Author Topic: DEXBot - WP for User Friendly Market Making Software for Better Markets  (Read 3033 times)

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Offline MarkoPaasila

Re: DEXBot - WP for User Friendly Market Making Software for Better Markets
« Reply #30 on: February 16, 2018, 08:49:58 am »
Just saw this.

Generally it's a good thing to see development on top of BitShares. Market making does add value to the ecosystem.

My main concern about this worker proposal, is that I don't know you nor anyone in your escrow team, there is no introduction, no product in the document. It would be better if you have something done first before starting the worker. Also better if the members of escrow team are better-known in the community, e.g. bitshares foundation, committee members, witnesses, proxies, devs, etc.

Very valid concern. The funny thing is that none of us in the multisig know each other either other than from the chats and forums. It was me who chose the members, and I picked ones who were positive, objective and constructive, who seemed trustworthy, and who appeared to be strong BitShares proponents.

I also personally think misusing community trust to waste or steal funds would be a most idiotic thing to do, especially  using my real name. The WP could be unvoted in a day, and I would never get back the lost trust. Of course people still do stupid things, but I very much try not to. We can't do magic, but we will deliver. If we don't, it will be only right if the WP is unvoted.

Offline MarkoPaasila

Re: DEXBot - WP for User Friendly Market Making Software for Better Markets
« Reply #31 on: February 16, 2018, 09:00:56 am »
Quote
We ask for a daily budget of $660. Since the payment is in BTS, we ask for 6600 BTS per day, which should suffice even if the BTS price temporarily falls to $0.10

The proposal says it is for 6600 BTS / day.  At an average price of 0.50 that would be $3600/day conservatively.

The project says the term runs for a full year.

Let's say we're frozen at a BTS price of 0.50 USD,   that's $1.2 million dollars to create an open source trading bot.

They claim that unused funds will be returned.

I'd like to see this proposal re-voted in on a monthly basis  (and not yearly) so we can re-vote as it progresses. 

I don't think it should take $1.2 million dollars to fund a market creation bot.  That's quite high.


The community will entrust us with 6600 BTS per day and to return all in excess of $660 per day. I have tried to make it very clear, but it's hard.

The project will run at most for a year, but our intention is to get it done in much less time. Also the WP can be terminated any day by the voters, which I really don't want to happen.

We will buy $660 from the market and return the rest. But yes, it's still some $220,000 if it lasts for the full 11 months that is left.

To begin with we can little more than give promises (claims). But our reputation is on line, and I wouldn't reck my own for a few thousand dollars. Soon we will be able to return some BTS to the pool, and we will post proof to the community.

It was suggested that we make a new proposal every month, but there's little point in it as the existing one can be unvoted any time. I also hate the politics of getting a WP approved. It's much more fun to do actual work and provide something of value  :)

Offline MarkoPaasila

Re: DEXBot - WP for User Friendly Market Making Software for Better Markets
« Reply #32 on: February 16, 2018, 09:14:43 am »
https://docs.google.com/document/d/1z2rMlMiMufHdZEirc8x9lKuqSHvLAsVDOYK3xr4AfYE/edit#heading=h.jr7hdxt73vut

In the above document, it says "The received funds will be held in escrow by the Bitshares Foundation, and released at successful delivery of milestones." but in the original post in this thread it states "The received funds will be held in escrow in a 3 of 5 multisig account controlled by [member=26934]MarkoPaasila[/member], @cryptokong, [member=36434]Permie[/member], @Kimchiking, and @Cryptick The escrow will exchange the funds to bitUSD and return all excess BTS to the pool, as explained in http://www.bitshares.foundation/worker/ (Under Escrow Worker Model)."

[member=26934]MarkoPaasila[/member] any clarification on this?  Perhaps this is a reason why it's not voted in along with the high 6600/bts a day being asked for even if it is returned to the system later on.

The BitShares Foundation didn't have enough time, so we decided to proceed with an independent multisig. However Xeroc from the foundation has done due diligence on part of his proxy role before voting for the WP. The document you linked is the first draft of the WP.

Offline MarkoPaasila

Re: DEXBot - WP for User Friendly Market Making Software for Better Markets
« Reply #33 on: February 16, 2018, 09:17:52 am »
UPDATE

Since Crypto Kong was removed from the 3/5 multisig account controlling the WP funds, we need a new member. We have agreed to propose the addition of @taconator as the fifth member. The change will take place after one week, in order to give the community time to voice any concerns.

Offline Fox

Re: DEXBot - WP for User Friendly Market Making Software for Better Markets
« Reply #34 on: February 16, 2018, 01:54:35 pm »
I support the change to @taconator
-Fox
Witness: fox

Offline oxarbitrage

Re: DEXBot - WP for User Friendly Market Making Software for Better Markets
« Reply #35 on: February 18, 2018, 02:28:12 pm »
hey Marko, thanks for the updates. fully support @taconator in the escrow, i think one of the problems this worker had at first is that it was lacking some older and well known community members.
anyways, any help i can provide to synergy the active workers please let me know, need new api call from the core ? need to understand how the core works in a certain area ? etc. whatever ... just ask :)

Offline MarkoPaasila

Re: DEXBot - WP for User Friendly Market Making Software for Better Markets
« Reply #36 on: February 24, 2018, 02:31:15 pm »
hey Marko, thanks for the updates. fully support @taconator in the escrow, i think one of the problems this worker had at first is that it was lacking some older and well known community members.
anyways, any help i can provide to synergy the active workers please let me know, need new api call from the core ? need to understand how the core works in a certain area ? etc. whatever ... just ask :)

Awesome! I will keep this in mind.