suggestion on a bounty based marketing worker proposal

[matle85]

Cheers Abit will do.

Whatever happens with the bounty discussion I'd love to see us listing bitCNY and bitUSD on LATOKEN. People could sell USDT for bitUSD...I know what I'd rather have 

On the bounty side - as long as it's the same rule for everyone then it's a level playing field so I can't really complain. I'm speaking to a few about 3+ pairs so let's see, I think moving above that would need a few months of proven liquidity on the exchange so let's get them up there first

[abit]

Hi Abit, yes they'll list both of them against 4 trading pairs: BTC, ETH, LA (the native token) and USDT.

I still think the bounty program asked for more than you have done.

Please check this thread for latest information: https://bitsharestalk.org/index.php?topic=27328.0, and discuss there. Thanks.

[matle85]

Hi Abit, yes they'll list both of them against 4 trading pairs: BTC, ETH, LA (the native token) and USDT.

[abit]

Ok they'll list both bitUSD and bitCNY for 7 BTC + 1 BTC in bitCNY / bitUSD. They think they could have us on there by around 17 Dec.

Bitcrab what are your thoughts? Not sure how this compares to other exchanges.

I think bitcrab's point is an exchange should list bitCNY/bitUSD as base currency/token, like USDT, on the exchange people can trade other coins against it directly.

[matle85]

Ok they'll list both bitUSD and bitCNY for 7 BTC + 1 BTC in bitCNY / bitUSD. They think they could have us on there by around 17 Dec.

Bitcrab what are your thoughts? Not sure how this compares to other exchanges.

[matle85]

Ok have been speaking to a few.

LATOKEN (currently around No.40) will list bitCNY or bitUSD but the charge is 7 BTC + 1 BTC in bitCNY or bitUSD as appropriate.

More than cancels out any bounty reward that might be put in place. Will see if there is any wiggle room on that and in the meantime will continue discussing with the others.

[matle85]

My view is we are a big decentralised community and bounties are a great way to get things done - the size of bounties and the value they bring can all be assessed but this seems like a good first target.

Stable coins are massive news at the minute and some of the main centralised options are waivering - BTS aren't even in the conversation at the minute. If we are suddenly popping up at exchanges all over the place that changes.

Liquidity is an issue but I think that only gets corrected by the value of BTS going up and being stable at higher levels - at $0.1 it is much harder to create bitUSD than it is at BTS=$1.75.

I remain of the view stable coin uptake is one of the best things that could happen to BTS and it would organically drive the price up. If Binance suddenly list bitCNY and bitUSD with some good trading pairs we would see an immediate pump in BTS value to 2x/3x where it is now as an absolute minimum.

Not trading advice

[armin]

I think bitcrab is not trying to just pay people to "list tokens", instead he wants lobbyist to explain to the exchanges what's the benefit of listing the token for THEMSELVES, that will result in a much better chance of having the token listed for a long time because the exchanges understand that it benefits them greatly

[R]

...otherwise what's preventing these exchanges from simply delisting these tokens in a few months due to a lack of liquidity like multiple CEX have done in the past?

Have other exchanges listed bitUSD and bitCNY historically?

Yes, and removed them due to low liquidity.

[matle85]

...otherwise what's preventing these exchanges from simply delisting these tokens in a few months due to a lack of liquidity like multiple CEX have done in the past?
[/quote]

Have other exchanges listed bitUSD and bitCNY historically?

[R]

Simply adding a smartcoin isn't that impressive a feat for a centralized exchange, I'd fully support these bounties for CEX which allow borrowing bitCNY using BTS from the CEX interface resulting in BTS returning from CEX to the BTS DEX whilst providing BTS buy pressure and bitCNY liquidity within the CEX. Alternatively, if these large exchanges are convinced to create a BTS DEX gateway or bridge, that'd be far more valuable than a single token being added to a CEX.

https://www.bitshares.foundation/workers/2017-10-compliance Already covers this topic, no? "$50,000 worth of BTS in each case we convince an exchange (i.e. Kraken, bitstamp, coinbase, bitcoin.de) to list any asset (pair) that is primarily hosted on BitShares."

I don't think 'Bitfinex' should count, aren't they behind Tether & thus a direct competitor? If Tether collapses then won't Bitfinex too?

Binance doesn't charge for addition anymore, couldn't a community based application suffice?

it add much complex for CEXs to build a BTS DEX gateway or enable borrowing from BTS DEX, if some CEX are interested in this it can be handled in a single event.

bounty means "if you make something done, you will get the reward", so it doesn't matter if it is impossible for Bitfinex to adopt smartcoin, what happend recently to USDT hurt the reputation of Tether greatly, but I believe Bitfinex will continue be one of the most important CEX in this area.

the bounty is not for paying to CEX for listing, it is pay for the lobbyists that can make things happen, I believe CEXs like binance or huobi have some other concerns which are more important than charge: supply, pegging accuracy, remittence service..etc, the bounty is to hire salesperson actually.

Indeed it adds complexity for an CEX to add bitasset borrowing using BTS on their platform, but otherwise what's preventing these exchanges from simply delisting these tokens in a few months due to a lack of liquidity like multiple CEX have done in the past? Increased demand for bitassets does not improve supply nor pegging accuracy.

I realize that this is for paying the lobbyists, not paying the CEX a listing fee/bribe; I simply don't believe that adding a single token is worth distributing such large bounties for. That said, successfully lobbying CEX to add full bitasset borrowing capabilities to their CEX UI (increasing bitasset availability on CEX & returning BTS to the DEX from CEX - 2 birds with one stone) or getting a top CEX to run their own BTS DEX gateway/bridge services would be far more beneficial and worthwhile objectives for the BTS DEX than simply adding a single token to a CEX (anyone can fill out an application form...).

I highly doubt that if Tether collapses Bitfinex will continue to exist. They have multiple competing products to the BTS DEX, so they'd probably end up being a negative influence, no?

[bitcrab]

Simply adding a smartcoin isn't that impressive a feat for a centralized exchange, I'd fully support these bounties for CEX which allow borrowing bitCNY using BTS from the CEX interface resulting in BTS returning from CEX to the BTS DEX whilst providing BTS buy pressure and bitCNY liquidity within the CEX. Alternatively, if these large exchanges are convinced to create a BTS DEX gateway or bridge, that'd be far more valuable than a single token being added to a CEX.

https://www.bitshares.foundation/workers/2017-10-compliance Already covers this topic, no? "$50,000 worth of BTS in each case we convince an exchange (i.e. Kraken, bitstamp, coinbase, bitcoin.de) to list any asset (pair) that is primarily hosted on BitShares."

I don't think 'Bitfinex' should count, aren't they behind Tether & thus a direct competitor? If Tether collapses then won't Bitfinex too?

Binance doesn't charge for addition anymore, couldn't a community based application suffice?

it add much complex for CEXs to build a BTS DEX gateway or enable borrowing from BTS DEX, if some CEX are interested in this it can be handled in a single event.

bounty means "if you make something done, you will get the reward", so it doesn't matter if it is impossible for Bitfinex to adopt smartcoin, what happend recently to USDT hurt the reputation of Tether greatly, but I believe Bitfinex will continue be one of the most important CEX in this area.

the bounty is not for paying to CEX for listing, it is pay for the lobbyists that can make things happen, I believe CEXs like binance or huobi have some other concerns which are more important than charge: supply, pegging accuracy, remittence service..etc, the bounty is to hire salesperson actually.

[bitcrab]

I like the idea.

I believe the worker should include bitEUR as well. (yes it's very small now but I believe has great potential)

I also believe bitEUR has great potential, but now there's only less than 80K supply, I think for bitEUR firstly we need to implement BSIP42 or the updated MCR based proposal to guarantee an accurate pegging, and then get sufficient supply and market depth by some market making activities,
otherwise CEXs will not be interested in it.
 

[matle85]

I'm reaching out to a few, will let you know if I get any traction with them.

[ripplexiaoshan]

Good initiative!

However, I think the importance gradually decrease when more and more exchanges list bitCNY/bitUSD, thus it is not wise to pay lobbyist same amount of BTS all the time. That is to say, for top 10 exchanges, if one of them list bitCNY, it means a lot to us, but after 3 of them have listed bitCNY, we don't care so much whether the rest 6 exchanges list bitCNY or not. After all, even BTS is not actively being traded on all of them.

In my opinion, we should set a bounty with a upper limit, let's say 2 million BTS. The first top 10 exchange which list bitCNY will get rewarded like 500K BTS, the second 300k, third 200k, etc.. while the exchanges that are beyond of top 30 or 50, we have no interest.
 

[armin]

Is there a worker proposal thread for this?

[R]

Simply adding a smartcoin isn't that impressive a feat for a centralized exchange, I'd fully support these bounties for CEX which allow borrowing bitCNY using BTS from the CEX interface resulting in BTS returning from CEX to the BTS DEX whilst providing BTS buy pressure and bitCNY liquidity within the CEX. Alternatively, if these large exchanges are convinced to create a BTS DEX gateway or bridge, that'd be far more valuable than a single token being added to a CEX.

https://www.bitshares.foundation/workers/2017-10-compliance Already covers this topic, no? "$50,000 worth of BTS in each case we convince an exchange (i.e. Kraken, bitstamp, coinbase, bitcoin.de) to list any asset (pair) that is primarily hosted on BitShares."

I don't think 'Bitfinex' should count, aren't they behind Tether & thus a direct competitor? If Tether collapses then won't Bitfinex too?

Binance doesn't charge for addition anymore, couldn't a community based application suffice?

[matle85]

Good initiative Bitcrab and good comment Alex - these documents (or assurance they are available if a lobbyist nudges someone towards the right person) would be great.

[clockwork]

Also, it is quite likely that some of those exchanges will require some kind of legal opinion letter or technical description/report of bitAssets.

Will the BBF who I believe has been working on those documents via legal/compliance workers be able to provide potential lobbyists with the appropriate documentation?

Or at least provide a contact point lobbyists can defer to if/when talks with exchanges reach that point?

@xeroc, could you pass along the questions above to the BBF?

[clockwork]

Support!!!! But what if lobbyist said the exchange need 10Million BTS to open smartcoin market?

For 10m BTS i'll start a new exchange personally

[ouresw]

Support for this proposal, but it is recommended that some of the bonuses be paid in the form of bitCNY or bitUSD, which better reflects the theme of this work.

[Bangzi]

Support!!!! But what if lobbyist said the exchange need 10Million BTS to open smartcoin market?

[sschiessl]

SmartCoin listing would be awesome, great initiative. I guess this bounty is also meant to cover possible listing fees.

open market operation fund will release the fund to fill up the gap.

Is this necessary? It mixes responsibilities and I would rather not have that. Additionally, please ensure that the accounting is transparent if the committee has two workers to handle.

There is a 30 days observation period

30 days is quite short, and the amount of payout is incentive for manipulation. My suggestion would be 90 days.

[clockwork]

I like the idea.

I believe the worker should include bitEUR as well. (yes it's very small now but I believe has great potential)

[gghi]

Support

[bitcrab]

Excuse the noob question but can ppl in China still buy bitCNY with CNY?

If not wouldn't it be better if ppl in CHina could swap their CNY cash by giving it to merchants using PalmPay? Like paying extra with their groceries and the merchants would top their balance so to speak? That would be really decentralized...

yes they can.

[nutela]

Excuse the noob question but can ppl in China still buy bitCNY with CNY?

If not wouldn't it be better if ppl in CHina could swap their CNY cash by giving it to merchants using PalmPay? Like paying extra with their groceries and the merchants would top their balance so to speak? That would be really decentralized...

[bitcrab]

“Stable coin” become hot in recent past and attracted much attention,  the event that USDT is discounted more than 5% bring great worry on this token that occupy more than 95% stable coin market shares, now there is a great market chance for smartcoins, we should not miss it and need to do some big promotion to extend the market share.

Now one of the biggest market for stable coin is exchange, exchange has the demand to adopt stable coin as base trading currency, to encourage every potential people in this world to help to lobby the exchanges to adopt bitCNY and bitUSD, I suggest to open a worker proposal to use public fund for a marketing campaign.

1. Bounty quantity

the 4 most famous exchange: binance, OKEX, Huobi, Bitfinex.      1M/0.5M BTS

Top 20 in coinmarketcap  Adj.Vol(24h) ranking                           400K/200K BTS

Top 50 in coinmarketcap  Adj.Vol(24h) ranking                           200K/100K BTS

if one succeed to lobby one of the 4 most famous exchange -  Binance, OKEX, Huobi, Bitfinex to open smartcoin market, he/she will get 1M BTS as reward for the first adopted smartcoin(either bitCNY or bitUSD), 0.5M BTS as reward for the second adopted smartcoin(either bitCNY or bitUSD).

for other exchanges, the reward is as listed above based on the Adj.Vol(24 hours) ranking in coinmarketcap.com.

2. Work verification and reward distribution
Bitshares Committee will take the responsibility to verify the work of lobbyist and decide the distribution of reward.

People who want to work as lobbyists need to comment on the work proposal thread, give the information of bts account, email and which exchanges he/she want to lobby, if finally the exchange open smartcoin market(open at least 3 relevant trading pairs), the lobbyist need to provide evidence that it’s his/her work that make things happen.

There is a 30 days observation period, if the smartcoin markets are kept open in these period, then the highest  Adj.Vol(24h) rank of this exchange in coinmarketcap in these 30 days will be used to determine the reward.

This campaign will last 180 days, only when exchange open smart coin market in these 180 days then the reward will be distributed accordingly.

A worker proposal  of 100K BTS daily pay will be created for this campaign, if too many exchanges open smart coin markets and the totally 18M BTS is not enough to pay the reward, open market operation fund will release the fund to fill up the gap.

I hope this suggestion can be supported by community and we can implement it rapidly to capture the market chance.