Over the last year or so, a very large home brew fx market has developed. Many people want to do direct interactions for their trades, which is excellent and people should be supported in doing that. But a increasingly large majority, and the purpose of this thread, is due to people not wanting to pay that 0.1% tax on their trades and just doing them 1:1 in direct currency swaps.
Based on average daily trading volume across all FX pairs of ~$60 million per day, and that’s being optimistic, the transaction fees only remove about $120k\day in currency. $3.6 million per month. This is in contrast to the 3,813,848,474 in currency supply inflation we saw last month. A thousand times higher.
Currency supply inflation is a measure to be monitored, and potentially controlled one day - perhaps as a planetary tax on the production side of things. But in a game about relationships, and player trade, I suggest removing the friction from trading as much as possible.
I also suggest modifying the decimal point precision (aka tick size) on the FX market. 4 decimals is too much, and mirrors the decimal point precision problems we had on the cx.
To be either
3 decimal places:
0.998
0.999
1.000
1.001
1.002
Or a even more coarse 3 decimal precision:
0.996
0.998
1.000
1.002
1.004
The purpose of this tick size change is the same as always. If you want to be first in line, you need to offer a substantially better economic offer than other players. Cutting in line just because you’re the most recently placed order is not fair.