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RE: 8th update of 2021 on BlockTrades work on Hive software

in HiveDevs6 days ago

Any plans for the powerdown period?
One of the proposed options was to introduce an option for instant powerdown with a penalty (10%, 20%?), and the penalty rewards going to the ones that are powered up .... I see this model in some other projects introduced as well.

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I'm personally against anything instant cause hackers/phishers won't care about the penalty. Anything under 4 weeks (the account recovery time) would mean a great loss to many who may get their keys stolen which we've seen happen quite easily on pretty dumb tactics lately.

Personally I think a week or two is enough to recover your account in most cases due to phishing and such. Not 100%, but enough to consider that it could be good enough.

What about if instant powerdown was an opt-in process and the powerdown went to a different account?

For example, when opting in for @smooth - it requires setting up a secondary account called @smooth-####### with another set of keys to save.

I know this is possible already in various ways, but if it was "the" process, perhaps it would protect many under normal conditions too.

Who knows, the entire idea of instant, or even just faster, power down is just a concept that overall has been raised and consistently had a lot of pushback and failed to achieve any sort of consensus. The objections are multifaceted, from security to also believing that forced longer-term staking is just inherently better in terms of having stakeholders who are longer-term focused.

I can't stop anyone from continuing to advocate for it but personally I don't think its a good use of my time and effort at this point.

lol, that is fair - I don't need it personally - but it might be interesting to have a burn/stabilizer fee on it for those that think they can beat the market.

The response that is often given is that if you think you can beat the market, just don't power up. Which, if looking at the portion of supply on exchanges, is already widely used in practice.

Yes, I have heard this beffore as a con ... I agree to a certain degree ... would like to see some proposals how to get around this, maybe aproval first etc ...

Also people are holding millions in metamask, doesnt seems they worry much ... securing ypur funds should include some personal responsability as well .... we just need to provide the options

agree.

Powerdown is something it should be an option but not a must-have.

It must be enough exchanges don't use user funds.

If you can generate a multi-sig 1-week power down, it should work the same way as today.

So you can power down 1 week with multi-sig or 13 weeks.

Or a collateral version, you can lock up your Hivepower to generate a stable coin.

It's like instant too, can be managed with a new "money key". so it's also secure.