Fees are a real problem for the DEX

[clayop]

so for placing orders we would need a kind of POW to prefend spaming.

but how would this works if i just place my order and then close my wallet?

could we combine it with POS, if you have x amount on your account you can do x orderplacings for free x seconds/minutes or so?

lets say i hold 1.000.000 BTS and i place a buy order for 1 BTC , because i hold 1m BTS i have x orders for free X amount of time.

or

we create something like a discount. if you have filled orders you get a token/UIA, if you have this token your placing an order is free and
the token will automatically removed from your account. should be already possible i think.

just some random ideas.

The token is now BTS.

If placing order fee is 1 BTS, is it good for you?

[xeroc]

IMHO, the dex is just one of the products .. may be not even the one with the most utility ..
transfering bitusd on a real-time crypto platfoem is another product and i dont think it should be handed over for free .. and certainly not for providing a POW hash ..

I understand. However, I just wanted to write out my thought process here to give you an idea of what must also be going through the minds of other exchange developers when they start to think seriously about decentralisation.

Do you know about the MAKER proposal to pay a fraction of market fees to those that make a market? I think it is called BSIP#6

[abit]

so for placing orders we would need a kind of POW to prefend spaming.

but how would this works if i just place my order and then close my wallet?

could we combine it with POS, if you have x amount on your account you can do x orderplacings for free x seconds/minutes or so?

lets say i hold 1.000.000 BTS and i place a buy order for 1 BTC , because i hold 1m BTS i have x orders for free X amount of time.

or

we create something like a discount. if you have filled orders you get a token/UIA, if you have this token your placing an order is free and
the token will automatically removed from your account. should be already possible i think.

just some random ideas.

The token is now BTS.

[clayop]

I found many business runners (bitcrab, monsterer, kencode, and potentially me) are raising issue about high fees. Lower fee may not significantly attract users, but it incentivizes entrepreneurs who actually provide utility for users.
One could easily say that the network cannot be profitable with low fee system. But are we really able to profitable without broader utilities and large user bases? I doubt this.

We should listen real business runners' voice. This is really important for our ecosystem.

[Shentist]

so for placing orders we would need a kind of POW to prefend spaming.

but how would this works if i just place my order and then close my wallet?

could we combine it with POS, if you have x amount on your account you can do x orderplacings for free x seconds/minutes or so?

lets say i hold 1.000.000 BTS and i place a buy order for 1 BTC , because i hold 1m BTS i have x orders for free X amount of time.

or

we create something like a discount. if you have filled orders you get a token/UIA, if you have this token your placing an order is free and
the token will automatically removed from your account. should be already possible i think.

just some random ideas.

[abit]

I'd rather like a fee pre-paid by the UIA issuer, so the users of the UIA can freely use something for example transferring or placing orders.

[yvv]

Something similar to bitmessage ..
But how would BTS ever be profitable then? We end up having a token that you can only use as collateral and has no other benefits .. am i missing something?

What's wrong if it is just a collateral token?

[monsterer]

IMHO, the dex is just one of the products .. may be not even the one with the most utility ..
transfering bitusd on a real-time crypto platfoem is another product and i dont think it should be handed over for free .. and certainly not for providing a POW hash ..

I understand. However, I just wanted to write out my thought process here to give you an idea of what must also be going through the minds of other exchange developers when they start to think seriously about decentralisation.

[xeroc]

IMHO, the dex is just one of the products .. may be not even the one with the most utility ..
transfering bitusd on a real-time crypto platfoem is another product and i dont think it should be handed over for free .. and certainly not for providing a POW hash ..

[monsterer]

Something similar to bitmessage ..
But how would BTS ever be profitable then? We end up having a token that you can only use as collateral and has no other benefits .. am i missing something?

IMHO, being able to trade on a decentralized exchange is worth a small fee for transfers/orders etc .. but I can understand the issue people are having with it

Filled order fees would compensate for the lack of other fees - the DEX is the selling point after all.

[xeroc]

Something similar to bitmessage ..
But how would BTS ever be profitable then? We end up having a token that you can only use as collateral and has no other benefits .. am i missing something?

IMHO, being able to trade on a decentralized exchange is worth a small fee for transfers/orders etc .. but I can understand the issue people are having with it

[monsterer]

whats a PoW submitted by the sender ?

Proof Of Work

[bitacer]

whats a PoW submitted by the sender ?

[monsterer]

I was just musing over possible directions to take metaexchange in the future, one of them was to move most of metaexchange functionality onto the DEX (order matching, market making etc), such that the user would then have the convenience and speed of using a centralised exchange (confirmation times are a PITA for users, and the METAEX.IOUS are basically instant), while at the same time having at least some of the security of a  decentralised service.

The only real hitch to this idea is the transaction fees for transferring funds, placing and cancelling orders. It would be totally impossible to explain to users of metaexchange why they need to pay a transaction fee (of any kind) to place, or cancel an order. The fact that canceling refunds the cost of placing the order is not enough to make this frictionless.

I actually found myself discounting bitshares as a way to achieve decentralisation of metaexchange, and pondering forking the entire blockchain to remove the fees, but that is ridiculous.

IMO, it would be great if we could just remove all fixed size fees and replace them with a PoW submitted by the sender, which will eliminate spam while making transactions zero fee (except order fills, that is an acceptable fee for any exchange).