RE: Let's burn some steem... I need your help.

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RE: Let's burn some steem... I need your help.

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jrcornel in #burnsteem • 6 years ago

I like it. What about if we made the option for a faster powerdown, but there was a fee to do so and that fee was paid in steem and that steem was burned? I have heard a few others talk about such an idea, but I like it as well.

Also, I think we need to try and create more incentives for people to want to power up steem. I actually think the EIP may go the opposite direction in that and we are still feeling those effects in terms of steem's price as a lot of people powered down when that became clear it was going to be accepted and adopted.

I am not sure what the best incentives are, but I don't think a 50/50 reward split for SP holders is enough of an incentive to get people to power up more steem...

6 years ago in #burnsteem by jrcornel

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16 votes

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sepracore 6 years ago

Pay for power down is a great idea.

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scaredycatguide 6 years ago

People would definitely spend coin for an expedited powerdown.

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bubke 6 years ago

super idea

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abh12345 6 years ago (edited)

The Liqwid (not sure that's right) service take a fee and people seem to be OK paying that and so I think this is a good idea 👍🏽

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freddio 6 years ago

but then is steem less secure. is a part of protection the funds in wallet, after a week only 1/13 of your steem is gone if you loss your active key. So that would need higher key then active otherwise i dont like it.

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1 vote

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abh12345 6 years ago

This is true - more risk.

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marki99 6 years ago

We can make it three days or a week instead of completely instant.

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jrcornel 6 years ago

Yes. It doesn't have to be instant, just faster than 3 months. I think many would pay a couple percent of their stake to power down within a week... as opposed to 13 weeks.

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15 votes

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marki99 6 years ago

I agree with the burn for instant powerdown option. It’s a natural fit to STEEM.

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lifeaef 6 years ago

I was actually thinking about a dApp for this but it's almost Impossible to make if it's not implemented in the blockchain.
It would need users to risk their master key account and would take 4 weeks and 2 days for the liquid steem to be received, because liquidator needs to ensure there is no account retrieval.

I suggest 10% fees burnt for instant power down no less

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jrcornel 6 years ago (edited)

I was thinking like 5%, but the exact number hasn't really been ironed out. If instant power downs were done though, it would be a significant security risk compared to now... I was thinking like a 3 day power down personally.

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15 votes

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lifeaef 6 years ago

Yeah imagine all the big whales powering down and exiting in one day or even 3 days, witnesses will be affected immediately because all of the missing voting power. This will probably destabilise the blockchain if it's implemented.

A middle ground needs to be found

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jrcornel 6 years ago (edited)

I was thinking more along the lines of if someone's account was hacked. Right now if someone's account is compromised their steem is still safe as long as it is powered up, giving you time to recover your account. However, if there is an option to instantly power it down, it means having your account compromised could mean loss of all funds, even if powered up.

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14 votes

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guruvaj 6 years ago

This is the first time I hear this.
It is for me a great idea.
An automatic powerdown will have a fee, example 1% and it will be burn automatically too! Good, hope SteemitInc can implement it. 👏🏽

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jrcornel 6 years ago

Yes, we should be able to do something like this, but it may not be for a while as it will require a hard fork.

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13 votes