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RE: Feedback Wanted: 4 Week Power Down
First time I see a comment on the trending page.
I know you love 13-weeks pd, but have you considered that 4-week pd may generate more business for blocktrades as an exchange? Give 4-weeks a try. :)
I don't have that huge a problem with 4 weeks itself, I'd just like more consideration to be given to a more comprehensive solution than just changing a single parameter. In particular, as I've mentioned elsewhere, I'm pretty sure this will result in people losing more money due to phishing attacks that obtain their keys. There are many web services that require entry of Steem account keys and this means people get use to using them without enough care.
On balance, as an isolated change made now, I think the disadvantages outweigh the advantages of this change.
I haven't really given much consideration to if the change would bring BlockTrades more business in the short term, but I'm afraid that increased financial losses by Steem holders from hacks would result in bad publicity and would be worse for the long term value of Steem (of which I hold a lot). So I'd prefer to wait for a more considered method of making such a change, before endorsing it.
These are similar to my feelings as well. I simply don't think the suspected pros outweigh the suspected cons for this change personally.
I would suggest to determine the length of power down via the Reputation score of each user. For example Rep. 25-50 should have 13 weeks, Rep.51-60 could be 8 weeks and everything above Rep. 61 has the option to power down within 4 weeks.
This would also help to encourage users to ramp up their Rep score and therefore boost activity on the chain.
Someone who has Rep.61 is less likely to be scamed here on Steem because he has proven to be around for some time.
What do you think about this?
Maybe instead of getting 1/4 of your funds each week, it should be rewritten so you get 100% of funds after 4 weeks. That way people have 1 month to figure out they have been hacked. Isn’t that the maximum amount of time anyway if someone resets the master password? Then the risk of hack is the same as now and you still have a 4 week power down for faster fund recovery.
Yes, that' s one possible solution, especially if combined with some change to the UIs like steemit/esteem/steempeak to make it more prominent when an account is doing a powerdown, so that owner will be alerted.
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Wowww, I didn't notice this was a comment till you mentioned it! I didn't even know this was possible. I thought Steem trending API filtered comments out. Seems like not, or maybe it just hadn't happened before that a comment was more valuable than posts in votes.
It's actually normal, and probably happens more than you think. I've seen a number of comments that hit trending. There's even been discussions of whether they should be filtered or not there.
4 week power down will allow people to more easily uninvest in Steem. Having been the crypto space for four years now, I have witnessed how the mass of people behave. Money now, consequences later.
Steem is already struggling to get people to invest in it. Making it easier to withdraw is not going to encourage people to invest.
Do you want to see the price of Steem plummet to near nothing? Vote for four week power down.
Of course lower power down time will make Steem a more attractive investment.
Flaw in your argument is that you are assuming lower pd time will cause more selling. Just having that option doesn’t mean more selling. Sellers will sell and holders will hold under any conditions.
This change would only give more flexibility and confidence for those who would want to invest. Those who prefer shorter pd time aren’t necessarily short timers.
It is experience in the crypto world that has taught me the speculation comes before HODL.
I was here in Steemit from the beginning. I've seen the way it has worked and not. How many Hard Forks are we up to now in an attempt to stop people gaming the system?
Investment will come when there is a clear vision and utility for Steemit. So far @Ned and his company have failed to deliver on that. How long have we been waiting for SMT? After all these years with no major advancements, you expect investors to get onboard? The largest investor was @ned and his company (whale) who last year started dumping their holdings when the crypto market tanked. If they won't continue to invest, who will?
Investors = speculators.
Steem is not Steemit, and Ned is out of the picture for a while. But I understand what you are saying. If you look at Steem from a startup point of view yes investors evaluate the leadership and the companies before investing. However, Steem is not a company, just like the internet doesn't belong to anybody.
You are wrong. Speculating is short term, investing is long term.
And where are the investors now? If they don't see the value in it now, a shorter power down period isn't going to bring them back or bring new ones.
Exactly, Steem.Inc, @ned and his team are not Steemit, but they were the biggest investors (Steem holders). What did they do? They dumped. Did they put the interests of the community before their own? No. Imagine if they had the 4 week power down back then instead of the 13 week. Take a look at the Steem price chart. It has never recovered.
This post from @lordbutterfly is an excellent review of how things work around here when there are "investors" in the platform. They don't invest for the community or the platform, they invest for themselves, otherwise it would be a donation for a charity.
https://steemit.com/steem/@lordbutterfly/2-year-anniversary-post-steem-has-changed
As I said, experience has informed my position.
Well, it now seems that Steem is owned by somebody, Justin Sun, who colluded with major exchanges such as Binance and Poloniex, using Steem from user's exchange wallets to replace all top witnessess and vote in 20 new block producers / witness to stop a softfork. The softfork would have limited the control that Justin Sun (owner of Tron) would have over the network after buying @Ned's share, which might have still been 20% of the total Steem in the network.
So instead of a 4 week power down, it will now be a three day power down.
I also recommend this article as to what this means.
https://steemit.com/hive-177682/@neoxian/the-bank-of-neoxian-final-report
The internet is owned, and control of that is concentrating into fewer and fewer hands with more and more censorship. You may argue there are always around this... if you have the technical know how, but most internet users have a difficult time daily computer usage. These sort of people rely upon the Domain Registrars to navigate their way around the internet. These are all commercial companies, and thus owned.
One of the reason someone in the actual 'investor class' doesn't jump into steem is because doing so, requires a long vested period (13 weeks). A 4 week powerdown would make steem more attractive, though still concerning.
4 or 13 weeks, people who want to get out, already can get out. Shorter time wouldn't have much of an effect on the price from that perspective over even a few months timescale. It may cause a short dip initially though.
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See my comment / reply to @geekgirl, it also covers your reply.
https://steemit.com/steem/@geekgirl/q4u9ae#@leoplaw/q54bty