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Stakeholder Proposals / Re: [Committee Member] - johnr's proposal to join the BitShares Committee
« on: July 19, 2018, 12:41:29 pm »
As far as trading fees are concerned. Network fees for trading are WAY too low. Market fees (on gateway assets as well as bitAssets) are too high.
I agree with this completely. The main point I'm trying to get across is that bts:bitUSD & bts:bitCNY are by FAR the most actively traded pairs. If we want to a have an impact we should focus on variable/marginal fees there. Since there is already a market fee, already within committee (community) control it seems intuitive to me to start there. Note the network fee is a flat fee, and since the overwhelming majority of exchange trading pairs have low order creation I'm not sure it will have a huge impact. Clockwork has a lot of experience here (not to mention put a lot of energy/thought into the matter) so I do support raising network fees while we consider how best to use bitasset market fees. I can understand not wanting to formally apply some of the current market fee to network integrity (reserve pool). I'm indifferent between that and simply raising network fees/lowering bitasset fees.
I do not want to subsidize private gateways either. I don't immediately see how charging low network fees is bailing out private gateways. They are basically CEXs leveraging the BTS infrastructure. In that sense I do see your point - although 'free-riding' is probably the more accurate term. Probably a longer conversation about how we can better align the incentives there.
One cool thing about increasing the network's cut on transaction fees is .... wait for it ... the users are not affected. They pay 100% anyways. The only ones impacted are basically
* openledger, who claimed that referral fees are not their business
* cryptobridge, who seems to make money by listing fees and trading
* other frontends that may come with their own assets just like OL and CB
* bitshares europe, which sofar only has referral fees as income (as it's owner, I would rather see BitShares grow than hold back rational business decisions out of pure and stupid greed)
I am glad we all seem to agree on this. A more equitable split between the network and the referrer will make all of our efforts more effective.