My Thoughts On The Steem Power Down Proposal
In my two days away, an interesting article popped up into my feed about the possibility of lowering the power down time on SteemIt. I won't cover the article in detail here as it's a fantastic read and if you haven't read it yet, you can check it out here: https://steemit.com/steemit/@steemitblog/steemit-power-down-proposal. People in the comments seemed divided on the subject and since I'm not one to comment often, I decided to write an article about it.
In short, I think that the 13 week power down period that we currently have is too long. I personally think a 4-6 week period would be great, but that's just what would personally work best for me. I've been in the crypto space for a few years now and especially here lately, I've written a lot about the subject. I've said before that crypto is an unpredictable beast and that will always be the case. I think that if someone wants to cash out their chips so to speak when prices look great, they should be able to. Anything less than a week though is a horrible idea as hackers could straight up steal peoples' money. With at least a 4 week period, the chances of that are much less likely.
I do feel however that people who choose to keep their Steem Power for a long time should be rewarded for doing so as they help keep the platform afloat. The current APR for it just doesn't incentivize people enough to really keep it due to the volatile nature of crypto. I know personally that if Steem was to hit anything more than a dollar each again (which I strongly believe it will this year) I don't want to be forced to make the choice of trying to predict that early enough and try to cash out by then or miss out on another crypto boom. I got lucky during the last boom and cashed out before the crash.
I've asked several members of @TeamOCD on their thoughts and a few people were for the proposal while others were against it. I'd love to know your thoughts on the matter though as these are merely my opinions and what I'd like to see.
Ah.. I just read the @steemitblog because of your post. I think allowing an arbitrary timelock with varying rewards is probably the best approach. To keep thing simple, STINC can design it such that there are just a few options Steemians can choose from when powering up their STEEM. The longer you lock, the higher the rewards.
This approach will cater for a wider variety of users. Some of us hold a longer term belief on this platform while there are also many who just want to trade.
I agree 100%. Being able to have multiple options would work best as different people have different goals that they wish to achieve on this platform.
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