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RE: Let's Talk About Fees & Functionality Coming in the @tippy Text-to-Tip Service!
@kyle I LOVE the tippy bot. Great idea and thanks for hacking the code to pull it together
My thoughts about the fee structure is it should not cost more than a trade would on an exchange. The current fee structure on Poloniex, for example, runs about 0.15% - 0.25% per trade. If the idea is to scale the product, the focus on how to generate profit should (in my mind) follow the McDonalds principle and focus on small fees from a large volume of micro-transactions. As the value of STEEM increases, I think that fee structure future-proofs (to a much greater degree) the need to revise fee structures at a later date.
You are welcome. Thank you for the show of support.
Interesting take on the fee idea. Right now I have it set to a 1% fee by defualt flat rate accross all amounts tipped as the viarable amount wasn't popular with the community.
We'll have to see where the fees end up. I'd like to keep them as low as possible but still make a bit from running the service so people aren't leary about using it.
@kyle I think you absolutely should make something off your creation. One of the things which excites me about this creation is it's providing a utility in Steemit which is absolutely needed. With the right fee structure, it will maximize the amount an individual will tip another individual.
The best part is this has the potential to solve the STEEM power concentration issue as more and more of the community tip each other - effectively redistributing STEEM/STEEM Power.
Great job, @kyle.
It is functionality that is desperately needed in my opinion and when @steemitqa approached me with the idea I fell in love with it.
Took me a while to get focused onto the service but within the next week or so it should be finished and operational. I'll also be releasing a stripped down version for people to run their own tipping service as well.