I'll take your bait anyway and remind you that the witnesses of the blockchain are responsible for running the network and the multitude of us keeps it decentralized. If that's not worth a small minority cut of the network's inflation, I don't know what to tell you except I hope you come to understand why a cryptocurrency and its network have value.
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haha you honor all of us with the bait bite, my apologies for that wording above, (in hindsight it was a bit clickbaity even for my taste) in my defense, it happened in the wee hours into the night and due to some excess alcohol intake after festivities (i think i typed out my thoughts w/o realization it was unfiltered)
firstly i do agree with you block producers are the backbone of all blockchains
I think a 10% network inflation cut in this steem blockchain (>$1 Steem price) is a more than worthy reward for block producers in the top 20 position, this i hope you agree
now considering that we are primarily a social media blockchain, our roles as witnesses needs to be inclusive (at some minimal value) of the social aspect of growth in addition to the technical function of blockchain production, hence the modest 1% contribution
now considering that a witness reward is more directly tied to Steem price appreciation than any other direct method of earning steem
at about current 24,800,00 Steem produce annually, and 2.5 million going to witnesses (not including other fringe benefits of steem stardom that comes with being top20) which can only be matched by a mega-whale with say 7 Million SP self upvoting, or just to note that from a ROI perspective a steem witness earning is unmatched by any other means
it's the old paradigm of where to invest resources. i admit i am proposing do we take a cut 1% cut of the politician or CEO/executive income to expand innovation and bring in new talent, but honestly, i think it's equally if not more important than just the numerous proposal to optimized the existing system (which btw i think is really a moving target)
then again there is no point to reduce executive income if they don't already have a significant stake of Steem (ideally in SP), you don't see the elon musk earning $1 /year or warren buffet capping his pay to $100K without being a major share holder (now I'm wondering if there is any top 20witness with say at less than 100,000 Steem?....so at $10 they will have the minimal million)
i do seriously think we have to address growth continually, and to make it measurable, auditable, and rewarded .... the ways we achieve, that's upto to the proof of community and the witnesses to guide us all there
The plan isn't to take away earning from the top20. But to take 1% from what they earn and distribute it to to recruitment. Recruitment is a function that witnesses should be doing anyway, and some people are just better at recruiting than others.
This would provide an opportunity for witnesses to keep working on keeping the blockchain working as is and allow for an incentive for others to go out and recruit new talent. And we open the doors to more people, so instead of 20 witnesses recruiting, you have 1000+ people recruiting which would be far more effective.
Ah, I misread what you* said. I thought you were talking about the (roughly) 1% of annual network inflation going to witnesses.
*Using two accounts I guess?
No, we're two separate people. That's just my interpretation of dj's view.
DJ tends to take a reasonable approach, I think it's more reasonable to expect people to give up 1% of the rewards than 1% of inflation. Unless he's refering to 1% of inflation from witness rewards, but then you need like 2 different classes of steem which just makes this place even more complicated.