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I would urge the community to keep transfer fees in the US the same. I think regional pricing is a good idea.
As someone who is building a real US-based payments business on top of Bitshares the transfer fees are important to keep the business sustainable. Otherwise it will probably take hundreds of millions of VC money, hundreds of millions of users, 10 years to even get the cash flow in the black, much less pay back the cost of capital. Free or close to free is not a great business model unless you plan to show a 30-sec video ad before you send every payment. I'm certainly not interested in pursuing a business like this. I would argue without the payments side, the exchange side is far less valuable.
We shouldn't compete with other cryptos on cost. Bitcoin and other cryptos are already essentially 'free'. But ask yourself how are business that build on those ecosystems going to grow? What is the revenue business model of anyone who builds on other cryptos? I would tell you most have no sustainable business model.
We can do well with peer to peer payments, but this should be a secondary focus because the perception and reality for the mainstream public is that payments are already free. I would even recommend Venmo, Square cash, traditional online bank transfers via email/phone # as much better solutions for the average consumer. I'm saying this as a competitor to those payment solutions. We are naturally going to need and get a good % of unbanked, anti-bank, be-your-own-bank crowd that don't like traditional solutions and the fees aren't going to be a deal breaker.
We should be focused on merchants. They are desperate for a solution because they have to pay 3 - 8% transaction fees, annual/monthly fees, hidden fees, and deal with the headache of chargebacks. When I tell merchants the cost for them is 20 cents they are immediately sold. The question I get from merchants is why and how are we so cheap? I got a question from a merchant (who actually worked in payment processing before) about if we are going to be around in the future because 20 cents doesn't sound sustainable for any payment business. I agree. I assume if we want we can structure payments so that merchants are 'paying' the cost so that should allow users to feel like they aren't paying anything in transaction fees.
I think low transfer fees will also render the referral system ineffective. There would be very little reason to upgrade memberships and people won't be incentivized by getting a few cents trickling in each month from referrals.
I am with this guy.
Apparently from reading the thread, that proposal does nothing?
On the contrary. Every day this worker stays elected with more votes than the 'burning worker', what Empirical said becomes more true.Constantly re-funding the reserve fund makes me worry people will revalue BTS as definitely having closer to 3.7 Billion shares in the future vs. now thinking it will have 2.5 Billion or less.
it's a refund worker...
it doesn't really change anything, just explicitly sets the floor for returning unused budget to the pool, which was never being taken out so far
https://bitshares.org/technology/stakeholder-approved-project-funding/
400k from the reserve fund which was not being spent is now being withdrawn and returned to it each day. This is the "floor" that will pick up the scraps from whatever projects users want to fund.
If you don't like it, reject it. But there is no point to reject it, literally does nothing to the value of BTS, and no one is getting paid from it -- it just makes it easier for when the community does approve workers for there to be this "floor"
which is why we need a big fat graph showing how many bitshares are burned by the second.
How can we speed this up?
Where can we verify what BTS supply was at the start of 2.0? So that we can show others.
Perhaps svk's time would be better spent putting the new block explorer into the webwallet - its half way there already. We just need graphs for supply etc.
