[bisq-network/proposals] Increase trading fee (#99)
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Sun Jul 7 15:02:13 UTC 2019
The client side implementation of the DAO has only been live since April so I think it's too early to draw many conclusions from the current state of BSQ usage and contributions. What can be said is that it's operational, there are trades using BSQ and people are voting and getting their requested BSQ. How this will evolve with time could hardly be clear to anyone but I will lay it out the way I see it.
The DAO is an organization that consists of people and code. There is a governing structure, as written in code, but also very much in our culture. This culture has evolved over the last couple of years and I think the most important document describing this is the zero phase doc at https://docs.bisq.network/dao/phase-zero.html that laid out a plan to get to where we are now. It has worked remarkably well in my opinion.
Since we have now exited phase zero, more or less, we need to figure out where we want to go from here. Bisq is still in a very early phase and it can’t be expected to work at its full potential right now. If every contributor were to expect full compensation at the same level they would get at a traditional company it obviously wouldn’t work, there isn’t enough trade volume to cover those expenses unless the fees were raised to such a level that traders wouldn’t use the platform. That’s not a problem however, as long as Bisq is on the path to reach the state of a fully operational DAO.
There are a few reasons for the the BSQ token to exist, but in this context, and probably the main reason, is to funnel the fees paid by users to those that contribute to the project. Up until the launch of the DAO the contributors had been working for no compensation. For the last few months it has been possible to sell some BSQ received during phase zero but it still hasn’t been possible for early contributors to get the full nominal value for their BSQ. It seems unlikely that contributors that have not received anything for months or even years would suddenly leave now that there actually is a reasonable prospect of getting some kind of compensation.
For these reasons I don’t think there is any rush to change course drastically any time soon. Bisq is on the path set out in the phase zero document. The project is growing, there are more contributors and more traders. The price of BSQ has been quite stable, trade volume has been increasing and the manifestation of the DAO in code has worked well so far. I think we should increase the fees as planned, which is what is proposed in this issue, and continue these discussions elsewhere if there is a strong wish to change direction.
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