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RE: Feedback Wanted: 4 Week Power Down

in #steem4 years ago

You don't understand the whole point to Steem, and apparently Steemit Inc. forgot as well...

Steem is a time-lock reward system, and you're suggesting the craziest thing ever, which is removing the time-lock. Have you ever heard of a Certificate of Deposit? That is exactly what Steem is!!! Its a Certificate of Deposit system that rewards you with voting power that results in a cut of the inflation for STAKING.

I am absolutely astounded by the amount of crazy I am seeing from people here. Its as if you went to the bank and told them, "hey, there is really no difference between locking up my USD for 12 months or 3 months, so lets make it 3 months, and yeah, I want the same interest rate benefit. Cool? Great..."

You know what would happen if the bank said 'okay'? The whole Certificate of Deposit reward system would go to shit. People get interest for sacrificing something, which is time, thus the "time-locked" aspect. Similarly, the only reason you get to receive upvotes against the reward pool (inflation) is to provide incentive for you to STAKE!!!

You are wanting the incentive to stake to go away or be greatly reduced, which is complete insanity...

Really, really really don't want your STEEM time-locked?

Okay, there's really only one other way to do it. Steem Power could be permanent via STEEM burning. So, the idea would be that you must turn your STEEM into Steem Power, and once done, its a permanent thing, so the only way to get the value out would be by selling the account itself. This is a way to not have to time-lock your STEEM in order to have voting power, but you'd have to more carefully decide just how much Steem Power you really want to have, since its irrevocable.

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