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Offline Shentist

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UIA fees are paid in BTS
« on: May 11, 2015, 09:42:15 PM »

So we are talking about many changes with MPAs and UIAs

If it is the prefered way to create own UIAs for Gateways, why are the transaction fees are paid in BTS?

The Bunkershares project will issueing UIAs to a wider audience, so it could be possible that someone has no or not enough BTS on
their wallet to get the Bunkershares transfered. Will this be changed? Maybe the UIA owner can pay in advanced for the transfer with BTS?

Offline Ander

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Re: UIA fees are paid in BTS
« Reply #1 on: May 11, 2015, 09:48:23 PM »
Maybe the user should buy some BTS, so that he can pay to use Bitshares, and Bitshares can be profitable, instead of us going out of our way to figure out ways that no one can need to ever buy any BTS ever.
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Offline bytemaster

Re: UIA fees are paid in BTS
« Reply #2 on: May 11, 2015, 10:13:59 PM »
Coming soon to a blockchain near you:   fee pools.   The issuer of a UIA can pre-fund a fee pool and specify an exchange rate.  If an asset as a funded fee pool, it will be converted to BTS for the purpose of paying the transaction fee.

The blockchain has no way to know the value of a UIA and could easily be spammed if fees could be paid directly in it without someone providing a conversion to BTS.

For the latest updates checkout my blog: http://bytemaster.bitshares.org
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Offline BunkerChain Labs

Re: UIA fees are paid in BTS
« Reply #3 on: May 12, 2015, 03:40:24 AM »
Coming soon to a blockchain near you:   fee pools.   The issuer of a UIA can pre-fund a fee pool and specify an exchange rate.  If an asset as a funded fee pool, it will be converted to BTS for the purpose of paying the transaction fee.

The blockchain has no way to know the value of a UIA and could easily be spammed if fees could be paid directly in it without someone providing a conversion to BTS.

Humm.. cool.. I hope coming soon means soon soon. BTS always remains the transaction utility in all assets. Doing a happy dance now Ander? :)

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Offline Shentist

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Re: UIA fees are paid in BTS
« Reply #4 on: May 12, 2015, 05:08:37 AM »
Maybe the user should buy some BTS, so that he can pay to use Bitshares, and Bitshares can be profitable, instead of us going out of our way to figure out ways that no one can need to ever buy any BTS ever.

I understand your point, but for projects like bunkershares it is  a kind of killing feature. You convinced someone to register a bitshares account and bought bunkershares via paypal and now you have to explain him he needs BTS also.

But, i see Bytemaster addressed the problem already and the issue can pay the transaction fees. Good point!

Offline Ander

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Re: UIA fees are paid in BTS
« Reply #5 on: May 12, 2015, 06:12:19 AM »
Doing a happy dance now Ander? :)



Yep, ways to make Bitshares profitable and burn BTS are awesome. ;)
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Offline BunkerChain Labs

Re: UIA fees are paid in BTS
« Reply #6 on: May 12, 2015, 06:22:43 AM »
Maybe the user should buy some BTS, so that he can pay to use Bitshares, and Bitshares can be profitable, instead of us going out of our way to figure out ways that no one can need to ever buy any BTS ever.

I understand your point, but for projects like bunkershares it is  a kind of killing feature. You convinced someone to register a bitshares account and bought bunkershares via paypal and now you have to explain him he needs BTS also.

But, i see Bytemaster addressed the problem already and the issue can pay the transaction fees. Good point!

I am glad you asked this question.. you are right.. it does raise issue to adoption and creates a barrier to entry.

My immediate response to this might be to create accounts for the end users temporarily as child accounts perhaps. This way we can have transactions show immediately.

For BunkerShares for example, we could also take the transaction privately and then send instructions following that giving them step by step instructions on how to create a bitshares account and then fulfill the order manually. This was actually what I expected would have to be done. After they created their account the UIA would be issued to it, in which case we would pay the transaction.

I do see it as an issue for gateways though. The pool is certainly a solution to it.
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Offline monsterer

Re: UIA fees are paid in BTS
« Reply #7 on: May 12, 2015, 08:48:27 AM »
UIA fees are paid in BTS because they do not have any intrinsic value. If you charge only UIA transaction fee, that would mean someone could create 10M UIAs and totally flood the network with worthless transactions.
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