Vlog #32: Today is Hard Fork day and it's not the first time I have trouble seeing what will happen.
Today is Hard Fork day and it's not the first time I have trouble seeing what will happen.
Personally, I have no real issue with this.
I saw a lot of Hard forks already and when you think about it, it all has lead to where we are today and I believe the Steem blockchain is stronger than ever.
I do believe getting in the hard forks now and looking for that sweet spot where everyone benefits the most is smart. The bigger the Steem blockchain gets the harder changes will be in the future.
If this hard fork creates the right effect and it gives minnows more influence than I only can see more users joining and more growth.
But unlike computers that just do logical things the Steem blockchain has a lot of human interaction involved that can throw a wrench in perfect logical thinking.
It's one thing I love about this place. It's very organic :)
My eyes are not just sighted on this Hard Fork though.
My mind Is already further ahead in the future.
I talk about it more in my Vlog. I also talk about businesses on the Steem blockchain.
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Not sure why the inflation rate has to go down close to zero though. An inflation rate somewhere between 5% and 10% seems like a better idea, no?
As long as the rate is predictable and newly created money goes back to the users.
Where would the rewards come from for the content, if the inflation rate is close to zero?
It's possible to divide a cryptocurrency by many zero's after the decimal point. So 0.001 STEEM could be worth a dollar one day. Steem price needs to increase a lot of course for this to happen.
So for example: if the reward pool would be 500 STEEM per day (very little) but it's worth insane money a payout of 0.005 STEEM could still be decent.
If the Steemprice is still low 20 years from now we are in trouble :)
I like cryptocurrencies because, in general, they are deflationary, unlike fiat wich is inflationary (and why money in your bank account loses value every year).
I do get that 0.001 STEEM could be worth a dollar one day. And that would be amazing, right?! :)
But having a very low inflation rate would also mean users would have to have a huge amount of money invested in the platform (at this higher price). With almost getting no return on investment when creating content.
Why would I keep my investment in Steemit if other investments could pay a higher percentage in dividend? This also counts for a content creator.
Inflation in itself is not that bad. It's where the inflated money supply is going to that can be good or bad. In the case of Steemit, the money goes back to the best content creators.
I'm studying the concept of inflation at this moment and I am planning on doing some articles about it.
I'm still not convinced a near to zero inflation rate makes sense on a platform like Steemit. Or the money would have to come from somewhere else, for example advertisement or other creative ways to have the reward pool fill up.
But that would be a whole other debate.
Good to listen to someone so genuinely interested in where the platform can go... I can see the excitement in your eyes when you talk about the potential development opportunities ahead! Great vlog!
Thank you so much, man!
I'm waiting on the HF. The stress of seeing how my votes are affected has already changed my behavior! I've sunk to giving 50% votes starting today and I don't like feeling like there's only 10 super votes to give. It stinks. I'll get over it, I'm sure but as a huge advocate for the 100% power vote for all members less than a whale since the advent of the vote slider, it feels like a kick in the jimmy.
still not sure what the HF entails precisely other then a rebalance of how the rewardscurve runs. I'm sure there's a lot more to it though.
All quiet here on the Western Front @exyle - the Daily Dose was a breeze today for us here in Europe! :)
Totally right, white paper should be updated...
HF19 - Lets see what all the hype is about.
:-P
let's all keep our finger crossed and hope the best for HF19.
thanks for sharing
i don't think it will effect the overall payout but im worried that changing the default to 1/4 votes per day will really hurt peoples desire to share with others. They won't vote for better content either, i think a lot of votes will be done strategically for personal gain.