RE: My Stance on the Proposed Powerdown Period Change of 4 Weeks
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My understanding is that SMTs are not allowed to have custom power down rules. So, reducing the time frame for STEEM would allow SMTs to function better for e-commerce and other scenarios.
Also I would love to see instant power downs with, say, a 5% commission (burn).
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The burn is an interesting idea, but keep in mind that this would mean that a hacker could instantly drain your balance, while only losing 5% potential gains.
Sure, just like with all other cryptos. But this would allow me to use STEEM to pay for coffee without 4 weeks in advance planning.
At Waivio we are planning to pay users rebates for writing dish reviews at restaurants. Smaller portion of rewards are paid in VP through upvoting (usually 10%-20%) with the remainder paid in liquid STEEM (direct transfers). Some users complain that portion of their rewards are locked and cannot be used right away.
As for protection - maybe multi sig can do the job as an extra layer of protection?
I am a big fan of the instant powerdown burn, 5% is fine by me. To better protect an account, we could try whitelisted withdraw addresses, if the withdraw address is changed, the users funds are locked for x time. Also a way to add any kind of 2fa, even if it's just via email.
The 4 week powerdown does nothing for me. It might as well be 13 weeks if we are talking adding liquidity to the market. When the price pumps, people will want to sell. You would be surprised at how much you'd be willing to burn to get your coins instantly when Steem is pumping 100% a day, 5% becomes nothing in those instances, but yet, helps with liquditiy and reduces circlating supply. I wrote a post about this awhile back.
@theycallmedan I am confused by your reasoning here. I don't understand why we should be concerned with price pumping or any such scenarios. It seems to me that the main thing for us to focus on is increasing Steem's user base (all dapps combined). Price pumps and similar seem to me a complete distraction from that. How are you seeing it?
Or finally get Steem wallet on Ledger/Trezor. This way I can keep funds on one account, delegate it to operating account, managed through Keychain or even Steemconnect.
If account is hackable then it’s hard at this time to recover fund. So I don’t think this will effect instant power down. People with more steem are more cautious about their account and after power down there is option of 3 days to withdraw all funds if I am right
I would support a SPS propsal to intregrate steem into Ledger/Trezor
I also upvoted this proposal. Security is very important for businesses coming to Steem. And since distribution of liquid rewards through direct transfers requires active keys, companies need better protection. And hardware wallets and their integration with Keychain should provide convenient and secure solution.
I'd like to see a pre-burn. You could simply send STEEM to @null. You can instantly (or in few days) withdraw X20 times the STEEM you've sent to @null