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RE: HF Proposal: Vote to Reduce Power Down Period to 4 Weeks

in #steemdaolast year (edited)

I'm all for four weeks or even one week. I don't think it is demonstrated that these long lockups provide clear benefit at the system level. Yes there are benefits to an individual whose account gets hacked, but these come at a cost of adding dead weight (which then contributes to everyone losing 99%+ of value) to the system as a while. I'm not sure that is a good trade-off.

If people want a longer lock-up for security purposes then perhaps the savings account feature which has never been used much can be repurposed to a voluntary longer safety-focused lock up.

There are also other approaches to reducing hacks such as building in 2FA with a mobile app. Lock-up is not the way to do this.

I'm sure there are people who will deny that Steem's misfeatures such as long lockups and high inflation are responsible for its price decline but frankly speaking I think that is 99% bullshit. Yes it is a bear market and yes crypto coin prices can have a mind of their own, but most of the reasons Steem has declined from a top 10 or maybe top 20 coin to barely hanging on in the top 100 are bad design and execution decision of our own making.

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I am for less than 4 weeks, like just one week. Long powerdown was coupled with high inflation rate for SP in order to disincentivize liquidating STEEM. For the current economic design, I think one week is a better choice.

Thanks @clayop, please cast your vote on the proposal if you haven't already.

@proxy.token supports your opinion, and thank you for your voice as many Korean users think, Mr.@clayop!

Funny, I don't see anyone clamouring for lock-in periods with bitcoin. Or, really, any asset in the world. This stuff has been solved a long time ago with various methods of cold storage. I'd imagine hardware wallet support will be enough for most regular people. Not to mention, there's the account recovery solution and savings account. Even beyond those, there are better solutions. What more does one need, at the cost of negating all investor appeal?

Many of these "unique features" of Steem have failed. It would be prudent to adopt what has proven to work in the crypto market. There's a $240 billion market of tokens with no lockup, how much for those with 13 week walls, again?

Glad you are of the same mindset, please will you cast your vote on the proposal @
@liberosist

My vote is negligible, but I've voted anyway. To be clear, I would prefer to have a 3 days power down period, and have the payout period reduced to 24 or 48 hours. But 4 weeks is a step in the right direction.

Why would you want payout reduced? Then you'd only have 24 or 48 hours to earn rewards. Way too short. People don't log on every day to upvote things. If anything it should be longer for payout periods. The fact that you can only earn rewards for the 1st week is kind of shitty. It should be forever with payouts being made every X amount of days or X amount of earned Steem.

Steem isn't locked up, it's liquid, just like Bitcoin.

It's only Steem Power that's locked and I think it makes sense to keep Steem and Steem Power separate and distinct.

or even one week

So, you don't mind Bittrex staking its customers funds and using it to vote for witnesses, SPS and posts ?

Thanks @smooth, please cast your vote on the proposal if you haven't already.

Why I was proposing the two staking pools is to cater to both short term and longer term investors.
Shorter term investors have more liquidity while still can participate in PoB and longer term investors who are willing to give up liquidity to show commitment by locking up have more power in governance.
The silly thing about the current system imo is that 13 weeks is such a tall commitment especially on crypto space to participate in PoB, one of our "unique feature". On the other hand, people with minimal commitment voting on the future of the chain looks like recipe for disaster.
If it's deemed to be too complicated to implement I suppose it's not worth it after all.

Custom duration lockup period that works with SP would be cool but It will never be implemented because it will never be on top priority lol.

If this proposal passes as is I am actually more in favor for 1 week instead chickening on 4 weeks, maybe I am too paranoid about exchanges voting. As for security... I guess we need to be more careful with our keys.

I think staking multiple pools, variable locking periods for security, etc. might be okay but I don't think they should be at the base layer. If we had even simple smart contracts like Bitcoin or perhaps even a tiny bit more powerful, then these sorts of features could be added as applications (and this is necessary for things like cross chain swaps, payment channels, etc.). That's obviously not going to happen in the next version but once we are done playing with SMTs, maybe we will start to realize that trying to satisfy every need at the base layer with hard forks needed for each and every change is impractical and foolish.

Ideal solution to me is where staking long period is not only a security feature but also grants more power for witness voting and SPS by giving up liquidity. Ideally will be like 1 week stake have x1 vote multiplier, 2 week stake have x2 vote multiplier, and so on. If staking for a long period have no incentive whatsoever might as well have minimum stake period.

I agree that reducing the lock up period to 4 weeks is going to be a positive change. 13 weeks seems to be a huge amount of time. If an uptrend starts and you want to unstake then at the current situation would be a waste of effort but while 4 weeks might be just right.

Posted using Partiko Android

Agree with you @smooth

One week power down should be enough to still feel safe and secured (as a user). However somehow I like idea of 4 weeks power down much more than 1 or 13.

Yours
Piotr