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Messages - Bhuz

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121
No, Theo's not a part of BlockTrades. As I posted originally,  the pay was for us and for subcontractors such as CNX: I tried to be very open about that. Sometimes it will be us, sometimes CNX, and yes, potentially others as well.
So basically we are paying CNX to fix their stuff

Quote
BM asked me to help shoulder some of the load of responding to issues in GitHub related to the blockchain as CNX was tied up with confidential transactions and other projects and Theo was basically having to manage everything on his own. That was stressing him out, and I don't blame him.
This means that your team should actively help Theo on fixing and closing issues, not just pay him extra. I assume that Theo, being a CNX's dev, is already paid for his work.

I would like to see you/your team really making commits and fixing issues. This is what the shareholders expect from this worker IMO.

122
Technical Support / Re: !!! Stupid Questions Thread !!!
« on: February 21, 2016, 08:46:21 pm »
On the Obits:BTS market there is a transaction history that looks out of place:

42.8000        0.000         0.0043   2/21 08:37:06

How can that be when the orderbook has plenty of asks and bids in the teens and 20's ranges?

https://bitsharestalk.org/index.php/topic,21577.msg280944.html#msg280944

124
Could we add the ability of "linking account" ? That could also be a nice feature for LTM.

E.g.
I have the account "bhuz-bot", and I have to do quite a lot of transfers/trades, but for security reasons I do not want to put all my balance in that account. So I would end up beeing very rate limited.

But I also have my main account "bhuz", that is more secured and hold all my balance.

It would be nice to have the possibility to link bhuz to bhuz-bot, while deciding the % of rate-capability to pass from one account to the other.

125
General Discussion / Re: can't hold plain BTS in wallet? (I f*cked up)
« on: February 14, 2016, 12:39:13 pm »
Thanks. Do you think that the BTS that I transfered from Poloniex to an Open.BKS address is lost forever?

They should not be lost. Contact Poloniex support.

126
Yep, I did not understand that part too xD

What about the linking-account thing?

Do you think it is valuable and feasible?

127
Minimum balance requirement is good to prevent some types of spam, like account creation spam, but don't get rid of transaction fees altogether. Let people buy higher bandwidth. Make small tps per account free, but charge fee for those who exceed the limit which  depends on current network usage. Make it exponential depending on number of tps over limit.
+5%

128
The second thing I would like is the ability to still be able to transact by paying a fee, even if I have used up all of my coin days.  Imagine that you are putting in bids on ebay for that thing you really really need to have, and the auction is about to expire, and you could put in the winning bid, but you used up all of your coin days placing previous bids.  At that point it may be worth $0.16 or more to you to be able to place that final bid.  I think we should retain the option.

 +5%

129
LTM can give users a larger "burst window" by averaging their bandwidth over a month rather than a week.
Alternatively, LTM can be allocated X% of capacity and regular users can be allocated Y%.

In other words LTM is like the HOV lanes, there is less traffic so you can move faster.

Could we add the ability of "linking account" ? That could also be a nice feature for LTM.

E.g.
I have the account "bhuz-bot", and I have to do quite a lot of transfers/trades, but for security reasons I do not want to put all my balance in that account. So I would end up beeing very rate limited.

But I also have my main account "bhuz", that is more secured and hold all my balance.

It would be nice to have the possibility to link bhuz to bhuz-bot, while deciding the % of rate-capability to pass from one account to the other.

130
Also, by not having the trading fee's part of the referral program or making them so low that they add 0 value, any third party platform like mt4 will never be implemented.  There is no way to get the development money back from everything I can tell.  Much less have any money left over to do maintenance on the system.  The only way it may work would be by manipulating the spread in the client terminal wide enough that mt4 can turn a profit.  This effectively screws the trader twice though.
Registrar for MT4 could earn a lot from LTM-fee...much more than what he could earn on trading fee. IMO.
So there would actually be a way to get the development money back etc.


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I don't understand why people here think we need to emulate current crypto exchanges.  Crypto exchanges are tiny and professional (bank, hedgefund) traders would never trade on those platforms.  The most popular platforms use a flat fee or commission.  This proposal is going to set bitshares back massively in terms of adoption by traders.
Probably because we can see a lot of exchange working with % trading fee, and we se a lot of volume in those exchange. Right now:
Poloniex, only on eth/btc, has 28k btc volume.
Btc38 only on cny/btc has 500 btc volume.
They seem to work quite well, and poloniex has 0.2% trading fee per side iirc.


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Attracting traders should be the priority of bitshares.  It will shrink spreads, increase volume, and make money for the blockchain.  Doing a percentage based fee will only drive them away.  You are effectively driving away liquidity by charging more money to trade larger orders.  Plus it doesn't cost anymore resource wise to process large trades vs small trades.
We thought that charging only 0.01% would still make the dex cheaper than the majority of other exchanges.
Would you suggest to have no % trading fee at all until we have more volume?


If you are going to do the %based fee's, there needs to be a ceiling involved.  My back of the napkin sweetspot would be %based fee's up to $20... $20 is half the price that many ECN brokers charge to do larger forex orders.
Having a ceiling is a good idea imo, but it would need development tho.
Thanks for your suggestion.

131
We could have 0 bts/Tx for anything below 10$. Wich could be great for marchant as coffee shop, newspaper store, ect..
Then we could charge 0.1% up to 1000€ to compensate for the fees not generated below 10€. (I'm thinking about for the Ref. Prog.)

I would keep a basic_fee for normal-users and the RP, and I would try to push all the cool stuff (like 0 transfer fee) for LTM-only.

132
All I have to say is that the white paper I am producing on this is mind blowing...

I hope to see the possibility of setting modular and very flexible fees if needed.

I also hope you will be open to community suggestions and ideas. I already have some, but I will wait for your white paper first.

Can't wait!

133
ok... I believe we all see, that majority of community likes this idea. What should be done next to turn this idea into reality? Worker proposal?

I think bytemaster would need some times to really figure out all the details.
I would really like if those details were defined also with community input.

Once the details are figured out, cnx should have an estimation about cost and time needed.

134
Why shouldn't users feel cheated since even the same registrars could sell AM at different prices?
Why users then shouldn't feel cheated also from the platform itself that allows this behaviour to registrars?

Why should you give free AM to an user that *do not want* to pay a fee to obtain AM's benefits?
If an user do not want AM, he is more than welcome to remain a normal_user and pay higher fee for every operation.

Giving away free AM or LTM means take away revenue from the network.
Or because eventually that user could have paid for it, or just because he would had end up paying higher fee as normal user.

135
General Discussion / Re: Why there is so little trading volume on the DEX
« on: February 09, 2016, 02:26:34 pm »
You are correct.  I meant trading fee's, not transfer fee's.  If trading fee's are left alone or increased, using the referral program to support MT4 implementation is still viable.
Do you see an FBA that take the revenues from the trading_fee and account_upgrade?
It may work.


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I'm not sure if the committee members who wanted to lower the transfer fee's also wanted to lower the trading fee's.  I may have incorrectly assumed they wanted to reduce both sets of fee's.
At present, the % trading_fee is up to the issuer of the asset, so committee have no power outside bitassets.
Moreover, at present, the trading fee are not subject to the referral program (committee have nothing to do with this), but there are two proposed change about it:
-BSIP#4 "Distribute Market Fees on Core Asset to Referral Program" and
-BSIP#6"Market Maker Incentivization"

I still think we should also and mainly consider to have a global % trading fee that apply as  basic % trading fee that every issuer owe to the network. (it could be very low, since it apply to both side of every market)
(at the end of the day the platform allow the issuer to create his asset and manage all the trades, the platform gives him a trading engine, so imo make sense to have a global fee for it)

Anyway, with the last Fee Schedule, the committee actually would like to *activate* the % trading fee on bitassets (atm there is only a fee for create and cancel order, but not a % trading fee)
So the committee would like to do just the opposite of what you thought, I guess.


Quote
As far as your question of why someone who trades with thousands of dollars would only trade 3 times a day.  That's an average i'm taking based on my experience and the time I have spent with other traders in various trading groups.  There are people who trade millions of dollars and maybe only make 1 or 2 trades a week.  The amount of capital a trader has doesn't dictate the amount of trades a trader makes.
I see, I am not a trader so I just trust you on this point.

Maybe things are a little bit different for those who provides bot?

But at the end of the day, with % trading fee, is not really important the number of trades, but the volume actually.


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The whole point of this thread was to talk about why there is a lack of liquidity on the DEX and how it could be addressed in a low risk way.  MT4 would drive much more liquidity to the bts platform, but the only way I can see it being implemented and profitable would be if the referral program could be used to generate income.
I would like to see a plugin for MT4 too.

Personally I would see the biggest revenue stream from the account_upgrade operation. Moreover if the shareholders like the idea of restricting some features only to LTM.

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