Less and less bakers for lack of incentives

Philosophy and Economics
21

They want to extend LB for the tzBTC/XTZ pair on the next protocol upgrade.

22

Considering minting tzBTC has been proven near impossible, shouldnā€™t we consider sunsetting LB? I am not a fan of having external groups like Bitcoin Suisse being in control of minting new tzBTC when you want to convert your BTC over.

23

We already signaled the escape hatch, from us, weā€™re already doing our part, to stop LB from impoverishing all TEZ hodlers via monetary emission.

24

tzBTC ended up being pure crony capitalism, since only they and a few others can mint, only they can be the liquidity providers, so all the subsidy is for them and friends. Thereā€™s only very few liquidity providers that acquired very small amounts of tzBTC with a swap using the LB liquidity contract or in quipuswap. The large majority of tzBTC that is providing liquidity is them, and all the subsidy is basically all for them.

We are not stupid, there is a reason why they are making tzBTC basically near impossible to mint, so they can have the monopoly, so all the APY of LB, which is near 100% yearly, funded by TAXING us via a monetary emission tax, is all for them.

25

Hi I am a new member of the forum and currently in the process of creating a baker. I was just wondering why the first roll is so much? Like why does it have to be 8000? What would the negatives be from having it at say 1000? Surely that would allow people to self bake more or get baker nodes started more easily.

I have delegated my own XTZ to my new baker node but I am nowhere near the 8000 (TzStats - Tezos Block Explorer by Blockwatch) if anybody is interested.

I am a software developer with around 6 years experience and it was not a straight forward process getting to this point. (I am hosting it on a digital ocean droplet). Can I just ask (sorry if off topic) but is it possible for me to try and get people to delegate the rest of the initial roll?

My plan is to put up a website and maybe do some google ads for people interested in delegating at a low fee. Im not sure how to get it going initially is basically what I am asking. Maybe this is what puts people off?

Thanks for any advice in advance :+1:

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26

The reality is baking is the only way to secure and validate the network. If more bakers leave or you disincentivize bakers, then all your doing is hurting the security of the chain and potentially leading to chain haltings as there are less validators. Good job Arthur on finding a way to self sabotage Tezos. 300 IQ play to kill Tezos

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