Yes these are good points. I raised just taking SBD only, and we are in agreement with this now, will update shortly.
(initially the thought was that if we were to allow for both, then we anyway will need a price check, but if we can just focus on one, it's just easier overall, as you mentioned)
If you offer a choice and make the equivalence slightly higher for STEEM then the price check will be needed far less often but still address the issue of a large SBD pump (i.e. "100 SBD or $110 worth of STEEM").
Anyway, any of these should work.
With this fee it makes delegation akin to gambling. Where else do you put in money for a service, and you may get something back or not?
It's gambling pure and simple, pay 40 sbd and you could end up with nothing. Oh well try again, oops, nothing again.
It just doesn't seem fair to me. Or perhaps I'm reading this wrong?
Cg
Applications fees are common for all sorts of applications. No, I don't agree that is "gambling" as that term is generally used, although sure all businesses have risks.
Hi @smooth,
Thank you for your answer, I appreciate it as I'm sure you have answered lots of people on this post.
If you don't mind indulging me for another couple of questions/points.
Firstly, I can't think of what applications charge a fee to request to join, and then perhaps turn you down and keep your funds, can you give an example where this is the case please?
Like you said, all businesses have risks, and by me calling it gambling I am in no way trying to be condescending. I'm just pointing out that if you pay money to maybe get delegation, then that is like making a bet which may or may not pay off.
Of course you could say that any investment is like that, however if I buy shares today, they may lose 10 or 20% of their value tomorrow, but at least I can cash out.
Any bet that threatens to take 100% of my money immediately, or pay me back X% is a very high risk bet.
PS: I'd like to say that since I made this comment, @starkerz has made me aware that the 100SBD would only be for old projects trying to renew delegations and that new delegation application fees will be significantly lower.
Cg
Examples of application fees where you pay a fee without any guarantee of acceptance off the top of my head are college applications and applications for renting an apartment. I'm sure there are others.
Sure, as an individual you can often cash out an "investment" but this is not the case for a business. If you invest in developing and/or producing a product and no one buys it you can't just "cash out".
Point taken about "gambling" being more descriptive of the effect, I don't necessarily disagree.
This is obviously a cultural thing. In England we do not pay to apply for things, especially universities whereby they are charging you to go there.
Very true, however I don't see the analogous link here.
I'd prefer to see a deposit that was returned if you weren't successful, if you are then it is burned to Null.
Thanks again for your time in answering my questions. Much appreciated!
Cg
Okay here is another example from your own culture. UK charges a non-refundable application fee for visa applications.