Second question, you are now a fan of the long powerdown because it protects the chain. I remember you were proposing the burn 5% to powerdown instantly because you wanted to get rid of the powerdown time. Changing your mind is a sign of intelligence, but I still believe we can make powerdowns instant. I'm a big fan of the long powerup, fast powerdown model.
First, exchanges are no longer a threat even with instant powerdown, because they now need to wait a month before participating in governance. This gives a lot of time to witnesses to softfork their voting rights away.
Long powerdown has pros and cons.
pros:
- makes only committed hodlers with a long term vision power up, which is good for hive governance. No random investors staking for the yield and messing up everything.
- extra security. You can get hacked and not realize it for a very long time and still keep most of your money, which is cool.
cons:
- People, especially whales, are less likely to invest because they don't want to lock up their funds for a long time. Hodling liquid hive is just getting rekt by inflation.
- Doesn't allow people to panic sell. We need weak hands to dump their tokens at the bottom, so that hive can recover. When bitcoin dumps 50%, weak hands sell, strong hands buy, then it goes back up like a rocket. When hive dumps, weak hands capitulate at the bottom, start a powerdown, and dump on us for 3 months while we are trying to recover. This makes hive go down even more and new people capitulate. It's an infinite bear market.
I think there's a way to get the best out of both. First, let's make powerdown almost instant (1 week for example). This gets rid of the cons. Now let's try to get the pros of a long powerdown.
- Security: easily fixed by making the long powerdown optional. An account can decide how long his stake takes to powerdown. Could even be a year I don't care. Very little people are going to go for that imo.
- Incentivizing long term hodlers for good DPoS: this can be done by using a long powerup. For example, if I power up 100,000 HIVE today, I only get 10,000 HP worth of voting power. After a week, I get 20,000 of voting power. After, two weeks, I get 30,000 etc... We can even make it last longer so that a full power up takes a full year. This means that the longer a hodler's been powered up the most influence he has on the network. It incentivizes being here for a long time.
What do you think of that?
To be clear, I am a fan of a long lock up AND an instant burn option. I have some ideas for the lock up I'm still exploring. Not bad ideas I'll think on them more.
Great point.
I think 7 weeks power down can be sweet spot.
Also I think, We should more focus on building SMT capabilities, Sidechains, Smart contracts etc.
Posted Using LeoFinance Beta