Committee-Account Able to Set Seperate Fee for Create Prediction Market Asset

[bangzi1001]

trafficstars

One of the main users for Prediction Market are bookies. They create new Prediction Market Assets everyday depend on event or every minute eg. Binary Option expire in 1 minute/5 minutes/1 Hour/1Day.

The fee to create new asset now is 757.80821 BTS for both UIA/Smartcoin Asset and Prediction Market Asset. This does not make sense for bookies to spend 757.80821 BTS * 60 Minutes * 24 Hours = 1,091,243.8224‬ BTS/Day.

I suggest add a new feature so that committee members able to set separate fee for Create Prediction Market Asset.

Reference: https://github.com/bitshares/bitshares-core/issues/1991

[abitmore]

IIRC Peerplays has made a lot of efforts on bookies, do we want to reinvent the wheel? https://github.com/peerplays-network/BookiePro

Actually only reducing the fee doesn't make it work, there are other issues around PMs to be addressed, e.g. #35 #42 BSIP 17.

[bangzi1001]

In this case, better call UI team stop develop Prediction Market because soon or later users will bring these problem out.

[bangzi1001]

If possible, I suggest core team hire a marketing expert to do market research after core team agree to develop a new feature but before submit BSIP for stakeholders for voting, this is to ensure there is market demand and save developers' effort and time.

[ryanRfox]

@bangzi1001 I also desire for the DAC to fund a "market research role"; likely beyond the scope of Core Team. Currently role that is supplied by the Community in general during BSIP discussions. This is our current process:

• Discuss novel ideas (Community)
• Draft BSIP (Community & Core Team)
  • Status starts as "Draft"
  • Define specification
  • Achieve "done" through further discussion
  • Advance for voting
• Voting (Community)
  • Approved: change status to "Accepted" add to Core Team backlog for future effort
• Funding (Core Team budget or third party budget)
  • Core Team will prioritize Accepted BSIPs and implement them according to capacity
  • Third party devs may fund implementation and work with Core Team for final code review
• Implementation "done", change status to "Installed"

[abitmore]

Ideally market research should be done at or before the voting step, anyway it's up to the voters to decide.

[froooze]

If possible, I suggest core team hire a marketing expert to do market research after core team agree to develop a new feature but before submit BSIP for stakeholders for voting, this is to ensure there is market demand and save developers' effort and time.

The core team needs the right input, but core team doesn't need market research. The prediction market is not a new core feature, but only a new UI feature.

[pmconrad]

Core team considers cost/benefit ratio when discussing BSIPs, but without formal market research.

PMs are not a new core feature, but currently they are hardly useful for building a business upon them, see OP. So changes are required, which brings us back to the cost/benefit ratio. In this case, market research might also help answer the question what must be changed.