Steem power down 12 months to 3 months, artificial intelligence human tools
@recursive
Isn't a reduction of the power down time going to increase the sell pressure even more? Why would whales who were still powering down even at a price as low as 10c / STEEM (which suggests they aren't having much faith in the project and trying to get as much out as possible as soon as possible) suddenly turn around when they now have the opportunity to exit in as little as 3 months? With the power down period reduced 8x, you would need the number of whales powering down to be reduced 8x too just to keep the same sell pressure as today.
@dantheman
The solution isn't to restrict selling, but to increase the demand for buying. If you are locked in a cage you cannot wait to get out. Remove the lock and all of a sudden you feel comfortable. Now look at it from the perspective of someone looking to get in the cage. They are more likely to enter if they are not afraid of getting trapped. Also don't think of individual whales, but massive numbers of smaller minnows and dolphins.
@tracemayer
The way to increase demand for buying is simple: reduce price. Changing the Power Down rules is an ex post facto action which economically harms those who have already Powered Up in reliance on the two-year period because it impairs the obligation of contract. As explained in the whitepaper, there are reasons for the two year period of reduced liquidity (a characteristic of the good bought) in exchange for greater influence on the platform.
@dana-edwards
As we can see from this example, 2 year power down or any (non-liquidity) or economic rules can and will be changed when the majority of stakeholders find it economically convenient. This means we cannot take seriously any current or future rule set in Steem code which governs any economic aspect of Steem. This means all signs and signals on our accounts such as $ amounts or "wealth" which can be considered an outcome of a current figment of code, can be changed at any given time in the future so can we really say we know what anything is worth when it's held in a smart contract?
@snowflake
Steem power allows you to vote, that's the only reason it exist. A smart contract lock is necessary to prevent double voting. You should not power down because steem is one of the rare cryptocurrency that has intrinsic value, you can't participate on the platform if you don't have it. You seems to think that steem power is the thing, but steem power is merely steem that are powered, the real thing is steem the crypto which will be very valuable in the future as the platform gets better.
source @ https://steemit.com/steem/@dantheman/steem-economic-changes-update#comments
follow @craig-grant
interesting. when first heard about the proposal i was thinking the same.
if this would have been a plan.... as a secretly part of the actual roadmap.....
this would be very smart !
*Steemit is awake *!
it was clear that it is about the steempower distribution.
but now there comes the time to see it clearly !
Thanks for another video. I find them very uplifting.
The only thought I can't shake is what if the developers start selling their Steem. What's the incentive to develop after they have cashed out and we hold that Steem that we bought cheap? I can't develop, can you? It will be interesting times ahead. I will probably buy when the price tanks, the opportunity is just too good to ignore. And just like you I like blogging and curating anyway.
developers can earn by blogging about their developments, and steemit witness earn 10% of all new steem, witness also do development, and there are developers who are employed by steemit.com
So where is the effort to increase demand for buying? I don't see that focus even though Dan mentioned it. I don't see how these changes will make me want to buy Steem Power.
steem power is the only way to earn more steem curating, with 75% of new steem being distributed to authors and curators, that's the value of steem power, plus the 15% for holding, the 2 biggest complaints from outsiders about steem was the 2 year hold and the inflation rate. with the new setup those 2 problems are gone.
Well put! Good issues raised, congrats!
I would like to see some answers from the people that you've addressed your questions to. At least it will show that they care.
What you said at around 3:20 was kind of an ah-hah for me. The best way to do it is to have SP, curate, and post, that is where almost all the steem will flow. I dig the changes.
Well put man. Love when you said...some whale says I don't give a f**k and dumps it all. I'm keeping my little STEEM POWER for sure. I think overall making it a more limited entity will serve us well. Hopefully a little fall to lose those that lack the trust in the POWER.
☆☆☆☆☆
Yes, more minnows and dolphins will come in if power down is only 3 months!
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Yeah, this all makes sense. I think you have put your finger on a number of key points.
Just to take one - the change from 2 years to 3 months for power down is a change of (an at least implicit) contract. It really changes the T&C quite a lot. It does seem to suggest that some people want to get out quick. And if they do, why should we have confidence in the business?
That said, I guess it is in beta still.
the social media aspect alone is enough to have confidence in steem