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Offline JonnyBitcoin


Is holding bitshares mandatory in bitshares 2.0? can you hold bitusd without BTS
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Offline JonnyBitcoin

even for user issued assets like banx shares?
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Offline Riverhead

Is holding bitshares mandatory in bitshares 2.0? can you hold bitusd without BTS

you'll need at least some small amount to cover tx or market fees


I think tx fees can be paid in bitUSD. I know my bitGOLD transfers don't use bts.
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Offline sittingduck

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No bts is needed as long as the issuer funds the fee pool.


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Offline fav

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Is holding bitshares mandatory in bitshares 2.0? can you hold bitusd without BTS

you'll need at least some small amount to cover tx or market fees


I think tx fees can be paid in bitUSD. I know my bitGOLD transfers don't use bts.

that's the question. now you need bitshares to cover fees, and I think this won't change in 2.0

Offline sittingduck

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No bts is needed as long as the issuer funds the fee pool.


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Offline bytemaster

No bts is needed as long as the issuer funds the fee pool.


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Someone has done their homework.   This is correct.
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Offline bytemaster

No bts is needed as long as the issuer funds the fee pool.


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Someone has done their homework.   This is correct.

what about BitUSD?

BitUSD should have its fee pool kept topped off by workers/delegates/witnesses/ automatic market actions.
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Offline arhag

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BitUSD should have its fee pool kept topped off by workers/delegates/witnesses/ automatic market actions.

Where do the paid BitUSD transaction fees go to after they are automatically exchange with BTS from the fee pool? Who controls that account? I imagine in the case of privatized BitAssets it is the creator/manager. But what about regular (public) BitAssets? Do the witnesses collectively control those funds? The delegates? Do they have the ability to place orders in the market funded from that pool where the proceeds automatically go into another pool collectively managed by the same group (or even directly into the fee pool)?
« Last Edit: June 24, 2015, 05:28:49 PM by arhag »

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Offline arhag

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https://github.com/cryptonomex/graphene/issues/83

I'm confused by this. Does this mean that network BitAssets do not require a fee pool and the BitAsset fees are automatically converted into BTS via the markets to pay the reserve pool?

Offline bytemaster

https://github.com/cryptonomex/graphene/issues/83

I'm confused by this. Does this mean that network BitAssets do not require a fee pool and the BitAsset fees are automatically converted into BTS via the markets to pay the reserve pool?

The easiest thing for us to implement is to have the network manage the BitAssets just like private BitAssets.  This would require the issuer to update the BitAsset's core_exchange_rate property and to fund the fee pool.  In this case the issuer would be the "delegates" account.
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Offline arhag

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https://github.com/cryptonomex/graphene/issues/83

I'm confused by this. Does this mean that network BitAssets do not require a fee pool and the BitAsset fees are automatically converted into BTS via the markets to pay the reserve pool?

The easiest thing for us to implement is to have the network manage the BitAssets just like private BitAssets.  This would require the issuer to update the BitAsset's core_exchange_rate property and to fund the fee pool.  In this case the issuer would be the "delegates" account.

Okay. So that leads me back to my previous questions:
Where do the paid BitUSD transaction fees go to after they are automatically exchanged for BTS from the fee pool?
...
Do [the delegates] have the ability to place orders in the [BitUSD/BTS] market funded from that [BitUSD transaction fee] pool where the [BTS] proceeds automatically go into another pool collectively managed by the same group (or even directly into the fee pool)?

Also, is this not asking too much of the unpaid delegates? Are they also the ones who need to set the price feeds for the non-private BitAssets? Aren't operations that require 24/7 online servers more appropriate for witnesses? Or perhaps delegates could delegate the responsibilities (submitting price feeds and converting BitAsset collected fees into BTS to top off the fee pools) over BitAssets to other parties? And maybe a worker proposal is used to compensate these parties?
« Last Edit: June 25, 2015, 02:05:58 AM by arhag »

 

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