BitShares Forum
Main => General Discussion => Topic started by: cylonmaker2053 on March 02, 2016, 12:35:44 am
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What exactly is the reserve pool? How much is in it, how was it accumulated, and who controls is?
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BitShares issues new coins just like Bitcoin, and you can think of the new coins as coming from a "reserve pool." Nobody controls the reserve pool. In Bitcoin it is paid to the miners for securing the network, in BitShares it is paid to witnesses and workers that are voted into their position. In Bitcoin, according to a fixed rate of issuance, there will eventually be 21 million coins while currently the available supply is something like 15 million, so there's 6 million in Bitcoin's "reserve pool." In BitShares the rate of issuance is 5 BTS per block, the available supply is around 2.5 million, with 3.7 million total, so 1.2 million in reserve pool that can be used for witnesses and workers. Keep in mind in BitShares 20% of the fees go back into the reserve pool, and it is possible to vote for workers that put money back into the pool (to lower inflation).
Read more here: https://bitshares.org/technology/stakeholder-approved-project-funding/
(https://bitshares.org/images/cashflow.png)
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Gotcha, thank you very much for the graphic and explanation! 80% of fees going to the referral program...what exactly is that? Does every account get a fee credit for annual vesting balance, with additional allocations based on child accounts linked to ours via referral? Who controls those referral fees, is there an accumulated balance, and when are distributions made?
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Gotcha, thank you very much for the graphic and explanation! 80% of fees going to the referral program...what exactly is that?
https://bitshares.org/referral-program/
It's used to incentivize people to bring in more people.
It is a MLM-scheme with only 1 level where everyone can opt-out buy
upgrading his account to a Life-time Member.
Does every account get a fee credit for annual vesting balance, with additional allocations based on child accounts linked to ours via referral?
Every life time member, yes!
In order to bring in new users you have two options:
* run your own faucet (like open ledger does) and actually register new
accounts (will give you 80% of all the fees of those minus a fraction
that you decide to give to affiliates (the referers)
* you referr people to OpenLedger or any other hosted wallet with the
?r=<accountname> parameter and get a cut of the 80% fees from
those users as agreed upon by Openledger (or whoever runs the faucet)
[uote] Who controls those referral fees, is there an accumulated balance, and when are distributions made?
[/quote]
referral fees are controled by the blockchain. They are distributed like
this:
- 20% go to the network
- 80% go to the referral program
- of this 80%, x% go to the registrar (e.g. openleedger)
- of this 80%, 100%-x% go to the affiliate referer
Take a look at your "Membership" page to figure out what happens to the
fees you pay.
If you have a life time member account and already paid some fees,
you can withdraw them in the "Vesting" tab of your account.
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thanks @xeroc ...i'm seeing this as a way for OL and other wallet devs to get paid for their effort, plus the basic MLM incentive to go out and recruit new members (not my favorite marketing theme by any means, very often attracts low morality scammers IMO). At $100 for a lifetime membership, that may be worth the investment...
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thanks @xeroc ...i'm seeing this as a way for OL and other wallet devs to get paid for their effort, plus the basic MLM incentive to go out and recruit new members (not my favorite marketing theme by any means, very often attracts low morality scammers IMO). At $100 for a lifetime membership, that may be worth the investment...
MLM incentive is not paid from the reserve pool. It's paid by the referred new users directly.
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thanks @xeroc ...i'm seeing this as a way for OL and other wallet devs to get paid for their effort, plus the basic MLM incentive to go out and recruit new members (not my favorite marketing theme by any means, very often attracts low morality scammers IMO). At $100 for a lifetime membership, that may be worth the investment...
MLM incentive is not paid from the reserve pool. It's paid by the referred new users directly.
got it, thanks
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thanks @xeroc ...i'm seeing this as a way for OL and other wallet devs to get paid for their effort, plus the basic MLM incentive to go out and recruit new members (not my favorite marketing theme by any means, very often attracts low morality scammers IMO). At $100 for a lifetime membership, that may be worth the investment...
MLM incentive is not paid from the reserve pool. It's paid by the referred new users directly.
got it, thanks
Yes, but if the reserve fund is about 1 billion (where can I find how many bts have the reserve fund?), And every day we lose 270 KTS, it means that at the current rate we have funds for 10 years (not so bad)
280 000 BTS today is about $14000, to be positive 7K BTS should worth 14K$, BTS need to reach 2$ ???
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where can I find how many bts have the reserve fund?
The "reserve fund" is virtual, i. e. it is calculated as the difference between maximum supply and current supply of the core asset. Currently this is about 3600570502 - 2699223195 = 901347307 BTS, see https://open-explorer.io/#/assets/1.3.0 .
The amount spent on workers and witnesses is not fixed. It is a small percentage of the current reserve fund, i. e. in theory it will never run out.
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where can I find how many bts have the reserve fund?
The "reserve fund" is virtual, i. e. it is calculated as the difference between maximum supply and current supply of the core asset. Currently this is about 3600570502 - 2699223195 = 901347307 BTS, see https://open-explorer.io/#/assets/1.3.0 .
The amount spent on workers and witnesses is not fixed. It is a small percentage of the current reserve fund, i. e. in theory it will never run out.
Haaa Ok, thanks