Quick Update about the vote for the next release
There are a few proposals for the next fork I will list a headline for each and state my position on it:
- Reduce inflation to 9.5% a year: ------- Agree
- Reduce top 19 witnesses pay: ----------- Agree
- Increase backup witness pay: ----------- Agree
- Increase pow miners pay* : ------------- Disagree
- Reduce SP lock period to 3/6 months: -- Neutral
- Auto cancel votes for inactive witness**: -- Agree
- Top 19 Witness protection program: ------- Agree
* The proposed increase to pow miners pay when one or two people have managed to control the mining queue is reason enough for me to disagree with that proposal, in fact until such time this issue is resolved with another mining algorithm I recommend to remove the pow completely and award that to back up witnesses or put it to good use elsewhere.
** witnesses who are no longer running an active witness node by choice or for unforeseen circumstances.
It is a general agreement that our hyper inflation model can no longer be supported for a long period of time. When this inflation is reduced to very reasonable rate, we should start to see a natural improvement on the markets. This improvement should handle our low inflation model much better and increase the value of our stake. I am not exactly sure what the shorter SP lock up period will do, but it will give market makers and speculators a better handle on things. A little more transparency from Steemit inc. is needed as well. I am also waiting on a road-map so everyone knows what we are looking for in the near future.
In the last few weeks, a number of projects adopted the DPOS model as introduced in Bitshares and Steem. Projects like Komodo, Lisk, and most recently Ark. These projects give Dan Larimer credit for introducing a great model that they themselves are adopting. Yet these projects are advertising this model aggressively, and we go from fork to fork and improvement to improvement and nobody is giving enough credit to this great project. It's a shame that we got lost in our disagreements that we do not take the time to advertise all these improvements. With the move to Graphene 2.0 I would like to see the news all over the place.
How will I vote with the next fork depends on the consensus reached by the witnesses and stake holders. This coming Tuesday the new version of Steemit will be on Github, I encourage everyone to read and comment on the proposed changes, what you have to say is important.
Good use elsewhere can just be disabling it. That rewards all stakeholders with reduced inflation.
That's what was done with the liquidity rewards which were monopolized, weren't accomplishing their intended purposes, and were difficult if not impossible to fix. However, mining is easier to fix by switching to a well-established algorithm that isn't monopolized.
Disable is an option, I do think a well established algo with available mining software for everyone is a much better choice.
I think disabling it might look bad but I also agree the current situation is not good. I think increasing miner pay should be postponed until a new algo is implemented, until then it could be used for other things as you say such as rewarding backup witnesses. I doubt most people would have a problem with that.
These bots are fighting for pennies.
PS not discrediting your post
I also have the same neutral btw upvoted back.
I agree, it wasn't until a couple weeks ago I even started hearing about graphene and researched it. Its weird how few people know about the powerful blockchain that is powering steem. I hope this will be a lot more out there once we start marketing and maybe reviving a referral program.
Agree that referral program has been on the back burner for ages. I hope something is done about it soon.
I don't like a referral program. Referral programs tend to be very expensive and increase a lot of sales cost. I believe it is more valuable to invest into the ecosystem itself instead of referrals which means giving money outside the ecosystem.
Usually referrals are needed in ecosystems that are not sustainable, like ponzi schemes, gambling etc. Good products usually do not need them. I think steem is strong enough without an referral program. I also believe the issue are more retention. If we fix the retention issue would do a lot better. We have 100k users but only few of them are active. we need to figure out how to keep people engaged first and foremost. i think it would be better to focus on rewarding new and small users and increase engagement.
I think we need to focus on building a strong product instead of focusing on sales or marketing.
These are just my thoughts. Happy to have a dialog about it.
Is there any way SP acquired before the hardfork can be exempt from the new 3 month power down proposal? I understand the change is to encourage investors and traders to get involved but I think the massive increase in supply that change brings is going to crush the price of steem... possibly making weary investors even more weary... turning them away forever. I am having a hard time seeing how the market is going to be able to absorb that much supply...
No, you can not make such a change and exclude anyone. But you have to remember that Steem without inflation is not Steem with inflation. There is a lot to consider.
I don't understand why you say 'you can not much such a change and exclude anyone'. It certainly could be implemented. Whether it is a good idea is a different question.
If you do make an exclusion, would you make it optional, and if so, what is the difference? if not then you are doing one of two things, changing the contract without allowing anyone to disagree and leave " Lower inflation, no option to liquidate under two years " , at the same time giving people who join the contract now an easier way out if they do not like the experiment. The massive increase of supply is already there on the marketcap whether it's locked or not. Exclusion in this case equates to changing the constitution for some and not all.
I don't think it would be fair to exclude pre-existing SP after changing all the other terms of the contract, I'm just pointing out that it would technically be possible.
i have read this post and i do see and understand that Steemit.inc feel that there is a need to change the economy of steem production.I am sure they know better than I and so I trust that this is the correct road to take to help alleviate the problems of market price we are all seeing. I am probably a little out of my depth here with my questions and my concerns as I must say I have difficulty translating the economic coding in most of the posts and discussions produced on this subject I But I would like to ask you @jrcornel and @joseph. Have you concerns to see large amounts of Steem entering the market from already established account holders who feel they would like to take early advantage of the possibility of liquidating their assets here on Steemit with the 3-6 month power down? Surely at these prices it would seem a bit rash to chip out at this point in the game ? Also It has been announced too that the economy of steem will be reduced by 90.5 percent. Will this mean that my daily payouts of SP will be reduced by the same amount ?
Hello @gomeravibz. I am by no means an expert and don't have any aditional information above and beyond what anyone else might have. All I can go by is what I see, and up till now I see large account holders powering down at the max rate allowable. Judging by that it is a fair assumption on my part that there is a good chance at least some of that will continue once these changes are implemented. It appears some are not confident in the long term viability of the platform and chose to sell at any price... meaning in their eyes selling at $.12 is better then selling at $.01 instead of seeing a price that is already down 90% from it's all time high. So yes, I do have concerns what will happen when everyone is suddenly able to sell much larger blocks then they were able to previously.
Regarding your second question... I am not sure what that will mean to daily payouts. I know that a larger percentage of the daily rewards will go towards payouts which is nice but like you mentioned if the entire pie is shrinking doesn't that mean that the overall earnings will still be less than previously? If that is the case it will force people to commit to this platform longer term instead of showing up, writing a nice article, making a hundred bucks, and then cashing it out.
We are still in beta and testing things out and since economics is not an exact science we can't know for sure what the outcomes will be. I like a lot of the proposed changes but I just wish there was a way that we could restrict the previous SP that was accumulated from being dumped using the new rules... doesn't sound like it is possible unless a new token/currency is added to the mix though...
The good news is that at some point all the sellers will be done selling and there will be no one left to sell... at that point the price can start going back up. I just hope that price point is somewhere around this level and not significantly lower still...
Hello @jncornel, i appreciate that have given me a lengthy and concise reply to my question. Its seems we are all in the dark on this one. But then as you say we are in Beta and this principle of Blockchain economic reward system is new and complex. So no one can truly say what will happen. Does not give me a comfortable feeling I must say. But I for one will most certainly not be powering down as for me at this price to do that is a sure financial suicide as perhaps in retrospect i did come in to hard ,early and fast. But then that is the way it is and there is not much to about it now. It is not the period of time which will influence my powering down, but most certainly more the market value of the commodity which I purchased back then when it was higher. But then this is my case and not others. So I guess all I can do now is ride it out as I have been doing with the " hope " that the price indeed does go back up !! thanks again for the effort you clearly put into your reply to me !! Steem On !
If steemit gains traction and mass adoption over time... Steem could eventually go a lot higher... maybe even breaking those old highs. Here's to hoping! :)
Daily post payouts in SP and STEEM (or SBD) would be reduced by approximately 40%, when measured in STEEM.
No one can predict what market prices will be in the future. All such predictions are little more than guesswork.
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I would love a roadmap of the future of Steemit. Maybe those things will be discussed at SteemFEST? I won't know because I'm not there. Meh.
I understand that reducing SP lock period is good for investors, but I worry about how it affects sustainability in the long term.
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Thank you for this. I love a witness that is transparent and explains their viewpoints. Just saw this 6 days late and voting on it anyway :-)
voted for you as a witness