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RE: Do you vote for or against the 4 week power down in STEEM Proposals?

in #dpoll4 years ago

Voted for

  • I prefer to see a 3rd option

It's too bad that we can't have nice things.

People would like to get to their money sooner, but that means account thieves could, too. I hope someday there will be a way to eliminate account theft. I know I'm dreaming. I just don't like the idea of living in a society where security has to trump virtually every other consideration.

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After thinking on it, the only real solution I can think of is having different types of staking when you stake your STEEM. We can make post earnings always 13 week powerdown and let the user choose how many weeks they want the power down to take.

That's probably hard to develop. But I don't see any other way.

Hey, @d-zero.

I wonder if there's a way to identify or differentiate between power ups that come through investment and power ups that come through rewards? If having money liquid as soon as possible is the issue, my guess is, people want to be able to take most or all of their invested money out, but might not mind having the earned SP through rewards still there.

Probably just as tricky as your choose your weeks idea, but regardless, I don't know if it's really going to get us anywhere to change it to four weeks, when what people really want is to be able to draw it out on demand. Regardless, even there you're waiting a week for the first of the four to divest, which can seem like an awfully long time the way the crypto markets can be.

I wonder if there's a way to identify or differentiate between power ups that come through investment and power ups that come through rewards?

I guess you could look at the https://steemitwallet.com/@d-zero/author-rewards & https://steemitwallet.com/@d-zero/curation-rewards page.

So far I see 2 solutions

  1. Different tiers of staking with different benefits (or maybe you could get less value for votes
  2. You get instant withdrawal in proportion to the amount of STEEM you've burnt prior to the powerdown. This will allow people to plan things out well.

Hey, @d-zero.

Not sure if you've seen the latest post from steemitblog, but I think what you were talking about is what the Steemit folks are proposing, of if not, something really similar.

I'd say that's pretty good. :)

Checked the post after your mention. Their proposal is a much better solution. It's also great that all those developments will happen after SMTs.

Hey, @d-zero.

Well, let's hope they happen after SMTs. We'd have SMTs by now if another development (the EIP) had waited, and I'm feeling like this deal about changing the number of weeks from thirteen to four has more pressure behind it than the EIP did. When the people with pull at Steemit get ahold of something, all of sudden stuff start happening.

So, hopefully, whoever wrote the steemitblog post is actually representing sentiment, and hopefully, those behind the push for change are at least willing to wait until after SMTs.

At this point, as far as the Steemit proposal is concerned, I can see the benefits and the drawbacks (mainly because both were discussed in the comments). My concern is, we're mixing the terms 'traders' or 'speculators with 'investor.' The first two are fairly similar and would be the ones who want their money as quickly as possible to jump from one potentially large ROI opportunity to the next. The investor, however, is supposed to believe in the project and be in it for a much longer period than even thirteen weeks.

If somehow through code Steemit Inc could guarantee that even the most clueless user could avoid losing their stake if some bad actor managed to figure out a way to get ahold of it, great. I say that as a believer that people should be solely and fully responsible for the actions. The problem is, in these cases, it would reflect badly on STEEM, and then everyone of us is affected by price, bad press, etc.

I'm happy it's no longer the nearly two years or however long it used to be. That would be an eternity. And even though you can't get all your stake all at once, your at least getting a portion of it weekly. The only other investment I've had took a week to divest, too, so it's a standard practice to have some kind of waiting time.