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I just want better alignment of incentives. Who came up with the incentive mechanics/mechanism design here? What are we trying to accomplish with the rewards (and punishments)?

Of course we need more code, but code should be generated to make a profit for everyone combined. What exactly will SPS produce which is so important that it needs 10% of the reward pool indefinitely? Is it going to produce a lot of profit and raise the price of Steem for everyone so that it's measurably beneficial or is it just moving numbers and percentages around to benefit a few who want development contracts?

Who came up with the incentive mechanics/mechanism design here? What are we trying to accomplish with the rewards (and punishments)?

It was copied from Bitshares where I'm told there is a track record of it working reasonably well.

The issue is no one knows what it will produce. The community will be able to submit these proposals. So its the communities projects we would be funding which people will need to see what value they feel it will bring to the chain.

"The issue is no one knows what it will produce. The community will be able to submit these proposals."

You're ignoring his point. The funding for the SPS proposals is coming only from content creators, who currently share ~10% of rewards now. ~90% of the benefits of any SPS proposals are then delivered to non-creators - who didn't pay anything to fund them under this proposal.

That's his point. The funding is extracted from content creators whose median payout is .01 SBD now, and a 10% tax on creators is going to reduce that, leaving even less incentive to create content.

"... code should be generated to make a profit for everyone combined."

Oops. I think the SP of the majority of stake doesn't agree with you on this. Those 35 whales seem to prefer code that profits them instead of everyone. That's why this is the code being proposed by their chosen witnesses. When you look at things from the perspective of the history of Steem, that's clearly been the impetus behind extant code. Looking forward, it's reasonable to predict that's what this code is intended to do.

Less rewards for creators, and more rewards for whales. It's that simple.

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