Well, I hate having to talk about this over and over again and explain to people why this is a truly stupid idea and would potentially result in Hive losing it's main reason to exist, decentralization.
Take a look at similar chains like BTS or EOS, where governance participation is super easy.
What is the result of it?
- Exchanges participate in Governance and even create their own Block Producers (Witnesses).
The lower the powerdown time is, the more likely Exchanges WILL powerup and WILL participate in governance.
And then, eventually you're looking at 2 chinese owned exchanges with over 50% governance possibilities and are wondering where things went wrong.
Strong no from me.
Thus, the only way to avoid this would be a 4 weeks + 10% burn, as such, not making it worthwhile for exchanges to opt for that.
No, 4 weeks, vs 13 weeks would make very little difference when it comes to exchanges powering up while governance participation is set at 30 days.
They would want to be blockproducers. Meaning that it makes absolutely no difference if the powerdown time is 4 weeks. You would still need to block their governance participation via consensus once they power up.
We all saw that 13 weeks of powerdown meant very little when Binance and Huobi powered up. Even now they could potentially power up and spam vote themselves with the customer funds, leech the reward pool.
Right now youre trusting them not to.
The situation that would come with 4 weeks powerdown changes very little and people keeping their funds on exchanges is a choice theyre making with potential governance connotations.
Making a claim that 4 weeks is somehow more dangerous than 13 weeks is an absolutely absurd statement. It literally changes nothing when it comes to the faults of DPOS.
The only argument the against crowd is actually wanting to make, but is scared to:
Thats the ground you guys are standing on because everything else is nonsense.
This changed my mind. I was for a shorter powerdown until I read this comment.
This changed my mind. I was for a shorter powerdown until I read this comment.
Boom! Another very VALID POINT where these things need to be talked about first before jumping in.
So far it seems 4 weeks and 10% burn for early power down seems to be a very reasonable change. Most likely a little more complicated of a change that might not make it into this HF and have to wait till the next which I'm fine with.
We've already discussed a few different ways to circumvent this "fear" in MatterMost.
There's the burn idea. Then, there's the decline voting rights in exchange for higher staking %.
You want to give people incentives to hold HP in their own accounts. This can be better staking ROI/interest rates (no, not this voting/curating garbage which always lead to abuse and disagreements on L1). If not, more and more will end up on exchanges.
What went wrong? EOS is miles ahead of Hive in terms of market cap and price with everything you fear the most. And people seem to love BSC.
At the end of the day, what matters is profitbility without interpersonal conflict, not your anarchist/idealist dream.
Hate to break this to you, but Hive is already dominated by an exchange. A pretty non-significant one at that.