Author Topic: Transaction & account reg fees, delegates  (Read 1325 times)

AlphaBar

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Transaction & account reg fees, delegates
« on: November 30, 2014, 08:42:59 am »
In order to offset the costs of hosting a delegate and to incentivize delegate competition/participation, we will need to set the appropriate transaction and account registration fees. By compensating delegates with fees alone (no dilution), we will be necessarily centralized in the short term (similar to BTSX's "init" delegates). Here are the topics for discussion:

1) What should trans/reg fees be? I propose at least 1PTS for transactions and 5PTS for account reg (after scaling to 1Billion PTS of course).

2) Should we charge a higher fee amount for account names that are less than X characters (cube's idea I believe)? This would also help to generate higher revenue in the short term while adoption/participation is low.

3) Should we implement pc's idea of setting a default vote percentage to the initial delegate stack (eg, 3%) so that malicious entities don't try to "rush" their delegates in before participation picks up? I say yes.

svk

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Re: Transaction & account reg fees, delegates
« Reply #1 on: December 04, 2014, 11:28:40 am »
In order to offset the costs of hosting a delegate and to incentivize delegate competition/participation, we will need to set the appropriate transaction and account registration fees. By compensating delegates with fees alone (no dilution), we will be necessarily centralized in the short term (similar to BTSX's "init" delegates). Here are the topics for discussion:

1) What should trans/reg fees be? I propose at least 1PTS for transactions and 5PTS for account reg (after scaling to 1Billion PTS of course).

2) Should we charge a higher fee amount for account names that are less than X characters (cube's idea I believe)? This would also help to generate higher revenue in the short term while adoption/participation is low.

3) Should we implement pc's idea of setting a default vote percentage to the initial delegate stack (eg, 3%) so that malicious entities don't try to "rush" their delegates in before participation picks up? I say yes.

Those fees will be extremely low after scaling to 1 billion, unless you're talking current PTS here?

If we assume a market cap of 1 million $, 1 PTS would be worth $0.001, 5 PTS would be $0.005. While I agree transaction fees could be kept low, my preference would be for higher fees, especially for account registrations.

10 BTS is about $0.2 and Bitshares has tons of spam accounts already, having it much lower than that might give huge amounts of spam accounts.

pc

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Re: Transaction & account reg fees, delegates
« Reply #2 on: December 04, 2014, 11:42:14 am »
I also agree that TX fees should be low, preferrably .01 USD or less. Of course with the scaling up to 1 billion TX fees will be rather high (optically). The current dry run uses minimum fee 1 PTS, default fee 5 PTS.

Account / delegate reg fees are minimum 10 PTS in the dry run. I don't mind setting these higher, especially if we manage to find sufficiently many initial delegates.
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cube

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Re: Transaction & account reg fees, delegates
« Reply #3 on: December 04, 2014, 02:17:23 pm »
0.01 USD to 0.02 USD should be fine. 
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svk

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Re: Transaction & account reg fees, delegates
« Reply #4 on: December 04, 2014, 03:34:47 pm »
0.01 USD to 0.02 USD should be fine.

Agreed, so about 10 PTS once scaled to 1 billion.

pc

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Re: Transaction & account reg fees, delegates
« Reply #5 on: December 04, 2014, 04:46:40 pm »
Think about how a tx fee of 10 PTS looks to an outsider, independent from how much in USD this is. It looks extremely bad, IMO. Even BTS owners are used to fees of 0.1-0.5 BTS. The average *coin is thinking more in terms of 0.0001-0.01 units.

IMO this would be much easier if we didn't scale up to 1 billion. Let's just stay at 1:1 and set the minimum tx fee to 0.01 PTS with a default of 0.05.
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cube

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Re: Transaction & account reg fees, delegates
« Reply #6 on: December 05, 2014, 08:05:25 am »
Think about how a tx fee of 10 PTS looks to an outsider, independent from how much in USD this is. It looks extremely bad, IMO. Even BTS owners are used to fees of 0.1-0.5 BTS. The average *coin is thinking more in terms of 0.0001-0.01 units.

IMO this would be much easier if we didn't scale up to 1 billion. Let's just stay at 1:1 and set the minimum tx fee to 0.01 PTS with a default of 0.05.

"stay at 1:1" as in do away with 1 billion total PTS supply and back to 1.7m?   
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