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Technical Support / Re: Half-baked Elements of Bitshares 2.0 [first read]
« on: June 09, 2015, 02:34:28 pm »
3. The referral system is killing the product [while probably being very good tool to sell it], or very actively working on it.
In order to provide decent referral bonuses ($80 per account seems to be the target) the transaction fees are $0.20 for free account (and $100 + $0.04 per transaction for lift time one). Do you really thing the customers will come flying to the system at those levels. [Leaving aside how astronomically high that is for each placed/canceled order on the DEX…not filled just placed]. Do you think customers will jump on the system with $0.20 per transaction when the competition is 10x less? I know a lot of marketer will try to sell it to them to get their $80 bucks, but how many will really use it 10x higher transaction cost (or be happy to pay $100 for the privilege to try it and enjoy normal fees)
Go BTS!
We were pretty bullish on pushing the referral system ourselves, but now we have no choice to back out from integrating it.
I don't see any reason why a kid using paypal would pay 80 USD and use this instead.
3. The referral system is killing the product [while probably being very good tool to sell it], or very actively working on it.
In order to provide decent referral bonuses ($80 per account seems to be the target) the transaction fees are $0.20 for free account (and $100 + $0.04 per transaction for lift time one). Do you really thing the customers will come flying to the system at those levels. [Leaving aside how astronomically high that is for each placed/canceled order on the DEX…not filled just placed]. Do you think customers will jump on the system with $0.20 per transaction when the competition is 10x less? I know a lot of marketer will try to sell it to them to get their $80 bucks, but how many will really use it 10x higher transaction cost (or be happy to pay $100 for the privilege to try it and enjoy normal fees)
Go BTS!
We were pretty bullish on pushing the referral system ourselves, but now we have no choice to back out from integrating it.
I don't see any reason why a kid using paypal would pay 80 USD and use this instead.
So your bowing out?
The user also doesn't need to pay to sign up, just pay more for transaction fees ~$0.4.We were pretty bullish on pushing the referral system ourselves, but now we have no choice to back out from integrating it.
I don't see any reason why a kid using paypal would pay 80 USD and use this instead.
There are lots of things you can't do with PayPal. Their rules are very strict. For example, you can't gamble (among many other use cases).
If freebieservers refers a customer to BitShares then they will receive ~$80.
Could you offer your service to Bitshares users at a discount to entice new users to sign up and net you another $80?
3. The referral system is killing the product [while probably being very good tool to sell it], or very actively working on it.
In order to provide decent referral bonuses ($80 per account seems to be the target) the transaction fees are $0.20 for free account (and $100 + $0.04 per transaction for lift time one). Do you really thing the customers will come flying to the system at those levels. [Leaving aside how astronomically high that is for each placed/canceled order on the DEX…not filled just placed]. Do you think customers will jump on the system with $0.20 per transaction when the competition is 10x less? I know a lot of marketer will try to sell it to them to get their $80 bucks, but how many will really use it 10x higher transaction cost (or be happy to pay $100 for the privilege to try it and enjoy normal fees)
Go BTS!
We were pretty bullish on pushing the referral system ourselves, but now we have no choice to back out from integrating it.
I don't see any reason why a kid using paypal would pay 80 USD and use this instead.
From what I understand, you could purchase the membership which makes your account its own referrer. Then you can have your own affiliate program where you set a % of the referral fees that goes to an affiliate (i.e. the kid using paypal) that you split with them. As long as the kid doesn't need to have an annual / lifetime membership to take a percent of your referral stream defined by you.
There's a number of things that needs to be noted.
1. Kids barely have any incentive to try a new financial system if the existing system "works" for them. For instance, when we integrated Nxt into our back-end, it was mainly "on-site" . Sure they did do transactions off-site, but the majority of their transaction was on FS' internal system, so unless we create an eco-system that facilitates such transactions for them (eg : marketplaces, exchanges or services catering to them) , they would not fall into this
2. The level of entry barrier is pretty high. I saw CCEDK offers debit / credit card to Bitshares in real time but having a user go through that, without a definite ecosystem or a user experience that appeals to them becomes hard.
Now don't get me wrong , start-ups like ours have due incentive in this, provided we have a system that has
1. High number of internal transactions
2. Reduce entry barriers for access to the coins
3. Create an ecosystem that enables this.
I've done a fair amount of research into this aspect, long before any of the referral news came out. I will be making news in regards to how the system is expected to work pretty soon. Preferably, later today. It will be a sister concern of FS and the largest project to come out from our studio's in a year.
P.s - I've been trying to get in touch with PLS for a month now. We've conversed a bit via skype, but since I don't see those conversations going anywhere, working directly with Bitshares now seems smarter.
