Market reputation should depend on amount

Discussion, Feedback, and Technical Support for the Timekoin Market hosted at timekoin.com
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koinfaith
Posts: 37
Joined: Wed Jan 01, 2014 9:00 pm

Market reputation should depend on amount

Post by koinfaith »

I think it's better to calculate market reputation based on amount of transaction multiplied by # of given points.
Considering that market charges some % fee it should be less beneficial to transact with own accounts or with 1 TK transactions just to get reputation.
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KnightMB
Site Admin
Posts: 1019
Joined: Thu Feb 23, 2012 5:03 pm

Re: Market reputation should depend on amount

Post by KnightMB »

I agree that some minimum amount should be a requirement, at least when it comes to leaving positive feedback. If less than the minimum amount then only neutral feedback can be left, so you can still leave a comment without just exchanging free TK to earn rep points. Maybe a 500 TK minimum trade to help discourage it?
koinfaith
Posts: 37
Joined: Wed Jan 01, 2014 9:00 pm

Re: Market reputation should depend on amount

Post by koinfaith »

Since market is charging 1 + 0.003% it is possible to buy 1 point of rating for 1.015 TK - still too cheap.
I think bar will not help much because 2-3 people can send 500TK or even 1000TK to each other forth and back.
But it won't hurt. At least it will spare market from 1TK spam charitable ads. It will also encourage people to at least buy or generate more TK just to be able to buy market rating.

In order to improve credibility of users rating I suggest:
1) charge 10TK publishing fee to show positive rating. If 10TK is not paid then rating won't be added to total user rating, but rating and comment will still show in history.
Neutral or negative ratings do not need acceptance and will be subtracted by market from user rating without acceptance or payment.
2) In addition to rating show total amount of trades, # of trades and rating multiplied by average trade amount.
3) Show average time between ad was open and time of beginning of successful (not cancelled or disputed) trade.
4) Show average time between beginning and completion of all successful trades.
6) Show distinct number of trade counter parties.
7) Add positive rating to user only when that amount of TKs left user market account through withdrawal or left counterparty account through withdrawal.
8) If TKs can be colored, track cycles when same TK generated rating to same user more than once. Show average number of cycles.
9) total numbers of ever open ads, open and deleted

Based on mentioned above figures invent formula for rating calculation in addition to showing them separately.
They should probably be weighted by amount of trade and rating level before taking them to adjust user rating.
It's hard to get good formula to prevent fraud, but market with good formula that does not depend much on users input could be killer app for any digital currency.
It's not possible in fiat world where all money are not colored.

Digital currency gives many new possibilities and rating calculation based on coins movement paths is one of them.
Those users who use mixer services to avoid being tracked don't need good rating, so money that come from/to any mixer service can be accounted with 0 weight for anonymous counterparty of a transaction.
Then it's possible to track how many anonymous counterparties one user had, show that number and adjust rating accordingly.

I start thinking that governments must like digital currencies just for tracking ability making it possible to see all money flows like this: http://upload.wikimedia.org/wikipedia/c ... p_1024.jpg

It makes much more sense for NSA spying on everybody these days because they can get control of all accounts, private keys and passwords - invisible power that they never had with paper cash.
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KnightMB
Site Admin
Posts: 1019
Joined: Thu Feb 23, 2012 5:03 pm

Re: Market reputation should depend on amount

Post by KnightMB »

I will start with the minimum trade amount and that to the todo list. The others will take more time to work out, so I will start simple.
MichaelKl
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Joined: Tue Dec 09, 2014 8:46 pm
Location: Senegal
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Market reputation should depend on amount

Post by MichaelKl »

Each thread title should be prefixed with WTS: , WTB: or WTT: to designate the type of listing it is.

The above acronyms defined:

WTS = Want To Sell
WTB = Want To Buy
WTT = Want To Trade

#reality
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