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RE: Steem Economic Changes Update
The proposal mentioned changing the power-down time from 2 years to 3 months. Are you going ahead with that or is it being reconsidered?
The proposal mentioned changing the power-down time from 2 years to 3 months. Are you going ahead with that or is it being reconsidered?
Would be a shame if it wasn't implemented. A 2 years withdraw period is a burden for most people and the 15% awarded to steem power holders is actually inflation so It's not going to incentivize people to power up. If they keep this 2 year inconvenience I'm not sure how they are going to get people to power up. Participating in the curation game shouldn't have any barrier to entry and even a 3 months lock period creates unnecessary hurdles to participate.
Most people that decided to lock their steem for 2 years did so because it was the only way they could invest in steem, now people can invest in steem without locking their steem. The result is that people investing in steem will probably increase but people curating and powering up will decrease. A few days ago I was suggesting a very short lock time period and to increase the curation rewards percentage to encourage people to curate by giving them the best conditions to do so. The worst thing in this type of platform is if the whole thing is run by bots, you d have no content diversity at all.
A shorter withdraw period also means a faster re-distribution which is key at this point. Locking people's steem for so long will just delay a whole transition process that will be inevitable anyway.
From this quote though it seems that they want more liquidity and more efficiency when it comes to price discovery, that means a shorter withdraw period.
Seems like they have to if they are going to change the interest rate. The 2 year lock was agreed on with the understanding that the balance would by hyper inflating.
Yeah, I guess it's safe to assume.
Looks like yes, if you follow the link to github:
https://github.com/steemit/steem/issues/551
I noticed the absence of the power down change also. Would be great to have a clarification on the matter. Also, is Hardfork 15 going ahead as scheduled on 8th Nov?
On a different note, very impressed by the pace at which this is being implemented.
A 3 month power down would solve many problems. If a whale wants to cash out then let them! They deserve the profit for having the foresight to invest in Steem and at the same time it would bring new wider distribution and increasing value to Steem.
This is my proposal to make it a little less daunting as I do see it as a risky and radical change.
https://steemit.com/steem/@beanz/powering-down-going-from-104-weeks-down-to-13-options-to-power-down-slow-and-other-ideas
I'd really like to know the answer to this too please. Will the SP lock in be reduced to three months or less? It will be catastrophic to passive SP holders if not I think...