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RE: Feedback Wanted: 4 Week Power Down

in #steem4 years ago (edited)

We discussed this topic and I'm for the 4 week powerdown. However, considering the security risks mentioned in case of a phish/hack, the stolen chunks would be greater than the current 13 week setting. To remedy that, I proposed a few extra options for a variable power down:

  • Ability to set the power down period, if people are concerned about security or wish a long term commitment, set to a long period, for investors and techy people tight on security who don't want to be stuck holding a bag of cryptos, set to short.
  • Value can't be modified before 30 days, to avoid account compromise.
  • Can't modify before 30 days if owner key/password are changed.
  • Leave the default at 13 weeks.

Those proposed changes will require additional coding.

Concerning the fee burn to accelerate the power down, I disagree with it and I don't think it solves anything, because a hacker can still burn the fee and steal the funds quickly anyways. Also, burning a fee is like a tax, the purpose of the crypto space is to escape such a burden. Besides, investors and new comers already pay fees to buy bitcoin then buy STEEM from an exchange. So we want to ask them to pay more fees to get their money back quickly? I don't think so.

One important aspect of a currency is the ability to trade it. It's ok to see pumps and dumps, it happens all the time for all cryptos. So I don't think reducing the power down period would affect STEEM's price (we already have common spikes anyways). But, giving more control and flexibility to the users would definately increase the value of the token, not diminish it. This way, if new users would like to buy, power up and participate in the platform, they can do so without much strings attached, instead of being forced into a non-negotiable 13 weeks commitment.

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I like the power up with the conservative default 'choose your own adventure' idea!

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