PIP: Lower Minimum Playing Amount for Play Mining

PlotX Improvement Proposals
#1

Lower Minimum Playing Amount Required for Play Mining

The current minimum playing amount for Play Mining is 0.5 ETH, which means that in order to take advantage of the staking multiplayer the person staking must us a minimum of 0.5 or more ETH (or PLOT equivalent) to predict on a single market. I believe that this requirement is too high, as the majority of Plot Heads (players) would not generally place a bet of that value on a single market prediction. This means that the benefits of staking are pretty much zero at present (see also my other proposal on adding further staking rewards), unless you are able to create a high value market (Creation Rewards) or you are willing to take bigger risks with larger prediction amounts.

My proposal is that we decrease the minimum amount required to receive the effect of the multiplier. I’m interested to hear what the community thinks and what number people think would be fair.

I believe that the staking requirement itself should stay the same, or potentially increase, but that the playing amount should be decreased from 0.5 ETH to 0.1 ETH or at most 0.2 ETH. This makes staking much more valuable, which encourages people to stake and it also increases the incentive to actually participate in markets as well.

#2

Well I’m not very excited with the whole idea to interact gas compensation with the staking of PlotX. And I wrote my opinion about it earlier. But I understand the purpose to develop staking incentive and If other users are supporting it (and according to the previous PIP I see, that many people are), so I think that it would be fair to decrease the required market liquidity lower than 1 eth. (at least for now, when the project is still in developing stage). May be later when the liquidity will grow, you can return 1 eth minimum. For the exact numbers it’s better to hear those, who use this compensation mechanism.

#3

This proposal is for Play Mining and increasing the number of positions that you receive when staking, not for the creation rewards. I think 1 ETH minimum liquidity is fair and encourages people to promote markets that they create.

As I said above, you currently have to play/predict with 0.5 ETH value in a single prediction market in order to receive the position multiplier, my proposal is to lower that amount because people generally (I’ve never seen anyone) don’t put anywhere near 0.5 ETH on a single prediction.

#4

I didn’t know about 0,5 eth requirement. Thought It was unlimited. But I mean if the team deletes levarage mechanism, I think plotX multiplier should be also removed. Because new users don’t know about it and when the system will grow there would be more new users, otherwise it can’t grow, and this whole multiplier thing gives one’s who use PlotX for a long period of time an advantage before those, who just started. Try to imagine I started to use a platform and made a single bullish prediction let it be 300 plotX. After 5 mins someone made his prediction 300 plotX that the market would be also bullish, but he get’s 2times more positions than me, because he stakes his plots and uses multipliers and I don’t. Will I also start to stake my plot for 30 days, or will I leave the platform and go to other place as a user. I don’t know. So for the system developing purposes staking may be is a cool issue, but for the new users attraction puproses, I’m not sure it’s the best thing they need. At least untill the gas fees are significant and untill prediction in eth is cheaper than prediction in PlotX.

#5

I think leverage and multiplier are completely different and serve different purposes.

You already get a different number of positions depending on when you enter a market. The point of the multiplier for stakers is that it encourages/rewards continued participation in markets, it Incentives the stakers to promote markets/increase liquidity and it also helps to stabilize the price of PLOT by having tokens locked. It’s supposed to reward those who are more heavily invested in the PlotX platform, they are inadvertently part of the marketing team. New users are at a slight disadvantage, but they can still win predictions and win rewards and if they like the platform then they’ll likely stake anyway.

#6

Sorry, Kwoz, but I don’t think that leverage and multiplier are completely different. The both have a multiplier function (yes the mechanism is different, but the idea is the same). I used the leverage very often and it gave me advantages of multiplicator. And I can’t get the logic why the team should cancel 1 thing which gives me advantage over someone, and maintain another one. I agree with what are you trying to tell me. This whole staking idea supports PlotX token and the platform and those who are more heavily invested in the PlotX platform, (they are inadvertently part of the marketing team). I also invested in PlotX and spend a lot of time in cooperation with its brilliant team and for me it would be a really cool option. But the truth is the platform needs to be developed and used not only by core members but also by newbies. I spent a lot of time, playing poker in online sites. Trust me, these teams spend a lot of time and money for attracting new users, because they know that if new users stop coming their site dies. The same logic is here. PlotX should attract new users, not to frighten them off. Because new users give commissions and liquidity. That is why we need an Ambassador program, low gas fees and user friendly interface. That is just my point of view. And for further dialogue between both of us, I think it’s better to use personal message in telegram. Not sure team is happy to read everything we are writing here. :slight_smile: