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RE: Thinking out loud: When should the witnesses start paying interest on SBDs in savings?
This is an interesting topic, though one I don't think we should be worrying about right now with a new bull market just starting, and it being 2024 currently. A lot can happen between now and the next decade or so. I think this is something we revisit in a couple years when it becomes more of an issue so we don't risk messing things up doing things we didn't technically need to do right now anyways. Just my thoughts.
Play in the summer, starve in the winter. 😉
I agree that we shouldn't rush into anything blindly, but I don't think we should wait a couple of years before we start trying to understand it better. Perhaps I'm wrong, but I don't get the sense that even the original developers understood the full implications of interest rate changes. It may be that when we understand it better, we would want to make changes sooner rather than later.
It's counterintuitive, but if SBD interest payments happened to boost the price of STEEM, it's conceivable that printing SBDs at some optimal rate could actually increase scarcity and protect witness profitability at the same time. (Though, I haven't done the math to find the conditions where that might happen.)
Haha I knew you were going to say something about preparing for the future etc... While normally I would agree with you, I think it is something that is so far away, it is not worth spending time on today. To continue your analogy above, perhaps it is something best worked on in the winter indeed. ;)
Well, I think we can agree that it's not an urgent need, and we can probably agree on a handful of other things that ought to be higher in priority. But, I think this is a foundational responsibility of the witnesses -- at least for the top-20 witnesses. This is what the blockchain pays them for. IMO, in an ideal world the top-20 witnesses would:
If that parameter is set to zero simply because, "It has (almost) always been done that way", then a better understanding is needed. If there's a reason to leave it at zero, fine. But it shouldn't be pegged there just because no one thought about it.
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