Author Topic: [Worker Proposal] Reduce onboarding registrar  (Read 1013 times)

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Offline bench

[Worker Proposal] Reduce onboarding registrar
« on: September 02, 2019, 01:04:13 am »
At the moment the onboarding.bitshares.foundation takes 15% as registrar.
To stay competitive with OpenLedger the registrar should also be set to 0%.

Registrar cut was introduced to cover costs for signup, but with low signup costs and new referral system (market fee share), this is not needed anymore.
« Last Edit: September 02, 2019, 11:13:29 am by bench »
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Offline xeroc

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Re: [Worker Proposal] Reduce onboarding registrar
« Reply #1 on: September 02, 2019, 10:12:29 am »
I suppose you miss the fact that those 15% are supposed to go back to the reserve funds .. and that's what happend in the past already.
But hey, who reads worker proposals.
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Offline Ammar Yousef (ioBanker)

Re: [Worker Proposal] Reduce onboarding registrar
« Reply #2 on: September 02, 2019, 10:47:08 am »
At the moment the onboarding.bitshares.foundation takes 15% as registrar.
To stay competitive with OpenLedger the registrar should also be set to 0%.

Registrar cut was introduced to cover costs for signup, but with low signup costs and new referral system(market fee share), this is not needed anymore.

Network onboarding.bitshares.foundation should be the best competing faucet since it's backed by bitshares worker, OL is using his 0% faucet's feature to gain more voting power while advertising his faucet to be competing with the network's official faucet.
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Offline bench

Re: [Worker Proposal] Reduce onboarding registrar
« Reply #3 on: September 02, 2019, 11:12:54 am »
I suppose you miss the fact that those 15% are supposed to go back to the reserve funds .. and that's what happend in the past already.
I did not miss the fact, that the extra revenues go the the reserve pool. The registration cut is a appendix, which is not needed anymore and does sabotage the referral system.
OL is using this to gain more voting power.

The registration cut does not make any difference for the non-LTM signup, but makes a difference for the LTM/referral system. 
« Last Edit: September 02, 2019, 11:22:12 am by bench »
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Offline xeroc

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Re: [Worker Proposal] Reduce onboarding registrar
« Reply #4 on: September 02, 2019, 11:24:02 am »
I suppose you miss the fact that those 15% are supposed to go back to the reserve funds .. and that's what happend in the past already.
I did not miss the fact, that the extra revenues go the the reserve pool. The registration cut is a appendix, which is not needed anymore and does sabotage the referral system.
OL is using this to gain more voting power.

The registration cut does not make any difference for the non-LTM signup, but makes a difference for the LTM/referral system. 
Tell me, if registering accounts cost BTS, and the faucet doesn't earn BTS from referral reward, how long do you think this can be self-sustained? (ignoring the expense for hosting the faucet even).
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Offline bench

Re: [Worker Proposal] Reduce onboarding registrar
« Reply #5 on: September 02, 2019, 11:30:38 am »
Tell me, if registering accounts cost BTS, and the faucet doesn't earn BTS from referral reward, how long do you think this can be self-sustained? (ignoring the expense for hosting the faucet even).
I need to tell you, if registration costs BTS?

The onboarding account does still earns 80% from BTS and market fees for every non-LTM signup, when registrar = 0%. This is not enough to cover the 2 cents registration fee and worker costs?

The bts++ team is generating 5 figures only from the market fee share per month!
« Last Edit: September 02, 2019, 12:22:01 pm by bench »
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Offline clockwork

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Re: [Worker Proposal] Reduce onboarding registrar
« Reply #6 on: September 02, 2019, 01:14:14 pm »
At the moment the onboarding.bitshares.foundation takes 15% as registrar.
To stay competitive with OpenLedger the registrar should also be set to 0%.

Registrar cut was introduced to cover costs for signup, but with low signup costs and new referral system (market fee share), this is not needed anymore.

erm...openledger takes 50%

Offline bench

Re: [Worker Proposal] Reduce onboarding registrar
« Reply #7 on: September 02, 2019, 01:27:47 pm »
erm...openledger takes 50%

This is an old value, OL takes now 0%!
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Offline clockwork

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Re: [Worker Proposal] Reduce onboarding registrar
« Reply #8 on: September 02, 2019, 01:42:21 pm »
erm...openledger takes 50%

This is an old value, OL takes now 0%!

oh ok...they switch the referral percentage based on the existence of a referrer param...hadn't realised.

Still, It's a numbers game... Maybe the income from non-referrer vs referrer accounts is enough...maybe it isnt.

Xeroc, wanna run the numbers at some point?

Offline R

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Re: [Worker Proposal] Reduce onboarding registrar
« Reply #9 on: September 02, 2019, 04:48:30 pm »
At the moment the onboarding.bitshares.foundation takes 15% as registrar.
To stay competitive with OpenLedger the registrar should also be set to 0%.

Registrar cut was introduced to cover costs for signup, but with low signup costs and new referral system(market fee share), this is not needed anymore.

Network onboarding.bitshares.foundation should be the best competing faucet since it's backed by bitshares worker, OL is using his 0% faucet's feature to gain more voting power while advertising his faucet to be competing with the network's official faucet.
The faucet worker proposal has been blocked by refund400k, it may eventually stop working and new users will be impeded from joining.

RE Changing the fee taken, why not propose changing the redistribution of fees from 80:20 so that the network gets more? Problem solved, can remove refund400k vote.

Offline bench

Re: [Worker Proposal] Reduce onboarding registrar
« Reply #10 on: September 02, 2019, 07:25:45 pm »
RE Changing the fee taken, why not propose changing the redistribution of fees from 80:20 so that the network gets more?
Network gets more, faucet gets less. Problem increased!

When the main faucet is not sustainable with the new referral system, we should update our fees.
« Last Edit: September 02, 2019, 07:30:07 pm by bench »
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Offline R

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Re: [Worker Proposal] Reduce onboarding registrar
« Reply #11 on: September 02, 2019, 08:29:45 pm »
RE Changing the fee taken, why not propose changing the redistribution of fees from 80:20 so that the network gets more?
Network gets more, faucet gets less. Problem increased!

When the main faucet is not sustainable with the new referral system, we should update our fees.
There was a recent fee structure rebalancing proposal, but it was rejected IIRC. Could request the committee does that too. 👍

Offline bench

Re: [Worker Proposal] Reduce onboarding registrar
« Reply #12 on: September 02, 2019, 09:08:29 pm »
There was a recent fee structure rebalancing proposal, but it was rejected IIRC. Could request the committee does that too. 👍
Taker fee could be 3 times higher than maker fee, but BSIP is not yet implemented.
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Offline Ammar Yousef (ioBanker)

Re: [Worker Proposal] Reduce onboarding registrar
« Reply #13 on: September 03, 2019, 09:25:27 am »
There was a recent fee structure rebalancing proposal, but it was rejected IIRC. Could request the committee does that too. 👍
Taker fee could be 3 times higher than maker fee, but BSIP is not yet implemented.

Please mention the BSIP so we can push for it
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Offline bench

Re: [Worker Proposal] Reduce onboarding registrar
« Reply #14 on: September 03, 2019, 12:14:10 pm »
Please mention the BSIP so we can push for it
The initial version is limited to market fees and not flat BTS fees:
https://github.com/bitshares/bsips/pull/133/files#diff-6ff5a943ba1c6c4da49be09c93482041

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