Author Topic: Each witness is getting paid $1200+ because of the price rise.  (Read 6853 times)

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Offline JonnyB

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Re: Each witness is getting paid $1200+ because of the price rise.
« Reply #30 on: April 26, 2017, 08:48:45 am »
I won't go through the hassle and re-allocate the fees every time there is a pump or dump.

Current monthly witness pay is $1924
I think when a majority wants witnesses to be paid $600 you should be willing to vote to change it.   

I have removed my proxy vote for [member=31]fav[/member] as committee member
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Offline nmywn

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Re: Each witness is getting paid $1200+ because of the price rise.
« Reply #31 on: April 26, 2017, 10:56:23 am »
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.
Why on chain? Could be done much easier. Just set witness pay in $ and announce it. Vote new fees based on that constant every new month 1st. This way you don't have to back to this discussion every market cap change. Is this much work?

Offline fav

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Re: Each witness is getting paid $1200+ because of the price rise.
« Reply #32 on: April 26, 2017, 12:20:34 pm »
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.
Why on chain? Could be done much easier. Just set witness pay in $ and announce it. Vote new fees based on that constant every new month 1st. This way you don't have to back to this discussion every market cap change. Is this much work?

sounds like a plan too!

Offline Stan

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Re: Each witness is getting paid $1200+ because of the price rise.
« Reply #33 on: April 26, 2017, 01:23:16 pm »
Where's the option to vote them another raise?

This poll is rigged!

If you want to breathe some new life into BTS to drive up the competition to become a witness, like Henry Ford did by raising the wages of his slaves. 

If we really want some attention from the humans who we hope will join our little crypto club, then let's offer some incentive here.

Is it just me or does nobody ever agree with me?

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Offline Thom

Re: Each witness is getting paid $1200+ because of the price rise.
« Reply #34 on: April 26, 2017, 03:14:54 pm »
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.
Why on chain? Could be done much easier. Just set witness pay in $ and announce it. Vote new fees based on that constant every new month 1st. This way you don't have to back to this discussion every market cap change. Is this much work?

sounds like a plan too!

I have suggested several times recently the committee needs to publish a policy statement about a few things. C'mon guys, lets get organized.

1) How often committee meets to vote and make changes
2) State policy on Witness pay - set pay target in USD
3) State policy on how frequent Witness pay is reviewed
4) List of priorities for committee review
5) ???
6) ??
7) ?

[member=37127]JonnyBitcoin[/member] - you of course are free to vote as you like. However IMHO you may have misunderstood fav when he stated he wasn't willing to review fees on every pump and dump. I don't think it's reasonable to ask volunteers (committee) to review and make a policy statement dictated by market volatility. It should be done on a periodic basis as a matter of practicality. If things were adjusted once a month that should be adequate IMO. Others may think quarterly is adequate.

I am glad to see you holding committee members accountable to their responsibility though.

Injustice anywhere is a threat to justice everywhere - MLK |  Verbaltech2 Witness Reports: https://bitsharestalk.org/index.php/topic,23902.0.html

Offline yvv

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Re: Each witness is getting paid $1200+ because of the price rise.
« Reply #35 on: April 26, 2017, 03:35:31 pm »
Quote
If things were adjusted once a month that should be adequate IMO. Others may think quarterly is adequate.

Is it possible to do this completely automated way, based on daily amount of fees which DEX collects? They don't deserve more than DEX collects, right?

Also, do all witnesses really deserve same wage? They do different job, like produce different number of price feeds, etc, don't they deserve different wage in this case?
« Last Edit: April 26, 2017, 03:38:45 pm by yvv »

Offline Thom

Re: Each witness is getting paid $1200+ because of the price rise.
« Reply #36 on: April 26, 2017, 06:22:08 pm »
Quote
If things were adjusted once a month that should be adequate IMO. Others may think quarterly is adequate.

Is it possible to do this completely automated way, based on daily amount of fees which DEX collects? They don't deserve more than DEX collects, right?

Also, do all witnesses really deserve same wage? They do different job, like produce different number of price feeds, etc, don't they deserve different wage in this case?

First, lets narrow the discussion to what is possible without code changes, unless YOU are able and willing to write a proposal and carry out the work or hire those that can. Ideas that require code development at a minimum should be considered as a secondary option.

Second, you haven't described what criteria you want witness' individual pay to be based on. Unless you can provide more detail on how such a scheme would be coded, by what criteria AND make the effort to champion that thru the process, it's an idea without feet to walk IMO.

So lets get real and limit our discussions to practical solutions. Throwing out "wild" ideas to resolve this "Witness Overpayment" issue without adequate thought is not very useful. IMO we would be better served to decide what the pay rate target should be and simply state that as a policy. There are far more important issues that need developer attention that this.

But hey, if you want to put the effort in to flush out the details and write a proposal to implement and get the votes to approve it, I don't think anyone would stop you.  In fact I would encourage you to do so and I'll bet others would too.
Injustice anywhere is a threat to justice everywhere - MLK |  Verbaltech2 Witness Reports: https://bitsharestalk.org/index.php/topic,23902.0.html

Offline yvv

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Re: Each witness is getting paid $1200+ because of the price rise.
« Reply #37 on: April 26, 2017, 06:34:52 pm »
How about, take daily (or monthly, or quarterly ) fees, and give 50% of these fees to witnesses, leave the rest in reserve to fund development? This way you don't need to worry if witnesses get too much or too little, they get whatever customers pay.


Offline mea123

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Re: Each witness is getting paid $1200+ because of the price rise.
« Reply #38 on: April 27, 2017, 12:11:04 pm »
can I become a witness  8)

Offline mea123

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Re: Each witness is getting paid $1200+ because of the price rise.
« Reply #39 on: April 27, 2017, 12:16:11 pm »
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.
Why on chain? Could be done much easier. Just set witness pay in $ and announce it. Vote new fees based on that constant every new month 1st. This way you don't have to back to this discussion every market cap change. Is this much work?

agree

Offline BunkerChainLabs-DataSecurityNode

Re: Each witness is getting paid $1200+ because of the price rise.
« Reply #40 on: April 27, 2017, 01:24:05 pm »
There is a MUCH better way to reduce the pay of the witnesses and bring more value to Bitshares.

Vote for more witnesses.

The amount that goes out is based on 3BTS per block

Those blocks are distributed between the Active witnesses.

The less active witnesses we have, the more they get paid.

At present 2 very good long time witnesses are no longer active because the number of witnesses has been reduced from 21 to 19.

What we should be doing is keeping the pay where it is at, and having 30+ Active witnesses instead.

More feed data, more competition, more network resilience.. aaaaaaand... all for the SAME PRICE!

How do we do this?

Vote for more witnesses that deserve the vote. If we don't have them then go out and tell people about the opportunity. Invite new people who are will to show some BTS love and bring with them their own network to love BTS too.

Squeezing and trying to punish existing Active witnesses isn't the answer.

Bring new fresh ones and expanding our number from 19 to 30+ is.

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Offline kenCode

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Re: Each witness is getting paid $1200+ because of the price rise.
« Reply #41 on: April 27, 2017, 01:26:31 pm »
There is a MUCH better way to reduce the pay of the witnesses and bring more value to Bitshares.

Vote for more witnesses.

The amount that goes out is based on 3BTS per block

Those blocks are distributed between the Active witnesses.

The less active witnesses we have, the more they get paid.

At present 2 very good long time witnesses are no longer active because the number of witnesses has been reduced from 21 to 19.

What we should be doing is keeping the pay where it is at, and having 30+ Active witnesses instead.

More feed data, more competition, more network resilience.. aaaaaaand... all for the SAME PRICE!

How do we do this?

Vote for more witnesses that deserve the vote. If we don't have them then go out and tell people about the opportunity. Invite new people who are will to show some BTS love and bring with them their own network to love BTS too.

Squeezing and trying to punish existing Active witnesses isn't the answer.

Bring new fresh ones and expanding our number from 19 to 30+ is.

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Offline yvv

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Re: Each witness is getting paid $1200+ because of the price rise.
« Reply #42 on: April 28, 2017, 07:57:29 am »
There is a MUCH better way to reduce the pay of the witnesses and bring more value to Bitshares.

Vote for more witnesses.

The amount that goes out is based on 3BTS per block

Those blocks are distributed between the Active witnesses.

The less active witnesses we have, the more they get paid.

At present 2 very good long time witnesses are no longer active because the number of witnesses has been reduced from 21 to 19.

What we should be doing is keeping the pay where it is at, and having 30+ Active witnesses instead.

More feed data, more competition, more network resilience.. aaaaaaand... all for the SAME PRICE!

How do we do this?

Vote for more witnesses that deserve the vote. If we don't have them then go out and tell people about the opportunity. Invite new people who are will to show some BTS love and bring with them their own network to love BTS too.

Squeezing and trying to punish existing Active witnesses isn't the answer.

Bring new fresh ones and expanding our number from 19 to 30+ is.

But the you are left with same problem: next time BTS is dumped, you will need to fire some witnesses again to raise their pay.