bitSHARES - As True Shares and Not a Currency!

[fav]

This is an exciting idea of yours TK! I think there's a way to implement this together with bytemaster's 'free transactions' idea so that we can get additional benefits like:

• Increased spam protection
• Increased demand for the buying and holding of BTS
• Increased trading on the DEX

How?

When designing the rate limiting algorithm for 'free' transactions we favor accounts holding the non-transferable BTS. This would incentivize trading on the DEX (to buy the BTS). Anyone wanting to spam the network would be further disadvantaged and could possibly be driven to use the DEX to buy and hold BTS in order to optimize their maximum 'free' transaction rate.

Then if we also consider cube's idea (below) we get a picture with all the benefits mentioned in the OP, plus additional incentives to trade on the DEX, buy and hold BTS, and to buy annual and lifetime memberships and boost the referral program! N'est pas?

I just have an idea.

The dividends could be distributed to AM and LTM members only.  This would give a boost to the referral program.

Suddenly I feel that the AM/LTM can be an exclusive club membership to the best things one can get in the co-op.  Hmm.. a modern Lifestyle one must have.

  suddenly, bts is interesting again from a marketing point of view

[hadrian]

This is an exciting idea of yours TK! I think there's a way to implement this together with bytemaster's 'free transactions' idea so that we can get additional benefits like:

• Increased spam protection
• Increased demand for the buying and holding of BTS
• Increased trading on the DEX

How?

When designing the rate limiting algorithm for 'free' transactions we favor accounts holding the non-transferable BTS. This would incentivize trading on the DEX (to buy the BTS). Anyone wanting to spam the network would be further disadvantaged and could possibly be driven to use the DEX to buy and hold BTS in order to optimize their maximum 'free' transaction rate.

Then if we also consider cube's idea (below) we get a picture with all the benefits mentioned in the OP, plus additional incentives to trade on the DEX, buy and hold BTS, and to buy annual and lifetime memberships and boost the referral program! N'est pas?

I just have an idea.

The dividends could be distributed to AM and LTM members only.  This would give a boost to the referral program.

Suddenly I feel that the AM/LTM can be an exclusive club membership to the best things one can get in the co-op.  Hmm.. a modern Lifestyle one must have.

[abit]

There is one more possible alternative:

3: Forked bts into a Baby net and test the concept on the Baby net.  Baby net starts with a low valuation and sharedrops 100% on bts.  Once it is proven a success, Baby net can be merged back into the parent bts.

As a low value token, the BabyBTS is unable to support (or create) so much BabyUSD which is needed to pay for witnesses and workers. Without demand, the market become illiquid, then black swain event will occur, then BabyUSD become not fully backed. Then the baby die.

?

We need bootstrap.

All babies cannot feed themselves.  If this idea indeed materialised into a forked Baby net by the bitshares community, I believe there would be a good number of donors and volunteers to be its low-pay witnesses, and to see it grow.

Distribute payments at a monthly basis.

Like @alt said, if system earns no revenue, then pay 0 to workers, pay 0 to witnesses.

If system earns some revenue, split it to witnesses/workers/stake holders.

No dilution is needed at all.

[cube]

There is one more possible alternative:

3: Forked bts into a Baby net and test the concept on the Baby net.  Baby net starts with a low valuation and sharedrops 100% on bts.  Once it is proven a success, Baby net can be merged back into the parent bts.

As a low value token, the BabyBTS is unable to support (or create) so much BabyUSD which is needed to pay for witnesses and workers. Without demand, the market become illiquid, then black swain event will occur, then BabyUSD become not fully backed. Then the baby die.

?

We need bootstrap.

All babies cannot feed themselves.  If this idea indeed materialised into a forked Baby net by the bitshares community, I believe there would be a good number of donors and volunteers to be its low-pay witnesses, and to see it grow.

[Riverhead]

The OP could be changed to clarify (and correct me if I've misspoke tonyk)

BTS could still be traded on external exchanges as they are today. The key difference is you wouldn't be able to withdraw funds in BTS. Since all BTS exists only on the Bitshares blockchain and everything else is an issued IOU on centralized exchanges they could more or less implement this by simply turning off BTS withdraw but leaving on bitAsset withdraws. Then if someone wants to exist their bitAsset position they would either have to sell their bitAsset/BTS for something on another chain (BTC, ETH, whatever) via an external exchange or sell them on the internal exchange and use a gateway or bridge.

The change to people already trading BTS on external exchanges, and the exchanges themselves, would be minimal.

[oldmine]

To summarize, we will effectively be banning transfers of BTS and only allowing centralized exchanges to transfer & therefore trade BitAssets.

This is great because it ties up BTS collateral and diverts trading onto the DEX.

Im a long term hodler who only wants to use the DEX, so I say this is worth the short term decrease in market cap for the long term increase in DEX liquidity.

[fav]

big disadvantage: because bitshares will be no longer a cryptocurency, I will be not surprised if coinmarketcap will remove bitshares from the list. In the other hand.. bitshares will be still tradeable.. but only on the DEX.

bitshares are shares, it's not a currency

[Ben Mason]

There are genius ideas popping up all over the place at the moment! This really sounds incredible tonyk!

[abit]

There is one more possible alternative:

3: Forked bts into a Baby net and test the concept on the Baby net.  Baby net starts with a low valuation and sharedrops 100% on bts.  Once it is proven a success, Baby net can be merged back into the parent bts.

As a low value token, the BabyBTS is unable to support (or create) so much BabyUSD which is needed to pay for witnesses and workers. Without demand, the market become illiquid, then black swain event will occur, then BabyUSD become not fully backed. Then the baby die.

?

We need bootstrap.

[ebit]

I think it is time to incubate a new project ,then we can design a super architecture.
The  Bitshares  need more time to practice .
Needless to say, theory and practice sometimes diverged.So ,we create a new chain  according to some difference theory .The new chain compete with Bitshares.

I want to see a Innovative and cohesive community.A new chain can to appease the conservative, to activate the radical.A person who is both conservative and radical.As the conservative you have Bitshares,as the  radical you have Supershares.

[tonyk]

I just have an idea.

The dividends could be distributed to AM and LTM members only.  This would give a boost to the referral program.

Suddenly I feel that the AM/LTM can be an exclusive club membership to the best things one can get in the co-op.  Hmm.. a modern Lifestyle one must have.

 I am as bad at marketing as the the next guy, but I do find this pretty cool! (the idea makes me smile, which a good first step marketing, I hear)
+ 1


And in a attempt to not overpost.... Some input from my Chinese friends on this topic will be highly appreciated! [the harsher the better...but it is just my personal preference  ]
by my best friend @wallace ;
the best guy, hating dilution workers even more than myself and Emperical @alt
and the friendliest whale around (also the only person trying to keep a bitAsset or 2 close to peg) @bitcrab
in particular.

[Samupaha]

I agree that this is really interesting idea!

Biggest problem that comes to my mind is how to handle the transition from our current system. All other exchanges would have to find a solution that will satisfy all customers that aren't interested in moving their BTS to our internal exchange. Could creation of bitBTS work with this system?

[noisy]

this might be a really good foundation for BitShares 3.0.

I though about that... and even about rebranding. But if we will do next major release, we have to do this with a proper publicly available checklist. Like:

- all exchanges which has bts on their exchange confirmed that they are aware of migration
- all features advertised in the announcement have available GUI (support for backend is not enought)
- new video is ready and will be released together with updated website
- press kit is ready and available on website
- all builds are ready (like deb packages, exec's, etc.), hosted wallets are already migrated, and they are ready to switch to new version in 1 hour window

[cube]

I just have an idea.

The dividends could be distributed to AM and LTM members only.  This would give a boost to the referral program.

Suddenly I feel that the AM/LTM can be an exclusive club membership to the best things one can get in the co-op.  Hmm.. a modern Lifestyle one must have.

[jakub]

I think it's a brilliant idea, tonyk.
I cannot see any major flaw in it and the benefits are just overwhelming.

Together with opening up for micro-payments (by getting rid of spam-preventing fees) and releasing all available funds for development (by embracing a fixed 5 BTS per second inflation), this might be a really good foundation for BitShares 3.0.