Hi guys, I've got some updates regarding @tipU tokens and @tipU website. I will also need some feedback from you regarding other @tipU functionalities. Let's go!
First let's have a quick look how the most important part of the @tipU website will look like - the investment monitoring section:
please note that all values are place-holders
This is the first version of it, later on it's gonna also display all the recent upvote requests (logs). It's gonna take some time to finish it though - all the underlying mechanic is being coded by @mys who, as every web developer, has very little time on anything other than few hundred other projects :) Let's hope that with enough pizzas and red bulls he will be able to finish it soon(TM).
The cool feature is that the website will display the investors data basically in real time so no longer will you have to send "status" commands to @tipU to check the investment data. Plus I hope it's gonna be satisfying to watch the numbers grow as you look at them :)
So, following the last post about the tokens I think I've finally figured it out.
Basically the questions was: limited supply and token value growing over time or unlimited supply and 1:1 token peg to STEEM POWER. But then @sames asked:
And actually it's not that hard to do. Here's the plan:
- unlimited tokens supply
- value starting with 1:1 peg - 1 token will be backed by 1 STEEM POWER
- value slowly growing - 1 token backed by slowly increasing STEEM POWER amount (more than 1)
I can reserve some SP amount that can be used to increase the peg over time. You guys are following?
OK, here's the example:
- we start with releasing 10 000 tokens backed by 10 000 STEEM POWER (1:1)
- I reserve additional 1 000 SP pool - and add 1% from it (10 SP) daily to the STEEM POWER that is backing up the tokens
- after 100 days the 10 000 tokens are backed by 11 000 STEEM POWER (initial 10 000 + 100% of 1000)
Of course after those 100 days any free SP would be used to increase the pool so the token value appreciation can be continued. It's worth to remember tho that at some point this process probably will have to be stopped (no more SP to increase the pool).
With this method I can issue new tokens, but with the creation of new ones I always have to increase the reserve pool so the peg never goes lower than it was before. Thanks to this:
- I have option to issue new tokens in case new funds are needed (for new project, investment opportunity etc.)
- Issuing new tokens is limited and the peg (token value) shouldn't go lower - only up.
Hope this makes sense :D Let me know in the comments!
With introduction of @tipU tokens, the old "invest" functionality is kinda obsolete.
Please note that invest refers to sending SBD/STEEM to @tipU to increase share. Payouts for delegations will of course stay as they were.
They way it currently works gives basically free money to users that deposited SBD/STEEM to @tipU. I can not use those deposits in any way because the main rule is that users can instantly withdrawn them. In other words deposits do not generate any profit. Instead @tipU is lending for free it's own STEEM POWER to generate profit for those deposits. Those take a lot of @tipU STEEM POWER that otherwise can be now used to increase the token value.
Because of that in 7 days the deposits will no longer be treated as investment and will not increase the share in profits. In fact the automated system switched off this feature few days ago because @tipU ran out of STEEM POWER that can cover the new investments. But in 7 days it will be disabled permanently. Current deposits working as investment will stay as they were before. Naturally you can withdraw them if you want to.
Of course you can still make deposits if you want to use @tipU to send tips (remember this one?:) or subscriptions.
This leaves us with the auto-reinvest functionality. We've got 3 options here:
- leave them as they were, so auto-reinvested part increase the share and can be withdrawn at any moment in form of SBD/STEEM
- use the auto-reinvest part of the profit to automatically buy @tipU tokens - so the increase in share mechanic would stay the same but upon withdrawing the reinvested part users would receive @tipU tokens instead of SBD/STEEM
- pay the auto-reinvested part in STEEM POWER - which means that @tipU would be powering-up uses that choose to do so. Than users can increase their delegations (sadly this can not be automated).
I haven't made the decision yet. Each day more and more @tipU SP is reserved to back up the reinvested SBD and STEEM. Most probably, with current mechanic, soon or later the automated system will switch if of because of lack of SP (happened before). Of course thanks to curation rewards (incoming SP) it can be switched on again and than it can kinda oscillate like this. Let me know what do you think!