Author Topic: Committee: Fee Pool Usage Policy? (community discussion)  (Read 1595 times)

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Offline xeroc

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I am 100% with Xeroc and abit.  We need to convert these bitassets back into bts and fund the fee pools with them.  If there is something else we need funds for we should create a worker proposal.  Using these bitassets for any other purpose than funding the fee pool would be skirting the blockchain voting that is designed to control spending.  If it is a good idea we should be able to get a worker proposal passed for it.  If we can't get a worker proposal passed for it then we should not do it.
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Offline pc

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I am 100% with Xeroc and abit.  We need to convert these bitassets back into bts and fund the fee pools with them.  If there is something else we need funds for we should create a worker proposal.  Using these bitassets for any other purpose than funding the fee pool would be skirting the blockchain voting that is designed to control spending.  If it is a good idea we should be able to get a worker proposal passed for it.  If we can't get a worker proposal passed for it then we should not do it.
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Offline JonnyB

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I agree,
These are trade fees, Trade fees belong to the reserve pool and nowhere else.
Refilling the fee pool is the only other legitimate use but personally I think that might be better done as a worker proposal for transparent accounting. 


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Offline puppies

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I am 100% with Xeroc and abit.  We need to convert these bitassets back into bts and fund the fee pools with them.  If there is something else we need funds for we should create a worker proposal.  Using these bitassets for any other purpose than funding the fee pool would be skirting the blockchain voting that is designed to control spending.  If it is a good idea we should be able to get a worker proposal passed for it.  If we can't get a worker proposal passed for it then we should not do it. 
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Offline abit

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Smartcoin trade/transfer fees are paid to prevent spam and earn income for the reserve pool.
If the user doesn't have BTS the fee pool allows this fee to be made in smartcoin for conveinience.
If this system is only for user convenience then any smartcoin fees collected surely need to go to the reserve pool which is where BTS fees always go?

As far as I understand the only reason for these fees is to allow a trade/transfer  to pay in the trade fee if they don't have bts available.

I think you got the point.

I would say:
"If the user doesn't have BTS, the fee pool allows that user to pay the fee with the market's asset for conveinience."
and
"As far as I understand the only reason for the pool is to allow a trade/transfer to be paid in the relative asset token if the user doesn't have bts available."

So why should these collected fees we are discussing go anywhere else than back to the reserve pool once sold for bts?

Well, the first step is to actually sold them!

After that, yes, refill the pool is probably the more rational thing to do

yes I agree completely. Anything else would be illogical and the committee have no right to spend this on anything other than topping up the fee pool with any excess being returned to the reserve pool.

Yes, while the "accumulated fees" is increasing, the balance of fee pool is decreasing accordingly. So the committee need to periodically sell the accumulated fees for BTS to refill the fee pool.

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These fees collected that the committee has control over and we are debating their use in the main forum.

Why are these even collected? I thought fees were paid in bts and sent to the reserve pool.

what is the point of these fees and why does the committe have control over them.
These fees are mainly inherited from BTS1, when we had "you get what you asked for" market matching algorithm, which means if you want to sell 100 USD for 10000BTS, and another guy wants 90 USD for 10000BTS, the difference (10 USD) will go to the accumulated fee pool.

We no longer use this algorithm in BTS2, so we won't have so many accumulated fees in the future. As you can see, the usd accumulated fee pool accumulated 10 USD in 20 days (see https://cryptofresh.com/a/USD).
(The committee collected those fees 11 days ago, but the proposal to collect fees are proposed 20 days ago. See https://cryptofresh.com/u/committee-account).
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Offline xeroc

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Those assets we are currently talking about are mostly NOT profits. Those fees have been just exchanged from BTS in the fee pools.
Fortunatelly, the core exchange rate is 5% above the USD valuation, which gives a 5% "profit" for the committee. Still, I don't think this can be considered money for free use.

IMHO it has to be exchanged into BTS to a) refill the fee pools and b) put them back into the reserves for later use by workers.
If the committee needs funds, they can easily just create a worker and do it the same way everyone else is doing it, namely by asking the shareholders.

Offline cube

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Do you mean the bitassets earned from tx fees?
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Offline fuzzy

I would like to begin a discussion here with a perspective rooted in the necessity of Separations of Power with special focus on fee pool usage by the committee. 

Should the committee have the ability to use the fee pool for their own purposes or should there be stringent guidelines set?  Early on this might not seem like a big deal, but as the game heats up and new actors attempt to disrupt us it may become something very important to have had addressed. 

For instance, should the committee be able to use the fee pool for advertising, press releases...etc? 
Or should the committee be able to only tweak parameters and report to the community?

What I'm looking for here is a robust discussion and attempts to help delineate the guidelines by which the fee pool is used.  Let's discuss why the committee should and shouldn't be given these abilities.  I personally have my own opinions, but what good are they if they are not able to be changed with the processing of new information?  I am trying to gather information at this stage. 

All those who participate will receive 5 COPPERTICKET because I think this is very important to focus on. 

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