price.

Did you read the OP? The very point of this post is the problem *with* using the current price.
Yes but I can't totally catch you..
You mean the paid delegates can hardly sell out their earned bts? Or they earned too little?

I agree with these words posted by cn-members:
Quote
as for the delegates , we encourage them not to sell
BTS account: abit
BTS committee member: abit
BTS witness: in.abit

Offline monsterer

Re: 100% delegate pay in USD could be $200/month due to slippage
« Reply #13 on: November 17, 2014, 01:25:54 PM »
Yes but I can't totally catch you..
You mean the paid delegates can hardly sell out their earned bts? Or they earned too little?

They can sell their BTS, but the actual USD they get could be 100 times less than the amount you will often see estimated using the current 'price' of BTS.

Example: the commonly expressed estimate for 100% delegate pay is $2500 / month, but this could actually end up being only $200 / month due to slippage at the exchange.
My opinions do not represent those of metaexchange unless explicitly stated.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline kokojie

  • Sr. Member
  • ****
  • Posts: 286
    • View Profile
  • Witness: kokojie
  • Payrate: 3%
Re: 100% delegate pay in USD could be $200/month due to slippage
« Reply #14 on: November 17, 2014, 02:38:41 PM »
Yes but I can't totally catch you..
You mean the paid delegates can hardly sell out their earned bts? Or they earned too little?

They can sell their BTS, but the actual USD they get could be 100 times less than the amount you will often see estimated using the current 'price' of BTS.

Example: the commonly expressed estimate for 100% delegate pay is $2500 / month, but this could actually end up being only $200 / month due to slippage at the exchange.

Why sell into the bid wall? just put up a sell order at slightly higher than best bid, and your order will execute quickly, within 1 hour, that has always been my experience.

 

Google+