Boring fees discussion again - Predyx \ stacker news ~oracle

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608 sats \ 13 comments \ @mega_dreamer 18h oracle

Hey Guys - just wanted to get your buyins before we make any fee updates on Predyx. As discussed last week - we were thinking of rolling minimal fees starting from this Wednesday or Thursday.

As per your proposal - we'd like to keep the fees in line with community.

Just to recap, here's what the general consensus was:

Buy Fee: 0% Sell Fee: 0.5% Win Fee: 1% of profit.

Again this was the general consensus - please feel free to voice your opinion.

Based on the general consensus, here's our proposal:

Buy Fees: 0% Sell Fees: 0.45% Win fee: 0% until next week. (we'll have to make code changes to implement 1% of the winning amount) Win fee: 1% of the profit after 4th of July.

Also based on feedback from @Undisciplined we'll be adding additional 1 sat base(flat) fee per transaction. This will probably be implemented by mid to end of July.

cc @grayruby @Undisciplined @BlokchainB @Coinsreporter @south_korea_ln @denlillaapan @OT @TNStacker @WeAreAllSatoshi @NEEDcreations @Shugard @ek @itsTomekK @Cje95

Feedback and Community approval requested.

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192 sats \ 4 replies \ @Undisciplined 17h

The one thing I'd add here is that you don't want people selling just to avoid the 1% winning fee.

This would come up in cases where someone bought the soon-to-be-winning shares below about 55%. They're basically incentivized to sell their shares and then immediately rebuy at what will be a higher base.

It might just make more sense to base the sell fee on profits, too, and have it also be 1%.

42 sats \ 3 replies \ @mega_dreamer OP 17h

I'm pondering on this - let me think more.

Another - complexity I see here is that people will also be selling at loss. How do we charge them fees then?

101 sats \ 2 replies \ @Undisciplined 17h

Really, at some point, you have to lay out all of your costs and identify what they scale with.

The fixed transaction fee should cover network costs that are independent of scale, the percentage of total value fees should cover network costs that scale with value, and the percent of profit fees should cover the initial subsidies in these markets.

That's the first level of fees and it keeps Predyx from financially bleeding out. Then you also want to make sure everything's incentive compatible with eliciting honest beliefs from users.

42 sats \ 1 reply \ @mega_dreamer OP 17h

Yes - agreed. Right now with current fee structure - it will not even cover our losses, it will just minimize our losses.

However, it gives us a starting point to do more analysis to reach the optimum level. I would really like you to be involved with the fees decisions we make. I like your thinking - this is where we'll need your help.

101 sats \ 0 replies \ @Undisciplined 16h

I'd love to be more involved. Feel free to reach out.

101 sats \ 1 reply \ @BlokchainB 17h

I say the win fee should be 10 basis points!! 100 basis points for winning? Maybe make the win fee progressive. Maybe for wins 1 sat to 1000 sats can be 1 basis point. Then as people win more the win fee goes up.

When I see fees like this then I know lightning is showing off its power at keeping costs low. When I see fees at 100+ basis points it seems very legacy fiat to me.

118 sats \ 0 replies \ @mega_dreamer OP 15h

I agree 100 basis is not what lightning ethos stand for. We still have some time to think about it. We're not implementing the win fees now.