[poll] BTS repurchase destruction proposal

[bench]

We should discuss here about the use of the 0.02% bitAsset market fee:

1. Start a buy back of BTS
2. Build a GS fund to allow lower MCR

Discussion about market fee sharing here: https://bitsharestalk.org/index.php?topic=28517.0

[matle85]

it's a good idea to set 80% market fee sharing and reset market fee to 0.1% for smartcoins, irrelevant to make both possible.

then lifetime members actually just pay 0.02% market fee，but will get 0.08% reward from his basic member referee's trading.

it will greatly encourage users to become lifetime member and invite new users.

不是传销，胜似传销。

I agree this is a good idea.

I think this also will bring some big benefit for leveraged trading as well (when we introduce that) as the fee will be based on the leveraged amount (i.e. people inviting people who then carry out leveraged trades will have even more significant gains)

[bitcrab]

it's a good idea to set 80% market fee sharing and reset market fee to 0.1% for smartcoins, irrelevant to make both possible.

then lifetime members actually just pay 0.02% market fee，but will get 0.08% reward from his basic member referee's trading.

it will greatly encourage users to become lifetime member and invite new users.

不是传销，胜似传销。

[bench]

I do not support this proposal.

comparing to the daily BTS release via worker proposal budget, the market fee accumulation is so few that can be ignored and will not generate obvious effect.

I prefer to set smartcoins 100% market fee sharing, I believe this will greatly encourage users to become lifetime member and invite more users to come to BTS ecosystem.

this is a much better way to use the smartcoin market fee than "buy back BTS and burn".

Agree on that

Sounds like a good suggestion. It can be done at the same time. The two plans do not conflict.

Agree, we can do both at the same time.

If we do a 100% fee sharing we can't do both.

If we do a 80% fee sharing, with a fee increase to 0.1%, we can do both.

[ripplexiaoshan]

I do not support this proposal.

comparing to the daily BTS release via worker proposal budget, the market fee accumulation is so few that can be ignored and will not generate obvious effect.

I prefer to set smartcoins 100% market fee sharing, I believe this will greatly encourage users to become lifetime member and invite more users to come to BTS ecosystem.

this is a much better way to use the smartcoin market fee than "buy back BTS and burn".

Agree on that

Sounds like a good suggestion. It can be done at the same time. The two plans do not conflict.

Agree, we can do both at the same time.

[binggo]

你又何必跟他们解释这么多。

整体的营销思维都脱节与时代，他们能懂什么，风口，热点一个都蹭不上。

现在都在趁着bitcny还有点流量多吸一口血而已，你这岂不是打断了好事？！等bitCNY血吸干就会一窝蜂的消散的。

你看看他们又准备将手续费提高到0.1%， 何必这么遮遮掩掩，直接提高到10%多好。

[bitProfessor]

This is not a personal point of view, but more than 70m votes behind cn-vote, so I try to explain:
1、The number of repurchases is very small, the speed is very slow, the period is long-term.why?That means giving up the sudden rise pirce.The  key point is:“Send a message to the world”.
2、I personally agree with bitcrab's proposal.But to discuss with the voters of cn-vote。I don't think there is any conflict between the two proposals.I heard that eggs should not be put in one basket.
3、In bts, destroying BTS means returning to the pool of funds。It's not burnt.As Bitcrab said, 300,000 BTS are released every day, and BTS destroyed  are used to replenish the pool.Is that not good?
4、Let's take a look at bnb:(The second column is the number of destruction.)

I don't think the amount of destruction of BNB is positively correlated with the price, but it has changed people's expectations and people are scrambling to hold it.
5、To be honest, I don't know whether our proposal will change the price of BTS or what people expect. But I know it's a proposal that doesn't do any harm.
Summary: Send a message to the world：“Hey, BTS are burning every week. Aren't you going to hold a little?”

[matle85]

I am keen to hear novel proposals and welcome the suggestion but I think I agree with Bitcrab that the effect would not be significant considering the spend. I think I would need to see some charts / graphs explaining the return is higher than I currently foresee it to be before supporting.

Like I said though, thank you for bringing this forward and hope to hear more novel / new thinking suggestions from people on how to increase the price.

[bitProfessor]

I do not support this proposal.

comparing to the daily BTS release via worker proposal budget, the market fee accumulation is so few that can be ignored and will not generate obvious effect.

I prefer to set smartcoins 100% market fee sharing, I believe this will greatly encourage users to become lifetime member and invite more users to come to BTS ecosystem.

this is a much better way to use the smartcoin market fee than "buy back BTS and burn".

Agree on that

Sounds like a good suggestion. It can be done at the same time. The two plans do not conflict.

[bench]

?!!!! how about 10%?

we need to raise fees to 0.1% again!

Because 0.2% is standard and we don't wont to rip of people here.

0.1% fee with 80% cashback looks like the best deal for everybody.
This gives power users 50% discount to now + 80% for every referral. 

0.02% of the fees could be used for GS protection, to lower MCR!

[Digital Lucifer]

?!!!! how about 10%?

we need to raise fees to 0.1% again!

I agree. Think simple and small with just basic math.

Most of our regular users are attending DEXBot and beside CNY and few gateways around, its all how we are doing our market making.

Now set example, all those little guys (including myself) with $1000 or $2000 at tops for trading, setting $40-$100 orders would be ending up broken by the end of the day with 0.1% fee if market is not volatile for 3-5% in our favor.

100 USD 1 order
0.1% fee = 0.10 USD

10 orders = 1 USD.
100 orders = 10 USD.

profit per order on smaller spreads 0.003% if lucky.

I don't see math there unless we have REALLY LIQUIDATED markets so people can move for profits through it.

But I do agree that such move would be great incentive for reserve pool income and bigger players around.

[binggo]

?!!!! how about 10%?

we need to raise fees to 0.1% again!

[bench]

I already had a similar idea here: https://bitsharestalk.org/index.php?topic=28437.0

My second idea was, to use the market fees for a GS protection to lower the MCR, which should have a positive feedback:
Lower MCR -> more smart coins -> more volume -> more fees -> lower MCR

I do not support this proposal.

comparing to the daily BTS release via worker proposal budget, the market fee accumulation is so few that can be ignored and will not generate obvious effect.

I prefer to set smartcoins 100% market fee sharing, I believe this will greatly encourage users to become lifetime member and invite more users to come to BTS ecosystem.

this is a much better way to use the smartcoin market fee than "buy back BTS and burn".

I support this, but I think a 80% cashback on trading fees is already good enough. But to have an effect, we need to raise fees to 0.1% again!

But this is also not new: https://bitsharestalk.org/index.php?topic=27199.msg322781#msg322781

[binggo]

Destruction

[sschiessl]

I do not support this proposal.

comparing to the daily BTS release via worker proposal budget, the market fee accumulation is so few that can be ignored and will not generate obvious effect.

I prefer to set smartcoins 100% market fee sharing, I believe this will greatly encourage users to become lifetime member and invite more users to come to BTS ecosystem.

this is a much better way to use the smartcoin market fee than "buy back BTS and burn".

Now that's something!