Author Topic: My plan for how to make Bitshares succeed  (Read 3126 times)

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Offline Ander

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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? 
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Offline clayop

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Great.

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

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I like this. My only conflict is with the order at which things would be done. But I guess that's debatable.

Really the different parts are meant to be done in parallel, not in order.  So I dont think we actually disagree there.

The problems I see are mainly because of the interface and feature implementation.

First, I don't think we have the man power, unless Nexus and BunkerLabs actually join in with worker proposals and can deliver. The only thing I'm sceptical of is because they might not be familiar with the code and it might take some time to keep up? Though that would only be at the beginning.

Second, I don't think is a good idea to develop the UI while developing new features at the same time. First, we should have a solid UI everyone likes to avoid constant changes. This might be hard when implementing new features. This would be to avoid a half baked product. It's better to take a bit more time to focus on the UI than having tons of features that can't be properly used.

Third, I believe we should do one thing at a time, or at least not a multitude of things at the same time with the hurry to deliver. We should have one feature properly done and tested first. Then move onto the next one. Doing all of that at the same time, although it might be feasible, it can create unnecessary problems.
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Offline kuro112

freebie here reporting in to help with #4
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Offline Ander

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I like this. My only conflict is with the order at which things would be done. But I guess that's debatable.

Really the different parts are meant to be done in parallel, not in order.  So I dont think we actually disagree there.
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Offline Akado

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I like this. My only conflict is with the order at which things would be done. But I guess that's debatable.
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Offline Ander

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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.
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