How will market creation costs work in a month?
resolved Jun 4
Exactly as today (flexible subsidy, M$ 10 minimum, liquidity pool returns to creator)
Fixed to M$ 100, liquidity pool is burned
flexible liquidity, returns to provider, increases traffic
Minimum of M$ 100, liquidity pool is burned
As today but with increased minimum
Market Creation is Free, Market Visibility & Liquidity are solved using different mechanisms
One free market a day
Today, market creators choose a subsidy at market creation time, to inject liquidity into the system. However, "liquidity" is a super weird and hard-to-grok concept; and deciding how much to put in is basically black magic. Stephen has a proposal for fixing the market creation cost to M$ 100: This market will resolve to the answer(s) that most closely describes the state of market creation as of market closing time.
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bought Ṁ20 of Market Creation is F...
Bets by unique accounts could be matched quadratically with subsidies from the central bank. The most popular markets get the most subsidies. It isn't immune to groups of sock puppets but we probably won't have to deal with that any time soon. You could also add a guarantee option: market creation is free iff it attracts enough betting, if not you will have to pay the fee. Like a minimum prize pool in poker tournaments.
bought Ṁ5 of Market Creation is F...
Market payout would the same as N/A till there is enough liquidity? i.e. some sort of quarantine state till there is enough. Liquidity could be added by Creator/Participant by betting, or upvoting (M$10 each fronted by Manifold?), or contributing to its visibility auction, or directly subsidizing the market etc. Mainly, this option decouples market creation from all the different possible mechanisms for adding liquidity; so as to not discourage or constrain market creation (1 per day) and engagement. It is often a small percentage of users that drive engagement by creating many good questions; and one wouldn't want to tax or limit them too heavily? Similarly, engaged users would be responsible for bringing markets into an active state, like people on reddit who browse 'New'. Kind of what already happens organically on Manifold I think.
bought Ṁ10 of Market Creation is F...
Hm, so in this proposal for having market creation be "free", does that mean Manifold fronts the liquidity costs for the market? The main problem of that is it would function as a money pump (Alice could create a market, trade to take the liquidity, and then resolve it) We've been thinking instead of 1 free market a day; still a pump, but much less of one. Would also encourage daily login ala toothbrush test -- we could even pay a bonus (eg M$ 100 for creating your first market each day)
bought Ṁ20 of Market Creation is F...
- Auction off Market Visibility - Creator & Participants can add to the bid - Use bid amount for liquidity - Set default bid price to some percentile of existing bids (median?) - Bid price will of course fluctuate based on competition, but that's a good thing? Related Market here:
bought Ṁ12 of As today but with in...
Minimum is now M$50
bought Ṁ1 of flexible liquidity, ...
This is a proposal for how explore should work, not how market creation should work.
sold Ṁ1 of Fixed to M$ 100, liq...
Liquidity should go to the resolver (which is currently the same as creator, but doesn't have to be). Otherwise they can just buy the correct answer before resolving and get the liquidity pool anyways.
bought Ṁ15 of flexible liquidity, ...
Let's incentivize market creation, not disincentivize it
bought Ṁ4 of Minimum of M$ 100, l...
Similar to option 2, for similar reasons, but if a creator values information highly then let them put in more liquidity to try to get it.
bought Ṁ10 of flexible liquidity, ...
I like this proposal very much :)
sold Ṁ1 of Fixed to M$ 100, liq...
It feels like the higher fee (and if I understand correctly, the higher risk of loosing some of your ANTE) would disincentivize the creation of markets compared to the status quo. This can't be beneficial for the growth of the platform or for the average user like me, who likes to bet his fun bucks on varied and interesting questions imo. The currently created markets are already pretty limited in their topics. It doesn't seem to have much benefits either other than a bit of simplification. Please correct me, if I'm wrong.
bought Ṁ20 of flexible liquidity, ...
Explore should display more prominently how much mana you can make by correcting the market. This incentivizes a higher subsidy the more traffic you want for your market.
bought Ṁ10 of Fixed to M$ 100, liq...
Reflecting as of 2022-04-05 - Instead of users choosing the amount to put up when they create a market, it’s always fixed at M$100. - This amount is described to the user as a “market creation fee” instead of a subsidy or ante. - Market creators do not receive the remnants of the liquidity pool after resolution. - Anything left in the liquidity pool is burned. - No platform fee is levied on trades.