Hey guys,
For those that don't know I was planning to run an experiment with a Smartcoin called CASH.USD to see if we could improve the design of bitUSD.  Unfortunately due to my lack of monitoring and no trading activity, there was a black swan on CASH.USD.   Luckily we only had about $250 created and half of it was owned by our accounts.   Although I'd like to have pursued the new design to see how well it worked, this was probably a sign that it is better for Bitcash to use bitUSD instead. bitUSD has close to a $4 million supply and good liquidity.  For anyone that holds CASH.USD, we'll reimburse everyone an equivalent amount of bitUSD since the global settlement feature after a black swan still does not work.   Thanks to all the witnesses that provided a pricefeed for CASH.USD!  Good news is that we'll be able to create more activity with bitUSD and help make it more liquid!  Hopefully we can continue to improve its design.  Let me know if you have any questions.  Onwards!

Quote from: merivercap on May 31, 2017, 08:48:19 pm

We can probably keep the fees for asset creation, but the psychological appeal of frictionless trading and transfers is incredible.

I assume you mean "frictionless trading" from a user perspective.

What about from a technical perspective?  If it costs me nothing to pound the blockchain with "frictionless trading"... and I'm a black hat (which I am not)... or owner of a botnet with 50,000 slave machines (which I am not)... Now you've just given competitors or blackhats an incentive to come here and use frictionless tactics to overload our blocks with nonsense.

The one thing that stops people from brute forcing garbage into the network is the fact that they'll have to pay BTS to do it.  If you make it free... it's a matter of time until you create a whole new problem that we don't currently have..

I don't care how fast graphene is.... if writing to the blockchain becomes free, you're in for a world of hurt.

Yeah I am speaking from a user perspective.  Rate-limiting is the cost so for bots it's not frictionless and you can't spam the network.   

Quote from: paliboy on May 31, 2017, 12:45:24 pm

%-based fees (for smartcoin trading)  are easy to introduce, we just need broader support from the community. We already have 2 levels of accouts - lifetime members have 80% discount from all fees, you just need to do your math if it's worth

We actually also have the code (provided by @abit) .. all it takes is some heavy testing (on the testnet) and a (approved) hardfork of bitshares.

Wrt. rate-limited transactions: The question you need to ask yourself is: Do we want BitShares to be a profitable business that takes a fee for the services it offers, or not? By this, I don't mean that we cannot have some of the transactions be free and others require a fee ... but BitShares is a DAC and most shareholders would be interested in this DAC becoming profitable .. not just through capital appreciation ..

Yeah I think there was a consensus in the community for rate-limited transactions.   We can probably keep the fees for asset creation, but the psychological appeal of frictionless trading and transfers is incredible.  We can think of the Bitshares blockchain as a resource/asset/platform that people need to buy into, instead of an income generating business which demands too much operational expertise to run anyways.  Income is also just burned.  Making the platform a resource/asset creates greater alignment for users of the platform rather than rent-seekers.    Ultimately the greater alignment there is with users, the greater overall value the blockchain will have. 

  Wow amazing presentation! You should do a lot more presentations @Stan!   You are really thinking big! 

Thanks for signing up cashnike3!  I sent you 1 bitcash. 

Lol.. transfer fees are 12 cents now... I guess it's still not as bad as Bitcoin right now..

Hey I'll be there!
We Bitshares guys should have a get together for lunch on the 24th?

https://bitsharestalk.org/index.php/topic,24066.0.html

Thanks @pc.