Bitshares Trading Contest Idea to be Presented on Beyond Bitcoin hangout #215
Will be presenting an idea for a trading contest on bitshares that I and others seemed to have been thinking about for some time. Different than HERO, would like to present an idea that is with less risk. Will be sharing more details tomorrow morning on Beyond Bitcoin Hagnout #215 and you may vote on my comment and read more: [Whaletank Special Announcement] Beyond Bitcoin Hangout #215 - 7/14/17 - (1000+ of Steem in Awards!).
FTP / PTP - Free to Play or Pay to Play
Two choices are of being FTP, Free to play, or PTP, Pay to Play. Would like feedback on which is preferred. So please vote on the option below for initial feedback and I will also ask during the hangout. In either case it will be pay to play once the contest starts as participants while have to trade for more tokens to win. But there is the initial choice that Free to Play may be offered.
Initial entry price will be between FREE / 0 and about 1 STEEM, 1 SBD, or 10 bitshares (BTS).
Tracking Profits of Traders
Have decided to abandon the idea of tracking profits or progress in such a traditional manner as this seems to difficult to consider. Then on top of this there can be deposits and withdrawals and trades in other trading pairs which make such tracking too difficult.
Size of Trading Accounts
Everyone has different sized trading accounts. To control this variable my thought is to issue the same amount of tokens to each participant. Then everyone has essentially one trading unit to try to trade up from.
Buy Back & Float
With one token this contest will be continuous. In seeking a flexible solution the idea will be to allow participants to hold on to tokens as long as they want. So the "Buy Back" will be optional at most times during trading contest with current thinking. Thought is to offer different prices over the course of each contest window with a price that will rise and fall over time.
At the end of each period all the tokens in the contest may be exchanged for some rate that will be announced that may be about 80% of the overall prize pool with 20% being reserved for the winning top token holders during each trading period.
Prizes / Winners
Currently thinking to reward about the top 10% of participants with about 20% of the prize pool. Liquid STEEM from this post will go towards funding the reward pool. Time frame of contests will be one week. Winners will have to send all of their trading contest tokens in to get their portion of the prize pool. This will have winners starting the next cycle with zero tokens. Then participants may choose to exchange their tokens any time with other participants or the trading contest account that will be offering various amounts through the contest always providing some exchange price on the open market for all tokens currently in the trading contest.
Token distribution
Token distribution for this Bitshares Trading Contest will occur during the Beyond Bitcoin Hangout and/or After Party.
Contest Announcement
The contest will be announced by another account to be announced during the hangout. You will be able to sign up in the comments section with your bitshares name and payment instructions will be presented unless it is to be free to play.
Trading contest mechanics
Trading tokens will have a transaction fee so you will not want to trade them too much. If you hold on to them they will be worth 80% of some potential value. However if you trade for more you will increase your chances of winning more. The contest will be to trade these tokens relative to price movements of crypto in respect to potential value of having enough tokens to win a portion of the trading contest reward pool reserved for about the top 10% of token holders.
Welcome all feedback with the alpha version of this trading contest idea. Hope many find interest and value in this new idea of mine which combines numerous interests and passions of mine with crypto, games, investing, and trading while providing a way for others to learn and get rewarded.
Best,
