RE: The Game and the Gamble: Unmasking the Logic of 'Rightness' and 'Wrongness' in the Battle for the Steem Blockchain
i discovered that 13 weeks status-quo for power down in the steemit blockchain is too much for the concept of what we all call money.
Well, when I was young savings accounts with 90 day withdraw where not uncommon.
At those times savings accounts had 8% annual interest. And some had even longer withdraw times giving even better interest.
Only in recent times we demanded less and less commitment. But those modern instant withdraw savings accounts have barely 0.8% annual interest.
As such investors should not only have capacity to invest, but should also have the capacity to withdraw anytime they want.
If you want flexibility can invest in STEEM or Steem Backed Dollar (aka SBD). Those you can buy and sell anytime you want.
But those who invest in VEST (aka Steem Power) should be in for the long run. VEST is not currency. VEST is a commitment to the Steem blockchain. And 13 week isn't too long for a commitment.
I appreciate your sentiments however, we should not compare the economics of the sixties to the twenty-first century. You can allow somebody to invest immediately but you take 13weeks to withdraw. Well i believe the logic isn't right. I believe that reducing the number of days will have not affect the system in anyway because this i believe is the fear of everyone in the blockchain.
Why not? Are you afraid that you might find out the economics of the sixties was better?
Sure, we made a lot of improvements in the last 50 years. But some things we made worse. And I add the super fast buying and selling of shares to the “made worse” group.
Hmmmm!Well i agree with you on some aspect, however, i insist that there is nothing wrong if we make powering down shorter in days compared to 13weeks.
Apart from the possibility of the STEEM price falling.
There has been quite the talk of power down. Users who have written off their STEEM investment after the hostile take over and with a 3 day power down they are likely to sell.
The large majority of STEEM is locked in VEST:
https://steempeak.com/stats/@socky/liquid-steem-report-mar-8-2020
If that VEST becomes almost as liquid then STEEM then there is a good change that the STEEM price will fall. It's supply and demand — if supply is quadrupled than prices go down.
If you made the same suggestion a month ago I would said: Maybe, why not? But in the mist of a hostile take over that could lead to panic sells.
PS: If Justin Sun pushes his three day power down I'll power down as well. Because then he has total control of the chain and SteemIt has basically failed in its promise of decentralised censor prove social network.
Okay i get your view now