On-chain posts and comments are an essential part of governance. Maybe "blog" was a weird way to implement that communication, but the people holding governance tokens and participating in politics should be able to communicate on-chain with reactions measured by stake
If you want "safe" blog rewards or whatever, put that in L2, but do not get rid of on-chain communication among governance token holders and the body politic
I think there can still be on-chain communication and staked voting. But that doesn’t mean we need to give out base-layer rewards for that communication and voting. Just make it like a “decline payout” post.
Thus removing the incentive to participate and devaluing HIVE because of it
So witnesses, devs, and other large stakeholders won’t participate if they can’t get HIVE tokens for nerd talk?
If that’s the case, then this will be doomed no matter what.
Anyway...if they want tokens for that, they can use the second-layer NERD token and community. If their discussions are so valuable, then surely that community and token will thrive. Right?
If it’s not valued, then why should we be paying them with HIVE inflation?
If you can't get HIVE for participation in governance/politics, there won't be many large stakeholders. Once the purpose of holding HIVE has been removed, why would anyone want to be a large stakeholder? In hopes that someone makes a cool L2 someday?
Ask all of those Ethereum investors. Their staking will yield around 4-10%. Yet all I see is hype about ETH 2.0 and investors getting really excited about it.
If you think crypto investors and holders scoff at staking rewards, then I think you’re reading the tea leaves incorrectly.
With what I laid out in my “vision,” we could easily compete with that 4-10% figure...and still have a fast and scalable network with free transactions.
Also, it should be noted that staking affects governance, development fund dustribution, and interest. And we can add other incentives/rewards for base-layer financial products that may rely on stake as well.
ETH is going to PoS, not DPoS
If you want an example of DPoS with ETH features, that's exactly what Tron is.... of course Tron's governance is as broken as steem's
You wouldn't know that looking at the Tron blockchain though.... no way to communicate tied to TRX, so no communication about TRX governance unless it's off-chain. That's also unsigned, not stake-backed, and disregarded. If Tron users gained TRX by speaking out on chain, they would likely do so and Tron could be doing much better despite having a benevolent dictator
Yes, in your model staking affects governance, but only stake. In our current model, people mix and mingle ideas in an open market of ideas. What you're taking out isn't the advantages of holding stake. You're taking out the incentive for lesser stake holders to promote their ideas to stake holders and gain more stake themselves. The competition is what creates the value. That isn't always the type of governance conversation people might expect - often the competition is over something like bot usage. Sometimes it is directly the reward distribution. Either way, this stake-rewarded competition gives HIVE its value. If you want it to get it's value from L2 solutions and staking, there are shorter paths to get there than HIVE
They’re moving to 4-10% staking rewards. It doesn’t matter if governance is delegated or not. It’s the rewards that’s driving the hype/FOMO about it, not whether they can directly post on the Ethereum blockchain.
And as I said - we can still post on-chain. That doesn’t need to change. It’s just the posting/curation rewards that will be moved to a layer two community if the rewards are the most important part of the equation.
But like I said - if the HIVE rewards for dev talk are so important and that’s the only thing keeping Hive alive, then it should and will probably die. Small-minded thinking is what has tied our hands for four years. Let those weak hands move on to a place where collecting scraps of shittokens for shitposting is the preferred path to growth. I’m just not interested in that...and it seems that the general market isn’t either.