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RE: Steemit Update: HF21 Testnet, SPS, EIP, Rewards API, SMTs!

in #steemit6 years ago

I would be OK with eliminating it entirely and scrapping the SPS altogether. But I’m pretty sure we’re getting the SPS. Since that’s going to happen, I would like to see 2/3 of the 15% “interest” eliminated and the remaining 1/3 (5% of the total inflation) allocated to the SPS rather than coming from content rewards.

It’s just a preference and I understand the arguments for directing inflation to stakeholders, but it’s still a really dumb idea that should have never been coded...just as the 100% annual inflation should have never been a thing. It would likely be more advantageous for stakeholders to have a lower annual inflation rate than to gain some small amount of “interest” that puts downward pressure on prices, especially when demand seems to be quite low.

Sending the inflation to development projects or to other stakeholders really doesn’t affect the perception of the chain/token value much. And seeing that many of our larger stakeholders are powering down (and usually selling) anyway - including STINC, still our largest stakeholder that’s receiving the largest portion of the inflation - that inflation is heading to the open markets anyway.

So yeah - get rid of most of it and redirect what’s left. Or just get rid of it altogether and forget about the SPS. Either option works for me. I don’t think we need less content rewards. Less author rewards, sure. But not less for curation too, since that’s pretty much the only reason to hold STEEM as SP. I’d rather not see less incentive to buy and power up.

Additional SP utility other than curation rewards would be nice to see as well.

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It would likely be more advantageous for stakeholders to have a lower annual inflation rate than to gain some small amount of “interest” that puts downward pressure on prices, especially when demand seems to be quite low.

Well this is a reason for eliminating it as I said I'm probably in favor of that.

However, if it is coded as (made up numbers here) 5% interest going to stakeholders and that results in a 5% price drop, the net is neutral (i.e. no 'real' inflation). You can't then 'shift' that 5% to some other purpose (or even 1/3 of it) and start generating it as real inflation without that being a 5% increase in real inflation (not in fact a shift). So no I don't think it makes sense to do any 'shifting' of this. Eliminate, yes, probably.

Additional SP utility other than curation rewards would be nice to see as well.

Those are the sorts of things that at least might be built using SPS, which is an obvious benefit of adjusting how some of the reward funds are paid out.

I view SPS and content rewards as doing the exact same thing in a different way: Submit a transaction to the blockchain which asks stakeholders to vote to approve paying you (indeed many posts and some comments have also been used to pay for projects/proposals of the sort that SPS is intended to fund). Honestly I think SPS and posts/comments should just draw from the very same pool, but since it isn't coded that way and we need a fixed split for now, I view the sensible discussion as how much of that pool goes to post/comment payouts and how much to SPS payouts.