Author Topic: The absolute hard cap on # of BTS is 3,761,440,000  (Read 12557 times)

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Offline Brent.Allsop

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To be certain our official stance is: 
1) bitshare holders can dilute without limit by majority approval (to say otherwise is to sign a suiside pact)

Is this a consensus of delegates, or is this a consensus of bitshares?  Some other type of consensus?  Is there any way of measuring, rapidly building this type of consensus, and knowing what is standing in the way of achieving such?

Obviously, the community that can most rapidly build and measure this kind of consensus, and educate everyone else still not yet on board, so they are not lost, will blow away any competitors.

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Offline mike623317

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It's sad BM have no regard of the conventions of bitcoin community, cap increase every month, hard fork every month, must update wallet every month, you still want trust?

Bitcoin does just one thing.  BitShares is a company with an aggressive list of planned first-of-a-kind services that hopefully will never stop growing. 

Our challenge is to strike a balance. 

Get features and fixes deployed as fast as possible
and
Minimize the number of times users and exchanges have to upgrade.


Trust that we will work hard to strike the right balance,
not that we will somehow accomplish both goals perfectly and simultaneously.

So, if we are doing it right, we should be getting an equal number of complaints about both.

:)

Just want to say a big thank you for what you guys are doing. I know you take a lot of crap from people sometimes ;)

Offline fluxer555

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Any delegate who publishes feeds uses an automated script...

Offline Avant

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 +5%
delegates manual price feed is the stupiest idea in this day of age, it creates a lot of maual labor to be compansated, I'm very dispointed that BM still hasn't find a better way, use your brains man!
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Offline yiminh

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delegates manual price feed is the stupiest idea in this day of age, it creates a lot of maual labor to be compansated, I'm very dispointed that BM still hasn't find a better way, use your brains man!

Offline Stan

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It's sad BM have no regard of the conventions of bitcoin community, cap increase every month, hard fork every month, must update wallet every month, you still want trust?

Bitcoin does just one thing.  BitShares is a company with an aggressive list of planned first-of-a-kind services that hopefully will never stop growing. 

Our challenge is to strike a balance. 

Get features and fixes deployed as fast as possible
and
Minimize the number of times users and exchanges have to upgrade.


Trust that we will work hard to strike the right balance,
not that we will somehow accomplish both goals perfectly and simultaneously.

So, if we are doing it right, we should be getting an equal number of complaints about both.

:)
« Last Edit: February 15, 2015, 08:45:31 pm by Stan »
Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

Offline BunkerChainLabs-DataSecurityNode

It's sad BM have no regard of the conventions of bitcoin community, cap increase every month, hard fork every month, must update wallet every month, you still want trust?

This is alpha software, so yes you might have to update every month - so what? It means theyre actually producing new code.

Comparing with Bitcoin is a bit unfair - Bitcoin is just a simple token that doesnt do anything. BitShares is incredibly complicated in comparison.

Maybe they would like to see an autoupdate feature to make it stupid simple.
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Offline MrJeans

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In the (very) long run this isn't feasible. As delegates don't get paid by tx fees anymore and the reward approaches 0.

To ensure that the code is robust against need to hard fork the funding model we have decided to pay fees to delegates as well (percentage of fees based on pay rate).

This will maintain the long-running delegate pay model and simply add a bit of dilution to help cover us while we are growing transaction volume.
+5% answered my concerns. One hopes that soon we have all delegates on well earned 100% pay

Offline speedy

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It's sad BM have no regard of the conventions of bitcoin community, cap increase every month, hard fork every month, must update wallet every month, you still want trust?

This is alpha software, so yes you might have to update every month - so what? It means theyre actually producing new code.

Comparing with Bitcoin is a bit unfair - Bitcoin is just a simple token that doesnt do anything. BitShares is incredibly complicated in comparison.

Offline robrigo

It's sad BM have no regard of the conventions of bitcoin community, cap increase every month, hard fork every month, must update wallet every month, you still want trust?

What do you expect for a project still in beta? The hard forks will be less frequent after the 1.0 milestone is reached and a stable version can be declared.

Offline yiminh

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It's sad BM have no regard of the conventions of bitcoin community, cap increase every month, hard fork every month, must update wallet every month, you still want trust?

Offline yiminh

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This is like all delegates votes for a pay raise in BTS, then BTS price drop, then votes for another pay raise in BTS, BTS drop more, endless cycle

Offline Frodo

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In the (very) long run this isn't feasible. As delegates don't get paid by tx fees anymore and the reward approaches 0.

To ensure that the code is robust against need to hard fork the funding model we have decided to pay fees to delegates as well (percentage of fees based on pay rate).

This will maintain the long-running delegate pay model and simply add a bit of dilution to help cover us while we are growing transaction volume.

Okay that makes sense.

Offline Ander

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Yeah, it just goes to show how almost no one understands the changes yet, even people who spend a lot of time on the forums! 

I had a similar thought and freakout about all of this early on, until I figured it out.
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Offline bitcoinerS

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157,680,000 is max pay per delegate per year.
If all 101 delegates were to receive max pay result would be:
15,925,680,000

Nope.

157,680,000 is max pay for all 101 delegates put together, per year.

Max pay for one delegate is 1,561,188 BTS per year.


This is exactly why its not a big deal, and why everyone who doesnt understand how it works is massively overreacting and trashing the BTSX price. :)


A max pay delegate gets 50 BTS for each of THEIR blocks, which only come once in each 101 blocks.
Not 50 BTS for everyone's blocks.


If it was the other way then we would be facing massive inflation and I wouldve sold all my bitshares and left already. ;)

my mistake :)
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