1000HBD a day is a lot of melt.
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.
Who made that decision?
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.
I missed that return is on top of Steem dao and good point. But only 25% of Hive dao is being used. It seems to be growing around 40~50% more than Steem dao. The extraa trickle rate should be connected to the fork, not to mention overall effects of instantly powering down 83 million Hive.
Time will tell if we need all the cash, we definitely have good mechanisms to prevent abuse and stuff being funded we definitely don't want.
I don't think there is any enduring evil or serious flaws and I definitely choose Hive over Steem. Things should become clearer soon enough.
I’m reading around now and trying to find more concrete info on the conversion. I’m not entirely sure it’s even happening yet... just made note of the liquid Hive balance in the DAO account and want to keep an eye on it! I’m getting the impression the conversion may need to be kick started in an upcoming fork, so that rate might not be set. I think the Hive DAO growth accelerating could be largely due to the token price doing pretty well this first week.
I just took a look and got confirmation from markymark, I was wrong about the trickle.
The reason it is more is that there is much less powered up Steem. Yearly inflation is based on total supply but only distributed to people with HP and there is around 83 million less HP because of the instant conversion. Also, some of the accounts that got HIVE airdrops snatched from them had SBD. Anyway confusion, but at least it is off and doing nothing except really chaning the HP balance for now (we get more bang for our buck :) The price increase also helps, but it didn't increase mmuch relative to Steem the first few days when no one could move much.
We will definitely have to do some EIP during the next hard fork now...I was really hoping for SMTs :|