Why powerdown set to 24 hours would destroy STEEM blockchain

in DTube2 years ago (edited)


As we all know the talks between STEEM witnesses and TRON are still ongoing and the latest discussion was recorded here thanks to Aus Bitbank

Now ... one of the requests from TRON's side was to decrease the powerdown so that exchanges and steemit inc is able to release their funds quick enough to "get out" ( thats a whole discussion from the video )

My video is just to demonstrate what could happen if the powerdown of our stake was suddenly set to 24 hours and how it would really mess things up. This video is mainly for those who are not very familiar with the mechanics of the STEEM blockchain.

I do support the collaboration and I'm glad that all the "real" top 20 witnesses are looking out for this chain, do keep up the open channel with the entire community as we appreciate it and don't want to be kept out of the loop.

Cheers and have a brilliant day ahead !


▶️ DTube
▶️ YouTube
Sort:  

Hi i am listening to the Steem witness meet @ 59:00 marky is conversing.
Do you get the impression that some people do not want to resolve this situation?

From listening to it, I totally get the witnesses stands on this and why it keeps on going back and fort

  1. Tron devs does not have enough knowledge of this blockchain however is asking to fork and change powerdown period to 3 days just to accommodate 3 major accounts. So it's totally unfair for all of us if the chain becomes unstable just so that exchanges who made a decision to stake steem to disrupt governance of this chain can make a quick exit and leave us with their mess ?

  2. Roy is unable to make any firm decision as none of the other stake holders were there. However most of the original key witnesses were there. No respect of peoples time..

I think if tron devs actually take their time to read and understand the steem blockchain, this whole situation is able to be resolved easily. All they need to do is get the stakeholders to click powerdown and wait. That's about it.

Terrible :)
I think some people did this with delegations before it was fixed... of course delegations at least delayed for 1 week so you could only do the scam once a week.

yeap what some people did was power up an account vote it like crazy then delegated to another account and then vote like crazy . that was why voting mana was introduced as you can't delegate out if your mana is low

I guess if everyone did that then the value of Steem would deflate by 6*, assuming the rewards mechanisms can cope with the gaming?

Or maybe the whole system would just crash.

It would be worst.. As there would be an oversupply plus inflation.

Great, I'm just thinking 'things are going to get worse'.

I'm sure all these talks are about is seeing if there's a way to get us to agree on a fork they've already got waiting.

If we don't agree, it'll come anyway. The exchange accounts have been buying in enough Steem to oust the real T20.

I just hope Justin and Tron are sensitive to their social media reputations and don't freeze out the stake of the original witnesses at the same time as making other changes.

CEO's are simple ego-powered machines that are only interested in two things.

(1) MAKE MORE MONEY AS QUICKLY AS POSSIBLE

(2) HUMILIATE COMPETITORS

We can know what they said because NOBODY (especially a CEO) would buy a property unless they could (EITHER) MAKE MORE MONEY QUICKLY (OR) HUMILIATE COMPETITORS.

We can know what they said because NOBODY (especially a CEO) would buy a property in order to "help build a community of idealistic rapscallions who believe in decentralized governance".

CEO = EXECUTIVE POWER = CENTRALIZED CONTROL

"Decentralized Governance" is anathema to their very existence on all levels.

CEO will crush anyone who questions them.

Coin Marketplace

STEEM 0.24
TRX 0.08
JST 0.041
SBD 2.53