SP Power Down Period to be Reduced to 3 Weeks for People Having Less than 500 SP

[jbn]

Preface

One thing I like about steemit is that it is a complete product to its core.
However there is one improvement I would like to see, which will be very much beneficial for minnows and planktons.

Current SP Power Down Period

I believe that everyone by now already knows the powering down period from Steem Power to Steem which is basically 1:1 in value. I also believe that everyone already knows that no matter how much steem power you have, it will take exactly 13 weeks to power down your entire SP to Steem.

Is it Fair to Someone Who has Less than 500 SP?

well, if anyone has 1500 SP, and they go into power down mode, they can get 115.384 Steems per week. Considering the Steem price is now stable at above 3$ mark, I say, this is pretty fair since these 115.384 steems are approximately of 350 USD value and hence can be used for variety of activities like purchasing other cryptos or cashing it out for fiat currency.

Now I would like to state another scenario here where a person has 150 SP and he /she wants to cash some of it out. The power down rule is same for all steemians irrespective of their current SP holdings (may it be 1 million SP or 1 SP). So by that rule, a person holding 150 SP (if they go into power down mode) will get 11.538 Steems per week. That is appx 35 USD.

Suffice to say that this is an insufficient amount to do something either tangible or productive.

Solution

I hereby present a solution to level the playing field for everyone (at least to some factor) that all steemians holding less than 500 SP may be enabled to power it down in 3 weeks rather than 13 weeks.
The solution will be very much beneficial for minnows who have just opted for cryptos and are looking for a little diversification in their crypto portfolio. Furthermore, this change will enable planktons / minnows to exchange a respectable amount of steem to fiat (if they need it).

Why 500 SP?

Generally, anyone with less than 500 SP and 500 followers is considered as a minnow on platform so 500 SP is good figure to be taken as reference for this particular suggestion as well.

But thats not all...

Steemit has a wonderful rule that one cannot alter their Voting Power Percentage if they have less than 500 Steem Power. So if people having less than 500 SP are already being treated with special rules on steemit, then there must be one thing that should go in their favour too.

Conclusion

I sincerely hope that the devs will really take a kind look towards this suggestion. I believe the rule of 13 weeks as power down period was devised to control the sudden dump of a large amount of steem from platform to exchanges. While this rule is very much effective for people holding considerable amount of SP, my suggestion of reducing power down period for people holding less than 500 SP will not affect the Stability of Steemit in general and Steem Currency in particular.

I rest my case.

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Posted on Utopian.io - Rewarding Open Source Contributors

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Comments

[xabi]

Nice to see you my friend. Good suggestion. I really hope Steem devs really think about you suggestion...:)

[jbn]

Thanks man... its really hard powering down with 200 SP :D

[hmushtaq]

I don't think there is a limitation on lowering your voting weight if you have less than 500 SP. This limitation is applied by the steemit.com website, but there is no such limit from the steemit blockchain itself. For example, you can change it even if you have less than 500 SP on the eSteem mobile app. You can also give a vote progammatically using steemit APIs with a lower voting weight.

[jbn]

Yess you are very much right. And i might add that busy.org offers same kind of services for people having less than 500 SP.

But most of us use steemit.com from their browsers which does not allow minnows to change their VP percentage if they have less than 500 SP.
The suggestion is not about "i have one less feature than others so i must be provided with a benefit in lieu of that restriction.".. it was taken as a reference. But nonetheless, people having less than 500 SP should have some worth in their steem wallet after a week when they go into power down mode.
And i believe that this is the way to do it.

Thank you for the comment and upvote.. it means alot to me..

[knowledges]

Thank you for the contribution. It has been approved.

You can contact us on Discord.
[utopian-moderator]

[jbn]

Thank you.. :)

[fernando26]

This is a smart idea, your calculations makes sense and would be easy to implement.

Thank you Jay :)

[jbn]

I appreciate your response mate.. much regards..

[katouna]

Bonjour, quel superbe article, il est très bien détaillé, ça à dû vous prendre beaucoup temps, pas vrai ?
Vous méritez d'être plus populaires sur la plateforme steemit, car votre travail fourni et passionnant et très impressionnant ;)
Ravie de vous connaître, mon nouveau ami.
J'espère que tu pourras aller voir mon contenu sur mon blog ;) et tu donne ton avis, ok ?
https://steemit.com/@katouna
Bonne journée ;)

[utopian-io]

Hey @jbn I am @utopian-io. I have just upvoted you!

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