Author Topic: Each witness is getting paid $1200+ because of the price rise.  (Read 14357 times)

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Offline intelliguy

Each witness is getting paid $1200+ because of the price rise.

They used to get 1.5 bts per block  but this was doubled this year because the bitshares price was so low.

Now the bitshares price has nearly tripled so has the witnesses pay and every witness is receiving $1200+ worth of BTS every month!

A long term fix would be if an agreed $ payment could be paid to them in BTS each month. But that idea deserves its own post.

I see absolutely no problem with this in the short term.

Being a witness, and hanging on when times are troublesome should be awarded a little extra when times get better.

I'm not a witness, but if I was one, that's exactly what I'd expect.

Let them profit a little heavy for awhile... they've waited a while to have their cake. Let them munch on it for a bit.


« Last Edit: April 26, 2017, 01:29:33 am by intelliguy »
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Offline bilthon

Should we raise this question again next week if BTS prise drops to what it was a month ago?

Make it dynamic. We have USD feeds so use that to make the chain adapt and pay the equivalent of X USD worth of BTS. That way even if price changes witnesses will get roughly the same dollar value every month.

Agree. We have a price feed, let's use it for good. What are those "smart" contracts worth if we can't use them to fix witness wages?

The only obstacle I see here is witnesses collude and start manipulating the feed, because they all benefit from this.

This is a very real obstacle that a lot of people suggesting this seem to have neglected. I wouldn't want to fix the pay in bitUSD because of this risk, specially with the number of witnesses just dropping like it has in the previous months.

Offline fav

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This strall poll seems pretty conclusive. When will the committee act to reduce witness pay?

@xeroc @bitcrab @Chris4210 @fav @BunkerChain Labs @abit @clayop @ebit @Bhuz @Harvey

develop a way to peg fees to usd and a smartcontract that could check the peg every 24hours or so and amend the fees accordingly.

I won't go through the hassle and re-allocate the fees every time there is a pump or dump.

Offline Thom

I think it would be appropriate if the committee published a policy about when adjustments of this kind should be done, for example based on % rise in BTS price and for what period of time that % change must persist.

I agree, it needs to be done, but how frequently? When the volatility in crypto they might change it and the next week it's no longer set to an "appropriate" level.

This bull market has been going on now for about 2 months, but it didn't get there overnight. I'd say the pay has been too high for about a month or so, just looking at the rate of increase. You shouldn't expect the committee to make adjustments to this frequently. It does point out another advantage to paying out in BitUSD as opposed to BTS, in which case the committee can set the pay rate directly and it will remain constant irrespective of the price of BTS.

What is a reasonable pay rate for witnesses? This poll seems to suggest $600 / month is reasonable. If new accounts and transactions continue to increase witnesses will need to add more nodes or the shareholders need to wake up and start to vote in more witnesses, and the trend is currently heading in the opposite direction.

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Offline JonnyB

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This strall poll seems pretty conclusive. When will the committee act to reduce witness pay?

@xeroc @bitcrab @Chris4210 @fav @BunkerChain Labs @abit @clayop @ebit @Bhuz @Harvey
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Offline sahkan

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Please, invest in badass api nodes, raise the standarts. There is not much to choose from and it is super frustrating seeing init error.

Witnesses do not provide api nodes. They could of course do so as an additional service to justify their current high pay, but it's not part of the job description.

I have been providing an api node ( wss://altcap.io/ws ) and web wallet ( altcap.io ) for some considerable time.


I appreciate it, wish more witnesses did

I am planning to add another server this week and will work on price feeds and additional services for the community. (planning to have an update first week of May)

Offline JonnyB

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Please, invest in badass api nodes, raise the standarts. There is not much to choose from and it is super frustrating seeing init error.

Witnesses do not provide api nodes. They could of course do so as an additional service to justify their current high pay, but it's not part of the job description.

I have been providing an api node ( wss://altcap.io/ws ) and web wallet ( altcap.io ) for some considerable time.


I appreciate it, wish more witnesses did
I run the @bitshares twitter handle
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Offline mranderson

@ripplexiaoshan What in case of USD black swan?

That is like saying what if the internet where to go down.  Sure theoretically possible, but it seems if this robust system of BitShares cannot run bitUSD correctly then we should be working on something else.  I currently manage 10k of bitUSD with BTS collateral.  I can promise you that is plenty of incentive for me to make sure a black swan doesn't occur.

Offline nmywn

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Please, invest in badass api nodes, raise the standarts. There is not much to choose from and it is super frustrating seeing init error.

Witnesses do not provide api nodes. They could of course do so as an additional service to justify their current high pay, but it's not part of the job description.

I have been providing an api node ( wss://altcap.io/ws ) and web wallet ( altcap.io ) for some considerable time.

Offline svk

Please, invest in badass api nodes, raise the standarts. There is not much to choose from and it is super frustrating seeing init error.

Witnesses do not provide api nodes. They could of course do so as an additional service to justify their current high pay, but it's not part of the job description.
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Offline ripplexiaoshan

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Support this point.

It is more reasonable for witness, who is technical man, to be paid constantly in bitUSD, so that they can pay the bill of server, and don't worry about the price fluctuation.

I would suggest we make a hard fork for this. Our system hasn't been updated for a long long time.

If I had a chance, I will redesign the fee system.

1. change all fee asset from BTS to FEESUSD which belong to committee. all fees will priced on this FEESUSD.
     committee  only need to sell FEESUSD for bitUSD to increase the supply .
2. all witness and worker will get payment in FEESUSD.
     if you don't  have faith in Bitshares, or if Bitshares can't get enough users, the FEESUSD is rubbish,
     in the other hand, the FEESUSD is exactly 1 USD's worth.
3. no new BTS need create.  committee can use bitUSD to buyback BTS and burn it to give back profit to all BTS holders.
   
BTS committee member:jademont

Offline yvv

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Should we raise this question again next week if BTS prise drops to what it was a month ago?

Make it dynamic. We have USD feeds so use that to make the chain adapt and pay the equivalent of X USD worth of BTS. That way even if price changes witnesses will get roughly the same dollar value every month.

Agree. We have a price feed, let's use it for good. What are those "smart" contracts worth if we can't use them to fix witness wages?

The only obstacle I see here is witnesses collude and start manipulating the feed, because they all benefit from this.

Offline Akado

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Should we raise this question again next week if BTS prise drops to what it was a month ago?

Make it dynamic. We have USD feeds so use that to make the chain adapt and pay the equivalent of X USD worth of BTS. That way even if price changes witnesses will get roughly the same dollar value every month.
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Offline alt

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If I had a chance, I will redesign the fee system.

1. change all fee asset from BTS to FEESUSD which belong to committee. all fees will priced on this FEESUSD.
     committee  only need to sell FEESUSD for bitUSD to increase the supply .
2. all witness and worker will get payment in FEESUSD.
     if you don't  have faith in Bitshares, or if Bitshares can't get enough users, the FEESUSD is rubbish,
     in the other hand, the FEESUSD is exactly 1 USD's worth.
3. no new BTS need create.  committee can use bitUSD to buyback BTS andT burn it to give back profit to all BTS holders.
   

Who would work for a worthless UIA with no collateral or leverage value?
why do you think it's worthless if it can be used as the fee?
fiat USD is create backed by the future USA tax income.
FEEUSD is create backed by the future BTS fees income.
it's fair, you want get payment from Bitshares you must have faith on FEEUSD.