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RE: Ned Scott and @theoretical of Steemit Explore Oracles on Steem
Thank you for the detailed explanation. It's a rational solution, simple enough. You have pretty much acknowledged the current stake-weighted voting is deeply flawed - the question is, do you see the common Steem reward pool going 1A1V with Oracles too? I know this is just meant for SMTs, but why keep a failed system around to continue to be abused, then?
As you said, we're not planning to use 1A1V for Steem and I personally do not believe this would be wise. What we admit is that it is not ideal for STEEM to be a jack of all trades and a master of none. It is serving a number of functions well, but the more functions that can be "outsourced" to dedicated SMTs and the more STEEM can be used to serve as the cryptoeconomic mechanism for maintaining the sustainability and scalability of the Steem ecosystem, the more antifragile the system will become. In order to have a system that anyone can join anonymously and with ease, it has to be purely stake-based. Anything else will introduce friction, and decrease anonymity.
What will determine the exchange rate to STEEM of a new SMT?
Supply and demand
Top answer, mate. Just what I wanted to hear.
Happy to see this response. I was worried big time when I read through the post lol.