The problem with steem is that the incentives are not aligned. What I mean by this is that SP holders can allocate resources to themselves. Ideally SP holders should increase their holdings only if content creators do it at the same time. To get to that "ideal" situation we would need two things to happen:
- Remove the ability to selfvote.
- Remove the possibility to use alt accounts.
I have thought about this alot and I can't find a way to solve it. There are always ways to circumvent whatever measures we come up with. For instance, if we are able to identify who owns each account to prevent self voting via alts then the parasitic actors can resort to backroom dealings to bypass the system (for those who were not around this type of behaviour created some drama in the early days of the platform).
The next best thing would be to penalize alt account usage with a non-linear rewards distribution curve coupled with the possibility to negate rewards to those who insist on leeching from the reward pool. In other words the EIP is the next best thing.
Unfortunately a non linear curve has some dowsides, mainly that the bigger the wallet the bigger your influence will be. That's way the shape of proposed curve is very important.
Another measure that could be taken is to reduce the portion of the inflation that goes to the reward pool but that would hamper the token distribution which is anoher goal that we should also focus on.
If interested, just check out this idea concerning the reward curve.
Actually I remember reading your post back then. If I am not mistaken the shape of a Sigmoid_function is similar to the one on the EIP.
Yes, and I am in favour of the convergent rewards curve.
500mv influence cap, n2 to encourage max account value, flags for abuse, and we can get back to where we were before stinc, et al, hijacked pob to give us powallet.
For someone with your political stance it strikes me as odd that you would be in favor of and n^2 curve which only encourages an oligarchy to entrench itself. Why would you want to go back to the old days? Back then if you invested 10k USD your vote was worth a whopping 0.001...pathetic.
Putting a cap on the stake doesn't help, it just creates a point of equilibrium where whales start to power down and does not encourage further investment.