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RE: Thinking out loud: When should the witnesses start paying interest on SBDs in savings?

in Suggestions Club • 8 months ago

Play in the summer, starve in the winter. 😉

I agree that we shouldn't rush into anything blindly, but I don't think we should wait a couple of years before we start trying to understand it better. Perhaps I'm wrong, but I don't get the sense that even the original developers understood the full implications of interest rate changes. It may be that when we understand it better, we would want to make changes sooner rather than later.

It's counterintuitive, but if SBD interest payments happened to boost the price of STEEM, it's conceivable that printing SBDs at some optimal rate could actually increase scarcity and protect witness profitability at the same time. (Though, I haven't done the math to find the conditions where that might happen.)

8 months ago in Suggestions Club by
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     8 months ago 

    Haha I knew you were going to say something about preparing for the future etc... While normally I would agree with you, I think it is something that is so far away, it is not worth spending time on today. To continue your analogy above, perhaps it is something best worked on in the winter indeed. ;)

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     8 months ago 

    Well, I think we can agree that it's not an urgent need, and we can probably agree on a handful of other things that ought to be higher in priority. But, I think this is a foundational responsibility of the witnesses -- at least for the top-20 witnesses. This is what the blockchain pays them for. IMO, in an ideal world the top-20 witnesses would:

    1. Run a witness node & seed node.
    2. Run a public API with a fairly complete set of plugins.
    3. Understand the impact of all dynamic parameters that they control, and communicate to stakeholders with the reasons why they set the parameters the way they do.

    If that parameter is set to zero simply because, "It has (almost) always been done that way", then a better understanding is needed. If there's a reason to leave it at zero, fine. But it shouldn't be pegged there just because no one thought about it.

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     6 months ago 

    I agree! Thanks for voting us 🙏

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     8 months ago 

    TEAM 1

    Congratulations! This comment has been upvoted through steemcurator04. We support quality posts , good comments anywhere and any tags.
    Curated by : @o1eh



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