At first I was very enthusiastic about LBI. Was planning to bring in some 30000-40000 LEO. Was accumulating them, swapping from ETH on Uniswap
Then I saw the complete rules, and that heavy discriminating section against whales. (Governance)
- 10-99 LBIs will earn a vote equal to 1
- 100-499 LBIs will earn a vote equal to 2
- 500-2,499 LBIs will earn a vote equal to 3
- 2,500-9,999 LBIs will earn a vote equal to 4
- 10,000+ LBIs will earn a vote equal to 5
....
One account per user can be used for LBI governance voting
50% of my entire life was ruined by a socialist regime, in ussr. And seems now I have a chance to return to socialism again...
I'll think twice.
No - TEN times.
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Good that you are doing your own research and making a decision based on that. It is a free and personal choice whether to invest in a project, or not, taking into account what you know about the project. In any case, thank you for the interest shown.
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Do your own research is always advised and very little people actually do it. Im glad you read the terms before you made up your mind.
It's not for everyone, thanks for showing an interest and considering it :)
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Also do consider the opposite case. For user like me who owns 100 Leo, he would have not been able to take part in governance when 2-3 persons hold more than 50% stake in tokens. This overall governance has made equal opportunity for small and large investors to take part.
It shouldn't have to be always that a small should have a major impact, then the assets are mostly representing them not the overall community.
Though whales can always be the leader as small users do follow whales ideas. So in the end it is a win win situation.
Regards.
Nobody is holding you back to buy more LEO or LBIs, that is for sure. Why shall one who has earned more have to pay more in percentage as the ones who earned less? Fair is equal percentage to everyone.
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It is just GOVERNANCE VOTES, IN A NARROW FRAMEWORK...
The "whitepaper" is basically SPI all over again.
REWARDS are totally based on your STAKE. I know from my SPI
Experiences. It worked Very Well!
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Thank you for your comment.
I see that it is SPI reloaded for LEO. That is why I invested in it. I just stated my view on it, with what I like and what I don't, but in the end, investing in it shall be enough of a statement.
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Oh so you did jump in? Nice!
Yeah, there were things about SPI that I "liked less" or would have changed, but in the overall scheme it's an excellent investment and will be for a while! Maybe FOREVER!. LBI should be too. I just fear the traditional markets might tank and hurt crypto overall. But that is a risk for any investment in any category.
Good to have you in there, I just wanted to add a little clarity to what it appeared you were saying. No Worries!
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Yes I did. Money in crypto remains in crypto, even if it tanks. It is money that I don't need at the moment or at least not in the next 10 years, if everything goes well. It needs to grow and I think it will. If it is not converted it will not be a loss. :)
Thanks for stopping by.
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here we aren't talking about rewards. For sure rewards more rewards for those who paid more but governance.
If someone owns 51% of LBI and solely control all its actions that's not also completely fair. That's what LBI didn't encourage.
We are on a proof of stake chain. LBI is a good project, that is why I invested in it and will probably raise my stake to own 1% at least of the final tokens.
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Just as many people had their lives ruined by dictatorship also.
In fact, many equate to power distribution on Hive to exactly that.
what is interesting is that you mention socialism where their is no social ownership, either written or implied, of your equity.
I guess the model could have been set up as one account, one vote.
Would that have been a better model? It actually would have been worse from the perspective you are coming from.
It is not easy to walk the fine line between dictatorship and mob rule.
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My whole idea of LBI is to sit quietly and let it see it grow from sidelines.(Not interested in governance at all.)
But 300 vs 30000 , risk become larger and in reality if you have gone with 40K, you will be having more than 33% stake with negligible governance power.
I think lbi can adopt the Archon(tribe) governance model, where they write a proposal and create 2 comments, one with Yes and other with No. Comment which get more votes (corresponding to the GV power that is directly proportional to the staked Archon/Archon miners) wins.
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Still a weighted voting system based upon holdings.
The only difference is the idea here is to cap the influence of the larger accounts to prevent another situation like we often see on hive which can effectively be a dictatorship.
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Good for sabotaging any project.
Never thought that governance can be so hot topic, How the SPI governance work?
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Set up on the same weighted tiers, a little bit different but pretty much the same. The top tier is capped lower on SPI at 2500 SPI's.
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LOL! SPI tends to sometimes need more engagement. Sometimes HODLers just HODL and give ZERO input.
You have to remember though that lots of SPI tokens were given away in raffles and giveaways (I myself used to give them away to fellow steemitmamas) - they were only worth 1 STEEM, so it was seen much the same as giving away a STEEM BASIC Income share.
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It's the middle ground.
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hmmmm, never thought of Archon. Thanks for the reminder :)
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@silverstackeruk I have some problem that I haven't recieved my last LBI tokens, is it you I should talk to or?
And what if his stake is 51% or large enough that whatever he says is accepted by the system and rest 49% majority just keeps on watching.
49% is not majority. Yes, It is the way that's how all the Corporate governance take place in almost all over the world.(As far I know)
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I guess for majority better model is to have 2/3 of stakes? what are your views?
I feel using the "Hive Witness model" look nice and no self vote allowed.
Let choose 20 representative that look smart ,capable and interested to run the system.
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That's a good idea, seems good to me.
Be quiet, but remember to support the projects!
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People born and raised behind the iron curtain know what socialism can bring. As I had fun when I was little with Ceausescu and the beautiful memories of lacking everything but stress and brainwashing pressure, I'm with you on the communism/socialism aspect.
This governance topic is for me also a very big pain and maybe we will get the chance to revoke it with enough votes :)
Besides this, given the track record of the team, I did a small investment, as it is a passive system with a good return.
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We have seen in block chain reality what happens when one person can control it all, and the voice of the smaller accounts are ignored. If 80% of the people with governance thinks something is bad, but one person's governance vote outweighs all those people, then we have a problem.
@onealfa.leo
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