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RE: Witness Question of the Week
I was wondering if you read the whitepaper and if you have consider what are the reasons why vest are used for witness ranking and not the number of votes?
I was wondering if you read the whitepaper and if you have consider what are the reasons why vest are used for witness ranking and not the number of votes?
Commenting so notifications will follow. But while I'm here, Hi Team, its a fair question, but as I said to Bernie, without picking a side, is it ever wrong to question the white paper? Or it is infallible and therefore unmalleable, like the US constitution? We change it with hardforks, 19, going on 20 times now. Not saying we should or shouldn't now, but i do like the idea of open debates about it and ensuring we hear from the guys like you and me on our stances, which I presume your response represents in this round? :D <3
Point of order: the U.S. Constitution is very, very malleable – there's a pile of Amendments which make deep and significant changes to many aspects of the original text.
You can think of them like patches issued by government maintainers to the software of State.
Which, surprisingly, is very much like a hard fork.
(My personal and cynical take on why vests are use for witness ranking and not number of votes is twofold. Firstly, because account creation is relatively cheap for the amount of profit that you could theoretically expose by witness currency manipulation. Secondly, because going by vests privileges those who already have stake in the platform and the blockchain, to a degree which is almost unassailable by newcomer without bottomless pockets. This is also why the original design does not require re-voting on a regular basis because that would undermine the established order. Maybe good for establishing the belief in a less volatile value for a crypto-commodity, but not much good for pushing for anything but the original, classic definition of conservatism in the old guard.)
Nothing wrong with questioning anything. It's wrong not to be able to question some stuff.
The second the number of votes is used to determined the ranking of witnesses there will be people working to create script to automate the account creation and witness voting by those account. It would probably take less than 24 to create those script and that's why such a thing, even if it wouldn't lead to being automated, hopefully won't happen cause it would have to be roll back. There's a lot of thinking that has gone into the creation of Steem and a lot of these basics stuff are answered in the whitepaper.
Thank you for the thoughtful response @teamsteem, i expected nothing less, good sir!