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Offline islandking

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240,000 BTS in fees collected January 5th?
« on: January 07, 2015, 08:37:25 PM »

According to Bitsharesblocks there was 240,000 BTS collected in fees. Is there a reason for the spike?
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Offline bytemaster

Re: 240,000 BTS in fees collected January 5th?
« Reply #1 on: January 07, 2015, 08:38:22 PM »
According to Bitsharesblocks there was 240,000 BTS collected in fees. Is there a reason for the spike?

Paid Delegate registration.
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Offline Ander

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Re: 240,000 BTS in fees collected January 5th?
« Reply #2 on: January 07, 2015, 09:08:59 PM »
Someone registered 4 paid delegates.


Also, I find it amusing that the BTS supply is STILL lower than it was on Nov 5 after the merger.  People were so scared at that time about BTS inflating and they just thought the sky was falling, and here we are two months later and the supply has gone DOWN because fees have exceeded delegate payments.

Of course, this wont continue forever, we have more elected paid delegates now, and people arent going to keep registering tons of new ones, but still we are looking at an inflation rate below 1% going forward.
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Offline svk

Re: 240,000 BTS in fees collected January 5th?
« Reply #3 on: January 07, 2015, 09:11:18 PM »
Yea BM is right, see here: http://bitsharesblocks.com/blocks?top=1448195. Dan Notestein's delegates.

We also had someone register a short-name asset on January 1st, paying 500k for that:

http://bitsharesblocks.com/blocks/block?id=1412930
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Offline Frodo

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Re: 240,000 BTS in fees collected January 5th?
« Reply #4 on: January 07, 2015, 09:12:01 PM »
Someone registered 4 paid delegates.


Also, I find it amusing that the BTS supply is STILL lower than it was on Nov 5 after the merger.  People were so scared at that time about BTS inflating and they just thought the sky was falling, and here we are two months later and the supply has gone DOWN because fees have exceeded delegate payments.

Of course, this wont continue forever, we have more elected paid delegates now, and people arent going to keep registering tons of new ones, but still we are looking at an inflation rate below 1% going forward.

And once we have a wider user base I expect UIA registration fees to be the primary income.

Offline Ander

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Re: 240,000 BTS in fees collected January 5th?
« Reply #5 on: January 07, 2015, 09:13:24 PM »
We also had someone register a short-name asset on January 1st, paying 500k for that:

http://bitsharesblocks.com/blocks/block?id=1412930

Oh wow, what asset name did they register?  Someone has some plans for Bitshares if they were willing to pay over $7000 to do that!  I was thinking that was a bunch of paid delegates too but I guess not.
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Offline svk

Re: 240,000 BTS in fees collected January 5th?
« Reply #6 on: January 07, 2015, 09:15:52 PM »
We also had someone register a short-name asset on January 1st, paying 500k for that:

http://bitsharesblocks.com/blocks/block?id=1412930

Oh wow, what asset name did they register?  Someone has some plans for Bitshares if they were willing to pay over $7000 to do that!  I was thinking that was a bunch of paid delegates too but I guess not.

It's in the link, "INDEX", created by the user "minion". There's been a few of these, "BANK" is another one. I find it generally very surprising that people pay so much to register an asset but do nothing with them afterwards..
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Offline svk

Re: 240,000 BTS in fees collected January 5th?
« Reply #7 on: January 07, 2015, 09:23:50 PM »
We also had someone register a short-name asset on January 1st, paying 500k for that:

http://bitsharesblocks.com/blocks/block?id=1412930

Oh wow, what asset name did they register?  Someone has some plans for Bitshares if they were willing to pay over $7000 to do that!  I was thinking that was a bunch of paid delegates too but I guess not.

FYI I find it quite interesting to filter transactions by type "Create Asset" on the blocks overview and then browse through the blocks. If you start from the first blocks you'll see how the fees for asset registration quickly increased then decreased in the beginning when the fees depended on the time since the last asset had been created. (at least I think that's how it worked)
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Offline islandking

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Re: 240,000 BTS in fees collected January 5th?
« Reply #8 on: January 07, 2015, 10:23:24 PM »
It is really impressive we have net burned ~400,000 BTS since the fork. It has gone DOWN even after paying the 100% delegates.
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Offline Ander

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Re: 240,000 BTS in fees collected January 5th?
« Reply #9 on: January 07, 2015, 10:54:23 PM »
500k BTS to register a short asset name is a freaking TON of BTS.  Its like several months pay of a full pay delegate.  I'm surprised somone paid that much.

Maybe in several years this will be similar to the million dollar pizzas in bitcoin.  Someone registers some random symbol, doesnt really use it, and later on the BTS wouldve been worth millions?  It could happen.

Alternately, he might end up using it for some important purpose. 
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Offline fluxer555

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Re: 240,000 BTS in fees collected January 5th?
« Reply #10 on: January 07, 2015, 11:23:51 PM »
He could also sell the asset name to someone willing to pay for it.

Offline Ander

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Re: 240,000 BTS in fees collected January 5th?
« Reply #11 on: January 07, 2015, 11:28:04 PM »
He could also sell the asset name to someone willing to pay for it.
So this could be like Domain Name Squatting?  Except much more expensive...
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Offline eagleeye

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Re: 240,000 BTS in fees collected January 5th?
« Reply #12 on: January 08, 2015, 01:39:19 AM »
He could also sell the asset name to someone willing to pay for it.
So this could be like Domain Name Squatting?  Except much more expensive...

Yup thats what im thinking.

Offline blahblah7up

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Re: 240,000 BTS in fees collected January 5th?
« Reply #13 on: January 08, 2015, 08:39:46 PM »
If you start from the first blocks you'll see how the fees for asset registration quickly increased then decreased in the beginning when the fees depended on the time since the last asset had been created. (at least I think that's how it worked)

What do they depend on now?

Offline svk

Re: 240,000 BTS in fees collected January 5th?
« Reply #14 on: January 08, 2015, 08:41:41 PM »
If you start from the first blocks you'll see how the fees for asset registration quickly increased then decreased in the beginning when the fees depended on the time since the last asset had been created. (at least I think that's how it worked)

What do they depend on now?
The length of the symbol. 5 letters or less=500k BTS. More than 5 and it's only 500 BTS.
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