Blocktrades posts another disgustingly inappropriate idea.
Hey everyone, I have an idea.
Bid bots are bad.
Delegation curation farming is bad.
Let's cut curation by 75%.
We good?
No, we're not good.
It would be like if Trump decided he was going to extend his time in office with no election. I wouldn't put it past him. Not that I have any faith in our "democracy" in the first place.
The idea isn't bad, the entity issuing it is inappropriate.
Once again the elite here can't help themselves but constantly float these ideas that tinker with inflation and just so happen to put money into their own pocket. Hey, here's an idea: lets cut the block reward in half. Let's cut the DAO funding in half and destroy the ninjamine. How about that? We good?
So weird that the only ideas that get floated enrich the elite...
If you cut curation by 75% and then claim this is a "win for everyone" because inflation is being reduced... is it really though? Theoretically, less selling pressure gets generated from the inflation you destroyed, thereby increasing the value of all the other inflation being created.
A derivative of this idea was already floated: get rid of the reward pool entirely. Once again the inflation being left alone (dev fund and block reward) increase in value due to lack of "competition".
Does the theory merge with reality?
No, because there is an overhead cost of doing something like this.
Oh, look at that, the centralized top 20 czars of Hive have decided to change their inflation schedule AGAIN. Gee, maybe I'll just put my money into Bitcoin where bullshit like that doesn't happen. They already stole Justin Sun's money. They might steal mine as well.
Seriously do we all live in a tiny bubble and can't see how the outside world views this shit? It's SO BAD TO EVEN TALK ABOUT THIS SHIT IN PUBLIC WHAT THE FUCK ARE YOU DOING? Seriously though.
What do I want?
Well first, I want a dev team that actually knows how Hive works.
The Hive blockchain currently has an inflation rate of 8.5%, which decreases 0.5% each year (don’t quote me, as maybe it already dropped to 8%, I don’t know exactly when the change occurs). My back-of-the-envelope calculation leads me to believe that overall inflation will drop to about 6.5% if we reduce curation rewards by 75%.
Don't quote you? It MIGHT have already dropped to 8%? Our lead development team is talking about modifying inflation and they don't even fucking know how it works? God damn it. Do you know how fucking embarrassing that is? Obviously not because you wrote it.
Here, let me do your homework for you.
If I recall correctly, our inflation is reduced 0.1% every 20M blocks or some shit. This equates to about 0.5% a year. Now I'm actually really curious.
https://steem.com/SteemWhitePaper.pdf
Look at how hard it was to look this up. Search this PDF for "inflation" (control F). It appears 10 times. Go to the third one.
Starting with the network's 16th hard fork in December 2016, Steem began creating new tokens at a yearly inflation rate of 9.5%. The inflation rate decreases at a rate of 0.01% every 250,000 blocks, or about 0.5% per year. The inflation will continue decreasing at this pace until the overall inflation rate reaches 0.95%. This will take about 20.5 years from the time hard fork 16 went into effect.
There, now edit your post so more people don't read that ignorance and lose complete faith in the network. Thanks.
For our top development team to be suggesting alterations to the inflation schedule without even looking up the bare minimum of how it works is downright unacceptable. Especially considering that they theoretically have a financial gain by implementing the suggestion at the cost of other stakeholders... very bad form.
@blocktrades literally says
don't quote me on that... our inflation may have dropped 0.5% already...
When our inflation drops in 0.01% chunks.
I seriously can't get over it.
I just can't.
In theory, the elite benefits.
But in reality, everyone loses because the inflation being discussed here doesn't matter. It is the unilateral control being presented that is our biggest threat to adoption. The more we change the protocol, the more people are going to realize that granddaddy Bitcoin isn't such an outdated boring idea after all.
I was struggling to decide whether I was going to put this $500 burning a hole in my pocket into Hive or Bitcoin.
Guess which one I just picked?
What do I want?
Again this issue comes up. Man I sure talk about it a lot. Curation is a broken zero-sum game that assumes that the frontend's presenting content are going to order them according to payout.
How does Facebook order content? Twitter? Instagram? Etc? Do they order it via payout? Oh wait, there is no payout. Gee, they must use a smarter algorithm than payout. Maybe we should do that too.
The fucked up thing is that I agree with @blocktrades
We should get rid of curation. It's idiotic. Where he loses me is when he says we should just burn that inflation instead of allocating it somewhere more useful.
- 10% block reward
- 10% dev fund
- 30% savings account
- 50% reward pool (no curation, no APR)
Something like this is what I want to see (even a 40/40 split might be cool). I want to see curation gone, but in it's place anyone can move money to the bank accounts (savings accounts) and get ROI. This is essentially self-upvoting, and even closer to the way that HiveEngine does "Virtual Mining".
On top of that, I want the bank accounts to double as collateral for HBD loans. Anyone would be able to print HBD out of thin air, but they then wouldn't be able to remove their collateral from the bank accounts until it was paid back. This would peg us much closer to the dollar and avoid all possibility of HBD being valued above a certain level (like when we had $13 SBD).
Conclusion
You know, I don't mean to be a raging dickhead over here. I really don't. I appreciate what @blocktrades has done for us and continues to do. This post was probably the most triggered I have ever been. It just used to make more sense hearing these things from Ned rather than someone who actually knows what they are talking about. It's frustrating.
We are all trying to build a house here, and I feel like a dog just came in and tried to shit all over the foundation. What am I gonna do, clean up the shit or try to build the house around it? Either way, I'm not happy about it.
We seriously do not need to be tinkering with inflation right now. If we want to get rid of curation because it makes no sense, we need to develop the frontends that accomplish exactly that. Then we can justify eliminating curation. This means frontends that don't order posts because they are paid well and a reputation system that isn't based on payout. Easier said than done obviously but you can't put the cart before the horse.
