RE: HF21 and the Steem Vision

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RE: HF21 and the Steem Vision

valued-customer in #hf21 • 6 years ago

No, I assume that stakeholders prefer to direct where rewards go, and not have less say. I don't think that's irrelevant at all, but indeed, the heart of the matter. You're starting to play semantics, putting words in my mouth, and other logical fallacies, which aren't going to advance the debate.

Taxing inflation for SPS removes skin in the game, and I'm agin' it. If proposals can't generate voluntary support via the rewards mechanism, they shouldn't be undertaken involuntarily. I'm not particularly happy witnesses are supported via taxation. SPS being proposed to be funded via the same mechanism only proves the slippery slope exists regarding taxation and democracy. If SPS is funded that way, it won't be the last thing that is, and eventually Steem will be controlled by deals in smoky backrooms by corrupt politicians.

Save your grandstanding about inflation for folks that will be swayed by it. Inflation isn't the problem, it's involuntary expenditures of it. We're here voluntarily. Let's keep rewards voluntary too, or let's just get rid of Steem altogether.

It's just as silly when I use the tactic, isn't it?

6 years ago in #hf21 by valued-customer

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eonwarped 6 years ago

You realize that stakeholders do have a say in how the inflation that was redirected to the SPS is allocated, so I don't see how this helps your argument.

And my point about inflation is simple. If the way inflation is being allocated is not providing value to the platform as a whole (e.g. allocated efficiently), then it's just dumb dilution and is downward pressure on the price. Simple as that.

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valued-customer 6 years ago (edited)

The code creates incentive to act for users. Presently the users are encouraged to extract rewards through financial manipulation that is dropping the marketcap of Steem steadily, and keeps the price from rising. SPS isn't doing that since it hasn't been introduced yet.

Your point about inflation is well taken, but code, whether to effect a tax that further decreases rewards flowing to the Marketing Dept. (content creators, dapps, etc.) and instead encourage financial manipulation to extract those rewards using the power of subtantial stake, or to create a tax that decreases rewards flowing to the Marketing Dept. and divert those rewards to the Development Dept., is the basis for why the inflation is allocated the way it is.

I agree that allocation of the inflation is putting downwards pressure on the price, and if we allow SPS to take 10% of the inflation, the decrease in rewards received by creators will be more than 40% from the current situation. I predict an exodus of creators, and an absence of new users, as well as immense powerdowns from every substantial stakeholder so that they can sell Steem as soon as possible, because the price will crash as the market disappears.

Steem is nothing without it's market. It's no more a currency than the first videogame ever, Pong, without buyers. Without creators there will be no one interested in buying any Steem, because it is their posts and comments that draw eyeballs, as well as the games and other attractions that are also content.

This is probably our last chance to avoid that terrible circumstance. Let's hope we avoid it, and our Steem retains it's present (dismal) value.

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