RE: HF Proposal: Vote to Reduce Power Down Period to 4 Weeks
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Good point you've made about the safety issue regarding power-down time. Also, having two separate staking pools is too rigid and we should have more than that. 13 weeks was a somewhat random number. Having a dynamic range (e.g. 1 month, 3 months, 6 months, 12 months, 2 years, 5 years) would satisfy more people.
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I mean at least it's still more flexible than just 1 staking pool we have right now. With those dynamic ranges I am guessing you want to incentive longer staking the same way in Dan's proposal? In my opinion there will be conflict of interest between 1 month stakers and 5 years stakers as 5 year stake have so much leverage against shorter stakers with less tokens invested and it will be way more complicated to implement and for users to undestand especially new ones, we have nowhere near as much capital as BlockOne for development, testing, and educating users. The two separate pools is compromise between our current one and Dan's proposal.
13 week is arbitrary, so does 1 month and 2 years previously. 7 day voting window is arbitrary too. Arbitrary =/= bad. For the second pool period if the consensus thinks it's too long then shorten it next HF, if it's too short then prolong it next HF while the first pool period will simply follow the voting window period.
If someone decides to lock their tokens up for 5 years, then they obviously should have a higher return on their investment, than somebody who locks it up for 1 month. That's simple incentive theory.
Sure, but having multitude of pools like that still overcomplicates the implementation and horrible for user friendliness. It's not worth it at all to implement it like that even when voters acts ideally imo. To which pool does SP rewards on posts and curation even go?
Just because you might find it too complicated, isn't nearly a good enough reason to be against multiple pools. Steem can and should be complicated, the frontends shouldn't be and its their job to make it as simply as possible with their UX & UI.
The average user should only know: "rewards earned by posting & curating take x-months to power-down" and I can decide to stake my STEEM for 6 months to earn 10% APR or 2 years to earn 20% APR (rough example, numbers are random)
No, I don't think it's too complicated for me. Why do you think I think so?
What I'm concerned is the implementation will be significantly harder than having only two pools. We are nowhere near as big as BlockOne so we need to be more efficient. More efforts dedicated to implement the multiple pools are efforts not dedicated to improve, say, SMT v2 or other upgrades. It's up to you witnesses in the end.
I understand why you want multiple pools like Dan's proposal, you seems like the type who will stake whatever the maximum period to me.
How long SP-earned-on-posts-and-curation power down period do you think is the best?
That’s how bank term deposits work yes.
I think there also should be an option to have it powered up forever.
Yes I am all for a dynamic range, I would like to be able to set longer periods for the Steem I intend to hodl. The 4 weeks baseline is still good, we have even people asking for as low as one week in comments here. 4 weeks is also a familiar lockup period much like a 30 day term deposit.
Just thinking out loud here, but could a security feature be implemented that would only allow an account to send powered down steem to a beneficiary account specified by the user unless a certain length of time passes. For instance, you could set a beneficiary account called @beneficiary or whatever. If you power down steem, that steem could only be sent to @beneficiary for 3 months. That way someone would have to hack two accounts to gain the funds and this would reduce the security risk for instant power downs. Once you transfer the funds to @beneficiary, they are unlocked and free to go anywhere, such as exchanges, etc.
And while more complicated, maybe it isn’t all that much more complicated for the general masses while still maintaining security?
Little bit complicated, also if the hacker gets the active key they can change that power down recipient account, unless u put it on a timer that takes 30 days to effect such change, a two account security feature may be too many keys for the average joe to think about and potentially lose. Currently there are vesting routes you can set with the active key.