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Offline eagleeye

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BitShares X inactivity fees?
« on: August 20, 2014, 10:38:52 PM »

I was reading the FAQ on http://bitshares.org/faq/

It said "What fees are charged to users of BitShares X?...5% inactivity fee is assessed to every address that has had no activity for a full year"

What does this exactly mean?  Will I lose 5% of my BitShares X by just holding them or ?


Offline tonyk

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Re: BitShares X inactivity fees?
« Reply #1 on: August 20, 2014, 10:45:54 PM »
You will have to send them to yourself at least once a year to avoid that 5% fee.
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline eagleeye

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Re: BitShares X inactivity fees?
« Reply #2 on: August 20, 2014, 10:46:44 PM »
so I send it from one bter account to another?

Offline testz

Re: BitShares X inactivity fees?
« Reply #3 on: August 20, 2014, 10:48:34 PM »
so I send it from one bter account to another?

In case of exchange, avoid 5% inactivity fee will be exchange responsibility.
Your should do it only if you have BTSX in your wallet.

Offline eagleeye

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Re: BitShares X inactivity fees?
« Reply #4 on: August 20, 2014, 11:02:59 PM »
so I send it from one bter account to another?

In case of exchange, avoid 5% inactivity fee will be exchange responsibility.
Your should do it only if you have BTSX in your wallet.

thank you for the knowledge

Online pgbit

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Re: BitShares X inactivity fees?
« Reply #5 on: August 27, 2014, 05:54:40 PM »
Just for clarity, to avoid 5% inactivity fee, can we just move 1 bts around from each account - or do all bitshares need to be moved each year?

Offline xeroc

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Re: BitShares X inactivity fees?
« Reply #6 on: August 27, 2014, 06:16:42 PM »
Just for clarity, to avoid 5% inactivity fee, can we just move 1 bts around from each account - or do all bitshares need to be moved each year?
ALL need to be moved
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Offline GordonS

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Re: BitShares X inactivity fees?
« Reply #7 on: August 28, 2014, 08:15:27 AM »
Just for clarity, to avoid 5% inactivity fee, can we just move 1 bts around from each account - or do all bitshares need to be moved each year?
ALL need to be moved

What's the point in this then?

Does the client give you a warning a while before you need to engage in this pointless exercise?

Offline gamey

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Re: BitShares X inactivity fees?
« Reply #8 on: August 28, 2014, 08:25:08 AM »
Just for clarity, to avoid 5% inactivity fee, can we just move 1 bts around from each account - or do all bitshares need to be moved each year?
ALL need to be moved

What's the point in this then?

Does the client give you a warning a while before you need to engage in this pointless exercise?

It allows the blockchain to be pruned and incentivizes voting.
I speak for myself and only myself.

Offline GordonS

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Re: BitShares X inactivity fees?
« Reply #9 on: August 28, 2014, 08:28:10 AM »
It allows the blockchain to be pruned and incentivizes voting.

Maybe I'm missing something, but:

  • How exactly does having you move your BTSX encourage voting?
  • What exactly is 'pruning the blockchain', and how is it beneficial?
  • Does the client give you a warning a while before you need to move your BTSX?

Offline xeroc

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Re: BitShares X inactivity fees?
« Reply #10 on: August 28, 2014, 08:34:06 AM »
How exactly does having you move your BTSX encourage voting?[/li][/list]
As long as you don't move your stake you cannot change your votes!

What exactly is 'pruning the blockchain', and how is it beneficial?[/li][/list]
Pruning means that everthing older than 365 days will be auto-moved to the fron
of the block so that the client can remove blocks older than 365 days .. thus
reducing the size of the blockchain.

Does the client give you a warning a while before you need to move your BTSX?[/li][/list]
Currently not .. but we are still 11 months away from that .. maybe the devs
will implement sth like this in time.
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Offline bobohuy

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Re: BitShares X inactivity fees?
« Reply #11 on: August 28, 2014, 09:16:28 AM »
So I just move all BTSX from 1  account to another account in same wallet. Is it ok ?

Offline xeroc

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Re: BitShares X inactivity fees?
« Reply #12 on: August 28, 2014, 09:32:46 AM »
you can send it back to the same account where it came from

from: foobar
to: foobar
amount: all ;-)
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Offline mas

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Re: BitShares X inactivity fees?
« Reply #13 on: August 28, 2014, 11:56:43 AM »
Can anyone else confirm that sending it from your own account to your own account will count as a transaction and avoid the 5%?

Offline gamey

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Re: BitShares X inactivity fees?
« Reply #14 on: August 28, 2014, 04:07:17 PM »
Can anyone else confirm that sending it from your own account to your own account will count as a transaction and avoid the 5%?

Yes, as long as you have an actual transaction.

The 5% has not been implemented as of yet.

When it comes around to it and people are close to being impacted, I'm sure there will be much lively discussion.

I wish I had better answers, but there are a million things going on and the priority of implementing the inactivity fee is quite low.
I speak for myself and only myself.

 

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