Proposal to reward bitassets holders with interest!

[tbone]

And this is not going to increase supply anyway. To increase supply, you need to incentivise shorting, not holding.

@Empirical1.2 advocated for a plan to reward people shorting BitAssets into existence.  I think we would be much further along if we had listened to him. 

[yvv]

And this is not going to increase supply anyway. To increase supply, you need to incentivise shorting, not holding.

[BunkerChainLabs-DataSecurityNode]

If we view bts as an exchange company, then we need to make profit from market ordering like 0.1% of the order amount just like most exchanges do. We can get both bitasset and bts from market transaction which can be put in interest pool and distribute like in bts 0.x (where you get interest when you move your bitasset).

^^ This... I am not a fan of interest.. I know some are.. but in the way it is handled in bitshares it makes no sense to just give it away unless it is something that is build. Banks pay interest on term deposits because they are making multiples on it.. in the blockchain its going nowhere and not really being put to work to provide value that can even justify that interest payment.. it's almost like a tax.

I would prefer to see something where activities that benefits the network in turn will benefit the user.

[zhangweis]

If we view bts as an exchange company, then we need to make profit from market ordering like 0.1% of the order amount just like most exchanges do. We can get both bitasset and bts from market transaction which can be put in interest pool and distribute like in bts 0.x (where you get interest when you move your bitasset).

[mf-tzo]

@karnal

Hi mate,
someone if not you asked same thing on steemit so I replied there. I will avoid duplicating the answers in order not to monopolize the forum but I will quote as is for that question since it is a very important question

1. Why Open.xxx?
To avoid further complications with short selling the bitassets into existence. To avoid the short selling process for the creation of the bit.xxx assets to be created using the pool reserves funds and the need to block bts collateral. I don't think that the pool reserves should be used for the bitasset creation.Users should create bitassets according to the real demand for those assets.
I think it is easier to just sell those bts for the 10% annual interest needs of the main bitassets in external exchanges that have liquidity, polo, btc38 (we can sell 9 mil bts equal to $40-$42k in those exchanges easily within a day if need be) and then convert easily those btc, cny, usd to Open.xxx assets. I say Open.xxx assets since Open.ledger supports the bts wallet. Then reward the interest in Open.xxx asset to the bit.xxx asset holders. The users can then change if they don't like the Open.xxx asset to anything they want (bit.xxx, polo.btc, fiat whatever)

........

in reality I would go as far and say that we should sell c$80k worth of bts from the pool reserve that is 20% annual interest based on the current bit.xxx assets supply. If the bitassets market cap goes to $800k we reduce the interest to 10% if they go to $1.6 mil market cap we reduce the interest to 5% and so on...
If we manage by advertising this to increase the DEX trading, people's involvement with the DEX, advertise the huge interest that bitassets holders receive, maintain the pegs which historically have been quite good and we increase the bitasset supply to a couple of millions then bts market cap will be x10 of what we see now. Hence next we can use much lesser bts from the pool to buy the Open.xxx assets to reward with huge interests the bit asset holders..

[karnal]

Why OPEN.xxx?

[mf-tzo]

Guys, I just posted that on steemit https://steemit.com/bitshares/@mf-tzo/proposal-to-reward-bitassets-holders-with-interest

Please share your thoughts here or preferably on steemit (anything I earn from steem goes back to buying bts..I am a bts fun to the end).

In short the proposal is to sell a very small part of the bts reserve pool to accumulate enough for i.e. 10% interest for 1 year in the form of OPEN.xxx for the respective bit.xxx assets holdings. With very few funds from the reserve we can accomplish so much..

Interest on deposits is a necessity for our DEX especially in the current negative interest environment..