Author Topic: [Worker Proposal] - DEXBot WP 2 Proposal Draft for Review/Feedback  (Read 450 times)

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Offline kimchi-king

The Cabinet who manage DEXBot are gathering community feedback for continuing DEXBot next year, for DEXBot WP 2

"It has been an exciting year for the DexBot. We started by chatting about ideas, put together a proposal, created a market making trading bot and launched several strategies. From nothing, we have an  MVP (Minimum Viable Product) up, working and under budget.

There were many highs and lows along the way, people who have never met came together, decided on a plan and executed it and did so even with a delayed start. After putting the worker proposal out to the community, it took a plunge in the BTS price, before voters passed the proposal. Here was something, we could do to help address liquidity as a community. An instant high followed that low, this is going to happen! Then the work started. Marko put together the team that started to formulated code. There were many questions, ideas, and strategies. We got the beta version launched, and then came the long line of bug fixes. There were lows along the way. At times the worker proposal was temporarily defunded, causing a minor panic. There was the time when one new strategy backfired and did not work as intended. Yep, Marko lost not an insignificant amount of his own money. These are the dangers and perils of working on software that deals with real money.

It is so easy to say, “We did it,” and forget all the perils along the journey. We needed to keep the peace and work together. We needed to compromise. We needed to decide on what language to use what software to use and what programmers to use. We needed to avoid bad partnerships and form good ones.  We needed to tell some people who eagerly wanted to contribute, no -because their help was hurting at the time. We needed to prioritize decisions and create strategies that added liquidity to the market and did not remove it. Building a communal trading bot, that everyone can use, and uses strategies that help the market and does not hinder it, is not as easy as some may think. From a technical side, there were countless hours of writing code, making sure strategies work as intended and trying to hunt down why someone somewhere was getting an error code. There was keeping peace and on a topic in Telegram Chatrooms. There were explaining strategies and markets to new traders. There was making money and losing money while trading. But through all of this, we brought forth the DEXbot, a market-making bot that allows ordinary traders and investors to make markets in a helpful and beneficial way adding liquidity to the BitShares blockchain.

Along the way, on this journey, some exciting things happened. The Dexbot Cabinet came together as a real team to support Marko who did the heavy work managing the project. Because of the DEXbot, Cryptick proposed an Android Custom Wallet Proposal to the community. While that worker did not pass, now there is now the whole host of interesting mobile proposals fulfilling the vision. DEXbot is one of the few remaining independent workers outside of the BBF foundation. This is beneficial for all, as it allows the DEXbot, complete independence to promote fair trading, and helps to fully realize the decentralized vision of blockchain projects.

The DEXbot is not and does not need to be the most visible project on BitShares. We don’t need everyone involved but want their vote of support. Ultimately, most people benefit from the Dexbot and do not even realize it. When trading, people take the narrower spreads for granted. The Dexbot works day and night, helping money move back and forth through the BitShares Ecosystem. This is done by the family of traders running the DEXbot and other liquidity providing software.

This software increases the number of transactions, increases transaction fees and moves a great deal of CryptoBridge, OpenLedger, GDEX, RUDEX assets, while paying commissions. Everyone benefits.

It has been a great start, but there is still more to do. We have a working product, but there is more that we can add. Much of the year was spent building functionality, now we need more efforts towards customer support, users guides, documentation and adding new strategies. Marko has been leading this project part-time, but Permie is now ready to step in take over project management. He feels this is the great tool that can be utilized by strategic partners to make trading better on the Dex. We realize markets are not yet as liquid as everyone would like, and we feel more strategies can help facilitate this. Cross-exchange arbitrage could help BTS prices stay in line with other markets and enable customers to get better fills.

We feel the full potential of the DEXbot project is just starting, and to abandon it now, would be like throwing a young child out onto the streets before he is grown up. While we are working on a backup minimum maintenance plan, we are asking for continued community support. We understand, that Crypto markets have taken a dive, and are very aware of what is going on in the markets, like the recent global bitUSD settlement. That said, as one worker comes to a conclusion, we are putting forth another in order to take this project forward. We know that good project development takes time, and what we build now, will be there in the future to help keep Bitshares in a leading position among the Decentralised Exchanges."  -Crytpick1 (Cabinet Member)

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https://docs.google.com/document/d/1EM7Ld9Je90Fiotqwd9wquHPz4MPbJls96g8tgQVJPqY

Offline xeroc

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Re: [Worker Proposal] - DEXBot WP 2 Proposal Draft for Review/Feedback
« Reply #1 on: December 10, 2018, 12:23:49 pm »
You've done a great job so far! Please keep it going!
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Offline Cryptick1

Re: [Worker Proposal] - DEXBot WP 2 Proposal Draft for Review/Feedback
« Reply #2 on: December 11, 2018, 03:35:23 pm »
Cool,
Yeah, there is a very active community over in the DEXBot channel. And there is a lot of work that has been going on behind the scenes. We all know some people hang out in Telegram more so than here, but we also want everyone involved in and supporting this proposal. DEXBot has been working on solving the liquidity problem, and so continuing support for this proposal is the right thing to do.

I believe we have effectively brought in all the community feedback. We are about to go on chain with the proposal.
Cryptick1

(Note: Just to avoid any confusion, I actually authored most of the above copy, Kimchi-King copy and pasted from official reports.)

Offline Cryptick1

Re: [Worker Proposal] - DEXBot WP 2 Proposal Draft for Review/Feedback
« Reply #3 on: December 13, 2018, 10:12:24 pm »
So we have put this worker proposal on the block chain.

Full Text of the Worker...
https://www.dexbot.info/2018/12/12/cabinet-multisig-dexbot-wp2/

Directions (For a beginner) on how to cast a vote on BitShares...
https://steemit.com/bitshares/@cryptick/please-vote-for-the-dexbot-wp-liquidity-of-the-dex-bitshares-worker-proposal

-Cryptick

Offline Thul3

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Re: [Worker Proposal] - DEXBot WP 2 Proposal Draft for Review/Feedback
« Reply #4 on: December 19, 2018, 05:47:29 pm »
As much as i honor the good work and i really honor it its seems to me that the new WP is some kind of very expensiv.
I tried to figur out where exectly the money will be going but am unable to identify everything.

Who is the build maintainer who gets $100 per hour and what exectly is his role ?

Why are the expenses increasing by 25% ?

What exectly is Online Dexbot PR or Financial Services Networking ?

I mean for $150k which DEXbot is demanding you can start a massiv advertisement campaign.

The monthly budget of $25k at current situation seems to me way to high.

Sorry but as much as i honor your work i also need to compare the demanded funds being used on other categories.

For me the budget for DEXbot is to high.
« Last Edit: December 19, 2018, 05:49:10 pm by Thul3 »

Offline Digital Lucifer

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Re: [Worker Proposal] - DEXBot WP 2 Proposal Draft for Review/Feedback
« Reply #5 on: December 20, 2018, 04:59:57 am »
As much as i honor the good work and i really honor it its seems to me that the new WP is some kind of very expensiv.
I tried to figur out where exectly the money will be going but am unable to identify everything.

Who is the build maintainer who gets $100 per hour and what exectly is his role ?

Why are the expenses increasing by 25% ?

What exectly is Online Dexbot PR or Financial Services Networking ?

I mean for $150k which DEXbot is demanding you can start a massiv advertisement campaign.

The monthly budget of $25k at current situation seems to me way to high.

Sorry but as much as i honor your work i also need to compare the demanded funds being used on other categories.

For me the budget for DEXbot is to high.

Im not part of the DEXBot, but i'm quite familiar with the project and had cleared concerns that you have now just a few days ago.

1) DEXBot is keeping activity of the Blockchain on TOP of the crypto industry
2) User response to the product "DEXBot" is amazing and utilized accross the planet - keep in mind its bringing new people to blockchain as well.
3) Its creating better liquidity of the markets, which we didn't had before.
4) 25k USD a month where 7k is defined for GITHUB Bounties is not 25k USD for the team, but also for community developers unrelated to the project. Remaining 18k for 13 people team - its a bit over 1k average per head, which is not even a decent salary for developers/managers.
5) Keep in mind that DEXBot Support group had one time holiday for 3 weeks, and even then someone was available to support nearly 24/7. You pay for just that kind of support 5-12k USD a month in real world.

I do agree that BitShares needs marketing efforts and there is space for it as well.
I don't agree that DEXBot is not needed or asking to much, and would appreciate if you would reconsider your vote on it. It done amazingly well for very little bit money, compared to amount of delivery they done.

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Offline Customminer

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Re: [Worker Proposal] - DEXBot WP 2 Proposal Draft for Review/Feedback
« Reply #6 on: December 20, 2018, 02:43:07 pm »
The first DEXBot WP was pretty good though I felt its progress was slow towards the end. It'd be great if you could implement a bitasset borrowing bot, and enable one account to have multiple workers as this was possible using older bitshares market making bot software
Hertz, Beyond Bitshares, Gridcoin!

Offline Cryptick1

Re: [Worker Proposal] - DEXBot WP 2 Proposal Draft for Review/Feedback
« Reply #7 on: January 03, 2019, 04:13:34 pm »
Customminer,
We are always taking ideas for the features people want. If enough people are interested, we could take a look at the a bit asset borrowing bot idea. That said, I know the people creating bitAssets is a small group, compared to all BitShares traders. The best place to discuss this idea is on the DexBot Telegram room.

We do recommend that each bot run on a separate account. Because accounts are free, and money management is very important, this was an easy way to avoid troubles.  (In the past, I actually ran multiple bots on one account and had very bad side effects. All the money got transferred over into one asset. To avoid that we decided a one bot one account was a much better way to run. It greatly simplifies order management and risk.) 

Digital Lucifer
Thanks for the great response to Thule3

Thule3
Let me add a couple of clarifying thoughts.

Time is money and most of us who have been working with guiding and helping the DexBot project have been doing so for free. As Marco is transitioning out of the role, Permie wan't to take on a more active Full time role. We believe that liquidity is crucial to the success of the BitShares, and the DEXbot is a great tool to expand and ensure that liquidity.

As far as online DexBot PR -We have realized that part of the success of any project is awareness and marketing, while our first year was spent building out the bot and features, we now realize more marketing it required. We think this will help facilitate that.

As far Financial Services Networking. We need to take these tools into other organizations and show them the value. This is generally called business development and marketing. We feel there is a need to do this to attract more business and activity onto the blockchain.

Everyone: For any other questions we have not answered please drop by the telegram room. We are much active over there. https://t.me/DEXBOTbts

-Cryptick1