Great video, I really enjoyed it. Just a couple of quick comments on Tone's points:
- I got the strong impression that he only considers a blockchain a blockchain if it's based on proof-of-work. It is true that the Steem blockchain is mostly based on proof-of-stake. But I think the generally accepted definition of a blockchain is a description of functional characteristics such as immutability and shared consensus, not the use of proof-of-work as the means of arriving at that consensus.
- Tone doesn't seem to fully understand the economics of the inflation and powerdown feature. I don't really blame him, it is a bit complicated. But this issue has already been analyzed by posters here plenty of times, and I speak from personal experience when I say that if you power down, your Steem Power does go down and it goes down pretty linearly. The inflationary aspect of the coin doesn't prevent this or even mitigate the loss from the power down as long as around 90% of Steem is held as Steem Power (which the system was essentially designed to encourage as an equilibrium point). The inflationary aspect of the coin primarily impacts people who hold their coin in Steem (e.g. people who hold it in liquid form to speculatively trade it). So the only way a Steem Power holder could manage to make back more Steem Power from holding it in Steem Power while simultaneously powering down would be if most other participants decided to keep the Steem in liquid form. So far, if anything, the reverse is happening, and most people are keeping their Steem in Steem Power.
It was a great interview and I enjoyed Jeff's calm approach.
Defiantly a bias against Dan showed through when he used the Bitshares "failed" angle. If it has failed, and I believe that time will tell on that one, Jeff pointed out that as an entrepreneur he has failed many times. Interesting! I maintain that this experience with Bitshares, as chronicled in @stan's articles on its' history, has taught Dan how to keep money in the system and avoid the pump and dump. Thus the 2 year vesting period and the powering down. Let's face it, a number of the so called "whales" (I actually hate that term) also cut their teeth on Bitshares and have brought many lessons to the table here. Having been around Bitshares since the beginning ( I was a Protoshares investor) I have no doubt about the integrity of Dan and the core developers. The proof is in the way they always handled challenges at Bitshares, honestly and fairly.
In any case, I'm having fun here writing and learning, discovering and earning.
@pierce-the-veil: While no crypto expert, I appreciate your breakdown and analysis in re: these portions of the video. As could be expected, differing opinions abound there.
We feel it could be a useful and lucrative curation venture for most involved. Just need a little visibility.On a side note: @blocktrades would you consider using your mighty steem power to join the TROLL BAN BRIGADE?
LINK HERE: https://steemit.com/money/@pierce-the-veil/the-troll-and-i-announcing-the-glorious-formation-of-the-troll-ban-brigade
We sure would appreciate your inherent banhammer (flag) abilities to support us in the counterracting the rise of abusive trolls.
All the Best.
@pierce-the-veil
yep, I am one of those people, and you've noticed... :^)
More users holding more steempower would not devalue the token, but depending on the number of newbies that cash out half, and then later all of their rewards, the exchanges could see increasing selling pressure and that would drop the value. Dan and Ned seem smart enough to have realized this, and built in some kind of control measure to cushion any serious drop.
I'm still fuzzy on the current level of mining, and wondering if it is still profitable to mine?