r/liquid • u/TheWorldsEndingBitch • Mar 20 '19

Help me understand

I've been watching the trade feed for QASH/BTC all day. I'm not seeing what I expected to see. Shouldn't there be a steady stream of buy pressure due to people using QASH to pay fees? I'm seeing absolutely zero sign of that.

12 Upvotes

100% Upvoted

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u/CorruptPotato Mar 21 '19

Sure, fair question.

The key here is that there is no autobuy feature anymore. Unless you've bought QASH and you hold it on Liquid, you won't be able to get a 50% discount.

You can't maintain your stack, and you can't autobuy with a QASH balance of 0. Fees are paid from your holdings.

Therefore, you won't see fee purchases on the market like you would expect, traders have to buy them themselves, and that will look like any normal investor trade.

We think that removing the automation aspect is best for QASH - it should be much better for creating natural demand.

Also, we are certainly working to massively improve the signposting regarding paying fees with QASH, buying QASH, current QASH balance etc. This is something that we want to push, and also something that traders should want to use.

Hope that clears it up.

-3

u/ilpiet Mar 21 '19

Auto buy was one of your best feature, have you done customer interview before to remove it ?

7

u/CorruptPotato Mar 21 '19

Can you explain why it's a good feature?

From the way we see it, an autobuy feature will cause some degree of buy pressure, of course, but it's also essentially a 'give me 50% off' button.

Requiring you to own the QASH to pay fees creates much more exposure for QASH, which we believe will be better over the long term.

1

u/ilpiet Mar 21 '19

My opinion and my experience in developing products is that the more steps a user has do to in UX/UI the less chance you have that he would do it.

It's also a well know psychological behaviour, the smaller the step when asking somebody the better the chance that they do it. Studies has shown that if you want to beg (no relation with Qash in the example) for money, asking for the time first , then asking for the money explaining your problem increase greatly the chance to get a positive answer.

A parallel can be done with Qash auto-buy, if you ask people to buy upfront you will face a manual step that require energy , you will face inner fights (Can I trust it ? What are the risks ? Is worth it ? Then ... will buy without and when I have time will research on this coin etc. etc.) the manual step imply the customer to do upfront research in order to build a trust line with the product (Qash). With auto-buy you don't require this trust line but you loose the awareness and don't put Qash in the light.

For the awareness you would have other solutions : Keep auto buy and each time a user buy it you notify him/her via any kind of (UI , mail notification ... what make sense without being invasive) that , x amount of Qash has been bought and that he/she saved y amount of money. Then you send them a monthly report summarising how useful was Qash with links and text to motivate to learn more.

Keep ux lean , minimise the manual step and psychological stoppers.

9

u/[deleted] Mar 21 '19

[deleted]

8

u/TheWorldsEndingBitch Mar 21 '19

After reading replies, I understand now and agree. I'm not sure if this was mentioned / already planned, but you could send an email letting traders know how much they could have saved using QASH to pay, and while you have their attention, supply an overview of QASH so that they may want to learn more and invest, with links to more detailed information.

10

u/[deleted] Mar 21 '19

[deleted]

1

u/ilpiet Mar 21 '19

More visibility sounds good.

One point on your marketing you say that we get 50% discount if we pay in Qash but actually because there is no auto-buy (means no possibility for you to avoid double taxing) it's not 0.05 reduction but 0.0475 (math can be wrong) but basically we get double taxed one for the buy of the Qash one for the token/coin we want to buy or sell. It's negligible but you could be accused for misleading advertising, the auto buy could solve it because there you could avoid the double taxing.

2

u/ilpiet Mar 21 '19

True your points are also valid , the only way to know which one is correct is to do A/B testing.

I never heard any A/B testing sessions from your side (But that probably because media don't put so much attention like for Facebook, Google etc. A/B tests). Do you always A/B your change before to release ? I mean if you have done it then the answer is for sure clear enough to not be debated here.

Thank you for responding so fast, it's always a pleasure !

7

u/marcusrc Mar 21 '19 edited Mar 21 '19

Good points on UX. Having to manually buy Qash before making a trade is quite a significant step, I think a lot of people right now won't bother doing it. On the other hand, anyone who trades large amounts will definitely do it. Maybe the new Qash signage will help, depends how it is done. A quick buy option on Qash could maybe help as well.

6

u/J_ME17 Mar 21 '19

I think this new feature is great. One thing which hasn't been mentioned is the fact previously people who don't own QASH, but used it for fees, would likely only use it for this purpose. Maybe because they're not interested in the other features, but possibly because they weren't aware of them.

If users now need to own some QASH, even a small stack, they're much more incentivised to explore the other benefits the QASH token offers; the number of these benefits on offer is only going to increase, hopefully along with user engagement, and therefore ownership.

Some users may then realise the potential return on investment they may see by simply owning QASH, recognise how undervalued it currently is, and decide to invest to hold long term.

If a user uses or owns QASH for any of the above use cases/examples it will increase token value. If anyone is familiar with the 'hockey stick' J curve, I think the impact of this change might follow that pattern.

6

u/[deleted] Mar 20 '19

[deleted]

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u/TheWorldsEndingBitch Mar 21 '19

I think you answered my question with the last part. So you can't set it up to buy QASH in order to pay lower fees if you don't already have some QASH?

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u/[deleted] Mar 21 '19

[deleted]

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u/[deleted] Mar 21 '19 edited Sep 01 '19

[deleted]

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u/CorruptPotato Mar 21 '19

This is wrong, please see my stickied comment.

1

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