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Sorry for OT, I will take more care posting.Ahah, no worries!
I think I started the post with "There is a problem with parts of the jobs the witnesses do, and if more money can solve it, it should" and that went a little to far with my post. Will come back when I'm more familiar with everything.
1- Should we consider how much the witness "ideal" guy is worth on the real world? (ie. how much a (even Junior) SysAdmin gets paid)I agree it isn't a full-time job, even tho I find myself spending a lot of my time for it, way more than the 5hours/month estimated in another thread
Yes, BUT running a witness is far from a full-time job. When I was a witness I was happy with the payment, despite the much lower rewards and BTS price. I had a few night shifts in the early days of the chain, but since then the node was mostly running on its own.
Admittedly, the work load on witnesses is somewhat higher today, not so much from running a node but mostly from the price feeds. Apparently feed sources are unreliable at times, and there is a certain lack of consensus on what the "correct" price for certain assets is.
2- Should we consider the 24/7/365 requirement aspect of the witness job? (you can sleep, have week-ends and holidays, but you still have to "go to the office" in a timely manner no matter what the day and time is)I think shareholders and proxies could remove their votes for those witnesses that do not respond in time (ie, still offline after 12/24 hours), in that way they can expect and "enforce" it
The problem here is that we (the shareholders) cannot enfore what rules we impose on witnesses. We can *expect* a witness to respond in time, but we cannot claim damages if he doesn't. It is therefore unreasonable to pay them as if it was a regular 24/7 job.
3- Should we consider how much other blockchains spend (invest?) for their own security? (ie. how much BTC, ETH, etc spend, compared to market-cap) (even other dpos like STEEM and soon PEERPLAYS)I overall agree with your points, thanks for the thoughtful reply
Yes, BUT the fact that the cost for security is much lower in DPOS than in POW chains has always been highlighted as a big pro for BitShares. So don't let us drop that.
4- Should we consider the current profitability of the DEX DAC?
No. The chain is still running far below its saturation level. At this point it is important to attract more users. Sacrificing service quality for a minor increase in profitability is a bad idea IMO. (Remember that witness pay is a relatively small part of the current spendings).
Maybe more tough (and subjective?) questions:
5- How much is the whole blockchain task, security and decentralization worth? (this is what a witness really do, from a pure blockchain pov) (looking at point 3 may help)
IMO the best judge for this is the market. :-) Obviously, the service provided by witnesses is essential for the existence of the blockchain. But that doesn't mean we should all hand over our holdings to the witnesses.
Remember that BitShares is a DAC, and whatever the C stands for, it will try to get the best possible service from witnesses for the least possible cost.
6- Should 4, and particularly 4b, be able to overcome 5?
n/a
Thanks for the explanation. I didn't read that far. :-/You right, I didn't considered the x5 of the runner-up. I will edit my post, thanks!
That means steem pays 25*0.189 STEEM per 63 seconds (one round), or 25*0.189 / 63 * 86400 * 30 * 0.562 = 109,252.80 USD/month.
Hi,
I new to Bitshares, so I may fully informed about everything. I started buying BTS a few days ago, mainly because of bitUSD. I read through the white papers and were especially excited about the pegged assets. I went on an bought a bunch of BTS. Some days later I wanted to buy some bitUSD and bitCNY. I was and still am very confused about market prices below settlement price since I red in the white paper that pegged assets are expected to be traded at at least the price of the underlying asset.
My excitement for bts took a hit, since it didn't seem to behave as outlined in the white paper and it seemed that a lot more market knowledge was needed to buy at a reasonable price and don't get cheated.
Then I learned about the page where pricefeeds where shown and was shocked that feeds are not updated in manners of seconds but minutes, hours, days and even weeks. I saw forced settlements and witnessed a change in settlement price just a minute later. This made me very suspicious.
Then a learned about complaints about witnesses that don't update the price feed and are still official sources of price data.
At the end I stopped trading and will wait till I gathered enough information about the market. I simply don't really trust the data at the moment.
Why am I telling you all this? Because I think its a typical example for someone new to bts. And some will just leave when they feel that something is weird. It is very important that problems like proper price feeds are fixed. When the cryptomarket sees a correction people will give BTS as a possibility for cashing out in fiat a try. If by then these problems are not fixed. We will loose a huge amount of potential users, that never will come back.
If the problem can be solved by throwing more money at it, take both hands a throw as lot money as needed.
A more modular approach might also be a way to achieve better results. I don't know about all tasks of a witness. But would price feed data a task of its own, one could easily drop everybody with poor data quality from the list. Removing bad quality data sources is something a algorithm can do well, you would not have to start voting campaigns on the forum for that.
Expense ratio has no relationship to market cap indeed. No matter how much the price is, reward per block per month / total supply is almost fixed in other crypto projects. But in BitShares we're able to adjust.Code: [Select]monthly_expense_ratio
= monthly_expense_rewards / market_cap
= (tokens_per_block * blocks_per_month * token_price) / (total_supply * token_price)
= tokens_per_block * blocks_per_month / total_supply
Honestly, If I were a committee member, I would reject this proposalI don't think it's right to say that "too many kinds of fees are changed at the same time".Because too many kinds of fees are changed at the same time and it seems the discussion is not widely carried out.
I can't make any type of transaction it seems. I just want to withdraw funds, but cant also upvote or post.Try now.
Im a little frustrated as this is going for some days. The very purpose of a blockchain is to be able to move funds to wherever I want, whenever I want but that doesn't seem to be the case with Steem, smh.
I've waited like I saw some ppl say on a few threads, still the same.
Anyone knows a way around this?
@Bhuz sorry if I did things carelessly, I' recheck and take actions accordingly.No problem
on the other side, I wonder whether we need to consider one question: suppose publishing price feed become what witness must do, shall we increase the block reward? and to how much?
now being a witness can get some reward, but the reward is not very attractive, we need to balance the responsibility and the reward, maybe we need to reestimate what a reward is more reasonable? maybe a more reasonable reward can lead to more active ecosystem?
today a man made margin call happened again for bitCNY, about 50K bitCNY margin called, someone did price manipulation just by selling a little quantity of BTS in yunbi.
proxy bitcrab decided to unvote below witnesses, until they implement professional enough bitCNY price feeding.
spectral delegate-clayop bhuz bue delegate.ihashfury spartako fox elmato rnglab datasecuritynode
don't tell me btc38 always fail to provide price, don't ask me how to generate good price feed, you are witnesses, you should find ways to make that done.
is it possible to calculate a BTS/CNY price with BTS/BTC price from polo and bittrex and BTC/CNY price from yunbi/huobi/okcoin and give this price some weight?
More info.. btc38 API server now returns no data. They upgraded?
