RE: HF Proposal: Vote to Reduce Power Down Period to 4 Weeks
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Steem needs to be simple for users, we cater for more normies than EOS does so we shouldn’t get too complicated, Dan tends to make things too convoluted and technical for the average user. We already have 3 currencies on Steem, adding an extra pool is akin to having 4. I don’t think a 4 week pd schedule will create a governance issue, take for example a major shareholder in a real world company stock, there is no lockup period traditionally unless that was the terms given in a buyout or something but that won’t be common, investors in such stocks still exercise their voting rights for the good of their investment same as if you own a property in s body corporate, you can sell it anytime but doesn’t mean while you hold the property you will make malicious voting decisions at meetings.
The issue with EOS and alot of crypto is the quality of investors, no matter if the lockup is short or long, a bad acting large stakeholder can still help mess up the project.
For myself a short or long time period won’t change my decision making process, my investment in Steem is my time over the years that makes me invested.
I do like your point about the burn being a huge security risk and defeats the object of the security feature of the 30 day recovery period.
I also urge users to split their stake across multiple accounts and for ease of use can delegate to the main account. Having as shorter pd period can help users decentralise their holdings in this manner for increased security.
Steem needs to be simple for users, I agree. That's why I concede at two pools instead of Dan's wacky amount of pools. Normie users actually doesn't need to learn about the extra pool at all. If SP rewards for posts and curation goes to the first pool then they don't need to learn about the second pool unless they are interested in voting for witnesses and proposals. If it goes to the second pool users don't need to learn about the first pool unless they actively don't want witness and proposal voting power and prefer faster power down and don't mind the lower security. The choice depends whether you (witnesses) consider witness and proposal voting a "normie feature" or not. Users only forced to learn about both pools if post and curation rewards goes to both pools which I'm strongly against. While we are at it, I'm also proposing disabling SBD rewards entirely on posts next hardfork as the DAO already provides constant downward pressure to SBD price regardless of the debt ratio, this way normie users don't need to know about SBD unless they are interested about holding this particular stablecoin.
This is a tangent but no lockup in most real life companies is the very reason company's shareholders prioritize short term profits over sustainability and treats their workers pretty badly knowing when in near inevitable crash they can bail right away, even worse after crashing they cry to government to get bailed out to "protect their worker's job" while they have already bailed themselves and became shareholders on other companies (or simply keep their wealth from selling the stocks). Taxpayers get screwed too even though they have nothing to do with the company.
Yes, most stocks in real life companies don't have lockup period but having lockup period for governance voting forces the stakeholder looking at the best interest of the token value at least for the duration of the lockup. We are a blockchain community not companies. We have no workers to exploit as they can simply leave and we have no government to bail us out when we make a lot of bad short term decisions. One of the main reasons we have lockup period at all is so exchanges can't vote, the lower the duration the more vulnerable we are to that and this complements with the security issues I mentioned on the previous post too. Exchanges are not in for long haul, STEEM is just one asset they hold and it's not even theirs.
You agree that quality of investors of crypto is bad but you advocate for shorter lockup? If it's implemented like I proposed we can still market the lowered (1 week) staking period to new investors and if they want to get involved in governance they only allowed to play a long game. Where's the drawback? Most of our bad stakeholders now are due to ninjamine and/or only invested because of bad economics pre-HF21 anyway.
Sure, I believe you are a good actor but you can't just project your behavior to other actors. If a system rely on all its participant to act good it's garbage. Why are you even advocating shorter powerdown period if it doesn't affect your behavior whatsoever?
Yeah, keeping multiple private keys for multiple accounts where an account already have multiple private keys is totally user friendly. How about having a single account with higher security where 100% (or at least significant portion) of your stake doesn't get stolen within the account recovery window?
Steemit just needs to stay decentralised and thats pretty much it, oh and keep going. As for the power down i say keep it at 13 weeks. No reason other than in the real world 13 weeks lock up of your investment is nothing and second why encourage volatility in the Steem price.
Who is steem's greatest offender? It is @themarkymark. Read this post to understand why you should never support him nor whoever he supports.