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General Discussion / Re: Lets bring " earn x% interest on 'anything' " back to Bitshares!
« on: April 08, 2017, 11:30:07 am »I love the idea of being able to offer an interest rate of return on bitAssets. OP's idea of redirecting some of the referral program's share of fees is an interesting way to accomplish it without reducing deflation (i.e. increasing inflation). The question is how much of the desired effect will be realized if we reduce the referral program's share of fees from 80% to 60%? To know that, we really need to know how much we're currently collecting in fees.
Looking at the cryptofresh reserve budget page (http://cryptofresh.com/reserve) , the following chart is shown:
Is this accurate? Are these stats since the launch of BTS 2.0 or are they representative of a few months?
Regardless, assuming the 27,416 BTS represents 20%, 100% should be 137,080.
These stats may be discouraging at the moment, but BTS is beginning to build up traction and we're seeing new TX/day records. The more popular BTS gets the higher the sum of collected fees will be & the more effective the 'x% on anything' will be.
Do we have additional sources for these statistics? Would anyone be able to dump the stats directly from the CLI?
Side note - cryptofresh states "Accumulated assets may be transfered, traded, or held, at the committee's discretion. They are not part of the Reserve Pool balance.", this means that the 'Bitshares cash flow' infographic is incorrect.
But let's just say for argument's sake we're currently collecting $10,000 (or ~1.2M BTS) in fees per month. 20% of that (redirected from the referral program) would be $2,000 per month or $24,000 per year. That would support 1% annual percentage rate on $2,400,000 worth of bitAssets. Or 2% APR on $1,200,000. Or 4% APR on $600,000.
How about:
10% -> 'Reserve pool'
50% -> 'x% on anything'
40% -> Referral system
The referral system is great, but I don't view it as better than having a strong 'x% interest on anything' feature, plus it only goes to a small quantity of community members as opposed to all asset holders.
Each of those potential outcomes would represent a substantial increase in bitAsset demand. But the numbers are based on a guesstimated 1.2M BTS per month in fees. Is that even close to reality? If so, we could be onto something here. In which case the next question would be how to implement this. It sounds like we would need the dividend feature.Your estimated fees, according to cryptofresh, are nowhere near the current estimates. We need additional sources of information to confirm this is the case.
The Peerplays dividend feature is fully open source & uses the MIT license: https://github.com/BunkerChainLabsInc/peerplays-profitshare/blob/master/LICENSE.md
I'd vote for a worker proposal for implementing this.