More Details about ViteX Economic Model


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    @Choeriswangqiji In this case, collecting a 0.5% fees it is a deal breaker for many, and a good incentive for a few. My pm is open for more feedback.


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    @nik12 You just put your eyes on the number, 0.5%. You could see and more behind this number. That is the case. Maybe this number will be adjusted, but you shall not ignore its benefits. It is an incentive one.



  • @Choeriswangqiji I think people who want to buy VITE with BTC in my example just want as much VITE as possible. They don't want VX.
    If the purpose of VX is only to be able to get more VX it's just pointless.
    If you want to build an efficient exchange you will need to be advised by experienced traders. Don't build a whole exchange based on assumptions, ask the traders what they think is best.

    CoinEx exchange implemented a very similar "trade mining" system with their CET token and it was a complete disaster.
    Hotmine exchange also implemented something very similar with their HMT token and they exit scammed.


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    @Krillin traders collecting VX is to get BTC, ETH, VITE in return. Not VX.


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    @Krillin Really, really good exemple with the CoinEx fiasco. I was also thinking about this exemple.



  • @Choeriswangqiji said in More Details about ViteX Economic Model:

    @Krillin traders collecting VX is to get BTC, ETH, VITE in return. Not VX.

    What do you mean by that? Two hours ago you were saying I would receive VX in return... now you say the opposite.

    @Choeriswangqiji said in More Details about ViteX Economic Model:

    @Krillin Yes, and how about you will receive some VX in return and you will receive dividends every day since then? So what do you think?


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    @Krillin She means you will receive VX in return for your trading activity. And this VX will gets you dividende in form of BTC ETH VITE.


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    @Choeriswangqiji I appreciate exchange tokens as an incentive, and my portfolio is full of that coins.

    1. It's classical game theory, do you prefer to save 1$ today or 2$ in a year. It is more true in trading activity, because of the nature of our job.
    2. What is the best incentive, saving money with low fees everyday or paying high fees to hope to get some of this fees one day with a ratio that you cannot anticipate back to you.
    3. Because of you architecture you can propose lower fees than anyone in the market, and based on your distribution ratio, team ask for a 0.05% fees in reality. A 0.1% (what is the reference fees for 2019 based on my own opinion) fees will provide 50% of all incomes back to the community, what is still a huge gift to the community, and it will be the exact same for vitelabs.
    4. There is also a time dimension, regarding your distribution model. What if I discover ViteX in 2 years.
    5. As a VX holder, the goal is to have a maximum users on the platform, so the platform will live for a long time, and I will get dividend for life. Better less than nothing.

    That said, it is just my own opinion, I am talking without seeing all the elements that you, project leaders have, so please consider this as a critical but well intentioned comment. As a trader, I chase good services / low fees ratio as my fist requirement when I trade somewhere. And I simply refuse to pay a 1% fee for a full trade, whatever if the money goes to the community or to me if I play a tokenomics, I am a trader not a tokenomy player, I have no time for that, and I see it as a problem.

    Best



  • @nik12 ah yes I just want neither. All I'm saying is that ViteX needs competitive fees (below 0.1% like most exchanges), otherwise I don't see why anyone would use it.
    Your post below is great summary, good job. 👍


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    Agree with the above statements. If you want to attract traders and liquidity, you must offer a competitive fee structure at or below 0.1%, then build your VX incentives inside that structure.


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    I agree with @nik12 if the trader doesnt hold big amounts of VX or do lots of wash trading then 0.5% is what they will pay, so its way too high.


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