Hey everyone, I have an idea.
Bid bots are bad.
Delegation curation farming is bad.
Let's cut curation by 75%.
We good?
No, we're not good.
It would be like if Trump decided he was going to extend his time in office with no election. I wouldn't put it past him. Not that I have any faith in our "democracy" in the first place.
The idea isn't bad, the entity issuing it is inappropriate.
Once again the elite here can't help themselves but constantly float these ideas that tinker with inflation and just so happen to put money into their own pocket. Hey, here's an idea: lets cut the block reward in half. Let's cut the DAO funding in half and destroy the ninjamine. How about that? We good?
So weird that the only ideas that get floated enrich the elite...
If you cut curation by 75% and then claim this is a "win for everyone" because inflation is being reduced... is it really though? Theoretically, less selling pressure gets generated from the inflation you destroyed, thereby increasing the value of all the other inflation being created.
A derivative of this idea was already floated: get rid of the reward pool entirely. Once again the inflation being left alone (dev fund and block reward) increase in value due to lack of "competition".
Does the theory merge with reality?
No, because there is an overhead cost of doing something like this.
Oh, look at that, the centralized top 20 czars of Hive have decided to change their inflation schedule AGAIN. Gee, maybe I'll just put my money into Bitcoin where bullshit like that doesn't happen. They already stole Justin Sun's money. They might steal mine as well.
Seriously do we all live in a tiny bubble and can't see how the outside world views this shit? It's SO BAD TO EVEN TALK ABOUT THIS SHIT IN PUBLIC WHAT THE FUCK ARE YOU DOING? Seriously though.
What do I want?
Well first, I want a dev team that actually knows how Hive works.
The Hive blockchain currently has an inflation rate of 8.5%, which decreases 0.5% each year (don’t quote me, as maybe it already dropped to 8%, I don’t know exactly when the change occurs). My back-of-the-envelope calculation leads me to believe that overall inflation will drop to about 6.5% if we reduce curation rewards by 75%.
Don't quote you? It MIGHT have already dropped to 8%? Our lead development team is talking about modifying inflation and they don't even fucking know how it works? God damn it. Do you know how fucking embarrassing that is? Obviously not because you wrote it.
Here, let me do your homework for you.
If I recall correctly, our inflation is reduced 0.1% every 20M blocks or some shit. This equates to about 0.5% a year. Now I'm actually really curious.
https://steem.com/SteemWhitePaper.pdf
Look at how hard it was to look this up. Search this PDF for "inflation" (control F). It appears 10 times. Go to the third one.
Starting with the network's 16th hard fork in December 2016, Steem began creating new tokens at a yearly inflation rate of 9.5%. The inflation rate decreases at a rate of 0.01% every 250,000 blocks, or about 0.5% per year. The inflation will continue decreasing at this pace until the overall inflation rate reaches 0.95%. This will take about 20.5 years from the time hard fork 16 went into effect.
There, now edit your post so more people don't read that ignorance and lose complete faith in the network. Thanks.
For our top development team to be suggesting alterations to the inflation schedule without even looking up the bare minimum of how it works is downright unacceptable. Especially considering that they theoretically have a financial gain by implementing the suggestion at the cost of other stakeholders... very bad form.
@blocktrades literally says
don't quote me on that... our inflation may have dropped 0.5% already...
When our inflation drops in 0.01% chunks.
I seriously can't get over it.
I just can't.
In theory, the elite benefits.
But in reality, everyone loses because the inflation being discussed here doesn't matter. It is the unilateral control being presented that is our biggest threat to adoption. The more we change the protocol, the more people are going to realize that granddaddy Bitcoin isn't such an outdated boring idea after all.
I was struggling to decide whether I was going to put this $500 burning a hole in my pocket into Hive or Bitcoin.
Guess which one I just picked?
What do I want?
https://peakd.com/hbd/@edicted/hbd-the-ultimate-stable-coin
https://peakd.com/witness/@edicted/can-i-get-a-witness
https://peakd.com/curation/@edicted/curation-and-sbd-are-broken
https://peakd.com/busy/@edicted/war-on-curation
https://peakd.com/hbd/@edicted/stabilizing-hbd
https://peakd.com/hivedev/@edicted/more-on-stabilizing-hbd-sbd
Again this issue comes up. Man I sure talk about it a lot. Curation is a broken zero-sum game that assumes that the frontend's presenting content are going to order them according to payout.
How does Facebook order content? Twitter? Instagram? Etc? Do they order it via payout? Oh wait, there is no payout. Gee, they must use a smarter algorithm than payout. Maybe we should do that too.
The fucked up thing is that I agree with @blocktrades
We should get rid of curation. It's idiotic. Where he loses me is when he says we should just burn that inflation instead of allocating it somewhere more useful.
- 10% block reward
- 10% dev fund
- 30% savings account
- 50% reward pool (no curation, no APR)
Something like this is what I want to see (even a 40/40 split might be cool). I want to see curation gone, but in it's place anyone can move money to the bank accounts (savings accounts) and get ROI. This is essentially self-upvoting, and even closer to the way that HiveEngine does "Virtual Mining".
On top of that, I want the bank accounts to double as collateral for HBD loans. Anyone would be able to print HBD out of thin air, but they then wouldn't be able to remove their collateral from the bank accounts until it was paid back. This would peg us much closer to the dollar and avoid all possibility of HBD being valued above a certain level (like when we had $13 SBD).
Conclusion
You know, I don't mean to be a raging dickhead over here. I really don't. I appreciate what @blocktrades has done for us and continues to do. This post was probably the most triggered I have ever been. It just used to make more sense hearing these things from Ned rather than someone who actually knows what they are talking about. It's frustrating.
We are all trying to build a house here, and I feel like a dog just came in and tried to shit all over the foundation. What am I gonna do, clean up the shit or try to build the house around it? Either way, I'm not happy about it.
We seriously do not need to be tinkering with inflation right now. If we want to get rid of curation because it makes no sense, we need to develop the frontends that accomplish exactly that. Then we can justify eliminating curation. This means frontends that don't order posts because they are paid well and a reputation system that isn't based on payout. Easier said than done obviously but you can't put the cart before the horse.
I agree, inflation is ok as it is. Next thing that needs to be focused on is SMTs. Once SMTs are done then anything else can be considered.
Totally agree with the GG... I'm honestly really super keen for SMTs, even though PeakD and Hive-Engine kind of, sort of have a version of it.
HiveEngine does have it pretty much exactly... it's just that Hive nodes are not in consensus with the protocol being used... so it's just one server being trusted to validate all the information.
At the same time Hive private keys are being used for validation and everything is on chain, so if HiveEngine started cheating anyone else in consensus with the protocol would figure it out. Not a bad work-around.
Exactly we don't need SMT's when all the tribes needed are in HE already.
The price of hive took a dump from this post by the blocktrades team. Cute.
Wow... sure looks like it, huh? Yikes.
I guess words matter.
Especially when it's words from one of the most prominent groups on the chain. Thankfully it looks like we've voiced strongly enough against it but who knows.
So would this mean accounts like curie or appreciator wouldn't be a thing anymore?
Maybe? Not sure how the meta would be affected but I think that's the idea.
Interesting post and I appreciate your irascible candour.
Stupid question: when curation is talked about here, does it mean any upvoting or upvotes at all? or just those done by curation bots and accounts?
I'm a bit out of the loop and am trying to get back up to speed on the place where i'm wanting to continue building my house agian.
All the money that gets distributed here is 50/50 curation/rewards.
I just upvoted your comment for 3 cents, but 1.5 cents will get kicked back to me in 7 days.
I spoke a little about this with a few PALnet members yesterday and they clarified further. Ta
You're overthinking.
Just buy Bitcoin.
Posted Using LeoFinance
I always thought the savings account seemed rather useless part from protecting you against a hack, but if we tooks some of the curation and rewarded savers who want to lock away tokens but not use them to be active, and took that from the curation pie, perhaps that could even things out a little better.
I think the inflation debate is lame, you could have 10x the inflation if you have more users and dapps making use of the coin, the fact is inflation being a problem is onboarding and retention is the problem.
HIVE doesn't even have integrations with popular cold storage and hot wallets, so you already cutting yourself off from a host of users. Maybe use that inflation to create pools on other exchanges and we might not have to cut it and mess with the protocol
I really don’t understand this all that well. I’d like to think blocktrades doesn’t have bad intentions and will listen to reason. I don’t know enough though. It’s good that we have different voices and that we don’t just listen blindly to the most powerful at the platform. I hope you guys can stay peaceful while I learn wtf all of this means lol
Thanks for pointing something out maybe
Blocktrades has so much stake in the network it only makes sense that they want a network that's worth as much as possible. I wouldn't lose any sleep over it.
Yeah so hopefully you’ve reached him. Keep sharing your honest opinion. Respect!