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RE: Steemit Power Down Proposal

in #steemit2 months ago

The Interest from the Steem inflation is so small it offers no incentive to lock your Steem up for longer than the minimum - surely if we allow people to choose their own lock in time, everyone's just going to go for the minimum period?


That's not entirely true...

If let's say the minimum period were 5 days and for locking up SP for that minimum you receive no interest, then there's more interest to share for the rest of users.

If for 4 weeks it's, let's say 0.5%, then again it's less than currently 2% APR, so more for those who stake longer.

This way we can get to something like 5%? for locking stake to 6 months - 1 year?

These are not by all means exact calculations, nor can we have that at this stage.

By all probabilities this may be a dynamic interest rate, which will fluctuate based on how many people choose different staking plans. That's if we want to keep interest at 10% from total inflation, and I don't think that's under discussion.

5% APR, in crypto volatile world, on a inflationary coin... It's nothing. This proposal makes no sense to me.

Instead please allow users to power down quicker for a price of burning part of the tokens - I think this was already proposed by many users.

This is one of the dumbest ideas ive heard and coming from makes me feel that they really lack vision or the capacity to strategically think as to the effects of the change.
This literally does nothing.

Instant power down with burn is not mutually exclusive with progressive power up period. You can make the burn percentage fee scale with the stake duration. For example, 1 week stake has 1% burn fee, 2 week stake has 2% burn fee, etc. This punishes people that fails their long term commitment while still giving them option to exit instantly. The security aspect is discussion for another day though.

I voted for 4 weeks to disconnect - I do not change my opinion.
I'm interested in - how many accounts voted for 4 weeks and how many to leave as is?
It is very important

Does it really matter? It is a stake based procedure anyways...Stake does the talking...

PS. I know what you mean...

People do have a little influence, a tiny bit. Some whales care.

Perhaps its time we started to question the status quo in that regard and have some meaningful discussions about it?
Maybe there are some areas such as witness selection, and proposals for structural change, that would be far more beneficial for the growth of the platform, if a democratic system for making decisions was implemented?

Understandable, but the proposal on the original post will kill the dispute of ideal staking period once and for all so I personally think it's plain better than just a variable change to yet another arbitrary number.

We are not democracy. The number of accounts voting in favor of something doesn't matter.

We are not democracy. The number of accounts voting in favor of something doesn't matter.

Then why ask us? Let the whales choose what they want and vote for what they want - but we will stand aside and see how many more people will escape from the platform!

I share your concerns personally. I will note that intelligence may not involve immediate economic benefits, but it is of critical import to economic issues.

The social interactions on Steem are OSINT intelligence mechanisms, in that regard.


As you weigh people's various responses, you can make out a better understanding of situations in general. This helps both big and small stakes to build their opinion. So why ask? To measure the reaction, to learn from people's input, to better understand the human side of the consequences of their actions, etc.

So people with a lot of stake know what people in general (regardless of stake) want? As you said, if opinions of people with smaller stake are straight up ignored we can just leave, degrading the value of the network as a whole, destroying the value of their stake. How are they supposed to know what we want if they don't even ask us?

It's more than 2%. Some people never powered down. For them it's a long term commitment anyway.

^ That's me. I've never powered down. I'd probably go for 6-8 month power down because all my plans are super long term.

All this talk of APR ... we need to embrace the 2020 DEFI trend issued down by illuminati decree

lets make a no loose lottery with SBD and SP

More importantly, even if a user doesn’t win, they get their deposit back, according to a blog post from PoolTogether.

im high but i bet this can work on steem , mix it all together drink it in a big APR milkshake i got those eosio smart contracts and steem engine side contract hype, liquidity, volume, demand. DPOS

Proof ... of... Brain.. Power down your sanity

the wallet is you

I'm not sure I understand any of the concepts you mentioned. Dunno how you can make a no-loss lottery.

I just learned about it yesterday and think we need this on eosio with steem engine with mah steemp steem token that has smart contracts

At 699,927 lottery tickets (each DAI representing one ticket), the probability of a single ticket winning the pool is 0.00000142. A user’s odds of winning increase as they purchase more tickets, but they also forego more guaranteed yield from lending the funds elsewhere.

, theyre simply combining no loss stable coins that earn you guaranteed interest, with lottery tickets.

just look at the article they explain it like this:

it seems like interesting stuff

But if you deposit the funds, and you lose, do you get them back? If not, how are you not losing your initial deposit?

curation rewards are also a big incentive to hold some steem ....

Yes, especially since the last HF.

I wonder if its technically possible to scale the curation returns dependent on the time period you lock steem in for?

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The Interest from the Steem inflation is so small it offers no incentive to lock your Steem up for longer than the minimum

You are right. Give me back a minimum 50% from my vote value and I will Power Up, even for 13 years

Lol, I looked up your SP. I thought I could perhaps vote "half" of your vote value on your comment to force you to power up for 13 years. But you have so much SP :O I can't.

@mmmmkkkk311 is attempting to use his flags to intimidate Steemians into abandoning their support for @steembasicincome.

He baselessly claims it is a "ponzi scheme" which just shows that either he doesn't understand how it works or (more likely) he just doesn't understand what a ponzi scheme even is! And the blatant hypocrisy in him trying to fight "vote selling" when that is exactly what he did with his bidbot! As as bidbot owner with over a dozen alt accounts he is in no place to judge what is right or wrong here on Steem. Now he is mad that his scam has ended. So like an upset child, he has decided to take out his anger (caused only by his own failures) on other innocent people. Making him nothing more than a big bully!

MK admits to running a bidbot

Actual account who was "wrecked by @mmmmkkkk311 (for holding sbi shares)"


I am here to counter @mmmmkkkk311's bullying. I will upvote every post/comment that he downvotes. You can support my anti bullying upvotes by delegating (links below) Steem Power to @ilovemk311. And you can help keep this message visible by upvoting this comment or by purchasing SBI shares for @mk311isabully which will help to counter the downvotes that @mmmmkkkk311 will surely send my way. Which I highly encourage him to do as the more downvoting power he wastes on me the less he can use to downvote the real content creators here on Steem that would otherwise become his victims!

Choose a delegation amount

5 | 10 | 20 | 50 | 100 | 500 | 1000


I ask YOU my fellow Steemians to help me take a stand for our Steem community.

With this jerk bullying innocent people we are seeing many great content creators leave due to the drama and negativity that @mmmmkkkk311's downvote campaign brings to the blockchain. While he claims he is trying to defend his investment he is actually unwittingly destroying it.

SBI is an initiative that has done nothing but help promote onboarding and community building here on the Steem blockchain. Let us not turn our back on it out of fear for getting downvoted. Instead lets stand up for this great initiative that has helped so many people and helped the Steem community to grow and thrive!

Thank you.