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RE: Steemit Power Down Proposal

in #steemit2 years ago

The Interest from the Steem inflation is so small it offers no incentive to lock your Steem up for longer than the minimum - surely if we allow people to choose their own lock in time, everyone's just going to go for the minimum period?

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surely if we allow people to choose their own lock in time, everyone's just going to go for the minimum period?

No. It all depends on the right incentives. Would you be on Steem if you'd earn nothing? Most likely not.

Same goes for powering up. If there are no incentives, then people will go for the minimum required period, but given enough incentives, this is easily changed.

This is going to become a debate about how to weight the incentives for what period of lock-in isn't it?!?

Inevitable I guess!

That's not entirely true...

If let's say the minimum period were 5 days and for locking up SP for that minimum you receive no interest, then there's more interest to share for the rest of users.

If for 4 weeks it's, let's say 0.5%, then again it's less than currently 2% APR, so more for those who stake longer.

This way we can get to something like 5%? for locking stake to 6 months - 1 year?

These are not by all means exact calculations, nor can we have that at this stage.

By all probabilities this may be a dynamic interest rate, which will fluctuate based on how many people choose different staking plans. That's if we want to keep interest at 10% from total inflation, and I don't think that's under discussion.

5% APR, in crypto volatile world, on a inflationary coin... It's nothing. This proposal makes no sense to me.

Instead please allow users to power down quicker for a price of burning part of the tokens - I think this was already proposed by many users.

This is one of the dumbest ideas ive heard and coming from steemit.inc makes me feel that they really lack vision or the capacity to strategically think as to the effects of the change.
This literally does nothing.

Instant power down with burn is not mutually exclusive with progressive power up period. You can make the burn percentage fee scale with the stake duration. For example, 1 week stake has 1% burn fee, 2 week stake has 2% burn fee, etc. This punishes people that fails their long term commitment while still giving them option to exit instantly. The security aspect is discussion for another day though.

I voted for 4 weeks to disconnect - I do not change my opinion.
I'm interested in - how many accounts voted for 4 weeks and how many to leave as is?
It is very important
anigif_original6891139785117031.gif

Does it really matter? It is a stake based procedure anyways...Stake does the talking...

PS. I know what you mean...

People do have a little influence, a tiny bit. Some whales care.

Perhaps its time we started to question the status quo in that regard and have some meaningful discussions about it?
Maybe there are some areas such as witness selection, and proposals for structural change, that would be far more beneficial for the growth of the platform, if a democratic system for making decisions was implemented?

Understandable, but the proposal on the original post will kill the dispute of ideal staking period once and for all so I personally think it's plain better than just a variable change to yet another arbitrary number.

We are not democracy. The number of accounts voting in favor of something doesn't matter.

We are not democracy. The number of accounts voting in favor of something doesn't matter.

Then why ask us? Let the whales choose what they want and vote for what they want - but we will stand aside and see how many more people will escape from the platform!

I share your concerns personally. I will note that intelligence may not involve immediate economic benefits, but it is of critical import to economic issues.

The social interactions on Steem are OSINT intelligence mechanisms, in that regard.

Thanks!

As you weigh people's various responses, you can make out a better understanding of situations in general. This helps both big and small stakes to build their opinion. So why ask? To measure the reaction, to learn from people's input, to better understand the human side of the consequences of their actions, etc.

So people with a lot of stake know what people in general (regardless of stake) want? As you said, if opinions of people with smaller stake are straight up ignored we can just leave, degrading the value of the network as a whole, destroying the value of their stake. How are they supposed to know what we want if they don't even ask us?

It's more than 2%. Some people never powered down. For them it's a long term commitment anyway.

^ That's me. I've never powered down. I'd probably go for 6-8 month power down because all my plans are super long term.

All this talk of APR ... we need to embrace the 2020 DEFI trend issued down by illuminati decree

lets make a no loose lottery with SBD and SP

https://cryptobriefing.com/defis-first-no-loss-lottery-raises-million-interest-accrues/

More importantly, even if a user doesn’t win, they get their deposit back, according to a blog post from PoolTogether.

im high but i bet this can work on steem , mix it all together drink it in a big APR milkshake i got those eosio smart contracts and steem engine side contract hype, liquidity, volume, demand. DPOS

Proof ... of... Brain.. Power down your sanity

the wallet is you
HEQcFDJ.gif

I'm not sure I understand any of the concepts you mentioned. Dunno how you can make a no-loss lottery.

I just learned about it yesterday and think we need this on eosio with steem engine with mah steemp steem token that has smart contracts

At 699,927 lottery tickets (each DAI representing one ticket), the probability of a single ticket winning the pool is 0.00000142. A user’s odds of winning increase as they purchase more tickets, but they also forego more guaranteed yield from lending the funds elsewhere.

, theyre simply combining no loss stable coins that earn you guaranteed interest, with lottery tickets.

just look at the article they explain it like this:

it seems like interesting stuff

But if you deposit the funds, and you lose, do you get them back? If not, how are you not losing your initial deposit?

curation rewards are also a big incentive to hold some steem ....

Yes, especially since the last HF.

I wonder if its technically possible to scale the curation returns dependent on the time period you lock steem in for?

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The Interest from the Steem inflation is so small it offers no incentive to lock your Steem up for longer than the minimum

You are right. Give me back a minimum 50% from my vote value and I will Power Up, even for 13 years

Lol, I looked up your SP. I thought I could perhaps vote "half" of your vote value on your comment to force you to power up for 13 years. But you have so much SP :O I can't.