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Questions About The New Direction and Timeline

#22

Got it. So is the fee split? If it’s .25% for a direct transaction, is that all going to validators? Liquidity providers are simply earning a fixed interest rate paid out by that 10%? Or does that all to the liquidity providers? I know validators are collecting cryptodust at this point. Im interested in what the effect of implementing fees does to that.

2 Likes
#23

These are good questions. I do not know. Best to go the source and ask here: https://we.incognito.org/t/ongoing-liquidity-v2/11037

1 Like
#24

Dont want to get too much cross posting going on here. I’ll wait to hear back from @aaron on these other questions first lol

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#25

Fair enough, though Andrey did post:

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#26

Just wanted to comment on this…

  1. Please make sure users have ample notification of this ASAP. I randomly wandered in here and am very glad I could dig this info out of this thread. Its a total coincidence that I found this info though, and am sure a large portion of users wont see this.
    An in-app popup that shows on logging in over the next few weeks should be mandatory to show this news.
    Users get very mad when things change up on them without them being told.

  2. I am very sad to see the decrease in provide rates. This was one of the (actually it was THE biggest) reason I was brought here to incognito. While privacy is great, and being able to shield my crypto is great, it is not my #1 concern. The provide APY for XMR was why I came here - as an XMR miner I needed a place to HODL and earn and nothing beat incognito. I will continue to pump XMR on incognito after this change — but I also ended up dumping some LTC and was just about to dump some BTC and ETH over as well before I saw this post and am not going to now that I see the rate change coming.
    So my question/comment for #2 here is actually: WHY the rate change? I’ve read this thread up to this post and cant really understand why provide is being phased out?

  3. ABSOLUTELY NECESSARY is more clarity on what happens with our funds in provide when this change happens? Are our funds safe in provide? Do we need to withdraw and re-“stake”?
    Again - all this talk of changes, and no crystal clear bullet-point facts (or a FAQ maybe?) is hugely detrimental to widespread adoption.
    This is guaranteed to anger/upset some users, simply because they were not informed, and then they assume the worst, and withdraw from incognito and never come back because they think something shady went on when they see the change (whatever it is).
    I fully support this project and was planning on getting more involved, putting up another $100k or so this week actually, but finding out clarity about how things work is difficult. (Well, sometimes - many of your pages are very well written like the links at the top of the page – its more about the changes coming and what we have to expect from them…)

  4. (Sorry, I had more thoughts/questions while typing) — I really wanted to get a few power nodes. I tried a few times in-app over the last few weeks but it says “feature not available”. Why is this? Is there some limit to their availability? Backlog of orders? I read something in this thread regarding “slots available” — I have no idea what that means though.

Thank you.

1 Like
#27

An in app notification would be nice.

@andrey has a good write up on this actually. @Mike_Wagner posted it in the comments above. My quote is pulled directly from his. Provide is not sustainable and creates an unbalanced liquidity for the network that favors only those coins specifically in provide. Going the pairs model makes the over all network stable while still getting rewarded for leaving your funds here.

Your funds are safe. My understanding is if you don’t move them yourself by the time provide is eventually phased out 6 months from now, they will simply be removed for you and returned to your wallet. Someone correct me if Im wrong here

Incog is no longer selling physical devices. In order to run a node, you will have to purchase or earn PRV by adding funds to the liquidity. Total you will need to run a virtual device is 1750 PRV.

3 Likes
#28

yes yes… @Chucky the precioussss…but for me that refers to the badge that @Thriftinkid at this time holds…but I do love the meme on your post…can I get copy of it?.. :sunglasses: :imp:

#29

Thank you to @Thriftinkid and to @Mike_Wagner for the posts they made in this string…you guys are really awesome…for the clear explanations of topics that might without your posts confuse others here in the community…it is always a welcome sight to see your posts explaining topics or whatever issue the thread is about… :sunglasses:

#30

I don’t think I would bother trading if the fee were to be 0.25%. This would encourage trading for bigger trades, and discourage trades on shorter basis. E.g. you would lose money more often trading on 1minute, 3minute, 5minute basis potentially. Binance has been doing pretty well for themselves keeping trading fees low, and I would imagine that they still make money :wink: I would imagine that other exchanges would be in line with this: https://www.binance.com/en/fee/schedule

1 Like