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RE: The account-based voting revolution
Important caveat - this is an optional feature of SMT and may not be something Steem adopts. But let's assume it does.
The first issue is - this totally kills demand for SP.
And perhaps the main reason why this 'optional feature' of SMT won't come over to Steem?
I have thought for a long time that SP should be held as tightly as possible as the Steem ecosystem grows. A change to remove demand for SP is a huge step backwards isn't it?
SP, an investment with a 13 week withdrawal period will bring more stability as time progresses, while SMT will grow the value of STEEM?
Ah well, need to rip my blueprints up!
I don't think crypto traders like SP. It used to be a 2 year power down before. When it was changed to a 3 month schedule, it was met with a price increase from $0.10 to $1. (After the first 3 month period ended)
Not to mention, random shitcoins with zero usage are worth billions, far more than Steem, despite having nothing like SP. It's all liquid, and it works for Bitcoin, Ethereum, and hundreds of other shitcoins.
Thank you for this weeks golden snippet of information. It's things like this that you don't find in the whitepaper :)
While i cant current get my head around how account-based voting would work here with regards to SP becoming less useful, taking a route that negates the use of bid-bots and circle-jerks is certainly a good thing.
Boosting incentives for curation as much as possible has to be the way to go. Those that don't have the time can delegate to communities or people that do - they will get an honest share (if they so wish - many delegate for nothing) and the race to find the best content will be back. Great :D
I note the point has often been made regarding locking up investments is generally time-limited in other investment vehicles which become completely liquid after some point, and isn't a feature of many cryptos, like BTC, that don't seem to lack investors.
Perhaps @ned has another trick up his sleeve to maintain some limitation on liquidity. Perhaps he reckons it isn't necessary, nor beneficial, any longer.
I will eagerly await more details, as I'm sure you will also.
They can increase the inflation/interest rate you get for locking your coins in Steempower. Currently you get 7% and it diminishes each year. But they can always increase it to provide a "return" for holding steempower.
I hadn't realized that incentive.
Thanks!
Food for thought isn't it.
Just when you thought they'd blown it, or at least read 500 times that they had :)
I confess that eating my words of doubt will taste delicious!