Committee: bitcube

[Akado]

Thanks for the update cube!

One thing I disagree with... First the committee collects the fees and only then they start figuring out what to do with them? That doesn't make sense and isn't a good practice, even if the funds are safe.

you are totally right about it .. and I think in the future the committee probably spends the funds in the same transaction that claims them ..

I thought it was supposed to happen like that...

First the committee collects the fees and only then they start figuring out what to do with them? That doesn't make sense and isn't a good practice, even if the funds are safe.

The committee members had talked about and agreed to collecting the earned fee and using it to improve market liquidity, before voting the proposal.  The implementation details and options of how to achieve this objective were discussed then but they were not finalised.  While we could have discussed and agreed on a single set of implementation details before collecting the fees, the difference in opinions could distract the members from the objective and prolong the phase.  Taking it step by step may help in reaching consensus easier.

Having the funds may force you to take actions faster because you've already started stuff and won't leave it incomplete. I understand that. However I'm of the opinion the committee should have a plan before even doing the worker proposal.

I was under the assumption you had already figured it out. That as soon as you claimed it you would use the funds immediately after. That's why I was surprised seeing this.

Still, thank you for transparency and the update, I think that's really important, I believe you were the only one doing that. Thank you Cube.

[cube]

First the committee collects the fees and only then they start figuring out what to do with them? That doesn't make sense and isn't a good practice, even if the funds are safe.

The committee members had talked about and agreed to collecting the earned fee and using it to improve market liquidity, before voting the proposal.  The implementation details and options of how to achieve this objective were discussed then but they were not finalised.  While we could have discussed and agreed on a single set of implementation details before collecting the fees, the difference in opinions could distract the members from the objective and prolong the phase.  Taking it step by step may help in reaching consensus easier.

[xeroc]

Thanks for the update cube!

One thing I disagree with... First the committee collects the fees and only then they start figuring out what to do with them? That doesn't make sense and isn't a good practice, even if the funds are safe.

you are totally right about it .. and I think in the future the committee probably spends the funds in the same transaction that claims them ..

[Akado]

Thanks for the update cube!

One thing I disagree with... First the committee collects the fees and only then they start figuring out what to do with them? That doesn't make sense and isn't a good practice, even if the funds are safe.

[cube]

An Update

The committee members voted in http://cryptofresh.com/p/1.10.49 and collect the fund gained from bitassets tx.  We are in discussion how best to use the fund - mainly to improve bitasset market liquidity.  I support the idea of selling bitassets with some buzz to attract new shorters and even longers.  Some members are looking into automating the selling of the collected bitassets eg using a bot.  The bot will have to be well tested or we may lose fund from a bot exploit. Let's get some volunteers and script gurus.

With the recent metaexchange's post, a few committee members brought up the possibility of lowering order creation fees.  As the discussion progresses, some members and I recognise just lowering the order creation fee may not be sustainable because we do need to cover cost and find a way to make up for a lost of revenue.  In short, we need a viable business plan.  We are now exploring the possibility of increasing BTS market fee and having a kind of UIA trading fee.  Much to be brainstormed and discussed.

[cube]

bitcube supports the use of extra bitassets earned to promote and incentivise liquidity.  See https://bitsharestalk.org/index.php/topic,20880.new.html#new

The bitassets are earned from transactions but its fee pools were funded from earlier workers. The accumulated earned fees should replenish the fee pools and any excess can be used to promote and incentivise bitassets liquidity especially bitUSD and bitCNY.

We will be discussing this matter among the committee members.

[cube]

How are you voting on the reversal back cube?

Do you mean voting for the 'Settle' function to resume operation once the 'flaw' is resolved?  Yes, certainly.

[tonyk]

How are you voting on the reversal back cube?

[fuzzy]

I am stepping up as a committee member in response to BM's call for the community to take up a more active role in BTS2 decision making.

We are entering an exciting new era when we the community can actually vote and make a significant impact on the development and growth of BTS2.  There is a ground movement happening with a few members actively discussing and wanting positive changes to bitshares.  I like to become part of this special movement and I support the following causes:

1) Lowering of account registration fee back to 95bts.
2) Lowering of trading fee back to 10bts and cost of 8bts for non-filled orders.  I weigh the needed cost for the network to support open trade positions + anti-spamming versus the burden on the traders, especially the 'small' traders.  We need to strike a balance here.

As I am a witness too, I shall refrain from voting on any matters relating to witnesses eg witness pay.  This would avoid a conflict of interests.  I am serving this role temporary until the community deems it is no longer necessary.

Please vote for committee member bitcube.

At the cli-wallet, type this command after unlocking the wallet:

Code: [Select]

vote_for_committee_member youraccount  bitcube true true


 

Once I get my personal wallet migrated I'll gladly vote for you man.

[clayop]

Voted! 

[cube]

I am stepping up as a committee member in response to BM's call for the community to take up a more active role in BTS2 decision making.

We are entering an exciting new era when we the community can actually vote and make a significant impact on the development and growth of BTS2.  There is a ground movement happening with a few members actively discussing and wanting positive changes to bitshares.  I like to become part of this special movement and I support the following causes:

1) Lowering of account registration fee back to 95bts.
2) Lowering of trading fee back to 10bts and cost of 8bts for non-filled orders.  I weigh the needed cost for the network to support open trade positions + anti-spamming versus the burden on the traders, especially the 'small' traders.  We need to strike a balance here.

As I am a witness too, I shall refrain from voting on any matters relating to witnesses eg witness pay.  This would avoid a conflict of interests.  I am serving this role temporary until the community deems it is no longer necessary.

Please vote for committee member bitcube.

At the cli-wallet, type this command after unlocking the wallet:

Code: [Select]

vote_for_committee_member youraccount  bitcube true true