Author Topic: WITNESS ACTION REQUIRED - 1 Million BTS Lockup to be a Witness  (Read 4934 times)

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Offline Chronos

This thread has had a good response. I'm proud of our community. Thank you to all witnesses who have pledged 1M BTS as a token of dedication to the network.

Offline R

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Lock away the 1mil BTS in a smart contract, deduct x BTS for every missed block?

Offline alt

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as a witness, my account delegate.baozi will keep at leat 1M BTS at account baozi.
as a vote proxy, my account baozi will consider the factor of witness's revert shares

iHashFury

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Still don't get it?
Whats the point other than showing everyone that witness can afford to have 1M BTS sitting doing nothing.

Offline Pheonike

Instead of a fixed amount, I think witnesses should put whatever amount the think is fit. Then let the amount put up be a factor along with voting.

Offline pc

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I own several million BTS in various accounts and I consider all of it a long-term investment.

My witness earnings from "cyrano" are kept in the account "ops.cyrano". I agree to keep my total BTS holdings above 1 million as long as I stay voted in as a witness.
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Xeldal

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I can agree to this idea. Though not "REQUIRED" action.

As best I can recall I have not sold a single BTS since I first purchased them in PTS/AGS etc.  With the exception of investing some BTS in a few startups who accepted BTS as funding.  (~500,000)

I can agree to not sell at least 1 Million BTS so long as I am a Witness

I've never made it explicitly public but its known by many and not very difficult to figure out.  I own the account bts: enki and the 1MM balance should remain there.   At times it may fall below 1MM but this is not from selling and should quickly be replaced by a balancing algorithm.  enki is a MM/Arb bot so any BTS sold on DEX are being bought somewhere else.  The balance shown for the enki account is only a portion of the total controlled and I don't expect to sell a single BTS anytime soon and like i said, I agree to never sell at least 1MM so long as I'm a witness.

At such a time when locking these funds might become available.  I will gladly do this.

Offline bitcrab

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Offline Thom

In prinpile I agree with the OP. However I also have empathy for those like iHashfury and myself that a 1M BTS investment would not be immediately possible.

What the OP proposes is a major rule change. I like the idea, it's very similar to the Dash Masternodes.

However, I propose a compromise. Lets set a date in the future for which this will be required.
Injustice anywhere is a threat to justice everywhere - MLK |  Verbaltech2 Witness Reports: https://bitsharestalk.org/index.php/topic,23902.0.html

iHashFury

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WHY would anyone lock 1M BTS up?
I use nearly all my BTS pay to create bitEUR bitUSD bitGBP ... and make markets!
If it was not for Steem I would have to seriously consider stopping subsidising dedicated servers for BitShares.

I would have to close all my short positions to fund this.
Or publicly link my accounts.

There is no WHY?
WHY? Tell me WHY BitShares?

Offline BunkerChainLabs-DataSecurityNode

Better idea: you send me 1m bts, so you'll never have to sell it

jokes aside, a lock feature (see savings account in steem) would be convenient.

This is something that can be done now without any modifications. Besides if someone moves their stake after making the promise then they have just declared themselves an untrustworthy witness fit for not being voted for.

Aside from that, my idea on having shareholder balances would certainly benefit from this. Could be something similar where you need to have 1m BTS deposited in order to register to be a witness.
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Offline fav

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Better idea: you send me 1m bts, so you'll never have to sell it

jokes aside, a lock feature (see savings account in steem) would be convenient.

Offline BunkerChainLabs-DataSecurityNode

Good Day,

Several hours ago @alt talked about how witnesses in Bitshares have nothing to lose if something goes wrong with the network.

I proposed that witnesses should then have at least 1 million BTS in order to be a witness.

For the duration of the time you are a witness you to never sell this 1 million BTS.

As of today witness DataSecurityNode will not sell it's over 1 million in BTS in it's wallet unless and until it is voted out as a witness.

Aside from this, DataSecurityNode witness has been a long standing witness who has always performed and provides a nuclear bunker data center level protection to the network. This lead to free press for Bitshares last year in interviews with the Daily Decrypt that brought more press and exposure to DPOS and Bitshares.

@alt @bitcrab @JonnyBitcoin @cass @Chris4210 @xeroc @fav

I call on all other witnesses to make the same promise if you wish to secure the support of variour proxies and voters to show your dedication to the network.

Once you have done this post in this thread your witness account and make your promise declared public.
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