When the reward pool dries up, many milkers will leave (INSERT SAD FACE HERE). A few, however, will learn from true Hiveans that it is possible to exchange value in the form of work in exchange for value in the form of $HIVE and $HBD (INSERT HAPPY FACE HERE).
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While I really think rewards need to be off the first layer, I don't think Hive will survive without rewards. It is barely surviving with them.
Maybe not now, but it needs to happen and it's actually built into the code. Block after block the reward pool is decreased. In the meantime, the Hive community needs to oversee the behavior of bad actors by refraining from voting on them and issuing down votes.
User base would crash for sure. Zero doubt.
That's why we need more middle class HIVE holders who create businesses in the HIVE ecosystem. Distribution of the token far and wide is an early phase of this economic system, but it won't be forever. It's in the code.
That's why apps need to be building sources of revenue now to have alternative income that rewards users and increases the value of hive in the long term.
Like ad on peakd. A great start that hopefully others can follow and we can move to a layer two economy at some stage.
Let's give Hive some value!
We're doing that, aren't we? exchanging work for $HIVE and providing education to others.
I have no doubts on this! We are building the future!
"When the reward pool dries up"
Is this something that is going to happen? I actually don't know a lot bout how the reward pool works 😳
Yes, in 2020 inflation was 8%, in 2024 it's 6% and it decreases at the rate of 0.01% per 250000 blocks. 250,000 blocks is about 8.68 days. So in 2035 inflation will only be about 1.5%, soon after that, it will reach 0.95% and it will stay there.