BitShares Forum
Other => Graveyard => Muse/SoundDAC => Topic started by: FreeTrade on November 07, 2014, 08:34:27 am
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I was very interested to read this
>is to allow the 101 Delegates to set arbitrary pay rates. Delegates in BitSharesX make their income from transaction fees only. This new version, which will be spearheaded and tested by BitShares Music, will allow delegates to make more than just the transaction fees, they will be able to do additional rounds of funding, as long as the shareholders agree and vote for it.
from
http://bitshares.org/regulation-proof-self-funding-dacs/
One of the problems we had with MemoryCoin in its first incarnation was shareholders voting additional funding for themselves as a kind of interest payment.
I see delegates in BTSX only require a minimum 8% holding to guarantee a delegate currently.
If the same holds true for BitShares Music, and a dilution of up to 8% p.a. is allowed to fund delegates, what's to stop an individual amassing an 8% stake and awarding the full 8% dilution to themselves?
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If the same holds true for BitShares Music, and a dilution of up to 8% p.a. is allowed to fund delegates, what's to stop an individual amassing an 8% stake and awarding the full 8% dilution to themselves?
The other 92% which overtime start realizing that a particular delegate does not increase revenue/profit and as such vote no more for it ... hence the required min. Approval will rise above 8% ..
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If the same holds true for BitShares Music, and a dilution of up to 8% p.a. is allowed to fund delegates, what's to stop an individual amassing an 8% stake and awarding the full 8% dilution to themselves?
The other 92% which overtime start realizing that a particular delegate does not increase revenue/profit and as such vote no more for it ... hence the required min. Approval will rise above 8% ..
So it relies on voter engagement? I think the proxy voting (slates) are a good move to increase voter participation, but I don't see there will be sufficient engagement to overcome this problem.
One possible solution - Perhaps delegates should require a minimum of 50% of active votes to draw a salary.
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Its still an experiment .. i would go that far and modify those rules already ..
Later we will also need to vote on HARDFORKS and discussions are ongoing on how to react to lazy voters ..
But your proposal is not bad ..