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Offline XsharesO

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What are pay rates?
« on: November 21, 2014, 11:57:35 AM »

Total newbie question:

Delegates have pay rates. What does this mean?

Does it means they destroy new funds, they keep them or something else?

What if pay rate is 50%?

How can these rates be verified by me? Some website or similar?

Offline svk

Re: What are pay rates?
« Reply #1 on: November 21, 2014, 12:07:55 PM »
The delegate pay rates are are a percentage of the maximum pay possible. The pay is created by the issuance of new shares, and the current maximum pay is 50 BTS/block. A 3% delegate makes 50*0.03 = 1.5 BTS per block, a 50% delegate makes 50*0.5 = 25 BTS / block etc.

You can see the payrates in the client, or alternatively it's available on my website at http://bitsharesblocks.com/delegates
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zerosum

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Re: What are pay rates?
« Reply #2 on: November 21, 2014, 12:38:42 PM »
Total newbie question:

Delegates have pay rates. What does this mean?

Does it means they destroy new funds, they keep them or something else?

What if pay rate is 50%?

How can these rates be verified by me? Some website or similar?
In the BTS system there are 3.7Bill shares.
About 2.5Bil of them are already distributed to people/addresses and the rest are left sitting in future blocks.
In every future block there are  50 new shares (BTS). Each delegate producing that block can claim up to 100% of these 50 BTS (but to that he must be included in the top 101 as 100% delegate!).

A 50% pay rate simply means the delegate will claim/get only 50% of the max 50 BTS of each block he produces and destroy the rest of those 50 BTS. In other words a 50% delegate promises to destroy (100% minus his pay rate of 50%) of the BTS found in any block he produces.

Offline XsharesO

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Re: What are pay rates?
« Reply #3 on: November 21, 2014, 01:16:21 PM »
So then i should vote for delegates with low payrate, just so they can make a little for the effort of runnung a delegate, right? Why would I vote for a 100% pay rate delegate?

zerosum

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Re: What are pay rates?
« Reply #4 on: November 21, 2014, 01:23:42 PM »
So then i should vote for delegates with low payrate, just so they can make a little for the effort of runnung a delegate, right? Why would I vote for a 100% pay rate delegate?

You and anybody else should votes for whatever is in your/his best interest!

If you see a delegate getting 50% pay rate and not producing more than 25 BTS of value any 101 blocks (17 minutes) you should not vote for him.
If he is producing more value for the system than he is paid ...  well should vote for him obviously....
« Last Edit: November 21, 2014, 01:26:31 PM by tonyk2 »

Offline svk

Re: What are pay rates?
« Reply #5 on: November 21, 2014, 01:26:28 PM »
So then i should vote for delegates with low payrate, just so they can make a little for the effort of runnung a delegate, right? Why would I vote for a 100% pay rate delegate?

Because of their policies and justification for the payrate. A 3% delegate will not be offering to perform the same services as a 100% delegate, a higher payrate requires a higher degree of involvement and time spent.

Generally a 3% delegate will approve blocks and publish feeds but not much more, while someone like Methodx offers to run a marketing campaign with the funds earned by his 100% delegate. In my own case I maintain and develop bitsharesblocks.com and have promised to open-source it if I get elected among other things.
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Offline XsharesO

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Re: What are pay rates?
« Reply #6 on: November 21, 2014, 02:27:20 PM »
Good answers, thanks. So the total cap is 3.7 bil shares. Is the algorithm similar to bitcoin, half time every few years?

Offline bytemaster

Re: What are pay rates?
« Reply #7 on: November 21, 2014, 02:52:50 PM »
Good answers, thanks. So the total cap is 3.7 bil shares. Is the algorithm similar to bitcoin, half time every few years?

Yes, every 4 years it halves the max delegate pay.
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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 bobmaloney

Re: What are pay rates?
« Reply #8 on: November 21, 2014, 05:47:45 PM »
Good answers, thanks. So the total cap is 3.7 bil shares. Is the algorithm similar to bitcoin, half time every few years?

Yes, every 4 years it halves the max delegate pay.

Does it half all at once, or does it decrease over time, by block?

It seems to me that avoiding shocks (even planned ones) would be a more eloquent approach.
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Offline carpet ride

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Re: What are pay rates?
« Reply #9 on: November 21, 2014, 06:37:17 PM »

Good answers, thanks. So the total cap is 3.7 bil shares. Is the algorithm similar to bitcoin, half time every few years?

Yes, every 4 years it halves the max delegate pay.

Does it half all at once, or does it decrease over time, by block?

It seems to me that avoiding shocks (even planned ones) would be a more eloquent approach.

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Offline Stan

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Re: What are pay rates?
« Reply #10 on: November 21, 2014, 06:57:48 PM »
Good answers, thanks. So the total cap is 3.7 bil shares. Is the algorithm similar to bitcoin, half time every few years?

Yes, every 4 years it halves the max delegate pay.

Does it half all at once, or does it decrease over time, by block?

It seems to me that avoiding shocks (even planned ones) would be a more eloquent approach.

Yes, but we were going for "just like Bitcoin only doing something useful" as a quick answer to nay-sayers.

Fact is that a smoother actual voted curve will evolve far below the Bitcoin max if delegates and voters do their jobs right.
Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

Offline jsidhu

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Re: What are pay rates?
« Reply #11 on: November 21, 2014, 10:30:34 PM »
So we won't achieve 3.7 billion because we are burning 50k bts per day right now right? Or will pay rate be active until 3.7 billion are reached as a hard cap?
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