I'd like to get a definitive answer.
Perhaps my goal is to make BitShares successful and indirectly I benefit. Besides, there's more to a business than just getting some referral income, which according to your numbers (so far at least) doesn't look sustainable as a profitable business, especially if you consider what it would cost to obtain a CNX license before you signed up 42 new users for a 2500 BTS reward.
And that is the secret to the success or failure of Bitshares. Developers have to create as many technical ways for us to make BitShares successful while allowing us to indirectly benefit. The more we can align the two the better the ecosystem will get.
The referral program is just the beginning of course. There is also the Brownie.PTS, the crowd funding opportunities, the potential bond market, the potential prediction market, so we have to basically bootstrap an industry and attract people to the community with mutually benefiting profit opportunities.
If his stats show 42 users / 2500 bts reward figures, then that means none of his referred users upgraded to annual/lifetime accounts, otherwise it would reflect a much higher reward.
currently it's ~10 LT per 1000 sign-ups. this is a numbers game, don't bother looking at my 44 users.
anyways, if BM makes true what he said in today's mumble there's no need to talk about referral program or earning money here anymore. since that will be dead
Can you explain please, I wasn't in the mumble and this sounds like something I want to hear.
there will be a proposal by him, basically nulling all fees except for trading fees.
sounds good at the beginning, but there's absolutely no need for regular users to upgrade their accounts. that makes 10 LT per 1000 to MAYBE 1 (an active trader) per 1000. there's no way a marketer can sustain at that level.
The goal isn't to kill the referral program. But perhaps we need to identify the TYPES of users we want to refer.
There is a total volume in cryptocurrency of $ 135,803,639 127M of that is BTC, leaving 8M per day in volume for everything else.
The total trading volume in BTS is about $100K (recently) meaning the network could be earning $150 per day or $54,000 per year just by moving all BTS trading on chain.
If we can get the daily volume on the exchange up to $1,000,000 (something BTS has achieved in the past) and simply sustain it then the network would be earning $540,000 per year (6% yield) on current valuations.
That is just the trading volume of BTS. Throw in the trading volume of all the other assets on the BTS chain and the total volume of the exchange will be much higher.
Under the current referral program none of that money would be going to referrers. Under the new referral program 80% of that money would be going to referrers.
So which is going to generate more referral income? Trading or Transfers? To generate 540,000 per year from transfers would require a sustained 5 transfers per minute on the network.
What use case do you want to support, an exchange or a currency?