Author Topic: [Committee Member] - johnr's proposal to join the BitShares Committee  (Read 564 times)

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Offline JohnR

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Today I formally announce my intent to join the BitShares Committee. 

As a reminder: the Committee is approved by stakeholders and formally tasked with setting policy for the BitShares blockchain including:

Transaction and trading fees;
Blockchain parameters, such as block size, block interval; &
Referral and vesting parameters such as cash back percentage and vesting periods.

My name is John Conlin (@john-robert on Steem and Discord & @john_robert on Telegram).  I am American and have a B.A. in Economics as well as a law degree (J.D.).  I plan to join a law firm in New York that services hedge funds (who may soon be put out of business by smarter firms on BitShares).

I discovered the Graphene-based chains last summer.  I was hooked.  I watched every public video with Dan Larimer talking about the potential for BitShares to revolutionize finance (BitShares TV: https://www.youtube.com/channel/UChtICzF0ZEhhgoMA8YWhULw/videos is a great resource for those new to the platform or interested in its beginnings).  For months I could not shake the question of why BTS had yet to have a bigger impact.

This lead me to become more active in the community.  Joining the Discord and Telegram channels where I met great individuals like Kimchi-King, Fav, and Fuzzy.  On BitShares hangouts and in the chat rooms I listened to the community and began taking more upon myself to contribute.  I identified two areas where I could bring value: network infrastructure and legal perspective. 

I partnered with AP Asia Tech, and murda-ra has agreed to personally manage the following active nodes so the network could handle more users: 

scali10.daostreet.com not updated, running
seoul9.daostreet.com not updated, running
frankfurt8.daostreet.com  UP
paris7.daostreet.com  UP
canada6.daostreet.com  UP
ncali5.daostreet.com not updated, running
ohio4.daostreet.com RESTART
virginia3.daostreet.com  RESTART
oregon2.daostreet.com  RESTART

To get these access nodes up and running I paid for them out-of-pocket and in return have learned invaluable lessons about teamwork and completing large projects with a distributed team.

As many of you know, the centralized exchange, Bittrex, halted trading in BTS in the fall of 2017.  This opened my eyes to the serious challenges facing a DAC like BitShares.  In many ways BitShares is vulnerable to adversaries in the real world who have not the time nor interest in understanding what we are doing here.  I contacted a prominent attorney in Los Angeles, Tashiana Hudson, who has dealt with several significant cryptoasset cases.  We discussed BitShares on multiple occasions and I was able to explain some features of the network in a way that assuaged her initial dark thoughts about a pseudonymous decentralized exchange such as BitShares.  I hope to provide value to the community by offering nuanced perspectives to outside agents.  I believe this network can thrive and prosper within the current system of national boundaries and jurisdictions.

Being a member of this community has been my pleasure over the past year.  The people who live around the world, who overcome language barriers, and make the BTS DEX run day and night have my eternal gratitude.  And the best part is it’s only just beginning.  In particular I want to thank Clockwork for his constant wisdom and encouragement.  He gives meaning to the words “It is compromise that prevents each set of reformers from crushing the group on the extreme opposites end of the political spectrum.” - John F. Kennedy “Profiles in Courage” p.5.  I will endeavor to elevate the needs of the group above any singular value or perspective.

My platform principle is the support and sustainability of smartcoins on the DEX.  Native trust-less assets with autonomous and sound collateral ratios (e.g. bitUSD) remains one of the core advantages BitShares holds over the rest of the crypto world.  I will strive to foster innovation for new smartcoins and collaboration and support for existing smartcoins.  For example, I have collaborated with EstefanTT; the developer behind the longest-running crypto-index asset on BitShares (Bit20 and Twentix) and we continue to have a solid working relationship.

I am also an Ambassador for PalmPay, a Point-of-Sale product using the BitShares platform.  PalmPay was developed by KenCode, another BitShares veteran and is an absolute asset to the community.  I hope to join the Committee and help the community make the most of every person working to make BitShares realize it’s full potential.  Thank you.

Steemit: https://steemit.com/@john-robert
« Last Edit: July 04, 2018, 01:44:28 am by JohnR »

Offline apasia.tech

Just like to offer firstly a thanks for the mention, and that our full whole-hearted support goes behind this. John is a great young mind and having completed an extensive education in the fields of law and economics, I know from following his studious and professional work around here, it would be a fantastic motivation for him and asset to the community having him as a community member.
Ross Walker - Founder @ apasia.tech
AP Asia Tech Co., LTD.  TAX ID: 0205549016913 - 14/11 Floraville Complex 2, Pattanakarn Soi 51, Suan Luang, Bangkok 10250, Thailand.

Offline kimchi-king

John will be a fantastic addition to the BitShares Committee without out a doubt. He is a man of action which the community always welcomes. I fully support John and hope that others will do the same.

Offline fav

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Just a quick reality check: how do you imagine the work in committee and what tasks do you think they need to perform?
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Offline Digital Lucifer

As a reminder: the Committee is approved by stakeholders and formally tasked with setting policy for the BitShares blockchain including:

Transaction and trading fees;
Blockchain parameters, such as block size, block interval; &
Referral and vesting parameters such as cash back percentage and vesting periods.


re Fav and seems like its perfect set of tasks for someone with B.A. in Economics.
« Last Edit: June 29, 2018, 08:19:07 am by Digital Lucifer »
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Offline fav

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As a reminder: the Committee is approved by stakeholders and formally tasked with setting policy for the BitShares blockchain including:

Transaction and trading fees;
Blockchain parameters, such as block size, block interval; &
Referral and vesting parameters such as cash back percentage and vesting periods.


re Fav and seems like its perfect set of tasks for someone with B.A. in Economics.

Yep, that's the paper description.
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Offline Digital Lucifer

As a reminder: the Committee is approved by stakeholders and formally tasked with setting policy for the BitShares blockchain including:

Transaction and trading fees;
Blockchain parameters, such as block size, block interval; &
Referral and vesting parameters such as cash back percentage and vesting periods.


re Fav and seems like its perfect set of tasks for someone with B.A. in Economics.

Yep, that's the paper description.

I get your point on this one... :) Lets see what Candidate will answer to Active Member of Committee.
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Offline JohnR

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Just a quick reality check: how do you imagine the work in committee and what tasks do you think they need to perform?

Fav,

I will be completely honest with you.  I am not the most experienced person around the BitShares blockchain.  I was not around for AngelShares or the genesis block.  As I said in the OP, I have been learning since I joined BitShares last summer.  So when I imagine work on the Committee, I imagine just that: a lot of work learning from the more senior members.

I am aware that this is not paid position. I also am aware that I know little about committee work from the backend/blockchain side.  I believe that I do have knowledge to help people such as Clockwork and all of the Committee members to improve stability of the blockchain, fees, and reserve pool.  Joining the Committee is not just a position; to me it is about being a good steward for the blockchain on behalf of the people who use it everyday.

I am just a humble guy from Michigan.  But I found some great people in this community.  I will do whatever is asked of me in order to contribute value to this community.

If you would like to speak more in-depth about a specific concrete issue (e.g. network fees on MPAs) I would be happy to do that in another thread.
« Last Edit: June 29, 2018, 02:41:45 pm by JohnR »

Offline fav

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Just a quick reality check: how do you imagine the work in committee and what tasks do you think they need to perform?

Fav,

I will be completely honest with you.  I am not the most experienced person around the BitShares blockchain.  I was not around for AngelShares or the genesis block.  As I said in the OP, I have been learning since I joined BitShares last summer.  So when I imagine work on the Committee, I imagine just that: a lot of work learning from the more senior members.

I am aware that this is not paid position. I also am aware that I know little about committee work from the backend/blockchain side.  I believe that I do have knowledge to help people such as Clockwork and all of the Committee members to improve stability of the blockchain, fees, and reserve pool.  Joining the Committee is not just a position; to me it is about being a good steward for the blockchain on behalf of the people who use it everyday.

I am just a humble guy from Michigan.  But I found some great people in this community.  I will do whatever is asked of me in order to contribute value to this community.

If you would like to speak more in-depth about a specific concrete issue (e.g. network fees on MPAs) I would be happy to do that in another thread.

much appreciated, but to destroy your illusion: committee is mostly a janitor job. there's no prestige or any other bonus you'll get from it.

I would rather see you becoming a proxy, trying to get influence. influence is where you can make an impact, not the committee, my opinion of course.
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Offline JohnR

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Fav, a valuable opinion at that.  Thank you for the perspective.

Offline Digital Lucifer

Re: [Committee Member] - johnr's proposal to join the BitShares Committee
« Reply #10 on: July 04, 2018, 09:31:36 am »
John, after this discussion and after I've seen you are on-chain Committee member to be voted, i have nothing else to say, except:

Me, not as any 4profit or non-profit organization/company gave you my vote (with my account steem-not) to become an Active Committee Member.

And be careful if you get upvoted... how easy is to get some, its more easy to lose all ;)

All the best wishes and good luck in this election!

Cheers,

DL.
Milos (Mike) Preocanin - General Manager @ Syntek Solutions
TOANDI Co., LTD. (BOI Approved) - TAX ID: 0205549016913 - 95/5 Moo 4 Siam Country Club Rd.
Nong Prue, Bang Lamung, Chonburi 20250, Thailand.

Offline xeroc

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Re: [Committee Member] - johnr's proposal to join the BitShares Committee
« Reply #11 on: July 04, 2018, 09:45:42 am »
much appreciated, but to destroy your illusion: committee is mostly a janitor job. there's no prestige or any other bonus you'll get from it.

I would rather see you becoming a proxy, trying to get influence. influence is where you can make an impact, not the committee, my opinion of course.
This.
There's not much prestige to get as a committee member and it is mostly work and no pay (at all)
Still, I do believe some more business mind is needed in the committee and once the number chrunching thru kibana is done and we get some statistics, we can
surely need someone with experience in economics. I am willing to approve this proposal to also get some freshness into the committee.
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Offline clockwork

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Re: [Committee Member] - johnr's proposal to join the BitShares Committee
« Reply #12 on: July 04, 2018, 02:02:52 pm »
Voted,

as per previous responses, proxy is a better way to make a difference at this point but also agree with xeroc.

Online sschiessl

Re: [Committee Member] - johnr's proposal to join the BitShares Committee
« Reply #13 on: July 04, 2018, 06:33:08 pm »
Voted as well

Offline JohnR

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Re: [Committee Member] - johnr's proposal to join the BitShares Committee
« Reply #14 on: July 05, 2018, 12:07:03 pm »
Honored to have your feedback and support xeroc, clockwork, and sschiessl

I appreciate the important role that both proxies and the committee play in the BTS ecosystem.  Having many proxies representing diverse factions of holders increases the decentralization of power as well as improving voting participation and efficiency.  I see the logic in recommending to become a proxy.  As you know, the proxies interaction with the governance protocol is only affirmative at this time.  Proxy can add their vote or remove their vote if they already support.  If the proxy had more ability to express both affirmative and negative votes I would reconsider campaigning as a proxy.

I prefer an opportunity to make a direct contribution on technical governance.  Rolling up the sleeves to measure and modify efficient fee structures on DEX is the kind of nerdy activity I am looking for.  I will study the economic state of the native DEX and share all conclusions and recommendations   

I do not mind saying that I have a strong preference for smartcoins and believe fees should encourage their prosperity and fecundity.  I look forward to joining your discussions about details like network fees.  And I am optimistic about the future of BitShares and look forward to working the great team of decentralized and talented people in this governance community.

Offline abit

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Re: [Committee Member] - johnr's proposal to join the BitShares Committee
« Reply #15 on: July 07, 2018, 09:40:39 pm »
Thanks for your efforts. Voted.
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Offline JohnR

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Re: [Committee Member] - johnr's proposal to join the BitShares Committee
« Reply #16 on: July 09, 2018, 12:44:00 am »
Thank you abit.  That means a great deal coming from such a public and respected individual as yourself.

Offline JohnR

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Re: [Committee Member] - johnr's proposal to join the BitShares Committee
« Reply #17 on: July 18, 2018, 03:41:31 am »
I would like to build on the solid research already published by Clockwork (https://steemit.com/bitshares/@clockwork/bitshares-fees-the-fee-schedule-and-dex-profitability) and Abit (https://steemit.com/bitshares/@abit/bitshares-block-chain-historical-data-search-analysis-and-visualization

I was interested with Clockwork’s observation that the BitShares reserve pool is running at a chronic deficit.  So far as the community desires fiscal balance and sustainability, it’s clear we must decrease expenses (witness/worker proposals) or increase income (revenue from fees).  Decreasing expenses significantly is short-sighted because BitShares has a lot of growth ahead and doing so would be akin to cutting the legs from under ourselves.  So naturally we should have a conversation about increasing network operations and or the fees associated with those operations.

I am against raising networks across the board before considering how the bitUSD/CNY variable fee can be used to support the health of the network (witness/worker proposals).  As shown below, fees are already rather high, even by centralized exchange standards.  For some of the more popular trading pairs, users face fees over 0.3% in total.  With only a small fraction of that actually going to support the core infrastructure of the platform.

Fees in context:
Hypothetical fees incurred on 100 bitUSD round-trip trade for BTC and back         
              BTS Network Fee  bitUSD Variable Fee     Private Gateway Fee
OpenLedger   0.01156           $0.10                  $0.20
GDEX            0.01156           $0.10                  $0.10
RuDex           0.01156           $0.10                  $0.05


The private gateway fees are off the table for this discussion.  What is immediately noticeable is how much greater the bitUSD variable fee is than the network fee.  Of course, the difference is less on smaller orders and greater on larger orders.  Still, considering bitUSD/CNY have shown robust trading activity this is a data point that the market can bear significantly higher fees than the flat network fee.

When the bitUSD/bitCNY variable fees were originally introduced I was against them.  Notwithstanding the results of the liquidity market operations (the explicit intention of the additional fee) I have come around to realize a much bigger point.  The demand for trading bitUSD has proven rather inelastic with respect to the transaction fees. 

Elasticity is a short-hand economics term meaning how much market participants will alter their behavior in response to a given change.  E.g. alcohol and cigarette taxes are considered the most efficient taxes because they do not alter behavior significantly – people who smoke will likely continue to smoke whether the cost of a pack amounts to two USD or three.  The upshot here is that bitUSD is a unique token and the market demand for trading remains robust despite the increased fee.  If we want to increase the reserve pool, we should consider tapping some of the current fees levied on bitUSD/CNY or increasing network fees slightly on those assets alone.

A second observation is the 20/80% referral vesting mechanism.  Even a strong increase in network activity/revenue will have a muted effect so long as only 1/5 of the revenues are actually returning to the reserve pool.  I understand the original reasoning for such lucrative referral structures.  I also think it’s worth having a discussion whether this structure has yielded the results the community feels is worthy of such a high price to pay.  This is the most immediate way to increase the force multiplier of network activity.  At the same time I recognize this may be a sensitive topic because people may have planned according to this current 20/80 program.

So my calls for discussion are:
1) What do you think of augmenting the fee structure on bitCNY/USD to increase the flow to the reserve pool from the trading of those assets? 
2) What do you think of slightly modifying the ratio between referrer vesting and reserve pool income?
« Last Edit: July 18, 2018, 03:27:36 pm by JohnR »

Offline clockwork

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Re: [Committee Member] - johnr's proposal to join the BitShares Committee
« Reply #18 on: July 18, 2018, 07:03:29 am »
1) Changing network fess on SPECIFIC assets would require a HF (and not sure if even possible)

Network fees are way too low across the board.. Might as well increase them overall like I suggest.

2) Would be ideal but unsure how the community will react.

Interesting to note your thoughts on USD/CNY market fees. Demand for those assets is indeed exceptionally high (which is the reasoning behind the fees + operation worker in the first place)

Offline JohnR

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Re: [Committee Member] - johnr's proposal to join the BitShares Committee
« Reply #19 on: July 18, 2018, 12:01:16 pm »
Clockwork,

The equivalent result could be had by apportioning some of the 0.1% variable fee from committee trading to reserve pool.  I agree that network fees are very low.  At the same time I would like to see trading across many assets and not concentrated in a few UIA gateways.  My concern is crowding out some of the more obscure/low volume tokens when we are already charging more than 10x the network fee on a couple trading pairs.  Does that make sense?

If you disagree, or think that's too complex I understand.  It sits a little strange with me to debate raising network fees when net fees are already rather high on our most prized trading pairs.

Regarding 2, yes I know some accounts have a lot at stake there so I would like to see a community discussion.

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Re: [Committee Member] - johnr's proposal to join the BitShares Committee
« Reply #20 on: July 18, 2018, 01:15:25 pm »
1) I aggree that trading fees might be the easierst to "earn" some solid money. The only hesitation that comes to my mind is the risk of users going somewhere else (including centralized exchanges). We are not in the position of risking those few traders over trading fee. Also trading is only one aspect of the blockchain

2) I would very much rather change the network fee percentage. Although I am biased here as the operator of BitShares Europe which earns its income there, I do belive that a) the blockchain should benefit more from the transactions fees and b) changing this very publicly might actually bring some people to look into the referral program that didn't know about it already. So, I personally think we could as well raise it to 50%
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Offline paliboy

Re: [Committee Member] - johnr's proposal to join the BitShares Committee
« Reply #21 on: July 18, 2018, 01:38:54 pm »
1) I agree with asset fees on USD/CNY, I would rather use these fund directly to fund worker than to trade
2) totally agree that the network should get bigger share, probably gradually adjusted (e.g. 10 per cent points with every hard fork, target being something between 50% and 80% for network)

I'll copy my Steemit reply to clockwork's post here:

Since account creation and asset creation brings most of the fees, why not to leverage that first?

1. let's start with assets, switch to pricing model similar to domain names... asset creation fee pays it for e.g. 1 year, then you need to renew, assets are being create mainly by businesses so it wouldn't annoy ordinary users; some safety measures would be necessary so that e.g. you cannot "steal" an asset name that issuer forgot to renew; what to do with prefixed assets etc.
2. decouple private keys and account names... similar to first point, human-readable account name is a service that you need to renew annually; users need to be able to get their funds back after their name expires

Offline JohnR

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Xeroc I think 50/50 makes sense as a starting point.  That would more than double the income from network fees and referrers still retain a strong incentive to splash their ref links and bring on new users.

Your point of concern about trading fees I think is on everyone's mind here.  That's why I suggest leveraging some of the current asset variable fee towards maintaining the network.  I understand the original intent of the asset fee was to increase liquidity on those two asset in a neutral way, managed by committee.  That's a good objective.  But is it worth 10x the capital flow than accrues to the network?  Put more simply: is committee offered liquidity on two bitassets worth ten times more than all witness and worker proposal pay which power the entire platform?  To me it is clearly not worth the discrepancy.

Paliboy, are you suggesting unwinding prior accounts or making account names renewable on a going-forward basis?


Offline clockwork

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Xeroc I think 50/50 makes sense as a starting point.  That would more than double the income from network fees and referrers still retain a strong incentive to splash their ref links and bring on new users.

Your point of concern about trading fees I think is on everyone's mind here.  That's why I suggest leveraging some of the current asset variable fee towards maintaining the network.  I understand the original intent of the asset fee was to increase liquidity on those two asset in a neutral way, managed by committee.  That's a good objective.  But is it worth 10x the capital flow than accrues to the network?  Put more simply: is committee offered liquidity on two bitassets worth ten times more than all witness and worker proposal pay which power the entire platform?  To me it is clearly not worth the discrepancy.

Paliboy, are you suggesting unwinding prior accounts or making account names renewable on a going-forward basis?

Increasing the network's cut is my ideal starting point too. I believe 20% is way too low. At the same time , I believe it will be difficult for the community to accept (especially those that invested in LTM accounts on the premise of 80% cashback) hence why I focused on base fees first.

As far as trading fees are concerned. Network fees for trading are WAY too low. Market fees (on gateway assets as well as bitAssets) are too high.

Ignoring bitUSD/bitCNY for a moment which I also would like to see market fees reduced for since it's a "community" owned asset through the committee (which blurs the lines a bit...it might be so but it's not really equivalent to reserve profits), the rest of the gateway assets are business owned.

Are we seriously suggesting that the network should charge ridiculously low fees so that someone else's for-profit business remains competitive? I'm sorry but I don't see why *I* or xeroc or any other committee member should spend hours studying fee schedules and operation breakdowns etc. trying to "fix" stuff just so that a gateway can make more profit (or incur less loss). If they can't figure out a way to increase their userbase & stay competitive , I really don't see why the network should bail them out by charging less than 1/8th of a cent so they can charge 0.1-0.2%

(This is also the point where I remind you that committee work is unpaid :P)


As far as paliboy's suggestions are concerned.

Committee asset fee income != reserve pool. I will gladly entertain the suggestion that escrow workers come to an agreement with the committee so that they can always trade worker pay BTS to bitUSD or bitCNY at a fair price if the market doesn't provide enough liquidity. I will not accept treating fee income as part of the reserve pool though.

It's not asset creation that brings in a lot of funds but rather asset issuance (as gateways transfer UIA IOUs in and out). That is a fee that should probably be not raised (or even lowered) as it should not be such a big part of the reserve pool income and it is also a large cost gateways need to cover (by setting higher market fees). So I would gladly lower their costs there if that means agreeing to lower market fees.

I don't think we should be touching accounts. They work fine as they are. Just increase fees there because people make more accounts than they need (>1.1m accounts created for 30k active users). Faucet improvements in account creation would help. Large number of accounts also puts unneeded strain on the chain.

Large account creation income does not mean it's a profitable operation. It means that the ratio of fees / op is wrong and that other ops are much cheaper than they should be.

Offline paliboy

Paliboy, are you suggesting unwinding prior accounts or making account names renewable on a going-forward basis?

It should be as non-destructive as possible, we can't just take account names from people.

I don't think we should be touching accounts. They work fine as they are. Just increase fees there because people make more accounts than they need (>1.1m accounts created for 30k active users). Faucet improvements in account creation would help. Large number of accounts also puts unneeded strain on the chain.

Large account creation income does not mean it's a profitable operation. It means that the ratio of fees / op is wrong and that other ops are much cheaper than they should be.

I completely agree that we shouldn't touch accounts as long as there are other ideas to increase income.

Committee asset fee income != reserve pool. I will gladly entertain the suggestion that escrow workers come to an agreement with the committee so that they can always trade worker pay BTS to bitUSD or bitCNY at a fair price if the market doesn't provide enough liquidity. I will not accept treating fee income as part of the reserve pool though.

What do you suggest to do with this income if committee doesn't agree with escrow workers on fair price?

It's not asset creation that brings in a lot of funds but rather asset issuance (as gateways transfer UIA IOUs in and out). That is a fee that should probably be not raised (or even lowered) as it should not be such a big part of the reserve pool income and it is also a large cost gateways need to cover (by setting higher market fees). So I would gladly lower their costs there if that means agreeing to lower market fees.

I misunderstood this income. I agree that asset issuance fees should stay low.

Offline xeroc

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One cool thing about increasing the network's cut on transaction fees is .... wait for it ... the users are not affected. They pay 100% anyways. The only ones impacted are basically
* openledger, who claimed that referral fees are not their business
* cryptobridge, who seems to make money by listing fees and trading
* other frontends that may come with their own assets just like OL and CB
* bitshares europe, which sofar only has referral fees as income (as it's owner, I would rather see BitShares grow than hold back rational business decisions out of pure and stupid greed)
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Offline JohnR

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As far as trading fees are concerned. Network fees for trading are WAY too low. Market fees (on gateway assets as well as bitAssets) are too high.


I agree with this completely.  The main point I'm trying to get across is that bts:bitUSD & bts:bitCNY are by FAR the most actively traded pairs.  If we want to a have an impact we should focus on variable/marginal fees there.  Since there is already a market fee, already within committee (community) control it seems intuitive to me to start there.  Note the network fee is a flat fee, and since the overwhelming majority of exchange trading pairs have low order creation I'm not sure it will have a huge impact.  Clockwork has a lot of experience here (not to mention put a lot of energy/thought into the matter) so I do support raising network fees while we consider how best to use bitasset market fees.  I can understand not wanting to formally apply some of the current market fee to network integrity (reserve pool).  I'm indifferent between that and simply raising network fees/lowering bitasset fees. 

I do not want to subsidize private gateways either.  I don't immediately see how charging low network fees is bailing out private gateways.  They are basically CEXs leveraging the BTS infrastructure.  In that sense I do see your point - although 'free-riding' is probably the more accurate term.  Probably a longer conversation about how we can better align the incentives there.

One cool thing about increasing the network's cut on transaction fees is .... wait for it ... the users are not affected. They pay 100% anyways. The only ones impacted are basically
* openledger, who claimed that referral fees are not their business
* cryptobridge, who seems to make money by listing fees and trading
* other frontends that may come with their own assets just like OL and CB
* bitshares europe, which sofar only has referral fees as income (as it's owner, I would rather see BitShares grow than hold back rational business decisions out of pure and stupid greed)

I am glad we all seem to agree on this.  A more equitable split between the network and the referrer will make all of our efforts more effective.

Offline clockwork

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One cool thing about increasing the network's cut on transaction fees is .... wait for it ... the users are not affected. They pay 100% anyways. The only ones impacted are basically
* openledger, who claimed that referral fees are not their business
* cryptobridge, who seems to make money by listing fees and trading
* other frontends that may come with their own assets just like OL and CB
* bitshares europe, which sofar only has referral fees as income (as it's owner, I would rather see BitShares grow than hold back rational business decisions out of pure and stupid greed)

LTM Users too, they'll only get 50% instead of 80% cashback.

Not sure how many bots are depending on that for their profit margin.