Author Topic: [Info] BBF paying based on fiat  (Read 1159 times)

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Offline Thul3

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[Info] BBF paying based on fiat
« on: December 11, 2019, 10:03:06 am »
I just checked today the worker report of core team to see how it proceed and was a bit schocked.

First think i noticed is that BBF is paying invoices now in FULL fiat means they add depending on BTS price up to 62% more bitcny in the payout.

Second think which makes me a bit mad is the fact that now invoices are coming in which are all from previous months.Majority April-July.

You can say the late invoicing is costing the community a nice amount of extra BTS and the funds on "direct balance" for core team is decreasing quickly even not much have been done in the past 2 months according to some core team members.

How can you demand voters to vote appropiatly based on reports when you get on december big invoices for april-july and don't know what will come next ?
Are you supposed to guess ?

You demanded the community and expecially cn-vote to check the "low" spending and work done by core team and now we see these invoice coming for past work ?

How can someone evaluate somebodies work if he doesn't even know if the represented amount on report is even a final one or like now bigger invoices are being added for past work.
« Last Edit: December 11, 2019, 10:04:56 am by Thul3 »

Offline sschiessl

Re: [Info] BBF paying based on fiat
« Reply #1 on: December 11, 2019, 10:19:25 am »
How can you demand voters to vote appropiatly based on reports when you get on december big invoices for april-july and don't know what will come next ?
Are you supposed to guess ?

You demanded the community and expecially cn-vote to check the "low" spending and work done by core team and now we see these invoice coming for past work ?

Who are you adressing with "you" here?

How can someone evaluate somebodies work if he doesn't even know if the represented amount on report is even a final one or like now bigger invoices are being added for past work.

Can you elaborate what reports you mean?

Offline pc

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Re: [Info] BBF paying based on fiat
« Reply #2 on: December 11, 2019, 02:05:33 pm »
BBF is paying invoices now in FULL fiat means they add depending on BTS price up to 62% more bitcny in the payout.

The worker rates are deliberately denominated in fiat, due to our bad experience with global settlement of bitUSD in late 2018. Did you seriously expect that we'd accept bitCNY=CNY at the fake price?
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Offline xeroc

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Re: [Info] BBF paying based on fiat
« Reply #3 on: December 12, 2019, 07:31:03 am »
Promises have been broken by BitShares' bitassets, as Peter mentioned. Don't be surprised that BBF keeps its promise to remove currency risk from workers.
It's quite hilarious that people don't even understand what kind of problems they caused by faking bitasset prices.
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Offline Thul3

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Re: [Info] BBF paying based on fiat
« Reply #4 on: December 12, 2019, 07:36:31 am »
Bitfiat would be currently unpegged even with real price feed.
Core team knew about that risk and you are adding even that diffrence in their favour.

But who is to blame that people are allowed in december to invoice for april and take a larger amount of BTS from the reserve pool as they would when invoicing in a timely manner?
Fox added now invoices for July where bitshares was on peak this year.
Instead we pay when BTS is on this years ATL making that we need to pay 3.5 times more BTS as if he would have added the invoices in a timely manner.
But instead many months old invoices are now being added into the weakest performing month for BTS.
Since core worked only 20% on its capacity last 2 months what was the issue not placing these invoices during that time ?

The core team report is now blaming that there were not enough funds to work on full capacity (which is BS claim) Balances on BBF's report page showed till december nearly 5.2 million BTS and over 100k cny.
So how is a voter supposed to know if there are enough funds or not ?

Second question would be Fox why he didn't created a thread asking to get the core worker voted back in for more funds like he announced it before when asking to vote the worker down.




« Last Edit: December 12, 2019, 08:07:14 am by Thul3 »

Offline pc

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Re: [Info] BBF paying based on fiat
« Reply #5 on: December 12, 2019, 09:48:33 am »
Core team knew about that risk

Yes, which is why the worker is denominated in fiat not in bitassets.
Bitcoin - Perspektive oder Risiko? ISBN 978-3-8442-6568-2 http://bitcoin.quisquis.de

Offline sschiessl

Re: [Info] BBF paying based on fiat
« Reply #6 on: December 12, 2019, 10:51:28 am »
But who is to blame that people are allowed in december to invoice for april and take a larger amount of BTS from the reserve pool as they would when invoicing in a timely manner?
Fox added now invoices for July where bitshares was on peak this year.
Instead we pay when BTS is on this years ATL making that we need to pay 3.5 times more BTS as if he would have added the invoices in a timely manner.
But instead many months old invoices are now being added into the weakest performing month for BTS.

The current worker model and proposal text do not contain a strict deadline for that. I'm quite sure that any future proposals will contain a strict timeframe for invoicing.

The core team report is now blaming that there were not enough funds to work on full capacity (which is BS claim)

I think you misunderstand. No one is blaming anyone. As I understand it, it is just a statement. It doesn't say that core worker is seeking to work at full capacity. It would make sense though in light of the new core proposal popping up, to ensure smooth transition and knowledge transfer. Those efforts
might also be covered in said new proposal, so not a blocker imho.

So how is a voter supposed to know if there are enough funds or not ?

I agree. The voter can't know without deep investigation or talking to Ryan.