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RE: @haejin rapes the reward pool...
I'm not clear what the Witnesses even do. I understand that they maintain the technical and server back end of the blockchain, but I am not sure to what extent they actually thoroughly reassess the underpinning of it all.
For example, in a recent post, @jerrybanfield recounted an interview he did with @aggroed. They are both Witnesses and expressed support for the value of SBDs recently climbing far above the originally intended one US dollar peg as outlined in the Steem White Paper. So I asked them to clarify what exactly they are doing regarding the misrepresentation of SBDs as initially conceived when steem was introduced in 2016. Still waiting on a response.
Well, witnesses can affect SBD price in 2 major ways:
1: increased supply which should decrease it's price, through their pricefeed.
(Check steemian.info/witnesses to see each witness' price broadcast)
2: the top 20 witnesses are in charge of accepting or rejecting a hardfork, if 17+ of the top 20 start using the new version, than the rest of the witnesses will have to follow through.
Bonus example: The witnesses also set the interest rate on holding SBD, in case SBD falls too low, they can increase is from 0% to motivate people to HODL it.
Also witnesses are Steem's version of mining, using delegated proof of stake. Where votes for witnesses increase their chance of mining a block, similarly like more GPUs increase the chance of an ether miner to find a block.