You are viewing a single comment's thread from:
RE: Proposing A Worker Proposal System For Steem
@blocktrades kudos to you for really stepping up over the last few months to contribute to the development of the Steem blockchain (and for all of your past contributions as well, of course).
I feel like we are at a turning point for Steem right now and what we as a community do, in addition to Steemit, Inc, will determine whether Steem will ultimately succeed and grow exponentially or slowly die off.
I really, really hope that Steemit, Inc steps up and funds the development of this system and then also makes a very significant donation to the funding account and I will do what I can to push them in that direction.
I'll simply +1 this!
While off-chain solutions (such as foundations) are also an important asset, we absolutely need on-chain worker proposals. Now, I'm not in favour of increasing the reward-pool, but rather redistributing some of the 75% for posting rewards to it (for example 75% to 65%).
And regarding the implementation, the price sounds reasonable. Would be 125k - 250k at the current 40c STEEM price.
I'd take from the curators if from anyone, the content producers long term are going to be what matters. We can see this issue already with Youtube, all the content producers are complaining about the company taking too large of a share and content producers not being profitable enough. Long term, I don't think the average user will value their curation reward all that much, because most content consumers will not have much SP anyway.
But 10% is way too high, the 1% makes more sense. 10% is huge and a danger to decentralization long term, while 1% is not something I would worry about.
I agree with you. I think taking from existing inflation is better than creating more inflation. I would push for a little higher than 10%. Maybe around 20%, pushing posting rewards to 55%. Witness and interest payments shouldn't be reduced.
Gauging from responses in this post. Using existing inflation appears to be the preferred option.
Donations would be great but they are less of a guarantee. Beneficiary rewards are another way of adding to the fund. An initiative similar to what @steem-plus are doing could help.
Yes! love this! keep it decentralized I also understand that this would ensure the steem token would not be able to be classed as a security by the SEC since we will have a community distribution mechanism instead of a centralized group of people deciding where the money goes.
It's really hard to say what the SEC will deem a security and what it won't, but I think the biggest issue for Steem w/r/t being a security is Steemit, Inc's large, privately-controlled stake, which this system won't change or resolve at all. Even with this mechanism, Steemit, Inc could use their stake to decide where the money goes. The fact that they choose not to doesn't change the fact that they could.
Absolutely, and I appreciate that this solution does not fix the steemit inc stake problem easily, however the same proposal system could be used to autonomously delegate steem to projects from steemit inc's stake. This would ensure a decentralised decision process as well as allow the steemit inc stake to be distributed / diluted over time, while making it difficult for authorities to demonstrate that there is a central group of people treating the coin as a security. So as long as Steemit inc put some process in place to show that they don't or can't decide where the money goes, and that there is a wider community decision where an autonomous system, that they / no central party controls, I am sure (but not certain) that it would be difficult, (maybe impossible) to prove that steemit inc or anyone is treating steem as a security
As long as their stake is not vested it doesnt get counted in the voting?
Only sp votes.
I'm all for this, my only concern is the issuance of additional SBD's. What happens when we hit a cap of 10%? Does it stop paying in SBD. The more SBD's we have in existence creates a lot of risk if the price of steem tanks to under 20c or 10c, because then a ton of steem has to be created if people trade up to steem, which they will do because they get a good price, which decreases the steem value for all the stakeholders.
This is a good question for @blocktrades to answer as this is their proposal, however in the event that the price of STEEM drops such that the debt to equity ratio falls below 10% again, then SBD will no longer be convertible to $1 worth of STEEM. So the same mechanisms that are in place to prevent the debt from going over 10% will still apply and function.
If SBD is still being printed in this new scenario, then that will just mean that projects get less funding in fiat terms than they asked for (which is bad but unavoidable) and that it will take a larger increase in the market price of STEEM to get back under 10% since new SBD will continue to be printed.
In my opinion, this is ok, and as discussed in the post if it becomes a problem, the STEEM Power holders can vote to burn the SBD instead of use it to fund projects if they feel that this is better for the overall platform.
That all sounds fine, but I'm not a big fan of SBD going below $1 to fund all the extra printing. Non crypto outsiders that I talk to, look at the price not being pegged as another reason to not invest in Steem because it's not working properly.