Would you continue running a witness node even though it is not profitable?
With the prices decline, I have seen this kind of calculations from witnesses. Some of them drop running a witness node, some of them posting simple math about when they could think about abandoning running a node.
As a citizen of this blockchain, I expect witnesses to produce blocks even with a net loss on their pocket. From an objective standpoint, this might sound weird. However, I see STEEM as a disruptive experiment and a useful, functional open source project, and I believe it will be a successful project in the long run. It might fail, it may shape into a weird thing, but this is my belief at the current state.
On open source/free software culture, you support the growth, project without expecting anything, voluntarily. And I expect the same thing from the witnesses, like they are open-source contributors and they contribute to an open-source project.
I know, we still have financial difficulties as a reality. So the question has a condition, think about you run a witness and you have financial power to support the network even if you run the node with a net loss.
- Yes
- No
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If you want to support the network regardless of profit, then a seed node would be the correct choice.
Everyone will say they would run one if it wasn't profitable, but the reality is 99.99% want it to profitable and that's the primary goal it's just not PC to say so.
A seed node does not produce blocks (we have more than enough witness nodes that are capable of producing blocks) but it provides stability to the blockchain.
You really want to support the blockchain, provide a full node as this is what allows dApps to persist and run without problems.
There are no shortage of Witness nodes and the reason is that they are for profit (theoretically) yet no one steps up and says would you run a seed node or full node if it wasn't profitable.
Thanks for the honest answer.
I think running a seed node or full node is out of the question, since these things don't generate any kind of money. (at least directly.)
In a case of STEEM being a couple of cents, running witness nodes won't be profitable even for top20 witnesses. I don't think it's gonna happen anytime but still, we do have fewer backup witnesses as the time goes on.
I did it when I first started. I'd continue running it. Mira kills the question though.
I think we are still a ways off for Mira to be ready for prime time.
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A year ago today I became a witness, it has been unprofitable that whole time. I haven't even made 1 cent, only lost from doing it. So why would I stop now. 😂
I can't vote on dPoll from mobile, but yes, I've been running my witness node at a loss since I started in December. I haven't done any math to support this, since I know it wouldn't be profitable at my current rank unless Steem goes over $10 (probably more). I do it to support the block chain, and have been looking at setting up a seed node if I can find a cheap hosting solution, or even better, repurpose one of my SMBCs that I don't use. I'd love it if it was profitable, but I'm happy with where I'm at, getting votes from people who interact with and like me, slowly moving up the rankings until I knock someone out of the coveted top 20 :P
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I am one of the few ones running a non profitable witness node
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For many months, I am running the nodes under loss (since I have primary - secondary, monitoring nodes etc) & like I have always maintained, I am prepared to support the network for the foreseeable future.
We’re lucky to have you 🤘
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I have no experience being a witness, but i think it's a bit similar to mining in general.
Bitcoin mining is also not that profitable if you take everything into account, it's still a commodity business. The reason miners made a lot of money the last 5-10 years is because of rising prices. Let's say prices would stay always the same, the margins only would be very small. But if it's only about making money, then you could also just trade crypto.
In general mining is a very leveraged business, you can make a fortune in rising markets and lose everything in a crash. You see this also with gold miners for example. Let say that it cost 50 dollar to mine a gram of gold. If prices are 55 dollar they make 10% profit. But if the price is 60 dollar they make double the profit like before. While the price didn't increase that much.
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Honestly, when the prices are great, then the profitability of running a witness node is pretty amazing. It's not effort-intensive. So, basically we want witnesses that are around for bull and bear markets, you can't expect to make a lot of profit during the bull market if you didn't stick around for the bear market.
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If it does not take food of your table yes ..
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Tried to vote but it wouldn't work. No problem, short answer yes!
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It depends on how much money I'd be loosing and for how long. When I was a backup-witness, over multiple months I made a steady loss. However, I had the goal to push through. Which is what I mean with - "how long does it take". Until the market recovers?
Once MIRA is out, having a loss on running at least 3 nodes should be very rare. However, I also think it's important to plan in a smart way - meaning: selling a bit more while prices are good and having a buffer for when prices tank.
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I did this for 13 months and lost over 1500 STEEM.