Author Topic: !!! Stupid Questions Thread !!!  (Read 165187 times)

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Offline JonnyB

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Smartcoin trade/transfer fees are paid to prevent spam and earn income for the reserve pool.
If the user doesn't have BTS the fee pool allows this fee to be made in smartcoin for conveinience.
If this system is only for user convenience then any smartcoin fees collected surely need to go to the reserve pool which is where BTS fees always go?

As far as I understand the only reason for these fees is to allow a trade/transfer  to pay in the trade fee if they don't have bts available.

I think you got the point.

I would say:
"If the user doesn't have BTS, the fee pool allows that user to pay the fee with the market's asset for conveinience."
and
"As far as I understand the only reason for the pool is to allow a trade/transfer to be paid in the relative asset token if the user doesn't have bts available."

So why should these collected fees we are discussing go anywhere else than back to the reserve pool once sold for bts?

Well, the first step is to actually sold them!

After that, yes, refill the pool is probably the more rational thing to do

yes I agree completely. Anything else would be illogical and the committee have no right to spend this on anything other than topping up the fee pool with any excess being returned to the reserve pool.
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Offline abit

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Yes, while the "accumulated fees" is increasing, the balance of fee pool is decreasing accordingly. So the committee need to periodically sell the accumulated fees for BTS to refill the fee pool.
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Offline Bhuz

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Smartcoin trade/transfer fees are paid to prevent spam and earn income for the reserve pool.
If the user doesn't have BTS the fee pool allows this fee to be made in smartcoin for conveinience.
If this system is only for user convenience then any smartcoin fees collected surely need to go to the reserve pool which is where BTS fees always go?

As far as I understand the only reason for these fees is to allow a trade/transfer  to pay in the trade fee if they don't have bts available.

I think you got the point.

I would say:
"If the user doesn't have BTS, the fee pool allows that user to pay the fee with the market's asset for conveinience."
and
"As far as I understand the only reason for the pool is to allow a trade/transfer to be paid in the relative asset token if the user doesn't have bts available."

So why should these collected fees we are discussing go anywhere else than back to the reserve pool once sold for bts?

Well, the first step is to actually sold them!

After that, yes, refill the pool is probably the more rational thing to do

Offline Akado

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@xeroc would you please consider stepping up and holding a committee position?
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Offline JonnyB

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I run the @bitshares twitter handle
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Offline JonnyB

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Smartcoin trade/transfer fees are paid to prevent spam and earn income for the reserve pool.
If the user doesn't have BTS the fee pool allows this fee to be made in smartcoin for conveinience.
If this system is only for user convenience then any smartcoin fees collected surely need to go to the reserve pool which is where BTS fees always go?

As far as I understand the only reason for these fees is to allow a trade/transfer  to pay in the trade fee if they don't have bts available.

I think you got the point.

I would say:
"If the user doesn't have BTS, the fee pool allows that user to pay the fee with the market's asset for conveinience."
and
"As far as I understand the only reason for the pool is to allow a trade/transfer to be paid in the relative asset token if the user doesn't have bts available."

So why should these collected fees we are discussing go anywhere else than back to the reserve pool once sold for bts?
I run the @bitshares twitter handle
twitter.com/bitshares

Offline Bhuz

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Smartcoin trade/transfer fees are paid to prevent spam and earn income for the reserve pool.
If the user doesn't have BTS the fee pool allows this fee to be made in smartcoin for conveinience.
If this system is only for user convenience then any smartcoin fees collected surely need to go to the reserve pool which is where BTS fees always go?

As far as I understand the only reason for these fees is to allow a trade/transfer  to pay in the trade fee if they don't have bts available.

I think you got the point.

I would say:
"If the user doesn't have BTS, the fee pool allows that user to pay the fee with the market's asset for conveinience."
and
"As far as I understand the only reason for the pool is to allow a trade/transfer to be paid in the relative asset token if the user doesn't have bts available."


Offline JonnyB

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Unclaimed issuer income / trade fees/ fee pool. @puppies @abit @Akado

These fees collected that the committee has control over and we are debating their use in the main forum.

Why are these even collected? I thought fees were paid in bts and sent to the reserve pool.

what is the point of these fees and why does the committe have control over them.
These fees are mainly inherited from BTS1, when we had "you get what you asked for" market matching algorithm, which means if you want to sell 100 USD for 10000BTS, and another guy wants 90 USD for 10000BTS, the difference (10 USD) will go to the accumulated fee pool.

We no longer use this algorithm in BTS2, so we won't have so many accumulated fees in the future. As you can see, the usd accumulated fee pool accumulated 10 USD in 20 days (see https://cryptofresh.com/a/USD).
(The committee collected those fees 11 days ago, but the proposal to collect fees are proposed 20 days ago. See https://cryptofresh.com/u/committee-account).

Smartcoin trade/transfer fees are paid to prevent spam and earn income for the reserve pool.
If the user doesn't have BTS the fee pool allows this fee to be made in smartcoin for conveinience.
If this system is only for user convenience then any smartcoin fees collected surely need to go to the reserve pool which is where BTS fees always go?

As far as I understand the only reason for these fees is to allow a trade/transfer  to pay in the trade fee if they don't have bts available.
I run the @bitshares twitter handle
twitter.com/bitshares

Offline abit

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Unclaimed issuer income / trade fees/ fee pool. @puppies @abit @Akado

These fees collected that the committee has control over and we are debating their use in the main forum.

Why are these even collected? I thought fees were paid in bts and sent to the reserve pool.

what is the point of these fees and why does the committe have control over them.
These fees are mainly inherited from BTS1, when we had "you get what you asked for" market matching algorithm, which means if you want to sell 100 USD for 10000BTS, and another guy wants 90 USD for 10000BTS, the difference (10 USD) will go to the accumulated fee pool.

We no longer use this algorithm in BTS2, so we won't have so many accumulated fees in the future. As you can see, the usd accumulated fee pool accumulated 10 USD in 20 days (see https://cryptofresh.com/a/USD).
(The committee collected those fees 11 days ago, but the proposal to collect fees are proposed 20 days ago. See https://cryptofresh.com/u/committee-account).
« Last Edit: January 30, 2016, 04:48:00 pm by abit »
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Offline Bhuz

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Unclaimed issuer income / trade fees/ fee pool. @puppies @abit @Akado

These fees collected that the committee has control over and we are debating their use in the main forum.

Why are these even collected? I thought fees were paid in bts and sent to the reserve pool.

what is the point of these fees and why does the committe have control over them.

https://bitshares.org/technology/user-issued-assets/#fee-pools

This should help you.

The committee has control over them just becouse the committee is the issuer of those assets.

Offline Akado

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@Watercolorist

This is the first video so far
https://www.youtube.com/watch?v=ttN0flPsnBc

Subscribe to receive updates. That is the official OpenLedger channel. Also if you search for "OpenLedger" you'll find a few basic videos of other people so check them out too if you want. Those other videos however, don't show any trading unfortunately, I think.
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Offline Watercolorist

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Unclaimed issuer income / trade fees/ fee pool. @puppies @abit @Akado

These fees collected that the committee has control over and we are debating their use in the main forum.

Why are these even collected? I thought fees were paid in bts and sent to the reserve pool.

what is the point of these fees and why does the committe have control over them.

I also wonder about that too.

i don't get where are these BTS are coming from?

It is the fees collected by the fee pool that we have withdrawn from the committee owned assets.  We do not currently have BTS.  We have bitassets.  Once we sell these bitassets and have BTS then we will need to decide what to do with that BTS.

Ok thanks my friend.

How do I use BitShares 2.0 to buy, for instance BTS:SILVER?  I see under "Trade" that there are amounts to fill in under "Buy BTS."  But I do not want to buy more BTS, I'm wanting to buy BTS:SILVER (just for example): Then it has spaces to fill in: Price, Amount, and Total.  Do I just fill in a made up price I want to buy this for?  How do I know how much to offer?

See...really newbie questions, and it seems like there should be some place I can get this basic information, rather than having the good folks here explain it to me.  As a master artist, I cringe at the thought of someone asking me: "Which end of the brush do you hold?"  duh  :)  I don't mind doing the work of learning, but I need a resource, a book, a tutorial, a video, anything, to show me from the very beginning how this all works.

Thanks again.

@Watercolorist 

Have you used any Bitcoin exchange? What did you do when you bought your BTC? If you used an exchange to buy BTC with fiat, it's the exact same process, just with different assets.

Fill the "Sell BTS" section. That way you're selling your BTS for Silver in your example. Well you can fill it with whatever price you want, doesn't mean someone else will match your order. There's a feed price provided by witnesses. That is in theory the "fair" price. It takes the current price of the asset in real life and converts it to BTS. You can check them here http://cryptofresh.com/assets.

In your case, the "fair" price should be 4,020    BTS per 1 troy ounce .999 fine silver. However most assets trade above the feed price because our markets currently don't have much liquidity, which is something we're trying to improve!

OpenLedger is currently working on a few videos to explain people how to use teh exchange and show a few usecases, hopefully those will be able to help you with any future doubts you might have. But feel free to ask anything you want.

Wow!  Thanks SO much! 

Yes, I've used Coinbase, ShapeShift, and Metaexchange.

Your answer really helps.

Also good to know that some learning aids are in the works!   8)

Offline Akado

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Unclaimed issuer income / trade fees/ fee pool. @puppies @abit @Akado

These fees collected that the committee has control over and we are debating their use in the main forum.

Why are these even collected? I thought fees were paid in bts and sent to the reserve pool.

what is the point of these fees and why does the committe have control over them.

I also wonder about that too.

i don't get where are these BTS are coming from?

It is the fees collected by the fee pool that we have withdrawn from the committee owned assets.  We do not currently have BTS.  We have bitassets.  Once we sell these bitassets and have BTS then we will need to decide what to do with that BTS.

Ok thanks my friend.

How do I use BitShares 2.0 to buy, for instance BTS:SILVER?  I see under "Trade" that there are amounts to fill in under "Buy BTS."  But I do not want to buy more BTS, I'm wanting to buy BTS:SILVER (just for example): Then it has spaces to fill in: Price, Amount, and Total.  Do I just fill in a made up price I want to buy this for?  How do I know how much to offer?

See...really newbie questions, and it seems like there should be some place I can get this basic information, rather than having the good folks here explain it to me.  As a master artist, I cringe at the thought of someone asking me: "Which end of the brush do you hold?"  duh  :)  I don't mind doing the work of learning, but I need a resource, a book, a tutorial, a video, anything, to show me from the very beginning how this all works.

Thanks again.

@Watercolorist 

Have you used any Bitcoin exchange? What did you do when you bought your BTC? If you used an exchange to buy BTC with fiat, it's the exact same process, just with different assets.

Fill the "Sell BTS" section. That way you're selling your BTS for Silver in your example. Well you can fill it with whatever price you want, doesn't mean someone else will match your order. There's a feed price provided by witnesses. That is in theory the "fair" price. It takes the current price of the asset in real life and converts it to BTS. You can check them here http://cryptofresh.com/assets.

In your case, the "fair" price should be 4,020    BTS per 1 troy ounce .999 fine silver. However most assets trade above the feed price because our markets currently don't have much liquidity, which is something we're trying to improve!

OpenLedger is currently working on a few videos to explain people how to use teh exchange and show a few usecases, hopefully those will be able to help you with any future doubts you might have. But feel free to ask anything you want.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline Watercolorist

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Ok thanks my friend.

How do I use BitShares 2.0 to buy, for instance BTS:SILVER?  I see under "Trade" that there are amounts to fill in under "Buy BTS."  But I do not want to buy more BTS, I'm wanting to buy BTS:SILVER (just for example): Then it has spaces to fill in: Price, Amount, and Total.  Do I just fill in a made up price I want to buy this for?  How do I know how much to offer?

See...really newbie questions, and it seems like there should be some place I can get this basic information, rather than having the good folks here explain it to me.  As a master artist, I cringe at the thought of someone asking me: "Which end of the brush do you hold?"  duh  :)  I don't mind doing the work of learning, but I need a resource, a book, a tutorial, a video, anything, to show me from the very beginning how this all works.

Thanks again.
« Last Edit: January 30, 2016, 02:24:35 pm by Watercolorist »

Offline JonnyB

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Unclaimed issuer income / trade fees/ fee pool. @puppies @abit @Akado

These fees collected that the committee has control over and we are debating their use in the main forum.

Why are these even collected? I thought fees were paid in bts and sent to the reserve pool.

what is the point of these fees and why does the committe have control over them.
I run the @bitshares twitter handle
twitter.com/bitshares