can we vote to change the pos reward entirely and have different rates of pos for
1 million holders
5 million holders
10 million holders
lets create more loyalty and reason to hold and stake.
Why do you want to do that? It would not be fair
Not sure why you think that. You buy and support bay more you get more %. It's like a savings account. You hold it for longer you get more %.
Everyone can buy in and hold at the same price. There was no unfair advantage for anyone to get easy coins.
The % simply is not high enough to encourage saving. Tiny upswing everyone want to dump and try buy back later for less.
Masternodes although unfair if set up on coins gained through advantage are a great way to encourage loyalty and saving.
You have this many coins in circ you need to encourage saving and holding until you have a large user base. Pivx is doing great because it encourages saving in chunks. You drop below 10000k coins you are dropping to a lower rate of income.
MUE just realised the same thing in the last months and my 30 sats coins are
3500 4200 sats lately.
I know masternodes are a fad in crypto at the moment. But that does not mean they make sense. Why go through the trouble of making a decentralized currency, market, etc and then start partially centralzing with masternodes?
The functions of masternodes seems to me to mainly be a tool to jack up the price of coins that have no real world usage. That might work for a while, but the extra emission will counter that over time. So yea, there may be short term gains, but long term it's not such a good idea. BitBay does not go for short term solutions. We are in it for the long haul. Besides, you seem to forget that we have two things that will be much more effective than masternodes:
1.
Marked with double deposit escrow. It's still slow on the market atm, but it will pick up. And then you will see the effect of double deposit escrow on a coin. Consider this:
When someone posts a contract to the market for a $100 item, they also make a $100 worth of Bay deposit (if using recommended settings). What is the average time an item is posted before someone buys it? Some are sold imidiatly, and some are never sold. You pick your own numbers for this, but I'll suggest 10 days as an average now. That means that $100 item has locked up $100 worth of Bay for 10 days before it's even sold. Then you have the days it takes to ship the item. Again, pick your own numbers. domestic usually takes 2-5 days when I buy something on the internet, international 2-4 weeks. I'll pick 10 days as an average for this too. So that's another 10 days that sellers deposit is locked. Now add buyers $100 deposit from the moment the deal is made until he receives the item. That another $100 worth of bay locked for 10 days. + the $100 worth of Bay that he is paying for the item (if payment is in Bay) for 10 days. So a $100 deal locks up $100 worth of Bay for 20 days, + $200 worth of Bay for 10 days. If you sum it up and average it out on 1 day you get $4000 worth of Bay locked up for a $100 deal. That is a ratio of 1:40! Now imagine if we have an average daily turnover of $100k on our market (Sounds much atm, but nothing compared to ebay, craigs list etc). With an 1:40 ratio that would lock up 4 million dollars worth of Bay at any given moment on average. That is more than our entire marketcap atm!
2.
We will have pegging. This will regulate the supply to meet the demand. And it is a much more precise tool than masternodes.
To everyone in here:
If you want to help increase value of Bay, there is a very simple thing you can do:
Find some of your old stuff that you want to sell, and post it on the market. Markets have gravity, so with more contracts posted, more people will start to use it.
To me personally I would rather see bay rise swiftly to the top 10 or top 5 via whatever method is reasonable and shown to work with other projects. I would then like to see bay self fund mobile versions and anon options from that huge cap. Then reverse back to a 1-2% pos level after the peg. To have a high price/demand before the peg will be key.
I take your points on masternodes and do not really like them however the economic effect is beyond doubt very very powerful. Long term yes increased emission is bad but most people (big investors i have seen on this board reject bay) is because the loyalty effect is just not there yet for such a large minting, they see that people just keep trying to sell and jump back in. If that action was going to cost them on POS staking enough it is not worth the risk to keep doing that. Perhaps not just the number of coins you hold but the duration of holding without any withdrawals at all should be the multiplier here for the time being.
Masternodes are not great either because most end up on a few vps so security is weak. Just boosting pos % slightly to encourage more holding and saving is great short term and any increased emission will be far out weighted by the cost increase. This can be temporary just to boost price mc position and attention.
We need to reach the tipping point and that point is coming even as things are but to get further faster and have as high a price / high demand as possible before the peg is vital. I know with bay we like to say things are fads or not important or not correct but coins that have no worries jumping on these fads are worth magnitudes more and offer nothing accept these fads. Part of being successful is not just excelling at what is important it is also taking away any reason to look elsewhere at all. If we had everything these fads offer then what is the point of going anywhere but bay.
People are hopping on these masternode/anon variable POS coins for short term pumps I agree. However some will use this influx of investment to fund tech that will keep a lot of them onboard. I hear people every day telling me anon and masternodes are fads but they are also telling me they are investing for short term pumps and profits. However those coins with 10% development funds are taking 10% of all this influx and using it to create new tech that could be very useful.
You need whales and pumps and fads. These are useful tools if you use them correctly. Trying to avoid these things is a mistake.
Bay deserves even to be a top 10 or top 5 coin. The only reason it is not is because we don't have whales and pump teams and marketing teams and fads people want. We could be extracting this pump fad wealth to fund the missing pieces of the bay puzzle....mobile, anon, etc
The only issue with the slowly slowly route is that those projects that have no qualms about jumping on fads, pumps and other vehicles will take funding your project should be attracting.
There is the fast route there is the slow route. Sometimes although the slow route seems guaranteed to take you further it does not sadly in this world. Most projects in the top 20 are selling dreams and fads. We have the tech we just aren't selling it well enough right now. Camp dash are marketing and networking pro's. Eth are even more so. Look at ethereums planned POS i mean you need a fortune to stake at all right?
Right now every rise is purely due to the tech and davids coding. Throw in a few fads, attract a few whales, get a few big pumps then when we are worth 500M we can worry about the long term emissions.
I agree post things on the market place, use it for competitions, lotteries anything really it can be used for so much.
Anyway bay will reach way higher soon even as it is i just think it should be top 5 not top 75.
