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

in #steemdaolast year

Supported. Powerdown time is not a security feature and shouldn't be treated as a security feature. If a security feature is needed, add a feature similar to the current Savings which applies to stake, and prevents it from being powered down for a period of time, preferably user-determined.

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Perfect thanks for supporting, I agree users should set own security. But for purposes of this HF code is already complicated with SMT's so looking for easy win of just param change to 4 weeks to minimise risk of critical bugs in this HF.

I actually treat Steem Power as a security feature and its one of the reasons why I chose Steem over Bitcoin.

But I also support the idea of dynamic staking as suggested by @therealwolf and I wouldn't mind if the savings feature allowed longer hold periods.

Having said that, isn't it good to make the staking periods long, so that exchanges have no way of using the Steem deposited by their clients to vote for witnesses, proposals, or to word it another way, their OWN witnesses, and proposals?


I also want to point out that it's obvious, at least to me, that Shorter Powerdown times would not encourage investors to buy Steem since they can already buy Steem with no Power Down times.

  • It's called Steem (liquid).

Using things that weren't designed as security features as if they were security features is pretty much the least secure thing you can do. This applies both to keeping Steem Power in order to keep from being hacked and making long power-down times to discourage exchanges from powering up.

Powering up was not made for these purposes and there's no reason to believe it will behave well for these purposes just because it apparently has for you so far. This is like using a ziptie to lock your front door when keyed locks are readily available. Sure, nobody's come along and cut it yet.

Powering up was not made for these purposes and there's no reason to believe it will behave well for these purposes just because it apparently has for you so far.

As far as I know, Powering Up was intentionally made long in order to ensure that the people who vote for witnesses and participate on the social aspects of the Steem blockchain have "skin in the game" and I think that definitely applies to exchanges.

Exchanges barely have any skin in the game since their Steem will be other people's money.

This is like using a ziptie to lock your front door when keyed locks are readily available. Sure, nobody's come along and cut it yet.

Not necessarily.

Sometimes it's possible to use things in ways that they were not intended for, and MANY people are using Steem Power as a form of security.

If you increase the holding time possible on the Savings feature BEFORE you decrease the Power Down time, it would erase the need to use Steem Power as as security feature.

But @thecryptodrive is not planning on doing that and I don't think you are either and your comparison of locking your door with a ziptie is not really valid.

A better comparison would be logging your door with a lock that's just as good as a door lock but not intended for doors but was improvised instead since there were no door locks in the town that you resided in (makes sense).

Think about it...