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.
I agree there, the problem is not the height of the fee but that there is one. This makes it a psychological hurdle as the other ware and currency exchange ways have none:
CX: no fee
Conts: no fee
FX: has a fee
=> players avoid the FX which means that it doesn’t have enough natural volume to deliver trades at a “fair” price which in return makes the situation worse
So there are three options:
leave everything as is
FX will stay in its position to only be used in cases where people need money fast or don’t want to do contract work (or don’t know that this exists)
remove FX fee
FX will (hopefully) be used to trade currencies at their “fair/true” price
add a fee to conts
puts the FX on the same level as conts psychological
CX trade volume should increase because of the psychological hurdle of trading things off CX
vertical integration could be more incentivised
places away from CX get less pleasent as you can’t use the CX for fee-free trade
=> would make sense with more incentives for specialization over vertical integration and with player built minor CXs to do local fee-free trade of basic wares
- the fees could be sent to the faction gov of the respective faction instead of being destroyed
By now it has evolved into a whole bot that tracks orders and can send you messages if your orders are filled. And on top of that it is BASIC accassable as you only need to accept the contract and you can pick your trade partners instead of automatically taking the next best.
problem with #3 is gonna be how it’s calculated. it’s what i was thinking of years ago when i was getting annoyed at the fx fees, and i never really figured out a good way around it-not that i’m great at figuring that stuff out to begin with
(VWAP 30D universe / nearest CX / Faction CX of contract sender / CX of the faction of which currency gets used in the trade
+
currency)
*0,0005
=> 0,1% contract fee paid to a faction
I would chose “CX of the faction of which currency gets used in the trade” as VWAP 30D universe is more or less useless once the currency aren’t locked in a 1:1 any more + there are already regional price differences depending on regional availablility.
So for example “selling 1000 PE @ 10 NCC/u” would mean a 1000x(12,84+10)x0,0005 = 11,42 NCC fee paid to NEO Charter.
