Author Topic: Millions of Features, Features for Me!  (Read 6841 times)

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Offline bytemaster

Millions of Features, Features for Me!
« on: December 11, 2015, 10:36:08 pm »
There are far too many opportunities out there and prioritizing new features for BitShares becomes very challenging.  Polls/Voting, etc are not good means of prioritizing. Profit is perhaps the most important means of prioritizing.

So I would like to take some time to outline a plan I am devising for getting features lined up and prioritized based upon the concept of Fee Backed Assets (FBA).  For each of the following features I will create a UIA that represents stake in the future fees generated from that feature.  Community members / "investors" can place bids in an open auction to buy stake in these features.   These bids will represent current demand for the feature and help establish a price.   Once the price and depth get to a level that we feel justifies building the feature, we will sell the UIA into the buy wall.    We will keep the proceeds of this purchase locked up until the feature is delivered.  When the feature is delivered, the UIA will be converted into a FBA and the proceeds of the sale will become our private property.   

In addition to creating the UIA we will also create a corresponding worker proposal that is symbolic of shareholder support for enabling the feature.  The worker proposal must be funded before we will sell into the buy wall of the UIA.   

BitShares stakeholders will now have price information that indicates how the market values each potential feature.  This price information can in turn be used to inform them on which features they should vote for.   A highly valued feature means that the market believes that feature will generate significant ROI and therefore be profitable for BitShares holders. 

As a company, Cryptonomex is interested in working on the most profitable features.  Those features that we can sell for the highest price will get the highest priority. 

Examples of features for which we will be creating a UIA and/or worker:

1. Bond Market (Poloniex Style Lending)
2. Prediction Market (Auger Style)
3. Ethereum (or something similar) VM integration
4. Liquidity Incentivisation
5. Gambling Systems

The assumption for all features is that a working reference GUI will be provided to make the features accessible.  Each feature will be fully documented with a detailed design complete with UI wireframes prior to Cryptonomex taking any money.  We want to ensure that the community knows what they are bidding on and to maximize the price we can get for each feature.   Bidding can start early (prior to detailed documentation), and users can cancel their bids if they change their minds prior to us locking them in.   

So to get this started, please place your bids for the MAKER asset which will earn 20% of all liquidity incentivization rewards if the Liquidity Incentivization proposal is approved and executed.  Lets see how the community actually values this potential feature and then move on from there.

For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline puppies

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Re: Millions of Features, Features for Me!
« Reply #1 on: December 11, 2015, 11:00:54 pm »
Spectacular.  Perfect approach.  Let's do this.
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Offline Akado

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Re: Millions of Features, Features for Me!
« Reply #2 on: December 11, 2015, 11:07:25 pm »
So you're applying something similar to a prediction market by using this method right? According to what people bid the most and think will be most profitable, it will be the one which will have the most probability to be approved as a worker proposal.

Did I get this right? Just curious..
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Offline monsterer

Re: Millions of Features, Features for Me!
« Reply #3 on: December 11, 2015, 11:15:16 pm »
So to get this started, please place your bids for the MAKER asset which will earn 20% of all liquidity incentivization rewards if the Liquidity Incentivization proposal is approved and executed.  Lets see how the community actually values this potential feature and then move on from there.

Where do we place our bids, and are you including [member=22994]Chronos[/member] counter proposal to make it fair?
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Offline donkeypong

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Re: Millions of Features, Features for Me!
« Reply #4 on: December 11, 2015, 11:21:16 pm »
This idea saves forum members countless hours of digging through and evaluating all these ideas. Well, we still need to research them and be convinced, but this is a great idea to use the system you have created to achieve consensus from the market itself. May the best products (and smartest sellers) win.

Community + Market = Community Market




Xeldal

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Re: Millions of Features, Features for Me!
« Reply #5 on: December 11, 2015, 11:23:53 pm »
Millions of features, features for me
Millions of features, features for fees

Look out!

 8)
« Last Edit: December 11, 2015, 11:25:27 pm by Xeldal »

Offline Vizzini

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Re: Millions of Features, Features for Me!
« Reply #6 on: December 11, 2015, 11:59:00 pm »
So if Mr. Duke has 100,000 BTS to wager and Mr. Valentine has 100 BTS to wager, it is the Mr. Dukes of the world who will control the agenda. This sounds like pay to play. Am I mistaken?
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Offline Troglodactyl

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Re: Millions of Features, Features for Me!
« Reply #7 on: December 11, 2015, 11:59:59 pm »
So to get this started, please place your bids for the MAKER asset which will earn 20% of all liquidity incentivization rewards if the Liquidity Incentivization proposal is approved and executed.  Lets see how the community actually values this potential feature and then move on from there.

Where do we place our bids, and are you including [member=22994]Chronos[/member] counter proposal to make it fair?

This.  Should bids be in BTS, BitUSD, BitCNY, or will Cryptonomex fill orders across several markets?

Offline Akado

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Re: Millions of Features, Features for Me!
« Reply #8 on: December 12, 2015, 12:03:08 am »
So if Mr. Duke has 100,000 BTS to wager and Mr. Valentine has 100 BTS to wager, it is the Mr. Dukes of the world who will control the agenda. This sounds like pay to play. Am I mistaken?

Assuming the fee backed model is the one being used, those are the same people paying to implement the feature. So if I pay more than you to someone to implement it, why would the ones implementing it accept a lower pay?

Plus, the more you pay, the more you risk.
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Offline yvv

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Re: Millions of Features, Features for Me!
« Reply #9 on: December 12, 2015, 12:03:42 am »
@OP

Please, include a "smart wallet" feature into your list, which you discussed with Max Wright on bitshares TV. You were talking about a wallet which automatically converts currencies for users, such that if I have USD and I want to pay to merchant in Europe which accepts Euros, I don't need to go to trade books and leave orders. Instead, bitshares does this for me, and makes sure that I have the best rate by checking different paths, like USD -> BTS -> EUR, USD -> BTC -> EUR etc. This is the coolest feature of ripple imo, and if you miss it in bitshares it is not good.

Offline onceuponatime

Re: Millions of Features, Features for Me!
« Reply #10 on: December 12, 2015, 12:05:39 am »
So if Mr. Duke has 100,000 BTS to wager and Mr. Valentine has 100 BTS to wager, it is the Mr. Dukes of the world who will control the agenda. This sounds like pay to play. Am I mistaken?

Mr Valentine sounds like a lover and should have no problem getting together a group of his most many intimate friends to play any game they can think of.
« Last Edit: December 12, 2015, 12:09:22 am by onceuponatime »

Offline tonyk

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Re: Millions of Features, Features for Me!
« Reply #11 on: December 12, 2015, 12:11:12 am »
Nice.

but then again why is this voting... for only after "the stealth non-sense is implemented"?


0. Stealth
1. Bond Market (Poloniex Style Lending)
2. Prediction Market (Auger Style)
3. Ethereum (or something similar) VM integration
4. Liquidity Incentivisation
5. Gambling Systems


in my own list stealth is at number 7-9....after api polish etc.


In other words why do you have to screw you own great ideas, with your own illogical pre judgment BM?
« Last Edit: December 12, 2015, 12:15:52 am by tonyk »
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline onceuponatime

Re: Millions of Features, Features for Me!
« Reply #12 on: December 12, 2015, 12:14:16 am »
Nice.

but then again why is this voting... for only after "the stealth non-sense is implemented"?


0. Stealth
1. Bond Market (Poloniex Style Lending)
2. Prediction Market (Auger Style)
3. Ethereum (or something similar) VM integration
4. Liquidity Incentivisation
5. Gambling Systems


Just calling it "nonsense" doesn't make it so. Please present an argument.

Offline tonyk

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Re: Millions of Features, Features for Me!
« Reply #13 on: December 12, 2015, 12:17:16 am »
Nice.

but then again why is this voting... for only after "the stealth non-sense is implemented"?


0. Stealth
1. Bond Market (Poloniex Style Lending)
2. Prediction Market (Auger Style)
3. Ethereum (or something similar) VM integration
4. Liquidity Incentivisation
5. Gambling Systems


Just calling it "nonsense" doesn't make it so. Please present an argument.


Well it is as sensible as the rest of them.
Why is it more sensible (deserves special treatment, in your mind)?

PS
And yes I can write an assay why it is no value feature. But why should I do it if you are the one paying for it and I do not mind having it on the BTS? All I want  really is needed features implemented BEFORE those non essential play features of yours.
« Last Edit: December 12, 2015, 12:32:57 am by tonyk »
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline onceuponatime

Re: Millions of Features, Features for Me!
« Reply #14 on: December 12, 2015, 12:24:49 am »
Nice.

but then again why is this voting... for only after "the stealth non-sense is implemented"?


0. Stealth
1. Bond Market (Poloniex Style Lending)
2. Prediction Market (Auger Style)
3. Ethereum (or something similar) VM integration
4. Liquidity Incentivisation
5. Gambling Systems


Just calling it "nonsense" doesn't make it so. Please present an argument.


Well it is as sensible as the rest of them.
Why is it more sensible (deserves special treatment, in your mind)?

I guess i have been grandfathered in by Cryptonomex since I came up with the idea and made my offer before the present discussion even began. But I am dependent upon the same vote as everyone else. If a Worker proposal doesn't get voted in, my offer to fund a Privacy Mode feature is dead in the water.