I read with great interest the SteemitBlog post on the PowerDown Rule change. I read some very well written and impassioned arguments on both sides of this issue, as both those calling for protection and those calling for freedom wrote eloquently and well reasoned comments. I thought the collective knowledge expressed in the thread of comments was impressive. I must admit that at times I chuckled as I saw concerns for freedom, concerns for protection, concerns for freedom from protection and also calls for protection from freedom. All passionate and well reasoned but the spectrum was a bit humorous.
But as I finished reading for what seemed like an hour, I was struck by this thought. Steemit, the Steem blockchain and the spirit of cryptocurrency is about freedom and choice. And I think that the blockchain is sophisticated enough that we shouldn’t have to choose either one choice or another, it seems appropriate to give participants choices.
I think we should consider two things : first offering a choice to people how much protection they want from the Power Down feature in terms of how many weeks they want to choose to power down their account. Second I think we should discus the impact this could have on governance of the blockchain, witness votes, etc. Currently the long power down period means you need to be committed to tying up your funds for at least 13 weeks, which some feel protects the blockchain from bad actors.
One example cited was whales or exchanges from powering up, influencing governance rule changes which result in them obtaining a large cut of the reward pool and then powering down dumping those gains on the market driving down the price with the dual effect of both taking the majority of the rewards and driving down the value of the remaining rewards.
I don’t know how plausible that occurrence is, and I certainly don’t want this to scare us into inaction, but I desire the opposite.
Most importantly, I think it’s a valuable discussion to utilize all the collective brainpower here to propose changes to improve freedom, choice, attract more people to our platform and our blockchain, as well as review the effects on governance.
This article by @tarazkp is very helpful in this regard and is a good example of the creativity and diversity we have on the Steemit and I am sure there are more: Link Here: https://steemit.com/hive-174578/@tarazkp/the-return-of-locked-stake-and-passive-earning
Let us move forward as a group in the spirit of choice and options, not simply either this choice or that choice, so we can chose certain things based on our knowledge and comfort level, protect the new members of our community, liberate the older members, encourage participation by others outside our current membership, but protect our project.
We are an evolving entity, we will make desirable and undesirable changes whose effects will often only be discovered retrospectively. So a bit of caution and deliberation may be wise.
Steemit Blog Proposal Link : https://steemit.com/steem/@steemitblog/feedback-wanted-4-week-power-down
You can vote here:
Please note, there are now two proposals issued to obtain proper community sentiment IN FAVOUR or AGAINST the 4 Week Power Down change.
PROPOSAL IN FAVOUR:
https://steemit.com/steemdao/@thecryptodrive/hf-proposal-vote-to-reduce-power-down-period-to-4-weeks
PROPOSAL AGAINST:
https://steemit.com/steemdao/@thecryptodrive/hf-proposal-vote-against-reducing-power-down-period-to-4-weeks
Note that it is my understanding that this is voting for or against changing the 4 week PowerDown.
The SMT change has a separate proposal.
✍️ written by Shortsegments
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