Dissenting vote here. Long term commitment was a primary reason I like Steem and keep powering up. If Steem Power has lower commitment now I hope you bring about a longer commitment token with more voting power.
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I also liked the long term investment aspect and it's why I've never powered down. That said, if the economics are actually broken (and I'm not convinced they are), then maybe some changes do need to be made. Drastic changes don't make sense to me, though. I'd prefer a couple small changes instead of huge ones. Reminds me of the voting change from 20 a day to 5 a day that was ultimately rejected. I think it was a good change, it was just too much, IMO. Small changes make more sense to me and communicate more confidence.
I like the long-term aspect too, and have invested accordingly. But I also see it as probably unsustainable, or at least unappealing to possible investors. It appealed to me, but what do I know? :)
I totally understand why a more gradual approach would be preferred, under normal operating conditions. But this isn't normal. It's beta. What better time to really shake things up and see how the chips fall? By moving the sticks dramatically, there will be no denying the effects. If we moved incrementally, there could be valid arguments that changes were caused by external market conditions.
Let's tach this baby out while she's still under warranty. Then if she blows, we're not out in the wild. :)
As a beta tester, I expect major changes - but I've also seen a bunch of startups fail because they left their general users in the dark. So when major changes came, they all freaked the hell out. I'm still learning my way around GitHub, but you can bet that the majority of Steemit users don't have a clue what a pull request or hardfork is. Sadly, there isn't one "safe zone" where newbies/general users can get this information. They forget that they are part of a grand experiment possibly because they're so focused on their wallet that they forget to look up and see what's on the Steemit horizon.
So, yeah... tach it out - but please find a way to let your user base know that changes are coming. Posting it in feeds is too easy to miss.
Well said! After I left my comment I was thinking along the same lines how drastic moves do provide more data. Excellent point. Maybe that's why we're long term investors: we don't care as much about short term risk/fluctuation if it means a more stable future. :)
Ditto! :)
It sounds like a big change but in reality it's not, the inflation that was there only served a psychological purpose it had no practical utility. And the long lock time period was there to prevent the consequences of inflation ( something totally unnecessary). The big change is a psychological one.
I'm wondering the same thing. Will the result be a wash for SP holders on one hand, but a stronger market presence for Steem as a crypto (raising all ships)?
SP holders today are devalued at about 10% per year, this proposal means they will lose only about 8% so it looks less attractive to SP holders but technically it is more attractive.
Right, and not quite. The interest paid today is higher than the 100% inflation (it's around 140%, I think). The 90% long term interest isn't scheduled to kick in until next year. So current SP holders won't get that huge advantage. Still, the increase in Steem's value if it becomes a crypto-contender can make up for that. Looking good this morning.