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Marketplace / Re: Job. My site. 500 BTS per hour.
« on: February 11, 2016, 05:41:41 pm »
It might help if you posted a link to the actual site you want worked on...
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Hi, all!
My manservant and I were just chatting about cryptos, and Bitshares came up, and we wanted to know more about internal funding. If you wouldn't mind taking the time to answer, we'd love to know:
1 - From my chat with Dan Larimer, I understand that new coins can be/are created to fund development. Is that correct? If so, how precisely is it decided how much will be created, and when? And how is consensus achieved?
2 - Does it require a sort of "worker" proposal to get coins created to fund development?
3 - Is there a limit to how many new Bitshares can be created to pay workers?
4 - How does the Bitshares blockchain get commanded to create the new coins upon consensus to do so? Like is there a cryptographic way from within all the voters' wallets that they can vote to create new coins?
Alright, that about does it for me. I understand this is a lot -- if there is already-published documentation somewhere that I can simply go and read for myself, I'd be happy to receive it!
And let me add that we're thrilled to have BitShares as the sponsor for our last two episodes, and 18 more to go! Here's today's episode, in case you missed it: https://www.youtube.com/watch?v=aHlIKf7bHFg
- Amanda
@TheDailyDecrypt
http://TheDailyDecrypt.com
Also, by not having the trading fee's part of the referral program or making them so low that they add 0 value, any third party platform like mt4 will never be implemented. There is no way to get the development money back from everything I can tell. Much less have any money left over to do maintenance on the system. The only way it may work would be by manipulating the spread in the client terminal wide enough that mt4 can turn a profit. This effectively screws the trader twice though.Registrar for MT4 could earn a lot from LTM-fee...much more than what he could earn on trading fee. IMO.
So there would actually be a way to get the development money back etc.QuoteI don't understand why people here think we need to emulate current crypto exchanges. Crypto exchanges are tiny and professional (bank, hedgefund) traders would never trade on those platforms. The most popular platforms use a flat fee or commission. This proposal is going to set bitshares back massively in terms of adoption by traders.Probably because we can see a lot of exchange working with % trading fee, and we se a lot of volume in those exchange. Right now:
Poloniex, only on eth/btc, has 28k btc volume.
Btc38 only on cny/btc has 500 btc volume.
They seem to work quite well, and poloniex has 0.2% trading fee per side iirc.QuoteAttracting traders should be the priority of bitshares. It will shrink spreads, increase volume, and make money for the blockchain. Doing a percentage based fee will only drive them away. You are effectively driving away liquidity by charging more money to trade larger orders. Plus it doesn't cost anymore resource wise to process large trades vs small trades.We thought that charging only 0.01% would still make the dex cheaper than the majority of other exchanges.
Would you suggest to have no % trading fee at all until we have more volume?If you are going to do the %based fee's, there needs to be a ceiling involved. My back of the napkin sweetspot would be %based fee's up to $20... $20 is half the price that many ECN brokers charge to do larger forex orders.Having a ceiling is a good idea imo, but it would need development tho.
Thanks for your suggestion.
I'm wondering how can you confidently say that numbers. Why up to $1? Why don't care $0.1? Any reasons or just your intuition?6000 fixed or not, the point is, with one model you get to pay MT4 24x faster while at the same time providing MT4 users way lower fees than they're used to (I'm not sure about this part because I believe most would be crypto traders used to low fees maybe). I think that was his point.
I see. But according to economics 101, demand is determined by price. So 24x is not a realistic number. If we have 1000 BTS fee, he cannot recoup the cost 30x faster.
The point is, you cannot judge which fee is "killing referral" or which other is not. It also depends with demand and your business model.
You are assuming that the supply and demand is linear. It's not. Those same traders don't care if they are paying $0.0035 or $0.10. Demand is inelastic and logarithmic between these prices and probably up to $1.00. This is hopefully in your econ 101 text book as well.
The real world isn't a linear supply and demand chart... those charts were designed to help students get an idea of how S/D works.
Based on 10 years of real world trading experience and a comparison of commissions charged be several brokers. A trader isn't going to choose a 1 cent platform vs a 50 cent on price alone. It's a nonfactor at those price points. The only thing that will matter at sub $1.00 fees is ease of use, features and security.
Remember these guys are trading thousands of dollars in each trade... 1 dollar is miniscule in their P/L
Could you explain me why you expect heavy and specialized traders to do *transfers* on a platform heavy focused on *trading* like MT4?
Could you explain me why are you using the "transfer fee* to calculate revenue generated from *trading*?
Could you explain why the registrars of MT4 would care about and look for revenue from *transfers* if they are promoting an advanced platform for *trading*?
Do you know that currently the revenue from transfers fee is only a tiny portion of the whole network revenue? And openledger is not as much focused as MT4 on trading, so I would expect even less revenue from people registering through MT4. (transfer wise)
Could you explain me how the hell guys managing thousands of dollars per trade would end up doing only 6 trades a day?
Could you explain why in your opinion, is not feasible that a lower *transfer* fee could bring much more people in the whole system, generating traction and more liquidity, giving a reason to real traders to start using the platform? (that from their point of view it means trading, not transfering)
IMO you should realize that MT4 registrar should focus on temp their users to upgrade to LTM and not expect traders to do transfers around just because.
MT4 should offers advanced trading features to LTM only to tempt traders to upgrade, as our Dex should.
IMO all your logic on mixing up transfers and trades make no sense at all.
I'm wondering how can you confidently say that numbers. Why up to $1? Why don't care $0.1? Any reasons or just your intuition?6000 fixed or not, the point is, with one model you get to pay MT4 24x faster while at the same time providing MT4 users way lower fees than they're used to (I'm not sure about this part because I believe most would be crypto traders used to low fees maybe). I think that was his point.
I see. But according to economics 101, demand is determined by price. So 24x is not a realistic number. If we have 1000 BTS fee, he cannot recoup the cost 30x faster.
The point is, you cannot judge which fee is "killing referral" or which other is not. It also depends with demand and your business model.
You are assuming that the supply and demand is linear. It's not. Those same traders don't care if they are paying $0.0035 or $0.10. Demand is inelastic and logarithmic between these prices and probably up to $1.00. This is hopefully in your econ 101 text book as well.
The real world isn't a linear supply and demand chart... those charts were designed to help students get an idea of how S/D works.
6000 fixed or not, the point is, with one model you get to pay MT4 24x faster while at the same time providing MT4 users way lower fees than they're used to (I'm not sure about this part because I believe most would be crypto traders used to low fees maybe). I think that was his point.
I see. But according to economics 101, demand is determined by price. So 24x is not a realistic number. If we have 1000 BTS fee, he cannot recoup the cost 30x faster.
The point is, you cannot judge which fee is "killing referral" or which other is not. It also depends with demand and your business model.