Author Topic: My plan for how to make Bitshares succeed  (Read 3201 times)

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Offline tbone

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Starting from the ideas in threads like this:
https://bitsharestalk.org/index.php/topic,19791.0.html

Here is my plan of ideas that Bitshares needs to execute on in order to succeed. 
This plan involves several parts, some of which can be done at the same time by different people, in parallel.


Part 1: Fix what is broken and add new needed features.
1A: Fix trading fees.  The fee for a cancelled order becomes X, where X is as low as possible, and only exists to prevent spam attacks.  The fee for a completed order becomes Y + Z%.  Z% is initially set to 0.2%, and can be modified by shareholder vote in a delegate proposal.  Y is a small value used to prevent spam, it could be the same as X.  0.1 BTS is preferable imo.
MOST of the trading fees should come from the 0.2% fee!  Not the flat rate that is used to prevent spam!
Lifetime membership reduces these amounts by 80%.  Therefore, a lifetime member pays 0.04% fee instead of 0.2%, which is much lower than almost all the exchanges out there!  This makes lifetime membership attractive.  It makes referring people attractive, since you get a large cut form their trading.  The referral program still works!

1B: Implement margin trading just like poloniex system.  Implement lending system just like poloniex system.  Lending for the margin trading IS the bond market!!  It works great currently for poloniex, so it should work for us, we just have to get it working on the blockchain.

1C: Implement prediction markets. 


The most important thing about this is that we are not reinventing the wheel like we tried to do in Bitshares past, but instead we are taking the trading system and margin system that already works, and is used by all exchanges, and just copying it and implementing it on the blockchain.  We just take what works, and make it decentralized blockchain technoogy, instead of a centralized 3rd party exchange that users must trust, and that gets hacked and loses their funds.


Part 2: Improve the UI. 
2A: Take a poll of bitcointalk users.  Ask them what exchange interface they like best and what they want us to emulate. 

2B: Implement this UI, or license it from a partner, or get 3rd parties to develop this for us.  The bitshares core dev team needs to work on Part 1 of my plan, which is their area of expertise anyway, we really need the UI improvements to come from a partnership or from using or licensing what already exists that people like.


Part3: Attract users.
3A: Make it easier to migrate from 0.9.2 to 2.0.  This will help us get more users (like me!) who are not as technical and had trouble migrating and therefore couldn’t use 2.0 yet.

3B: Referral system kicks in, people promote Bitshares through it, and bring in users.

3C: Continue developing business partnerships, and get these business partners using Bitshares, generating more users, liquidity, transactions, etc.


Part 4: Communicate the plan to the crypto community at large.  Create a roadmap for the creation of these features.  Explain to everyone what we are looking to improve about bitshares 2.0, and why.  Follow the roadmap, and when we reach a milestone, have our marketing guys announce this milestone via press releases, like we were doing this summer.


These four parts of the plan can be done in parallel.  Different people will be working on them.  The core devs are working on Part 1, GUI people are working on part 2, the community plus our business partners plus marketing team is working on part 3 and 4.


Some of these parts are already in motion.  A bitshares team and community working together to achieve these goals and doing a good job to communicate them to the crypto world would do well and regain the traction that we started to have in the runup to 2.0, but lost after release. 

We need traders to buy in to what we are doing.
We need to provide traders something that works well and is a good experience.
We need to listen to their comments that they dont want to pay fees for cancelled orders, and they want the UI to be simpler to use.
If we do this, traders will want to use us because they can avoid getting goxxed, they can cut their fees from 0.2% to 0.04% with a membership, and they can refer people and make money doing it.


Thank you!  I hope that we can as a community discuss and flesh out this plan and perfect it, and then execute on it and make Bitshares succeed.

@Ander - I agree with much of what you're saying here.  Placing/canceling orders definitely needs to be set to spam prevention fees and no higher (for ALL users).  And I think switching to a percentage fee will have a bigger positive impact than people realize.  People are used to a % fee and they'll be able to compare it to what other exchanges charge and see the benefit of lifetime membership.  And no one would worry about the fees getting crazy as the price of BTS eventually goes up.  The only other point I'd make is that we'd have to have a minimum order value to prevent spam.  Poloniex has such a minimum order, and I assume others do as well. 

Regarding part 2, fixing the UI, I totally agree with making this a high priority, although I really don't think we need a poll on bitcointalk since we have so many opinions on this forum as it is.  Also, as it stands, we're really not very far off from a good, working version that is at least as good as any crypto trading UI out there (See my post about this on another thread: https://bitsharestalk.org/index.php/topic,19791.msg254339.html#msg254339) and I think the core devs can get it buttoned up in short order.  Although as @lil_jay890 mentioned, I do think 3rd parties will ultimately take things beyond typical crypto ecxhange UIs, providing more professional level UIs perhaps such as mt4, etc. 

One other thing I would mention is privacy.  I think we badly need privacy built into the GUI, so that should probably be one of the highest priorities.

Offline monsterer

I strongly feel integrating mt4 would make it much more usable and allow them to focus on just a crypto ui ehich is much easier to get right. This would help liquidity instantly.

If bitshares supported margin trading, this would be possible. Right now it isn't because bitshares is spot trading + weird extra shorting system.

Implementation wise, you'd need an MT4 server proxy app which would communicate with a locally installed wallet, to act as a pseudo broker.
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Offline sittingduck

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The value of bts comes from it being a decentralized exchange, not a pretty ui.  Let 3rd parties develop great specific uis by providing them a good api.  Once people and companies can become there own broker by offering different trading applications (like mt4) the growth of bitshares will explode.  The devs know bitshares, let the people who know trading handle the user experience for traders.

I agree. Mostly.  We still need a good enough ui

Offline lil_jay890

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The value of bts comes from it being a decentralized exchange, not a pretty ui.  Let 3rd parties develop great specific uis by providing them a good api.  Once people and companies can become there own broker by offering different trading applications (like mt4) the growth of bitshares will explode.  The devs know bitshares, let the people who know trading handle the user experience for traders.

Offline Ben Mason

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Starting from the ideas in threads like this:
https://bitsharestalk.org/index.php/topic,19791.0.html

Here is my plan of ideas that Bitshares needs to execute on in order to succeed. 
This plan involves several parts, some of which can be done at the same time by different people, in parallel.


Part 1: Fix what is broken and add new needed features.
1A: Fix trading fees.  The fee for a cancelled order becomes X, where X is as low as possible, and only exists to prevent spam attacks.  The fee for a completed order becomes Y + Z%.  Z% is initially set to 0.2%, and can be modified by shareholder vote in a delegate proposal.  Y is a small value used to prevent spam, it could be the same as X.  0.1 BTS is preferable imo.
MOST of the trading fees should come from the 0.2% fee!  Not the flat rate that is used to prevent spam!
Lifetime membership reduces these amounts by 80%.  Therefore, a lifetime member pays 0.04% fee instead of 0.2%, which is much lower than almost all the exchanges out there!  This makes lifetime membership attractive.  It makes referring people attractive, since you get a large cut form their trading.  The referral program still works!

1B: Implement margin trading just like poloniex system.  Implement lending system just like poloniex system.  Lending for the margin trading IS the bond market!!  It works great currently for poloniex, so it should work for us, we just have to get it working on the blockchain.

1C: Implement prediction markets. 


The most important thing about this is that we are not reinventing the wheel like we tried to do in Bitshares past, but instead we are taking the trading system and margin system that already works, and is used by all exchanges, and just copying it and implementing it on the blockchain.  We just take what works, and make it decentralized blockchain technoogy, instead of a centralized 3rd party exchange that users must trust, and that gets hacked and loses their funds.


Part 2: Improve the UI. 
2A: Take a poll of bitcointalk users.  Ask them what exchange interface they like best and what they want us to emulate. 

2B: Implement this UI, or license it from a partner, or get 3rd parties to develop this for us.  The bitshares core dev team needs to work on Part 1 of my plan, which is their area of expertise anyway, we really need the UI improvements to come from a partnership or from using or licensing what already exists that people like.


Part3: Attract users.
3A: Make it easier to migrate from 0.9.2 to 2.0.  This will help us get more users (like me!) who are not as technical and had trouble migrating and therefore couldn’t use 2.0 yet.

3B: Referral system kicks in, people promote Bitshares through it, and bring in users.

3C: Continue developing business partnerships, and get these business partners using Bitshares, generating more users, liquidity, transactions, etc.


Part 4: Communicate the plan to the crypto community at large.  Create a roadmap for the creation of these features.  Explain to everyone what we are looking to improve about bitshares 2.0, and why.  Follow the roadmap, and when we reach a milestone, have our marketing guys announce this milestone via press releases, like we were doing this summer.


These four parts of the plan can be done in parallel.  Different people will be working on them.  The core devs are working on Part 1, GUI people are working on part 2, the community plus our business partners plus marketing team is working on part 3 and 4.


Some of these parts are already in motion.  A bitshares team and community working together to achieve these goals and doing a good job to communicate them to the crypto world would do well and regain the traction that we started to have in the runup to 2.0, but lost after release. 

We need traders to buy in to what we are doing.
We need to provide traders something that works well and is a good experience.
We need to listen to their comments that they dont want to pay fees for cancelled orders, and they want the UI to be simpler to use.
If we do this, traders will want to use us because they can avoid getting goxxed, they can cut their fees from 0.2% to 0.04% with a membership, and they can refer people and make money doing it.


Thank you!  I hope that we can as a community discuss and flesh out this plan and perfect it, and then execute on it and make Bitshares succeed.

Thanks Ander, these are really good ideas.  Merchants accepting BTS and BTS assets would really supercharge utility and account growth.  In order for that to happen, we need a really simple and reliable process with well articulated benefits to the merchant and their customers.  If we get that right then everyone wins.

Offline betax

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Yes they would use smart coins for that better. But ideally the peg should be 1:1 and can use the exchange as a Forex.
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Offline mikeytea

There should be some kind of use for bts... used to buy goods and services. have retailers and institutions accept bts as payment... etc

Offline betax

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Great want it all.

Together with the roadmap, we should have visible iterations (scrum, xp, Kanban) if you know agile you know what I mean.
Continuous release to Dev, community can build the testnet if they want for very early feedback.
Continuous release to UAT testnet (for early feedback and see progress), weekly?
Dev forum / slack / whatever that everybody can join and collaborate. Now that graphene cnx is out, everything can remain open / collaborative.

Benefit we can see the work in progress (everybody), if there is a delay is ok.. as the work in progress is visible. All stakeholders are happy, and steady growth of the system.
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The most important thing about this is that we are not reinventing the wheel like we tried to do in Bitshares past, but instead we are taking the trading system and margin system that already works, and is used by all exchanges, and just copying it and implementing it on the blockchain.  We just take what works, and make it decentralized blockchain technology.
+5%

Communicate the plan to the crypto community at large.  Create a roadmap for the creation of these features.  Explain to everyone what we are looking to improve about bitshares 2.0, and why.  Follow the roadmap, and when we reach a milestone, have our marketing guys announce this milestone via press releases, like we were doing this summer.
+5%

Offline clayop

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Great.

But 1A may hurt gateway partners, since their main source of income is market fee (trading fee).

If Gateway partners are the referrer of their users, they would get 80% of the fees, correct?
IIRC, it's 60% on Openledger (20% network, 20% registrator (OL), and 60% referrer)
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Offline gunailei

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Offline EstefanTT

I like the way you structure the fees of trading. I think it will end up producing more (money) fees for the blockchain and in the same time giving the feeling that is cheaper ... Win win !

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Offline mikeytea

Starting from the ideas in threads like this:
https://bitsharestalk.org/index.php/topic,19791.0.html

Here is my plan of ideas that Bitshares needs to execute on in order to succeed. 
This plan involves several parts, some of which can be done at the same time by different people, in parallel.


Part 1: Fix what is broken and add new needed features.
1A: Fix trading fees.  The fee for a cancelled order becomes X, where X is as low as possible, and only exists to prevent spam attacks.  The fee for a completed order becomes Y + Z%.  Z% is initially set to 0.2%, and can be modified by shareholder vote in a delegate proposal.  Y is a small value used to prevent spam, it could be the same as X.  0.1 BTS is preferable imo.
MOST of the trading fees should come from the 0.2% fee!  Not the flat rate that is used to prevent spam!
Lifetime membership reduces these amounts by 80%.  Therefore, a lifetime member pays 0.04% fee instead of 0.2%, which is much lower than almost all the exchanges out there!  This makes lifetime membership attractive.  It makes referring people attractive, since you get a large cut form their trading.  The referral program still works!

1B: Implement margin trading just like poloniex system.  Implement lending system just like poloniex system.  Lending for the margin trading IS the bond market!!  It works great currently for poloniex, so it should work for us, we just have to get it working on the blockchain.

1C: Implement prediction markets. 


The most important thing about this is that we are not reinventing the wheel like we tried to do in Bitshares past, but instead we are taking the trading system and margin system that already works, and is used by all exchanges, and just copying it and implementing it on the blockchain.  We just take what works, and make it decentralized blockchain technoogy, instead of a centralized 3rd party exchange that users must trust, and that gets hacked and loses their funds.


Part 2: Improve the UI. 
2A: Take a poll of bitcointalk users.  Ask them what exchange interface they like best and what they want us to emulate. 

2B: Implement this UI, or license it from a partner, or get 3rd parties to develop this for us.  The bitshares core dev team needs to work on Part 1 of my plan, which is their area of expertise anyway, we really need the UI improvements to come from a partnership or from using or licensing what already exists that people like.


Part3: Attract users.
3A: Make it easier to migrate from 0.9.2 to 2.0.  This will help us get more users (like me!) who are not as technical and had trouble migrating and therefore couldn’t use 2.0 yet.

3B: Referral system kicks in, people promote Bitshares through it, and bring in users.

3C: Continue developing business partnerships, and get these business partners using Bitshares, generating more users, liquidity, transactions, etc.


Part 4: Communicate the plan to the crypto community at large.  Create a roadmap for the creation of these features.  Explain to everyone what we are looking to improve about bitshares 2.0, and why.  Follow the roadmap, and when we reach a milestone, have our marketing guys announce this milestone via press releases, like we were doing this summer.


These four parts of the plan can be done in parallel.  Different people will be working on them.  The core devs are working on Part 1, GUI people are working on part 2, the community plus our business partners plus marketing team is working on part 3 and 4.


Some of these parts are already in motion.  A bitshares team and community working together to achieve these goals and doing a good job to communicate them to the crypto world would do well and regain the traction that we started to have in the runup to 2.0, but lost after release. 

We need traders to buy in to what we are doing.
We need to provide traders something that works well and is a good experience.
We need to listen to their comments that they dont want to pay fees for cancelled orders, and they want the UI to be simpler to use.
If we do this, traders will want to use us because they can avoid getting goxxed, they can cut their fees from 0.2% to 0.04% with a membership, and they can refer people and make money doing it.


Thank you!  I hope that we can as a community discuss and flesh out this plan and perfect it, and then execute on it and make Bitshares succeed.


great ideas! i agree with most! obviously somethings need to be changed and improved upon, the status quo is not working. i also feel that change and options are slow to take effect. isn't this what 2.0 is all about? where users and delegates get to cast votes and decide what's best?

Offline jsidhu

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I strongly feel integrating mt4 would make it much more usable and allow them to focus on just a crypto ui ehich is much easier to get right. This would help liquidity instantly.
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Offline BTSdac

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