Burn the Siezed HIVE STAKE
This Post Will be Followed by a DAO Proposal
@steem.dao now holds 83,370,275 million HIVE tokens, these tokens were not airdropped to Steemit Inc. and the supporters of Justin Sun's witnesses in accordance with founding principals of HIVE. The plan is to slowly drip these tokens into the Hive Proposal System found here. The community is left with the ability to decide what to do with them, I propose we burn at least 50%.
Some people believe that since Steemit Inc. intended to use these funds for community development, they should all be used for community development. Some thought they were all burnt/should be burnt or never copied to HIVE. I think an agreement should be made as soon as possible, this will avoid speculation.
DAO already receives 10% of inflation and is well funded with 443,412 HBD and a daily budget of 4,434 HBD -some 1700 of it comes from that 83 million HIVE slowly dripping into the HBD for Dao proposals, it will likely take 10-40 years depending on the price of HIVE for this process to be completed.
Does HIVE really need $4434 in development funds per day? Steemit Inc. was spending $500,000 per month, but they were wasting money and didn't do so well for the blockchain. I believe capitalists and programmers have the ability to make money with HIVE without having to ask for charity. While the community needs some funding, it doesn't need $4434 per day, witnesses get 10% of inflation for their service, posters and curators inflation for their work, holders are rewarded with some inflation too. There is enough Steem for everyone and this inflation is taxing us all.
Let's Burn DAO Funds that Were Seized
Only 1/4 of the DAO budget is currently being used and if the proposals build long-term value, the DAO won't need a larger budget because we will all do just fine. Let's burn some of it, the proposal can be voted in and out based on need and there are plenty of funds in the Dao,443,378 HBD and growing! At the current rate of usage, if we burnt 100% of the daily budget there would be funding for over a year! We could burn at half of the inflation and continue to grow the DAO reserve.
What about the sock-puppet supporters? They may want their "airdrop". Let's face it, we don't want the majority of these users to get a free stake in HIVE, while some of them may successfully campaign to get the tokens, most will inevitably fail. We can always turn off the burn proposal if the funds are running low.
Let me know what you think, I was talking with some of the witnesses in the Hive discord, notably @themarkymark, @ats-david, and @crimsonclad about this. A few bystanders and some of the witnesses agreed with me, I don't think it's fair to take 100% of Steemit Inc's stake and 100% of the new witness supporters stake and use it to fund future development, it should have been burnt (or not copied) at day one but democratic ideals prevailed. So let's slowly burn it!
I propose 25 to 75% of DAO should be burnt! That leaves adequate funds for everyone else, using someone's confiscated funds for future development hurts all investors equally.
As soon as I get 10 HBD, I will start this proposal and campaign for it, let me know what you think.