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RE: Single token, simplification?!

in Steem Governance4 years ago

"Removing" STEEM Power is the easiest thing to do. It's just a matter of rewording it, as quite a few people remarked. We just call it 'staked STEEM'.

Unless some major set backs would come up from removing SBD, I'm in favor. The problem I can think of is what do you do with SBD on exchanges? People would need to transfer that to Steem wallets (if they have them) and exchanges would need to delist SBD. I doubt the conversion can take place at exchanges.

I'm not sure I understood exactly from your post if you said maturity of liquid STEEM only affects voting for reward pool or witnesses and STEEM.DAO as well. If it's just the first, I'm not ok with it, if they are both, that's something that can be a solution. Term for full maturity can be talked some more. I'm in favor of a longer term.

We also have two other things to think about: do short term holders of the liquid STEEM care about the long term future of the blockchain? Some do, I'm sure of that, but will they be the majority? Don't get me wrong, I believe STEEM needs a higher liquidity. It also needs protection from predators.

The second question: What do we do with interest? Keep it as is? Remove it? You said simpler, so I guess you are not in favor of progressive interest, based on holding time (maybe not necessarily locked in?).

Actually a third question: what do we do with the Savings account? Do we remove it? Do we revamp it to something truly useful?

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Great comment, thanks!
SBD is dollar worth of STEEM and removing it is simpler because all SBD could just be converted to STEEM no matter where they are (exchange or savings).
Influence on reward pool, witnesses, dao, all will be similar to what we have now. In post, example number I choose was 30 days, you can call it 13 weeks, which will turn system into current system, but token staying liquid (influence is not).
Interest also stays and rewarded depending on influence or mature token holding.

Savings are great feature we have on Steem, with only one liquid token, Savings could be used as safeguard feature where you can store liquid token on savings with different interest rate (right now SP is used in some ways to safeguard token).

Steem in Savings would keep its influence, right? And earn interest.

 4 years ago (edited)

all SBD could just be converted to STEEM no matter where they are (exchange or savings)

Coordinating this with exchanges would be a nightmare. It is enough of a challenge just to get them to update their wallets.

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