Author Topic: 234 BTS for issue/burn asset?!?!  (Read 3849 times)

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Offline monsterer

234 BTS for issue/burn asset?!?!
« on: March 06, 2016, 10:33:26 pm »
Who increased the issue/burn asset fee to 234 BTS?! That fairly badly affects metaexchange's business model, since we swallow all transfer/issue/burn fees.

I've had to temporarily disable metaexchange's IOU markets.
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Offline abit

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Re: 234 BTS for issue/burn asset?!?!
« Reply #1 on: March 06, 2016, 11:11:19 pm »
Good question.

An alternative is to pre-issue a large amount of assets to yourself, then transfer with little fee.
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Offline cube

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Re: 234 BTS for issue/burn asset?!?!
« Reply #2 on: March 07, 2016, 02:46:15 am »
Who increased the issue/burn asset fee to 234 BTS?! That fairly badly affects metaexchange's business model, since we swallow all transfer/issue/burn fees.

I've had to temporarily disable metaexchange's IOU markets.

https://bitsharestalk.org/index.php/topic,21368.msg282139.html#msg282139

and

https://bitsharestalk.org/index.php/topic,21368.msg281599.html#msg281599

Look for asset_issue.
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Offline xeroc

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Re: 234 BTS for issue/burn asset?!?!
« Reply #3 on: March 07, 2016, 06:25:08 am »
You can reduce your costs by collecting to-be-burned assets first and only burn them quarterly ..
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Offline monsterer

Re: 234 BTS for issue/burn asset?!?!
« Reply #4 on: March 07, 2016, 09:05:40 am »
These are horrible ideas. It means the available supply is no longer representative of  currency in use.

This change won't just affect metaexchange, but any business issuing IOU bitshares tokens for crypto/fiat.
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Offline abit

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Re: 234 BTS for issue/burn asset?!?!
« Reply #5 on: March 07, 2016, 09:36:27 am »
These are horrible ideas. It means the available supply is no longer representative of  currency in use.

This change won't just affect metaexchange, but any business issuing IOU bitshares tokens for crypto/fiat.
Every business have costs. And ways to compensate costs.
If you believe your business benefited BitShares much, but lost/cost too much due to the fee, and you can't compensate the cost in other ways, setup a worker for compensation of your cost. Stake holders will judge.
« Last Edit: March 07, 2016, 09:38:37 am by abit »
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Offline cube

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Re: 234 BTS for issue/burn asset?!?!
« Reply #6 on: March 07, 2016, 09:39:00 am »
These are horrible ideas. It means the available supply is no longer representative of  currency in use.

This change won't just affect metaexchange, but any business issuing IOU bitshares tokens for crypto/fiat.

I am not sure why you did not raise an issue during the fee schedule change discussion.  Now that it was approved, you would need to present your case in detail so that the committee can review it.
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Offline monsterer

Re: 234 BTS for issue/burn asset?!?!
« Reply #7 on: March 07, 2016, 10:21:40 am »
Somebody had better inform open ledger / blocktrades about this otherwise any unscrupulous individual could rack up some serious fees for them by sending tiny amounts repeatedly to their bridge

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Offline abit

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Re: 234 BTS for issue/burn asset?!?!
« Reply #8 on: March 07, 2016, 10:38:35 am »
Somebody had better inform open ledger / blocktrades about this otherwise any unscrupulous individual could rack up some serious fees for them by sending tiny amounts repeatedly to their bridge

[member=11]dannotestein[/member] [member=23432]ccedk[/member]
Good point.
Afaik OpenLedger is operating in a pre-issue schema, BlockTrades operates TRADE.BTC in a pre-issue schema as well but on-demand-issue schema for DOGE/DASH.
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Offline monsterer

Re: 234 BTS for issue/burn asset?!?!
« Reply #9 on: March 07, 2016, 10:48:47 am »
Good point.
Afaik OpenLedger is operating in a pre-issue schema, BlockTrades operates TRADE.BTC in a pre-issue schema as well but on-demand-issue schema for DOGE/DASH.

Not unless they were only expecting to issue 25 BTC worth!

https://bitshares.openledger.info/#/asset/TRADE.BTC

Or 230 worth:

https://bitshares.openledger.info/#/asset/OPEN.BTC
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Offline abit

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Re: 234 BTS for issue/burn asset?!?!
« Reply #10 on: March 07, 2016, 11:09:38 am »
Good point.
Afaik OpenLedger is operating in a pre-issue schema, BlockTrades operates TRADE.BTC in a pre-issue schema as well but on-demand-issue schema for DOGE/DASH.

Not unless they were only expecting to issue 25 BTC worth!

https://bitshares.openledger.info/#/asset/TRADE.BTC

Or 230 worth:

https://bitshares.openledger.info/#/asset/OPEN.BTC
https://cryptofresh.com/u/openledger-wallet
openledger-wallet issue 100 OPEN.BTC to openledger-wallet
16 hours ago
openledger-wallet issue 60 OPEN.BTC to openledger-wallet
5 days ago
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Offline xeroc

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Re: 234 BTS for issue/burn asset?!?!
« Reply #11 on: March 07, 2016, 11:19:07 am »
The Committee will take your valuable input into considerations. I've added a remark to our current fee schedule:
https://github.com/BitShares-Committee/Instructions/commit/dd23653e17b24ee5a1e6c8a25378022b9f9c2eba

[member=23912]monsterer[/member] .. In the meantime, what would be the argument of having a next-to-burn account that collects some of those assets and burns them after a couple of weeks to spare fees?
In the end, if they are held by the issue, your customers can have the same kind of trust that put into you not just issuing new shares. All they need to do is take another balance into consideration to verify that the supply matches the debt, not?
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Offline monsterer

Re: 234 BTS for issue/burn asset?!?!
« Reply #12 on: March 07, 2016, 11:21:45 am »
The Committee will take your valuable input into considerations. I've added a remark to our current fee schedule:
https://github.com/BitShares-Committee/Instructions/commit/dd23653e17b24ee5a1e6c8a25378022b9f9c2eba

[member=23912]monsterer[/member] .. In the meantime, what would be the argument of having a next-to-burn account that collects some of those assets and burns them after a couple of weeks to spare fees?
In the end, if they are held by the issue, your customers can have the same kind of trust that put into you not just issuing new shares. All they need to do is take another balance into consideration to verify that the supply matches the debt, not?

It works in principle but I means I have to completely change the way our back-end works for issuing IOUs; it just makes the whole process a PITA. Bare this in mind if you are trying to attract exchange partners to build on top of bitshares, because they will have the same issue as I do with this work around.
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Offline dannotestein

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Re: 234 BTS for issue/burn asset?!?!
« Reply #13 on: March 07, 2016, 02:58:11 pm »
Good point.
Afaik OpenLedger is operating in a pre-issue schema, BlockTrades operates TRADE.BTC in a pre-issue schema as well but on-demand-issue schema for DOGE/DASH.

Not unless they were only expecting to issue 25 BTC worth!

https://bitshares.openledger.info/#/asset/TRADE.BTC

Or 230 worth:

https://bitshares.openledger.info/#/asset/OPEN.BTC
OpenLedger works on a purely pre-issued basis.
BlockTrades can auto-issue, but it only auto-issues when it "needs" to (it doesn't auto-issue if it has a sufficient balance on hand).
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Offline betax

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Re: 234 BTS for issue/burn asset?!?!
« Reply #14 on: March 07, 2016, 05:14:47 pm »
These are horrible ideas. It means the available supply is no longer representative of  currency in use.

This change won't just affect metaexchange, but any business issuing IOU bitshares tokens for crypto/fiat.

I agree, if you have an asset issued in two different places, ie.. Ethereum and BTS, if you want to keep them inline it will be great that it will be minimal the readjustment of assets issued / burning.

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