why are the fees 21bts?
any reason for that? didnt it use to be less than 1bts?
is the burning thing a new feature? so over time how can that work out if bts are being reduced?
I am really wondering right now
https://bitshares.org/technology/referral-rewards-program/
In the case of BitShares, this means setting transaction fees that are high enough to cover all costs, including the cost of customer acquisition, while still being low enough to compete against real competitors. Most cryptocurrency networks barely charge enough in transaction fees to cover the cost of running the network. They attempt to attract users with low fees. While low fees are important, undervaluing the service provided is counter productive. For this reason, BitShares charges a price that is much higher than competing cryptocurrencies but much lower than traditional exchanges and payment networks like Dwolla or PayPal.
It's a positive imo. Using the referral programme you can earn a % of the fees from everyone you refer to BitShares. $0.1 or whatever the fee is, is still cheaper than any real competitors but incentivises people to advertise and promote BitShares.
In theory great. In reality, this is a dissaster. Nobody outside of the core here will pay $80 or whatever for a lifetime membership and high fees otherwise. Perception perception perception. If the float wasn't 3 billion but 3 million, you could get away with charging 10cents or more per transaction because the fee would be .00whateverBTS.
I predict a hard fork removing the referral program within 6 months.
By the way, check out BTS 2.0 market cap. It's under dash post release. I guess not everyone got the memo. Or perhaps these changes aren't as revolutionary as once predicted.
I thought BTS would be doing better, but it's not uncommon to see buy the rumour sell the news.
2.0 will also need a few weeks of sorting out a few kinks. We've also had Stan in usual style announce Venture network/Banx that look like they both might end up being a big BTS negative. If a few more of the Summer announcements are duds in the short term that will have to be priced in.
However the referral programme is a big positive imo. Though it will take a little while to produce results and contrary to it being removed I hereby predict it will be emulated by at least 2 other crypto's in the 6 months.
Word of mouth creates very slow initial adoption generally, so yes you can charge $0.01, earn no income but not put any customers off.
Or you can charge $0.1, which is still competitive, incentivise results based marketing (Big difference to marketing 'delegates') and attract MANY more potential users. Even if a small percentage of them are put off by the fee, it's still a no brainer that the referral programme would be the superior system imo.