Indeed @smooth, if we are going to reduce SP Interest from 100% to 5% then we must also cut the witness-rewards and mining-rewards to better reflect the new reality - Steem will go sky high, so your Dollar-amount will go up because of it. Alternatively we can keep the rewards as they are, but widen the circle of witnesses to 190 instead to make the major rewards.
These are all delicate numbers that we must carefully experiment with, and we can always adjust as we move forward.
We don´t want to become "Steembabwe" because of hyper-inflation, and we also don´t want to lose witnesses that are of top quality that benefit all of us, and I think a total reward of $1.4 Million or $75K per witness should be a sufficient annual reward for the top 19 witnesses, and I should definitely be one of them.
SP doesn't give you any interest. You actually lose money every year when powered up.
The inflation right now is much higher than 100% it's somewhere between 100% and 300%.
Yes @snowflake and it is accumulative inflation, so ... The Snowball-effect. "Steembabwe" hyperinflation.
Steem may go sky high. Most blockchain projects stumble and stagnate if not fail at some point.
Great! The current design calls for 0.75% of market cap to go to total witness and miner rewards. Your proposed budget implies a market cap of $186 million with no parameter change. That is a very reasonable, if ambitious target, from the current $25 million.
absolutely @smooth, and our current market-cap is a joke. The steemit.com website combined with the Steemit Inc. Technologies is worth a lot more. We are in an investor-accumulation period now, and we are building a bottom.
All good skyscrapers and space-ships starts from the bottom, but we must do it the right way so we don´t kill the goose that lays the golden egg.
Budget accordingly, and stay calm and keep focus on what you need to focus on, and support @fyrst-witness (dedicated sales-force). We´ll be at the moon again once we all agree that we need each other on various parts of the same team :)
I am here to serve.
Nobody wants to be Steembabwe.
This said, I'm going to advocate an approach somewhat in between what @fyrstikken (on one extreme) and @smooth / "status quo + tweaks" (on the other-- also I recognize there are some changes you want to make @smooth).
@fyrstikken, I think that your proposal is a little too fast.
@smooth, I think that larger changes are needed.
I've always, always been in favor of changing payments to reflect actual traffic. It's simply an excellent idea top to bottom. Adwords? Why not! They're everywhere else, and people could stop asking where the money comes from.
@fyrstikken, you've validated all of your plans with investors? (eg: if we made those changes, they'd want in? Are any of them willing to talk with us when you have your community meeting?)