RE: HF 21 - More Steem Power More Fun!

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RE: HF 21 - More Steem Power More Fun!

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crypto.piotr in #witness-update • 5 years ago

Great read. Long one, but surely worth the time.

HF21 is definetly a hot topic right now :)

The Dash coin community has had something like that for a long time, now it's our turn.

I'm not very familiar with dash community. Did SPS (i'm sure they called differently) worked well for them? I wonder how SPS would work out here. Steemit community isn't very generous so I'm not sure who would provide funds to this program.

Currently, you have to wait for 15 minutes in order to maximise your curation rewards from voting content; if you vote at 1 minute you don't receive much

Very true. I wonder who was this 15min implemented. What are benefits of it? I could never figure it out.

Steem Power leasing is going to come to the fore again after HF 21

Exactly. That's another reason why I'm not very optimistic about HF21. Delegating bots will most likely grow in power like crazy.

Major two things (for common user) that will change is:
a) non-linear reward curve - it will most likely "kill" culture of upvoting comments (time will tell).
b) 50/50 reward split - since PALnet seem to be leading in that direction we can already witness how does it really work. And so far it seem that 50/50 only create extra selling pressure, since curators are more willing to dump their easy earned PAL tokens. Can we expect different behaviour on Steemit? Why would we?

I'm full of hopes that HF21 will make things better, but right now I'm not very optimistic. I strongly believe that when it comes to PRICE steem has still long way to go (down).

Upvote on the way.
Yours, Piotr

5 years ago in #witness-update by crypto.piotr

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thecryptodrive 5 years ago

Hi Piotr,

Dash has had a fund almost from the beginning, how it works is someone submits a proposal and then all the masternode stakeholders vote on whether to accept it, I don't know the exact mechanics but that is the broad overview, the funds come from the chain and the same as SPS on Steem the funds will come from inflation and not from donation, although I think people can donate to increase the fund.

The 15 min vote window was meant to allow users time to read and vote posts before automated votes managed to vote first, that was more important when there was only a little content, but now there is lots of content that goes uncurated so if a bot votes first, you can easily find something else to vote. The 15 min window was too long for reader to wait to get their full rewards and people move on, the world is too fast paced for a 15 in delay, 5 mins should be fine for blog format, but if Steem content goes in the direction of micro-content like twitter then that window may need to be even shorter.

Yes the bots who have delegation will earn more, but I think people will stop delegating directly to the bots and start curating more themselves or join curation guilds because incentives are there.

I don't understand how 50/50 split increases selling pressure, currently it is 75% author rewards (50% liquid, 50% staked) + 25% curation rewards 100% staked.

After HF 21 it will be 50% author rewards (50% liquid, 50% staked) + 50% curation rewards 100% staked.

So you can see from the bold sections above that staking will increase. On PALNET I think sell pressure is because they have miners, whose only incentive is to sell and not provide value, also their total supply cap and circulating supply is high, if you look at the current circulating supply there is 15 Million tokens, and the total capped supply is 7 Billion, their market cap is 530K, bitcoin have a marcap of bitcoin is 188 Billion and have a similar circulating supply of 18 million (PALNET 15 million), so the issue with PALNET is not the reward split but rather then tokenomics keeping the price low.

Hope this helps and happy HF 21 to you!

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crypto.piotr 5 years ago

hi @thecryptodrive

I wonder what's your impression several days after hf21 and hf22. Are you still positive about future of steem blockchain? :)

Cheers
Piottr

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thecryptodrive 5 years ago

Also regarding comments, sure there will be a decrease in voting comments, but comment still have their place to build community, make alliances and get known by voicing your opinion, we walk a dangerous line when we reward dialogue, imagine in real life you only speak with people if they are prepared to tip you, it would be wierd right? I think comments should flow and people should comment and reply for the sake of community and not for getting tips.

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crypto.piotr 5 years ago

Late thank you for your reply @thecryptodrive

I want you to know that I really appreciate your time and your comments

Check out my latest publication..
It brought some real emotions. I've been downvoted by over half million SP (attack of few accounts), however I also received solid support and few strong upvotes and now I will be enjoying the biggest genuine payout in my lifetime ;)

Yours
Piotr

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thecryptodrive 5 years ago

Thanks for linking your post @crypto.piotr, I will comment further on your post.

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