This seems to be a fait accompli. Have I not been paying attention to extensive community-wide discussions (beyond just witnesses) debating the pros and cons of this change or did something like that simply not happen?
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Edit: Ok to be fair, there was this post:
https://hive.blog/hbd/@smooth/why-i-set-my-witness-hbd-interest-rate-parameter-to-3
So was there enough discussion? Maybe not, but changing the APR is just a witness parameter, it didn't require coding, and could be changed back to 0 (or any other value) easily.
It didn't happen. There was a relatively brief discussion on the semi-private mattermost witness channel, Smooth brought up the idea, changed his witness and many others adapted quickly.
This feature has existed in the consensus rules since basically the beginning of Steem. It was just largely forgotten about after witnesses set Steem Dollar interest to 0 years ago at a time when they were perpetually overvalued.
It has always been the domain of witnesses to decide this value. They could be updating it much more regularly if they wanted to.
Okay, makes sense in that Hivelandia is effectively a republic rather than a democracy. 😅
But since it doesn’t need a hard fork, what happens to HBD interest if some witnesses set it to 3% and some don’t?
The median value is used.