Author Topic: [Discussion] - Blockchain Fees Update Schedule & USD values  (Read 797 times)

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Online clockwork

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[Discussion] - Blockchain Fees Update Schedule & USD values
« on: March 15, 2018, 11:36:21 am »
Hello,

Due to the latest Fees adjustment proposed and approved by the committee which will be active from tomorrow onwards,  I am opening this topic/poll to discuss possible changes to the USD value of fees as well as the updating schedule

As it stands now, there is a table of somewhat agreed upon fees in USD terms.

The drop in BTS valuation is what led to the latest fee adjustment by the committee as fees had to be 627% in BTS terms to reach the same USD values.

The new fee proposal is here: http://cryptofresh.com/p/1.10.8736  and should activate tomorrow.

Please vote on how often the committee should adjust BTS fees to match USD values, and also comment if you believe any fee type's USD value must be changed.

The current agreed USD values for various fees can be found below:

fee price for transfer 0.018 USD
price_per_kbyte price for transfer 0.01 USD
fee price for limit_order_create 0.001 USD
fee price for limit_order_cancel 0.0001 USD
fee price for call_order_update 0.001 USD
price_per_kbyte price for account_create 0.007 USD
premium_fee price for account_create 5 USD
basic_fee price for account_create 0.1 USD
fee price for account_update 0.001 USD
price_per_kbyte price for account_update 0.007 USD
fee price for account_whitelist 0.1 USD
membership_lifetime_fee price for account_upgrade 120 USD
fee price for account_transfer 5 USD
price_per_kbyte price for asset_create 0.01 USD
symbol3 price for asset_create 8000 USD
symbol4 price for asset_create 2000 USD
long_symbol price for asset_create 50 USD
fee price for asset_update 2 USD
price_per_kbyte price for asset_update 0.007 USD
fee price for asset_update_bitasset 5 USD
fee price for asset_update_feed_producers 5 USD
fee price for asset_issue 0.018 USD
price_per_kbyte price for asset_issue 0.01 USD
fee price for asset_reserve 0.001 USD
fee price for asset_fund_fee_pool 0.5 USD
fee price for asset_settle 0.05 USD
fee price for asset_global_settle 5 USD
fee price for asset_publish_feed 0.0001 USD
fee price for witness_create 50 USD
fee price for witness_update 0.01 USD
fee price for proposal_create 0.15 USD
price_per_kbyte price for proposal_create 0.05 USD
fee price for proposal_update 0.005 USD
price_per_kbyte price for proposal_update 0.007 USD
fee price for proposal_delete 0 USD
fee price for withdraw_permission_create 0.15 USD
fee price for withdraw_permission_update 0.01 USD
fee price for withdraw_permission_claim 0.0144 USD
price_per_kbyte price for withdraw_permission_claim 0.007 USD
fee price for withdraw_permission_delete 0 USD
fee price for committee_member_create 5 USD
fee price for committee_member_update 10 USD
fee price for committee_member_update_global_parameters 0 USD
fee price for vesting_balance_create 1 USD
fee price for vesting_balance_withdraw 2 USD
fee price for worker_create 50 USD
fee price for custom 0.01 USD
price_per_kbyte price for custom 0.05 USD
fee price for assert 0.5 USD
fee price for override_transfer 1 USD
price_per_kbyte price for override_transfer 0.007 USD
fee price for transfer_to_blind 0.21 USD
price_per_output price for transfer_to_blind 0.07 USD
fee price for transfer_from_blind 0.21 USD
fee price for asset_claim_fees 1 USD

Offline sschiessl

Re: [Discussion] - Blockchain Fees Update Schedule & USD values
« Reply #1 on: March 15, 2018, 11:40:24 am »
Could you please elaborate the reasoning in fees of:
fee price for asset_update_bitasset 5 USD
fee price for asset_update_feed_producers 5 USD
fee price for asset_fund_fee_pool 0.5 USD
fee price for committee_member_update 10 USD
   
Also I am wondering why there is such a difference in:
fee price for committee_member_create 5 USD
fee price for committee_member_update 10 USD

Offline liberteddy

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Re: [Discussion] - Blockchain Fees Update Schedule & USD values
« Reply #2 on: March 15, 2018, 11:56:46 am »
It's good. After fees update, could you think about changing fee back to 0% for bitCNY and bitUSD?
0.1% kills a liquidity. Many people use bots for bitCNY/bitUSD for high-frequency trading for a profit, it really brings a liquidity. And 0% fee for bit-assets was a big advantage.

Offline Bangzi

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Re: [Discussion] - Blockchain Fees Update Schedule & USD values
« Reply #3 on: March 15, 2018, 12:16:50 pm »
basic_fee price for account_create 0.1 USD

I suggest to decrease the basic account creation fee to 0.001USD to encourage more lifetime members setup faucet and bring more new members to BTS. If a faucet need to pay 0.1USD for each new member, is not sustainable since the % of members upgrade to lifetime membership is very low and there is a vesting period too. Also, don't forget faucet need to pay for domain name and server hosting.

Note: Binance (Less than 1 Year) have few million members now and we (Few years) only have less than 1 million members.
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Offline bench

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Re: [Discussion] - Blockchain Fees Update Schedule & USD values
« Reply #4 on: March 15, 2018, 02:45:36 pm »
Quote
fee price for worker_create 50 USD
basic_fee price for account_create 0.1 USD
Prices are too high. Fees should not higher the entry level.

The 0.1% market fee should be only a temporary thing to resolve liquidity problems in a bear market. But on the long run this makes the platform unattractive to new users and won't solve fundamental problems.
« Last Edit: March 15, 2018, 04:20:30 pm by bench »

Offline tbone

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Re: [Discussion] - Blockchain Fees Update Schedule & USD values
« Reply #5 on: March 16, 2018, 08:39:29 am »
I don't think fee adjustments need to be done according to an arbitrary schedule.  I think it should depend on price fluctuation, e.g. if BTS:USD changes by 10-15%.  Of course, ultimately such fee adjustments should be automated.  Speaking of which, here is some discussion on github:

https://github.com/bitshares/bsips/issues/48

Offline ripplexiaoshan

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Re: [Discussion] - Blockchain Fees Update Schedule & USD values
« Reply #6 on: March 18, 2018, 02:36:43 pm »
I don't think fee adjustments need to be done according to an arbitrary schedule.  I think it should depend on price fluctuation, e.g. if BTS:USD changes by 10-15%.  Of course, ultimately such fee adjustments should be automated.  Speaking of which, here is some discussion on github:

https://github.com/bitshares/bsips/issues/48

I agree with this. Fee adjustment should be conducted when price fluctuate too much.
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Offline paliboy

Re: [Discussion] - Blockchain Fees Update Schedule & USD values
« Reply #7 on: March 19, 2018, 01:29:08 pm »
I don't think fee adjustments need to be done according to an arbitrary schedule.  I think it should depend on price fluctuation, e.g. if BTS:USD changes by 10-15%.  Of course, ultimately such fee adjustments should be automated.  Speaking of which, here is some discussion on github:

https://github.com/bitshares/bsips/issues/48

... or combine both approaches, e.g. review every 2 weeks if the price moved by more than 10%

Online clockwork

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Re: [Discussion] - Blockchain Fees Update Schedule & USD values
« Reply #8 on: March 21, 2018, 01:38:02 pm »
I don't think fee adjustments need to be done according to an arbitrary schedule.  I think it should depend on price fluctuation, e.g. if BTS:USD changes by 10-15%.  Of course, ultimately such fee adjustments should be automated.  Speaking of which, here is some discussion on github:

https://github.com/bitshares/bsips/issues/48

... or combine both approaches, e.g. review every 2 weeks if the price moved by more than 10%

I was really hoping more people would take part in this discussion.

Right now, this seems to be the best plan. A combination of both.

Personally I think weekly checks for more than 10% change since last update sound reasonable.

Offline arminnaderi

Re: [Discussion] - Blockchain Fees Update Schedule & USD values
« Reply #9 on: March 21, 2018, 05:14:56 pm »
I don't really think increased base fees for Bitshares are a problem, they are still orders of magnitude lower than other exchanges. But when you also add in the increased market fee for high-volume pairs, then the fees start to rack up very quickly.