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General Discussion / Re: committee controlled open market operation fund ABUSE !!!!
« on: August 08, 2018, 07:51:39 am »
Committee should set "target collateral ratio" immediately.
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Paliboy, are you suggesting unwinding prior accounts or making account names renewable on a going-forward basis?
I don't think we should be touching accounts. They work fine as they are. Just increase fees there because people make more accounts than they need (>1.1m accounts created for 30k active users). Faucet improvements in account creation would help. Large number of accounts also puts unneeded strain on the chain.
Large account creation income does not mean it's a profitable operation. It means that the ratio of fees / op is wrong and that other ops are much cheaper than they should be.
Committee asset fee income != reserve pool. I will gladly entertain the suggestion that escrow workers come to an agreement with the committee so that they can always trade worker pay BTS to bitUSD or bitCNY at a fair price if the market doesn't provide enough liquidity. I will not accept treating fee income as part of the reserve pool though.
It's not asset creation that brings in a lot of funds but rather asset issuance (as gateways transfer UIA IOUs in and out). That is a fee that should probably be not raised (or even lowered) as it should not be such a big part of the reserve pool income and it is also a large cost gateways need to cover (by setting higher market fees). So I would gladly lower their costs there if that means agreeing to lower market fees.
They could agree to use the public bitshares chain if they'd have a spot or two as the comittee members and/or witnesses so that they have some control over the development and general direction.
I'm not saying it's good for us to have a company in the comittee, but the benefits could outweight the cons.
Right now it looks like a very bad idea to me, but it's worth discussing anyway.
Costs below are the maximum that could possible be needed and as always we will try for a more economical approach
while 4>collateral ratio>3, smartcoin income can be used to buy more BTS, but borrowing more smartcoin is not allowed.
while 3>collateral ratio, smartcoin income need to be used to reduce debt position, buying more BTS is not allowed.