Author Topic: BitShares X inactivity fees?  (Read 4866 times)

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Offline Riverhead

During the Mumble session on Friday Sept 5, 2014 I asked BM about this and here is a summary of his thoughts:

1) Any action on the account counts, such as simply logging in to collect your interest. This is much like what banks do today with accounts that become dormant over a period of time. Also, since the platform supports an API it is possible for 3rd party software to provide a service of tending to your funds to make sure they see some activity.

2) The 5% inactivity fee provides a valuable service to the ecosystem. With most crypto currency implementations when a private key is "lost", i.e. the owner has lost access to their private keys, or very small amounts (dust) is left languishing as unspent outputs, these funds are lost forever. The network doesn't know what percentage of supply accounts for "lost" funds. With the 5% inactivity fee these funds will eventually get merged back into the network to rejoin supply.


3) As stated above this is still in the very very early discussion process. There is 10 - 11 months left to figure it out.

Offline xeroc

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This may have been answered before but (question below)

as long as you are voting for someone you wont lose your BTSX?
nope ... voting is part of a transaction .. if you take a closer look at the transaction (in raw format) there is afield called ""net_delegate_votes":".

you still own all the btsx .. you only need to pay a transaction fee for voting

Offline eagleeye

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This may have been answered before but (question below)

as long as you are voting for someone you wont lose your BTSX?

Offline xeroc

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BM stated in another thread that the user only needs to prove ownership of the private key to avoid inactivity fees.   So a  vote transaction is all that is necessary,  no need to move all funds.
Under the hoods the "vote" button does nothing else than tranfer all your funds in the account to vote

Offline gamey

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Dan talks quite a bit about that somewhere here.  https://soundcloud.com/beyond-bitcoin-hangouts/bitshares-community-and-developer-hangout-9-5-2014 

Not necessarily ownership of keys, but why inactivity fee is what it is. 
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Offline patrickb323

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BM stated in another thread that the user only needs to prove ownership of the private key to avoid inactivity fees.   So a  vote transaction is all that is necessary,  no need to move all funds.


Offline joele

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you can send it back to the same account where it came from

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

Can you use the "Vote"? because voting also transfer all fund to itself.

Offline xeroc

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who knows .. maybe in some months .. there will be a nice and easy way for cold storage .. just make a new cold storage .. make the old one hot and directly move your stuff to the new cold storage while voting ... not tooo difficult

Offline gamey

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This should be a wallet feature.    Prompt user to refresh funds over  X months.


this kind of sucks for cold storage.   right?

It has problems.  Just like everything in life, there are always trade offs or else the solution would be obvious. I agree though, it is not a good thing for cold storage.  They're the ones negatively impacted by this.

Please keep in mind this feature has not even been implemented yet.  Personally I will be surprised if it is implemented even when the first anniversary rolls around as I suspect higher value features/items will be added first.
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Offline patrickb323

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This should be a wallet feature.    Prompt user to refresh funds over  X months.


this kind of sucks for cold storage.   right?

Offline gamey

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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.
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Offline mas

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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 xeroc

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you can send it back to the same account where it came from

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

Offline bobohuy

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So I just move all BTSX from 1  account to another account in same wallet. Is it ok ?

Offline xeroc

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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.