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RE: Account Creation Problem Can be addressed by Witnesses and Steemit Inc

in #witness-category5 years ago (edited)

You brought up the issue and hinted at a fix but definitely didn't dive into it.

What parameters do witnesses need to adjust? You say there are already enough tokens but they are going to the wrong people. Sounds to me like they are not enough tokens.

Steemit has many millions of tokens already powered up sitting idle in accounts doing literally nothing. They can, and did, delegate some of those funds to the Steemit account so it can claim more tokens.

There has also been discussion regarding the fact that changing the parameters regarding tokens might not even help much if it is not hitting a global limit. If they steemit account is merely running out of RC, they need to dedicate more powered up funds to creating the accounts.


Also, it seems that you are confused about the point of the account claim process like I was. The account claim process was not really created for anyone but steemit. Steemit didn't want to keep burning Steem when they created users so they came up with the account token feature that allows them to burn RC instead of actual STEEM


This is a "problem" that isn't actually a problem. Steemit could burn some STEEM to onboard users faster if they wanted. They don't want. Steemit could power up more tokens so they can claim more if they wanted. They don't want.

What does that tell you about the risk of having a lot of funds powered up with a 13 week power down restriction? It doesn't tell me that steemit is super secure and hopeful for the future personally but here's to hoping I am wrong.


If you could do a report on how changing the account claim params by the witnesses would actually effect the available token claims, how much it would reduce the RC cost, and how you plan to nicely ask users that are not steemit to quit claiming accounts, because apparently it's not right when they do it for their own reasons.

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"Also, it seems that you are confused about the point of the account claim process like I was. The account claim process was not really created for anyone but steemit. Steemit didn't want to keep burning Steem when they created users so they came up with the account token feature that allows them to burn RC instead of actual STEEM"

I was under the understand STEEM was not burned on creation of accounts prior to the HF, however the fee of 3 steem was transfered to the new users account. Now one can purchase an account for the fee and the 3 steem is burned. Or one can use RC to claim tokens.

I have to disagree on the need for steemit inc to play such a big role, yes they can do all those thing you have suggested, but what other decentralized blockchains rely on a sole entity for wallet creation? Why do we want steemit inc to create all the accounts, cos they have more steem than us? other than that I don't see a valid reason. When steem hits its all-time low when can it to moral and stuff, I think it was generally agreed that one entity having such control was effectively a weak link. If we had more 'others' creating wallets we would have a greater degree of separation between steem and steemit.

There was always a minimal fee that was burned. If you created accounts without delegation the fee was 3 STEEM. If you created accounts with delegation the fee was 0.1 STEEM + 15 STEEM delegation.

Steemit still gives delegation, but it is revokable now within a week as opposed to the 30 days that was required when an account was created with delegation


BTW, I wouldn't compare steem account creation to any other Blockchain aside from maybe EOS. Every other major Blockchain has the ability for a user to transact without needing an account created by someone else.

If steemit wants to avoid burning Steem, they need to claim more accounts. If they don't have enough RC they need to power up. If they are hitting global claim limits, they need to engage with the witnesses in public and not behind closed doors.


finally, on your point about wanting steemit to play a smaller role, it seems you contradict yourself in your previous comment

So maybe a discussion needs to be had between the witnesses, steemit inc and those hoarding tokens. I know the tokens are not transferable, but moving forward, maybe some people should back off for a while so steemit inc could grab a higher % of the new tokens created.

We can't have steemit be less in control by asking others to kindly move out of their way so they can avoid burning Steem. We should all want steemit burning Steem

Twice is seven months this has happened. It's a poor show and if we as a community can do something to prevent it happening again, great. That's all my aim is but you are correct, I did contradict myself.

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