I am AGAINST this proposal!
It would make sense to improve the savings feature BEFORE decreasing the Power Down time.
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I am AGAINST this proposal!
It would make sense to improve the savings feature BEFORE decreasing the Power Down time.
Care to share any of your ideas on what improving the savings feature would look like?
Couldn't you power up the savings bucket and just strip it of voting rights for witnesses and SPS? That way, if you want help govern the network, you need the 13 week vesting. If you want to jump in and vote folks with your short-term HODL, you can do so with a 3-day power down and at your own risk.
Perhaps another idea would be to adjust Steem Power potency all together to indicate your level of "loyalty" to the protocol.
For example:
5000 STEEM powered up (staked) with a 4 week power down = $0.03 100% upvote
2500 STEEM powered up (staked) with a 8 week power down = $0.03 100% upvote
500 STEEM powered up (staked) with a 40 week power down = $0.03 100% upvote
This could allow for much more equality in distribution of STEEM rewards via smaller holders simply being willing to lock in to the system for longer.
This is one of the better ideas I've heard about this. It's likely having classes of citizenship based on your level of time exposure.
You want to be a full citizen. Stake the thing.
You want to be eligible for rewards, but not have to stake for 13 weeks, ok, but then you don't get to participate in governance.
Yes, but I'd do it a bit more granular. For example:
And here some examples of how the staking duration (power-down period) could affect rewards. (really rough numbers)
I like your ideas about dynamic staking @therealwolf and I would prefer being able to Power Up longer than 1 month.
@therealwolf I would support this, not just throwing a 4 week powerdown through. I would encourage you to write more about this and try to gain support on it. I would certainly (for what it's worth) support, upvote, resteem etc.
I have to echo this sentiment. Let those who want to try out the chain have their short staking and unstaking features.
Let those who wish to have influence on the chain power up and stick around longer.
I would like to be able to Transfer my Steem into Savings for as long as I want as opposed to just 3 days.
(to secure my holdings)
It is a tough question to answer. I think the biggest difficulty with the current savings mechanism is it is such an "opt-in" feature that new people will not think to do it (or even experienced users who haven't yet lost funds via some form of phishing attack).
The nice thing about the powerup mechanism is that it acts as a natural incentive to take this step towards protection of their funds.
I have been on steem for 2 years and I still don't know what the savings feature is supposed to do...
If you have a large chunk of Steem that you wish to keep liquid for whatever reason, keeping it in savings offers the protection of a "mini power down". If your account is compromised, it would take the hacker a few days to get it out, giving you time to secure your account. That is the only practical use I see, but that's not to say I could be missing something..
Exactly. And this could also be potentially improved to accept dynamic inputs. 3 days, 2 weeks, 1 month, etc. Imagine, you're going on a trip for 2 months, and want to make sure that your liquid Steem is safu. Lock it up for 2 months, get some bonus inflation on top of it and voila.
good info..tks
I read your comment where you described the idea of the bonus inflation. I think it's brilliant. I don't really see how a 4 week power down improves speculation value, because there is still a learning curve and extra things an investor will need to do to make efficient return on investment, and we cannot assume all investors are interested in Steem 101. If they are interested in hodling Steem and hodling only, powering up isn't even a necessity.
My biggest concerns are the security implications of a 4 week power down, and in all respects 13 to 4 is quite a massive jump. I understand in the crypto world people refer to this amount of time as "as life time," but what does quick pump and dump investments really offer for the intrinsic value of Steem?
My initial reaction was that this was a good idea, but after thinking about all the implications, and reading the comments, I just can't vote for the proposal.
Now bonus inflation for return, with conditional time allotted lock up.., (Kind of a similar idea as what HEX is doing right?) now that is something I think investors might be attracted to. Nice forward thinking @therealwolf, and thank you for your response here.
never knew that..tks bro
You're welcome bro.