Hive’s base inflation being “programmatic” is like saying your house is technically clean because you made your bed while the rest is on fire. Sure, the code prints at a fixed curve, congratulations, but if the DHF can drop a supply nuke the moment a few voters get trigger-happy, then pretending the system is predictable is pure comedy.
Socrates would’ve pointed at this and said, “There, that’s exactly what I meant.” The guy literally built a philosophy around exposing people who think they understand something they clearly don’t. And here we are, with people parroting the word programmatic while the actual monetary expansion is basically a mood swing with a wallet attached.
Investors aren’t scared because Hive isn’t Bitcoin. They’re scared because the supply can balloon harder than a meme coin just because someone didn’t do the math before smashing “Support.” If your inflation rate can explode because two dudes got enthusiastic on a Tuesday, that’s not sound money. That’s amateur hour with a blockchain.
Putting a cap on DHF outflows isn’t some radical idea. It’s common sense. It’s what you do when you don’t want your economy to depend on whether the community collectively had a brain cell that day. And honestly, if Socrates were here, he’d probably ask the same thing I’m asking now: how can you talk about sound monetary policy when the biggest variable is human cluelessness?
There are no two voters who can approve anything. Blocktrades has 30 million votes and the next tier has about 5-6 million, and there are only a few of those. At a minimum it would take 5-6 of the largest stakeholders to unanimously (or very nearly) agree on the spending, or failing that it takes a lot of the smaller ones to agree to support it.
I'd prefer if return were a little higher (5-10 million) though, meaning the top two tiers of stakeholders still couldn't approve something even if unanimous, but that's just my opinion. If we can't get more stakeeholders to set the spending hurdle high enough, that should inform us that most stakeholders don't want a hard cap (a small one at least) either.