This completely voids the contract for people holding steempower.
Finally some common sense. It's good to see someone speak up.
This latest proposed change essentially takes everyones investment in a 2 year bond at #% interest, and tuns it into a 3 month CD with less interest.
Constantly making changes to the vesting and interest rules people invested under completely ruins any credibility as a real investment. Why do you think Bitshares is worth less than half a cent...
The only interest on the platform is from Steem dollar. Steem power 2 year contract doesn't give any interest at all, you actually lose money when powered up.
Because the supply is huge which mean each unit is pretty much worthless, something that is bound to happen to steem if inflation changes aren't done.
This could be done by creating innovative services that require users to burn steem. Or other ways. Again, why do surgery on a patient thst is not proven to need it yet? Especially when there are other tools?
That's exactly the current set up you described there. Steemit inflation has absolutely no purpose and the 2 year lock period was created to prevent the hyper inflated steem ( which is completely unnecessary) from being dumped. So essentially now we have a system trying to fix problems that don't exist.