in my opinion all fee should be paying according to the formula:
- Transfer fee in BTS = 0.01(value determined by the committee) bitUSD x (Current market price or feed price for bitUSD:BTS)
Now would look like this :
Transfer fee in BTS = 0.01 bitUSD x 177.79824 = 1,77629 BTS
- Order fee in BTS = 0.0001 bitUSD x (Current market price or feed price for bitUSD:BTS)
Thus, in one move we would be independent of changing BTS prices forever.
Probably due to performance reasons, such a query (Current market price for bitUSD:BTS)
would have to be performed periodically
That is exactly what we are doing on Bitshares using the script that I linked above.
All that needs to be done is to update the BTS-denominated internal fee schedule on a regular basis to properly track USD prices. But we didn't see the need for it on the last few months because the price only got cheaper.
Now that the price started to rise again, we will soon need to refresh the fees anyways
Great news, thanks for the info!
Thank you for bringing this up and showing all of us the importance of a decentralized governance system. I agree with your recommendation and hope the committee moves swiftly to improve our platform to accommodate an increasing value that is coming our way.