[bisq-network/proposals] BSQ conversion rate for compensation requests (#92)
notifications at github.com
Sat May 18 01:34:58 UTC 2019
We vote for the average price for last 3 months.
We think we understand why the 1$=1BSQ rate was used and continues to hold somewhat on the Ask side.
However, it is an arbitrary rate, which is based on Labor Theory of Value, and currently maintained through an informal mechanism similar to a cartel.
We also think that it doesn't reflect the true market value of that labor.
We've seen instances of egregious padding and overcompensation for the work done, and suspect the ones noticed to be just the tip of the iceberg, which created and will create far more BSQ supply than the foreseeable demand.
Given that, in our humble view, the "downward spiral" - which is really the normal market price discovery to find the free-market rate - is unavoidable.
That would allow the free-market forces to price in the overcompensation issues, including work that has not added much if any value to Bisq.
The true value of BSQ, Bisq itself and its development in the global market would be reflected in that rate.
We think that continuing to set an arbitrary 1$=1BSQ rate in an LTV cartel fashion would defeat the purpose of making BSQ a free-floating token, and continue to repel free-market traders, who are the foundation of the cryptocurrency markets.
There's no point in having the Bid side in BSQ then. Just having the Ask side will be sufficient.
In our view, a BSQ trade fee discount doesn't need to be large to be attractive.
We are convinced that the trade discount is not what most attracts its current holders to BSQ.
So, a 25% discount, as with BNB for example, would suffice also.
As Bitcoiners, we believe in the ability of the free-market forces to find the true value of everything.
So, of the options given, our vote is for the 3 month average rate.
You are receiving this because you are subscribed to this thread.
Reply to this email directly or view it on GitHub:
-------------- next part --------------
An HTML attachment was scrubbed...
More information about the bisq-github