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RE: HF Proposal: Vote to Reduce Power Down Period to 4 Weeks

in #steemdao2 years ago

We can’t go less than one week otherwise can powerdown transfer to another account and vote twice. Some stakeholders don’t feel 2 weeks is enough for funds protection incase of a hack. Personally i would like to see a min period like one week with user defined longer lengths for those who want to lockup funds longer. For simplicity we won’t put that on the table for this HF.

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I feel we could reduce the voting time. Given all of the experiments we've done (12 hours, 24 hours, 30 days, 7 days), the one that seems to have worked the best is 24 hours.

7 days isn't nearly long enough for people who want evergreen rewards, so they need to come up with another solution anyway, and after the first day or two of 7 days, diminishing returns kicks in and the amount of voting goes way down. Later votes are probably disproportionately used by scammers too.

i think 3 days is good enough to cover all timezones and people being offline on weekends.

Sure we can go to one week. Or even less. All it would take is the implementation of a rule that wouldn’t allow anyone to delegate nor to start a power down procedure unless they have been sitting on 100% VP. Sounds crazy?

100% VP is not easy to get to, especially if you delegate regularly, each time i delegate on dlease my VP reduces. But in any event we are wanting to keep the code overhead low for the upcoming HF, it is already very complicated with SMTs being added.

The savings on the wallet can be acting like the current powerdown system I think they should just switch it. Once one save fund come in 13 weeks while power down should be 3days

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You never addressed the issue of exchanges using some of their deposits to vote on witnesses if the Power Down length is to short.

You also failed to state that investors can invest in liquid Steem, just like any other cryptocurrency like Bitcoin without having to even stake 1 Steem.