Most bitshares referrals in March and a bold proposal.

[nethyb]

will the bonus to miner stop at some point ?

No. They are a core value proposition of the pool and is what keeps miners coming back - profit.

If anything, based on the new delegate funding of pool bonuses, the BitAsset value of the bonus pool will rise as BTS price/market cap rises.

What actually pays the bonus may change though I.e. Referall/affiliate fees from the likes of meta exchange / cryptosmith may help pay the bonus in future, reducing reliance on delegate fees

[emailtooaj]

Re: offramp... That's all true, but that's where conveying a proper context to miners about the benefits of holding some bitAssets in the BitShares system. For example, keep reminding them that....

1) Their money is in safe keeping, since BitShares DEX can't be shut down or seized. This fact alone should ease them into wanting to stay.
2) Only 10sec transfer times, so they can bail to something different if need be, or last resort... quickly transfer out into Cryptosmith if need be. ie, quicker exit strategy.
3) If they keep and hold their bitAssets within BitShares, then they're now collecting Yield with their holdings (2-3%). IMO, I think this fact will keep the bigger players in, since they have the more to benefit with yield collection than some of the smaller guys. Time will tell?!

Outside of this, once Cryptosmith adds the ability for people to send them gold (which we can hope is soon!) and convert to a bitAsset. Then obviously we'll all have our first, true On and Off ramp. Super Excited!!

I know this may seem like common sense to most of us, but I'd bet majority of miners out there today don't have a clue to even consider using BitShares in the way we are proposing.
I used to be a very active miner myself and trying to squeeze the most profit/benefits from your machines is an everyday practice. If we get the word out effectively, then the pool will naturally gain major buzz, attention and growth.
On top of that, we're getting the Bitshares client used by people that will finally get hands on experience, bypassing all the FUD other alt communities throw out there about BitShares and really finding out what it's all about. 

All positive things should follow this endeavor!!!

[BunkerChainLabs-DataSecurityNode]

This is a marketing campaign that we can measure precisely. In of its self, it  doesn't need to be profitable to be successful.  But if grows the user base and drives liquidity for system as a whole it will be a net benefit to entire system.

^^ This.. and..  its a catch 22 for pool mining because profit increases only occur after the pool gets bigger. There are also opportunities to optimize our mining algo... also note that the more liquidity and volume that comes into BitShares from this operation.. the higher the market cap will go... miners will likely want to place some of their funds into assets for holding... and the message.. 'mine for gold' becomes ours.

There are just so many benefits to this... the goal of course to operate with the understanding that we can eventually reduce or remove the delegate... for now though.. it can provide the seed money needed to overcome the catch 22 situation that exists in pool mining.

[rgcrypto]

will the bonus to miner stop at some point ?

The subsidies are there to compensate until the pool gets big enough to turn a profit and maintain a #1 position as the most profitable pool on our way there. It's the only pool powered by dpos so we can do things most people can't.

Really when it comes down to it, the goal is to increase the market cap and liquidity by having more people moving money in our system.

Once bitsharesmining gets to a point where the added benefits are marginal compared the the marketcap than the operation should stop being subsidized.

Later, when BitShares grow enough of  it's marketcap and doesn't value the added liquidity provided by the pool then it will be a good time to realocate those funds to a better purpose.

[Pheonike]

This is a marketing campaign that we can measure precisely. In of its self, it  doesn't need to be profitable to be successful.  But if grows the user base and drives liquidity for system as a whole it will be a net benefit to entire system.

[nethyb]

will the bonus to miner stop at some point ?

No. They are a core value proposition of the pool and is what keeps miners coming back - profit.

If anything, based on the new delegate funding of pool bonuses, the BitAsset value of the bonus pool will rise as BTS price/market cap rises.

[btswildpig]

will the bonus to miner stop at some point ?

[nethyb]

This is essentially a physical offramp and leaks money from the system.  This needs to be discussed more since the velocity of money leaving the system via physical assets may not be give immediate benefits to us in the short-term.  At worst it cancels out (or takes value out of the system if we are subsidizing with delegate pay).  Unless the mining pool says: 50% mined with given as bitgold and the other 50% is given as physical gold.

Your right Bitcoinfan, by doing a quick 'follow the money' analysis (to also show others),  the maximum 'value out' of the systems (20% in this case, but like to be smaller with large pool volumes) would be limited to the value of the delegate bonus .  Miners and/or even 'cryptosmith' would likely keep some of their earnings as BitAssets, so this may be reduced further.

This small %wise outflow,  may have minimal impact compared to the utility of the mined value providing 200%+ liquidity in the BitAssets systems and having people actually find out the usefulness of BitShares and bitAssets = growth in marketcap.

Code: [Select]

Miners Mine 1BTC worth of altcoins                                       Mining POW Coins
Poll Sells altocoins to value of 1 BTC                               Sell pressure on POW coins
Pool Buys 250 bitUSD using 1BTC                                       Provides Liquidity to MetaExchange etc
Pool Buys 50  bitUSD using BTS delegate pay for daily bnous                     Provides Liquidity to Internal/Exxternal bitUSD exchange
Pool Pays Out         300 bitUSD to miners                                       Happy Miners
Miners         Use 300 bitUSD/BitGold to buy PM's or BTC               Supports CryptoSmith.info sales and MetaExchange liquidity
Cryptosmith Sells BitGold to buy New Stock                               Provides Liquidity to MetaExchange etc

[Bitcoinfan]

How would this necessarily increase demand and therefore liquidity in Bitgold? If Cyptosmith is immediately exchange into physical-- are you keeping the bitgold? 

If this grows into a larger scale- this would seperate our product offering from bitgold.com and btireserve.

It creates an organic use for all bitAssets including bitgold.  But of course over time people who buy real gold with bitAssets will also become more comfortable converting a portion of their physical gold instead to bitgold and other BitAssets because they will get interest and will not have to pay for physical storage.

It will become another, more fair way to hedge.

This is essentially a physical offramp and leaks money from the system.  This needs to be discussed more since the velocity of money leaving the system via physical assets may not be give immediate benefits to us in the short-term.  At worst it cancels out (or takes value out of the system if we are subsidizing with delegate pay).  Unless the mining pool says: 50% mined with given as bitgold and the other 50% is given as physical gold. 

[fuzzy]

How would this necessarily increase demand and therefore liquidity in Bitgold? If Cyptosmith is immediately exchange into physical-- are you keeping the bitgold? 

If this grows into a larger scale- this would seperate our product offering from bitgold.com and btireserve.

It creates an organic use for all bitAssets including bitgold.  But of course over time people who buy real gold with bitAssets will also become more comfortable converting a portion of their physical gold instead to bitgold and other BitAssets because they will get interest and will not have to pay for physical storage.

It will become another, more fair way to hedge.

[Bitcoinfan]

How would this necessarily increase demand and therefore liquidity in Bitgold? If Cyptosmith is immediately exchange into physical-- are you keeping the bitgold? 

If this grows into a larger scale- this would seperate our product offering from bitgold.com and btireserve.

[TurkeyLeg]

Voted. Bumped.

Extremely excited for this to come to fruition. We have an awesome community - let's get this done!!


Sent from my iPhone using Tapatalk

[fuzzy]

blatantly bumping this.  It is worth getting people signed on for this initiative imho and so I am asking people to consider voting for the delegate.  It is worth trying. 

[btswildpig]

  Our mediocre mining pool is our best hope.... I believe!

you almost got me ....

[fuzzy]

  Our mediocre mining pool is our best hope.... I believe!

Lol. Well played!

But give some ideas that might be better?