I think trying to widen the appeal of the platform beyond blogging is indeed a great idea. This can attract new investors to join steemit and stabilize the steem price.
Secondly, lowering the interest on steem power should be done asap. People are powering down, simply because they earn more interest than they lose by powering down. The high growth in interest makes everyone want to power down.
This 2 measures combined together will already have a huge impact on the stability of the steem price. Many people will immediately stop powering down.
Maybe the powering down rate should be tied to inflation. 1% is fine when there is 90 percent inflation but when inflation is 230 percent power down is 3% per week.
Yes. That is a possibility. I just think that we need to get our act straight, and start following the white paper. In the white paper the system described seems sustainable.
Can you explain this in more detail? Why would reducing the benefits of holding Steem Power increase demand for Steem Power?
When reducing the earnings for powering up from 0.6% per day to 0.19% as stated in the white paper, people will have less incentive to power down. While today when powering down, the earnings of steem power is still greater than the conversion from steem power to steems. If your steem power is growing even when you power down, why would you power up?
Secondly when doing this the distribution, which is one of the goals, happens also much faster. It takes only 25 weeks to get rid of 25%. At the rate of today it would take much longer.