Reducing Bitshares Supply : A different approach

[monsterer]

We are looking to raise a total of 75 Btc to make this happen and will take a 3 week time period to put the platform live.

There is literally no way any team anywhere in the world can bring a truly decentralised product to market in 3 weeks. That timescale is laughably small. You're looking at more like 1 year upwards, depending on the level of decentralisation you aim to achieve.

You can probably knock together a simple altcoin transaction processing daemon and get bitshares API to issue UIAs in a couple of months, but it won't be decentralised. For example metaexchange liquidity partners runs as nodes in different locations around the world, but we are not decentralised, just distributed. The private keys still belong to us. Decentralised means private keys belong to only your customers.

[fav]

just issue the UIA and see how it goes.

[Xypher]

Take 80% of the fees (burn 20%) and when you reach 100 BTC (yep, not 75 BTC!)
then make the transition to 50:50 as your initial plan was....

PS  I am serious, People are tired to fund projects that never deliver what they are promise.If you are confident for your product you have nothing to fear! The  soonest you deliver the sooner you will get your profit's.
PS2 And then yes, I believe it will be successful and will find big support (traders) ...
PS3 You can make the transition even after you reach 150-200 BTC...
     

We have increasing interest from people here to see an actual product that works.
Although we have had hiccups on some of our new projects (EsportS) we've delivered  on most promises and are confident we can make this happen.
If I see a bit more interest, I'll issue a UIA .

We need about 50 BTC to get started - so I think , it will be best to follow the model you've suggested and make the transition as more and more people use it. 

[liondani]

Take 80% of the fees (burn 20%) and when you reach 100 BTC (yep, not 75 BTC!)
then make the transition to 50:50 as your initial plan was....

PS  I am serious, People are tired to fund projects that never deliver what they are promise.If you are confident for your product you have nothing to fear! The  soonest you deliver the sooner you will get your profit's.
PS2 And then yes, I believe it will be successful and will find big support (traders) ...
PS3 You can make the transition even after you reach 150-200 BTC...
     

[Xypher]

Very blatant.

[tonyk]

Hey guys,

Lead biz dev of freebieservers.com here.
First off, really appreciate the feedback you gave on the ultra thread.
Knowing what people need, and don't require in a timely fashion helps us improvise ourselves as a company and create solutions that actually matter.
One of the problems people here have been mentioning is the short pace at which coins are burned.
I've been thinking a fair amount about the evolution of the ecosystem here at Bitshares and wondering what would be an alternative solution to go about doing this.

One of the most beautiful things to come out of the community here is the means to create a decentralized exchange with complete transparency.
While CCEDK has done a great job, we believe Bitshares is in a great place where it can use more exchanges and we believe we can create a unique user experience
Instead of linking to financial services and bringing in fiat, we intend to create a simple platform for the safe and transparent exchange of altcoins and UIA's .
The entire platform will be decentralized and tokens verified by the blockchain , leading to very few single points of failures.

Now, so far , the concept is basic.
What I intend to do different however is, pledge a certain part of the tx fees and revenue of this venture towards burning coins.
Assuming we get enough support to do this and go ahead and build it, we'll be willing to pledge 50 percent of all revenue into burning bts
In terms of ownership, our holding company will maintain and retain ownership but we would be happy to let go of a larger chunk in case people want to back us through PE deals.


Think about it : We could burn a couple bitcoin's worth Bitshares every day. With decreasing supply of Bitshares, the value of existing coins would increase, leading to a win solution for everyone.
Alternatively, we could simply choose to issue x amount of the profits as a dividend, but I simply believe we can do better service to the community by taking this route.

We are looking to raise a total of 75 Btc to make this happen and will take a 3 week time period to put the platform live.
Thoughts guys?

Do vote on the poll

I literally love all the things you guys have done.  All my research about you on the NXT forums has shown me amazing work and a reputation that is second to none bro. 

You guys also represent a respectible chunk of NXTs value...so you and your team coming here to build for the worlds fastest blockchain shows me a change in the winds.

I personally will back (pretty much) anything you and your brilliant fellas work on.  I voted for the dividends because i think we need a means of both burning (bts currently is very deflationary) AND putting a stream of cashflow into bts holders pockets...

I literally love all the things you guys have done.  All my research about you on the NXT forums has shown me amazing work and a reputation that is second to none bro. 

You guys also represent a respectible chunk of NXTs value...so you and your team coming here to build for the worlds fastest blockchain shows me a change in the winds.

I personally will back (pretty much) anything you and your brilliant fellas work on.  I voted for the dividends because i think we need a means of both burning (bts currently is very deflationary) AND putting a stream of cashflow into bts holders pockets...

Indeed,
The nxt community has had a crucial role in us being whatever we are and their contributions have helped us grow to whatever we are.
Our next project - Fs E:Sports is 80 percent done and we are close to launch with a proper legal framework around it - was listed on the Nxt asset exchange for primary backing and we'll probably list there post launch. The asset was taken down momentarily though, due to legal issues and other involvements prolonging launch time.
We are extremely happy and proud of our involvement with their MMO : Lyth. It has been an honor working with their team so far
More info here : https://nxtforum.org/lith-the-nxt-mmo/lyth-development-announcement-(alpha-spoilers-inside!)/msg197059/#msg197059


We have been involved with nxt's major exchange (Nxthaus) and we believe we can deliver on this if given a chance.
We don't really intend to hold back on profit and hence the 50 percent dividend  issuance for backers.
If there's sufficient interest, I just might issue a UIA later today.

Blatant

[Xypher]

I literally love all the things you guys have done.  All my research about you on the NXT forums has shown me amazing work and a reputation that is second to none bro. 

You guys also represent a respectible chunk of NXTs value...so you and your team coming here to build for the worlds fastest blockchain shows me a change in the winds.

I personally will back (pretty much) anything you and your brilliant fellas work on.  I voted for the dividends because i think we need a means of both burning (bts currently is very deflationary) AND putting a stream of cashflow into bts holders pockets...

Indeed,
The nxt community has had a crucial role in us being whatever we are and their contributions have helped us grow to whatever we are.
Our next project - Fs E:Sports is 80 percent done and we are close to launch with a proper legal framework around it - was listed on the Nxt asset exchange for primary backing and we'll probably list there post launch. The asset was taken down momentarily though, due to legal issues and other involvements prolonging launch time.
We are extremely happy and proud of our involvement with their MMO : Lyth. It has been an honor working with their team so far
More info here : https://nxtforum.org/lith-the-nxt-mmo/lyth-development-announcement-(alpha-spoilers-inside!)/msg197059/#msg197059


We have been involved with nxt's major exchange (Nxthaus) and we believe we can deliver on this if given a chance.
We don't really intend to hold back on profit and hence the 50 percent dividend  issuance for backers.
If there's sufficient interest, I just might issue a UIA later today.

[fuzzy]

I literally love all the things you guys have done.  All my research about you on the NXT forums has shown me amazing work and a reputation that is second to none bro. 

You guys also represent a respectible chunk of NXTs value...so you and your team coming here to build for the worlds fastest blockchain shows me a change in the winds.

I personally will back (pretty much) anything you and your brilliant fellas work on.  I voted for the dividends because i think we need a means of both burning (bts currently is very deflationary) AND putting a stream of cashflow into bts holders pockets...

[Xypher]

There have been lots of exchanges offering lots of services.
If we were to do this, we intend to solve just one problem : Smooth exchanging, with complete transparency and liquidity proven at all times in a decentralized fashion. 

I don't know what people would back more (burning or dividends) - but depending on what people want we might make that choice if we find appropriate backing.

[CoinHoarder]

I think any company that gives back to the community by burning fees or paying stakeholders dividends is something most people would support. Due to the anonymity features of BTS it may be best to burn the fees as far as making the process transparent.

[Xypher]

Hey guys,

Lead biz dev of freebieservers.com here.
First off, really appreciate the feedback you gave on the ultra thread.
Knowing what people need, and don't require in a timely fashion helps us improvise ourselves as a company and create solutions that actually matter.
One of the problems people here have been mentioning is the short pace at which coins are burned.
I've been thinking a fair amount about the evolution of the ecosystem here at Bitshares and wondering what would be an alternative solution to go about doing this.

One of the most beautiful things to come out of the community here is the means to create a decentralized exchange with complete transparency.
While CCEDK has done a great job, we believe Bitshares is in a great place where it can use more exchanges and we believe we can create a unique user experience
Instead of linking to financial services and bringing in fiat, we intend to create a simple platform for the safe and transparent exchange of altcoins and UIA's .
The entire platform will be decentralized and tokens verified by the blockchain , leading to very few single points of failures.

Now, so far , the concept is basic.
What I intend to do different however is, pledge a certain part of the tx fees and revenue of this venture towards burning coins.
Assuming we get enough support to do this and go ahead and build it, we'll be willing to pledge 50 percent of all revenue into burning bts
In terms of ownership, our holding company will maintain and retain ownership but we would be happy to let go of a larger chunk in case people want to back us through PE deals.


Think about it : We could burn a couple bitcoin's worth Bitshares every day. With decreasing supply of Bitshares, the value of existing coins would increase, leading to a win solution for everyone.
Alternatively, we could simply choose to issue x amount of the profits as a dividend, but I simply believe we can do better service to the community by taking this route.

We are looking to raise a total of 75 Btc to make this happen and will take a 3 week time period to put the platform live.
Thoughts guys?

Do vote on the poll