I disagree. It's less bad for someone who has invested a lot to extract than for someone who hasn't to do that. Of course, it's still bad as it sets a bad example.
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I disagree. It's less bad for someone who has invested a lot to extract than for someone who hasn't to do that. Of course, it's still bad as it sets a bad example.
It may be less bad but that still doesn't make it right. It's abusive and makes both of them look incredibly bad. Like, no matter how good the information exyle sometimes puts out, I just can't take the guy seriously knowing that he literally devalues this entire platform with his abusive behavior.
Steem currently has a circa 8.6% annual inflation. If a Steem Power holder is not entitled to any more than the 1.6% APR afforded to SP holders by the chain and no more by virtue of merely holding SP, it will be very hard to persuade anyone to power up their investment. It is much better for an investor looking for the best possible ROI to keep everything liquid to be able to time their trades optimally. It is good to remember that investors are absolutely vital. Without them our rewards might as well be Monopoly money.
10x self-voting is around 20-25% + 1.6% APR. If those hodlers you are referring to are siphoning away the value of our token through abusive behavior then our rewards might as well become Monopoly money if more of them join the platform and follow suit.
I'd say I find it acceptable for an investor to use circle jerking or self-voting to grab a number of tokens worth at least the total inflation(8.6% at the moment) without doing any work to provide value on top of their investment. How much I can't say but given the extreme volatility of STEEM powering up is quite a sacrifice in terms of opportunity cost. If only 1.6% were permissible, then powering up would be stupid. This is capitalism after all and it would be laughable to demand people to give up for their hard-earned money for no gain.
That said, I have zero respect for the early miners who abuse the system. Those people haven't invested a fraction of their worth but still see it fit to waste other people's money.