Hello, I wanted to pass along an idea to make a change in regards to the 4% fee on buys/sells of the BSL token. Currently the model works great as it creates sustainability and incentivizes users of the platform. However, thinking ahead, when the BSL token sees higher price appreciation, it would make the transaction fees much higher and could cause a decline in customer usage as a result. I think moving to a fixed transaction fee amount in USD or keeping the 4% but set at a maximum amount of USD per transaction (ex. 4% or $20, whichever amount is greater) would be beneficial.
Certainly good thoughts. This has been discussed somewhat previously in threads I believe. Primarily focused on once the pool is large enough and self sustaining/growing, the contribution could even be turned off
1 Like
Thanks, that’s good to hear! However things work out this is one great project. I’m looking forward to opening an account, using my securaTag and taking advantage of the founders nft benefits
2 Likes
For sure! Glad to have you as part of the community!
1 Like
I would never vote for it to be turned off, unless the people that buy after it is turned off cannot participate in the staking. I paid my dues to the SLP fund - it would be totally unfair for us to turn if off and then let people stake and receive the incentives.
4 Likes
Yes I agree that the fee should not be turned off. I was just thinking about implementing a fixed fee amount so that in the future the fees don’t get too high. The main reason I never got into Ethereum is due to the high transaction fees. I’m not too worried about because we don’t need to sell our BSL tokens but rather can just earn staking yield and use as collateral for loans. My main concern is network growth if new users are discouraged by higher fees and decide to use another platform instead
2 Likes
I think the current tax is great to eliminating bots and manipulating market participants. Currently i think the tax can be used to give a higher staking reward so the incentive is to hold the tokens en grow stready without the problem of inflation. Maybe your proposal can be implemented at a later maturity state of bank social
1 Like
BSL does not exist in a vacuum. We are participants in a competitive market place. Refusing to end a policy because " its not fair" is… irrational. The project MUST. be competitive in its use case, otherwise it will fall behind and be forgotten. Obviously such an outcome is not ideal. Let us be sober minded and success oriented, understanding that compromises in policies and methods are not optional in democratic governance. I suggest we ask the honest question, individually and collectively, " what does success look like" then base our decisions on that ideal rather than our feelings.
I have skin in the game and I understand where the strong feelings come from because I have them too, but this is business, an arena where feelings will put you in the red and out of the game.
With all humility
Your BSL brother