I just analysed it, 22% of the virtual supply (all HIVE + HP + HBD) is now in the dao.
I think it is too much and some of it needs to be burnt to avoid controversy and potential threats (it's a lot of money to take).
Another issue I have is the fact that the #NinjaDaoStake trickles into the dao. This was decided by ??? because development. We should have probably just quarantined it until the community could decide exactly what to do with it #decentralization.
Is history repeating itself? Steemit Inc stake must be destroyed. I had a proposal 33.3% burn 33.3% freeze for 3 years and send 33.3% in parts to the DAO and another question: https://hive.vote/ configured but the vote does not happen - what could I do wrong?
They (meaning the anonymous users that decided) did this for our own good because we wanted this and would have decided it anyway (i guess no clue really).
Same actions as 22.2 would have been fine, freeze it till we decide. Who knows what they will decide next? Urgency breeds tyranny.
Your proposal seems good. Cheers to hoping the freezed part is burned, too. My favorite part, it is your idea is transparent and up to the community to decide.
I'm not sure why the vote isn't working.
is completely transparent and leaves it up to the community to decide.I see putting it all in the DAO as the absolute best solution. That account is trustless and has functional voting rules in place already. It essentially is frozen until we decide, by voting on DAO proposals. If you want to set a proposal that sends 30% of daily DAO funding to @null and burns it, you can do that, and if enough people agree it’ll be done. This is already the ultimate implementation of voting, instead of setting up polls on Twitter & arguing in Discord over what to do with the funds. Parking the funds in the DAO
1000HBD a day is a lot of melt.
Who made that decision? (No transparency, centralized anonymous authority) Why did they make it? (Um ??? They want it?)
Everyone says make a proposal... but there was never a proposal to drip it into the dao. 100% Frozen should have been the default.
The drip was given an unfair advantage and must be stopped and reversed immediately to restore legitimacy, decentralization and transparemcy.
Initially it was supposed to be frozen under sf 22.2.
But it’s not a given that funds dripping into the DAO must be spent. They can stay locked in there forever if the stakeholders choose.
If the funds were fully frozen from the start, pending discussion of what to do with them; then it would require a hardfork to implement the desired changes. That means it would be in the hands of the same “anonymous”, “centralized” 17 people who you clearly don’t trust, to alter the disposition of the funds as they saw fit. The current solution already drops it into the hands of the community at a much more granular level, independent of witness voting.
So the choice is between having lots of non binding discussions and polls which you can then submit the ambiguous results of to the witnesses and hope they do what you want, or... have the community directly vote on each and every dollar, choosing whether to hold (freeze) it, spend it, or burn it.
The mechanism set up is really the best “no decision,” punt to the community that I can imagine.
edit
Is 1,000 HBD deposit a day the confirmed “drip rate?” Was looking for this number. If so I find this very conservative as we basically have a secondary “drip” in place since the daily spend of the DAO is capped at 1% of the pool. That means potential spending power (and remember, it can still be held or burned) will grow 10 HBD a day due to “the drip” as it’s currently structured. That’s not a lot. Funding from inflation combined with any token price appreciation will greatly outpace that I believe.
Who chose to put them in there and why? We will never have a true a d verified record.
Technically it still is, but at least doing that would have been a good first step.
No clue, it was an anonymous centralized decision, but you can check the dao on both hive and steem to see how much larger it has already grown (over 100k in less than 6 days !!!!!)
The growth in the Steem DAO has no connection to the fork. It's growing in size because it's no longer being spent. Justin Sun voted the return proposal to the top which cut any funds from going out currently.
100% agree with this. If it was burned up front then there could be no debate. Now a debate can be had.
Yes - I did not see Satoshi Nakomoto separately print 5 million bitcoins and say, “this is for the development of the network and if you need it, you take coins from there” - this is ridiculous - the network should develop organically - now there will be a bunch of shit projects that will be funded - and this is already sad.
Only if the stakeholders approve them.
I think those types of decisions are still going to be made. The way I understood it was the goal was to move as quickly to Hive as possible and then have an open discussion about these types of issues without having to worry about Justin Sun passing through a hardfork with a 1 day power down and is losing the ability to track the steemit ninjamined stake.
I originally wanted to see it all burned as we were originally lead to believe, but on reflection I'm warming to this perspective.
I would like to see a lot of it burned, but I can appreciate why getting clear of Justin was top priority.
Im sure they could have moved it to any account without being trickled to the dao just as fast. Correct me if I'm wrong but 22.2 soft fork didn't even have to move it to freeze it.
True, but the only account I would trust would be the dao. I wouldn’t even trust if they put it in my account.
The dao seems like the safest option to me and then the community can vote to figure out how to use it or destroy it.
How convenient, only account out of millions used and billions unused is the one that trickles it into a fund.
It was put there for a reason...trickling to proposal system won't require blockchain vote or hard fork, not because it is actually safer.
They took removed all sorts of permissions without a hardfork, with a hardfork they can manipulate the chain anyway they see fit.
I domt think anyone stole anything.
I think it was moved there without our being asked. It could have been moved somewhere else, but it was moved there.
I suspect some who want it there wish to remain anonymous actors. This is concerning.
We don't know who was involved in the decision. We know it is reserved for development. We don't know what development means.
The entire third world has received billions in funding for development and most are in shambles. It would be safe to say they would be better off without that debt.
The money in the dao represents likely inflation amd debt. This has been decided as the default.
Who decided it? Why?