Author Topic: Best way to exclude custodian accounts from voting  (Read 974 times)

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Offline abit

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Re: Best way to exclude custodian accounts from voting
« Reply #15 on: April 18, 2020, 12:18:36 pm »
simple solution:

BALLOTS:

chain offers ballots
ballots cost one bts per ballot

ballots are not transferable and non returnable; effectively proof of bts burn.
How would you believe someone who has burned all his BTS will do any good for the platform? What are the incentives for him to do so?

Quote
STAKE:

bts must be stake locked to vote

user specifies days of lock, machine counts down

user may add (but not take away) funds or duration to the countdown clock at any time.

during stake lock bts is non transfer / trade

POWER:

voting power = min(bts locked, ballots owned) * days of stake locked bts remaining





COLLATERAL:

add to that any bts held as collateral cannot be locked for voting.

PROXY:

add to that that proxy decays linearly over 365 days and requires user to vote stake lock their bts against owned ballots for proxy to have power.

RESULT:

Now you want to vote? first you burn a bts to buy a ballot.  It is difficult with custodial funds.
and you want to vote you stake lock on countdown timer. This is also difficult with custodial funds
If you're aware how exchanges are participating in other PoS or DPoS chains, you won't come with this idea. It is not difficult for them at all. Their users explicitly agree and even ask them to lock funds for them to earn interest or dividends or whatever it calls.

Quote
and if you want to proxy your voting power you are held to same standard.
collateral bullshits occurring are patched 
legally bts is still a required "utility voting token" to fill ballots owned, purchased only with bts

now you want to gamble with the switches in bitshares voting box you have "bts futures" and "burnt bts" on the line, not just proof of momentary wealth. interests in promoting the bts core token price in the future are aligned with votes

you want to be an owner?  buy in and act like an owner.

problem solved


ps move everything to likert scales

pps split ballot burn to 1/3 "null burn account" 1/3 "reserve pool" 1/3 "dividend split among ballot holders"
« Last Edit: April 19, 2020, 11:28:21 am by abit »
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Offline abit

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Re: Best way to exclude custodian accounts from voting
« Reply #16 on: April 19, 2020, 11:29:13 am »
simple solution:

BALLOTS:

chain offers ballots
ballots cost one bts per ballot

ballots are not transferable and non returnable; effectively proof of bts burn.
How would you believe someone who has burned all his BTS will do any good for the platform? What are the incentives for him to do so?
Lately I came with an idea which would probably make the Proof of Burn doable.

I name it "Burn & Stay".

If an account burns X BTS, and she still has Y BTS, then her voting power would be boosted as:
Code: [Select]
V = min(X, Y) * N + max(0, Y-X)
Among the formula, N is another factor, maybe a good value for it is between 2 and 10, and it should decay over time.

This mechanism, if combined with lock-for-voting (staking) on the Y part, would be even better. Since centralized exchanges may lock their funds, but they likely won't burn.

I think we can create a BSIP for this.

Quote
Quote
STAKE:

bts must be stake locked to vote

user specifies days of lock, machine counts down

user may add (but not take away) funds or duration to the countdown clock at any time.

during stake lock bts is non transfer / trade

POWER:

voting power = min(bts locked, ballots owned) * days of stake locked bts remaining





COLLATERAL:

add to that any bts held as collateral cannot be locked for voting.

PROXY:

add to that that proxy decays linearly over 365 days and requires user to vote stake lock their bts against owned ballots for proxy to have power.

RESULT:

Now you want to vote? first you burn a bts to buy a ballot.  It is difficult with custodial funds.
and you want to vote you stake lock on countdown timer. This is also difficult with custodial funds
If you're aware how exchanges are participating in other PoS or DPoS chains, you won't come with this idea. It is not difficult for them at all. Their users explicitly agree and even ask them to lock funds for them to earn interest or dividends or whatever it calls.

Quote
and if you want to proxy your voting power you are held to same standard.
collateral bullshits occurring are patched 
legally bts is still a required "utility voting token" to fill ballots owned, purchased only with bts

now you want to gamble with the switches in bitshares voting box you have "bts futures" and "burnt bts" on the line, not just proof of momentary wealth. interests in promoting the bts core token price in the future are aligned with votes

you want to be an owner?  buy in and act like an owner.

problem solved


ps move everything to likert scales

pps split ballot burn to 1/3 "null burn account" 1/3 "reserve pool" 1/3 "dividend split among ballot holders"
« Last Edit: April 19, 2020, 11:33:01 am by abit »
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Offline abit

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Re: Best way to exclude custodian accounts from voting
« Reply #17 on: April 19, 2020, 04:21:57 pm »
As Jonathan Bahai commented in the Telegram group (https://t.me/BitSharesDEX/463938):

[In reply to litepresence.com]
whup you already answered.. yeah.. at the same time though.. its still based on stake.. if I am big enough, I can make sure that things go in a direction where I can recover my spent BTS and then some.. motivated by my own gain and not the good of the network.

in otherwords, the shenanigans everyone is upset about bitcrab doing would continue and then some

https://t.me/BitSharesDEX/463901
Quote
[Forwarded from litepresence.com]
vote_power

= min(ballots_owned/int(ballot_age_years+1), bts_staked) * days_staked

buy 1 ballot with 1 BTS via

    1/3 null-account burn
    1/3 reserve-account burn
    1/3 dividend weighted split to other ballot holders

no staking any collateral. 

proxy must be ballot backed and staked.   

Then governance decisions are aligned with future BTS value.

Debt payment decisions are not made by those in debt.

BTS is deflationary making collateral positions easier to pay in time.
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