BitShares Forum
Main => General Discussion => Topic started by: fav on April 23, 2017, 07:29:18 pm
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Operation Type % of Total BTS
Asset Create 48%
Account Upgrades 26%
just had some time to check the fee report, and oh my god what did I just read.
LTM Updrades 2nd position with 26%.
yes, that's the affiliate system, that was crippled due to the all fee reduction AND did not receive any premium features just yet.
fact: LTM is the best revenue product we got. It needs more features and more love ASAP.
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fact: LTM is the best revenue product we got.
This is a very exaggerated conclusion. LTM offers 80% fee discount in exchange of $100 payment upfront. When the fees were high, people were reasonably seeking for cheaper option. But this does not mean that LTM helped to bring more money into reserve at all.
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fact: LTM is the best revenue product we got.
This is a very exaggerated conclusion. LTM offers 80% fee discount in exchange of $100 payment upfront. When the fees were high, people were reasonably seeking for cheaper option. But this does not mean that LTM helped to bring more money into reserve at all.
2449553.496 BTS to the reserve pool.
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2449553.496 BTS to the reserve pool.
But this is not necessarily in addition to what would be paid without LTM. People chose to pay $100 in advance and then pay less per transaction. This just shifts the revenue flow. In fact, those who bought LTM sucked, because they could better wait until fees are reduced.
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2449553.496 BTS to the reserve pool.
How did you come up with this figure:
26% from 47,106,798 is 12,247,767.48
OMG does this mean network gets only 20% of LTM fee payed to this very network? This is insane!! WTF is going on?!
So you pay 17,611 BTS and get back 14088 BTS means actual LTM fee is only 3522 BTS. Right?
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2449553.496 BTS to the reserve pool.
How did you come up with this figure:
26% from 47,106,798 is 12,247,767.48
OMG does this mean network gets only 20% of LTM fee payed to this very network? This is insane!! WTF is going on?!
So you pay 17,611 BTS and get back 14088 BTS means actual LTM fee is only 3522 BTS. Right?
Actually, you pay 17,611 and your referrer gets 14088, so yes, network actually gets only 3522. And yes, this is insane.
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2449553.496 BTS to the reserve pool.
How did you come up with this figure:
26% from 47,106,798 is 12,247,767.48
OMG does this mean network gets only 20% of LTM fee payed to this very network? This is insane!! WTF is going on?!
So you pay 17,611 BTS and get back 14088 BTS means actual LTM fee is only 3522 BTS. Right?
Actually, you pay 17,611 and your referrer gets 14088, so yes, network actually gets only 3522. And yes, this is insane.
I cant fckn belive. This looks like multilevel marketing ponzi. The first ones gets mayority of the fees that followers generate. And I was wondering why they call Bitshares Ponzi. Gentlemen from commity its your call!!
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I cant fckn belive. This looks like multilevel marketing ponzi.
Not a ponzi, which cascade with no limit. The BitShares referrals are limited to receive proceeds from only 1 level.
If BitShares 2.0 were received the same way Steem and almost every shitcoin project is upon launch, and the pumpers did their pumping thing on Oct. 15, 2015, people wouldn't be thinking about the 20% cut the network gets as insufficient, they would be trying to enlist their friends and getting that 80% referral reward and complaining 20% is way too much.
Alas, nothing new under the sun, people jump to conclusions and forget history all the time.
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I understand the motivation for the LTM fees structure but never liked the breakdown. Here is an idea.
10%/40%/50% All Referrers(weighted)/LTM/network
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I understand the motivation for the LTM fees structure but never liked the breakdown. Here is an idea.
10%/40%/50% All Referrers(weighted)/LTM/network
There seems to be no shortage of ideas on how to distribute funds. Getting consensus on which to implement AND finding devs interested and competent enough to create a proposal and do the work are as scarce as grandma day traders in the crypto space. This is just talk, churning the waters, getting nowhere.
What will bring consensus and workers? When I see answers to that I'll begin to think progress is being made. Until then, not so much.
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Not a ponzi, which cascade with no limit. The BitShares referrals are limited to receive proceeds from only 1 level.
Ahh no, this cascade is fixed to only one level.
Every referrer gets 80% of all fees including LTM fee from referee. Now when referee becomes referrer he gets a cut form new referee
and the fees he pays goes to his referrer, and same goes for his referrer, ans same for his referrer, and same .....
I agree, this doesn't look like classic Ponzi. It has some innovative approach.
If BitShares 2.0 were received the same way Steem and almost every shitcoin project is upon launch, and the pumpers did their pumping thing on Oct. 15, 2015, people wouldn't be thinking about the 20% cut the network gets as insufficient, they would be trying to enlist their friends and getting that 80% referral reward and complaining 20% is way too much.
Alas, nothing new under the sun, people jump to conclusions and forget history all the time.
Please be more specific. I don't understand the point of this.
Again this is not trivial question. We are talking here about long term stability, and more important basic value proposition of Bitshares as a platform.
People are planing marketing campaign and doesn't realize that they didn't answer basic question:
What is Bitshares?
Our web cite headline says:
BitShares - Your share in the Decentralized Exchange
I would say: Could you be more specific? Please define the word SHARE.
Does my share related to my share of ownership and share of dividend?
or
My share is related to the ones I bring to the platform as referrer.
or ..
My share is related to income from the network if I am talented and manage to find the way
I advise marketing guys first find the answer to above questions. And yes when you find out please educate us. We don't know either.
Try to think of Bitshares as your own business. Would you run it like it is run now?
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There seems to be no shortage of ideas on how to distribute funds. Getting consensus on which to implement AND finding devs interested and competent enough to create a proposal and do the work are as scarce as grandma day traders in the crypto space. This is just talk, churning the waters, getting nowhere.
What will bring consensus and workers? When I see answers to that I'll begin to think progress is being made. Until then, not so much.
It doesnt need to be done. What is needed is already coded in Bitshares platform.
Use your Vote!!
First to say I am all against the unilateral action. Community should reach consensus. But we are not helpless neither.
If needed, we should declare our declaration of independence.
I may upgrade to LTM but doesn't find my self appropriate from various reasons, basically trust related for wider community.
Any way, one of hero members including @Thom might take the roll. Candidate for change, collect votes as a Proxy, and vote out every commity member that doesn't support change. Lets show the real power of Bitshares! Eventually we could reach consensus.
Everything that needs to be done is:
- change the fee structure ( in order to become sustainable)
- include Peerplays dividend model (since code is free, average worker for implementation would be needed)
How to change fee structure?
- LTM fees goes to the network, period.
- Referrer and the network split all fees 50:50, period. (all fees, core token, MPAs, UIAs)
Lets vote in commity that could implement this.
Its that simple.
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why everytime bts is doing fine then people start proposing to change something? bts is constantly increasing in value..apparently the market says clearly not to change anything..let it be..that is my opinion anyway..
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2449553.496 BTS to the reserve pool.
How did you come up with this figure:
26% from 47,106,798 is 12,247,767.48
OMG does this mean network gets only 20% of LTM fee payed to this very network? This is insane!! WTF is going on?!
So you pay 17,611 BTS and get back 14088 BTS means actual LTM fee is only 3522 BTS. Right?
it's 20% of 12m - the network fee
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2449553.496 BTS to the reserve pool.
How did you come up with this figure:
26% from 47,106,798 is 12,247,767.48
OMG does this mean network gets only 20% of LTM fee payed to this very network? This is insane!! WTF is going on?!
So you pay 17,611 BTS and get back 14088 BTS means actual LTM fee is only 3522 BTS. Right?
Actually, you pay 17,611 and your referrer gets 14088, so yes, network actually gets only 3522. And yes, this is insane.
I cant fckn belive. This looks like multilevel marketing ponzi. The first ones gets mayority of the fees that followers generate. And I was wondering why they call Bitshares Ponzi. Gentlemen from commity its your call!!
mutli level means multi level. there's only one in bitshares. also, if you upgrade to LTM, you do NOT get that money back. use your brain cells please
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2449553.496 BTS to the reserve pool.
How did you come up with this figure:
26% from 47,106,798 is 12,247,767.48
OMG does this mean network gets only 20% of LTM fee payed to this very network? This is insane!! WTF is going on?!
So you pay 17,611 BTS and get back 14088 BTS means actual LTM fee is only 3522 BTS. Right?
Actually, you pay 17,611 and your referrer gets 14088, so yes, network actually gets only 3522. And yes, this is insane.
I cant fckn belive. This looks like multilevel marketing ponzi. The first ones gets mayority of the fees that followers generate. And I was wondering why they call Bitshares Ponzi. Gentlemen from commity its your call!!
mutli level means multi level. there's only one in bitshares. also, if you upgrade to LTM, you do NOT get that money back. use your brain cells please
Thanks, i think @yvv already improved work of my brain cells. ;)
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why everytime bts is doing fine then people start proposing to change something? bts is constantly increasing in value..apparently the market says clearly not to change anything..let it be..that is my opinion anyway..
I share your concern too. But this is short term thinking. Should we ignore the facts in exchange for short term gain? Eventually current issues could strike us in the future. I think we should discus all issues openly, eventually we could agree to change something that will bring benefit for all.
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So you pay 17,611 BTS and get back 14088 BTS means actual LTM fee is only 3522 BTS. Right?
Yes. Market price would be little above, but this is protected by vesting period. Big players will lower the price eventually.
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why everytime bts is doing fine then people start proposing to change something? bts is constantly increasing in value..apparently the market says clearly not to change anything..let it be..that is my opinion anyway..
I share your concern too. But this is short term thinking. Should we ignore the facts in exchange for short term gain? Eventually current issues could strike us in the future. I think we should discus all issues openly, eventually we could agree to change something that will bring benefit for all.
I agree that it's a short term thinking. BitShares is doing well at the moment because majority of altcoins are doing well. I would rather use http://cryptofresh.com/reserve as our guideline... the value of any business is increasing if it makes more money than it spends. In long term, profitability of a business will translate into high share price or into dividend.
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the core point I was trying to make is that we got a very good product in LTM with it's underlying benefits for traders - but it could be even better with more unique features. would increase conversion rate and eventually DAC revenue.