RE: Let's Fix Steem By Drastically Modifying Inflation!
Spot on edicted. Implementing these change all at once seems like a total rush.
Who's going to want to invest in Steem when they know a few dozen people have the power to change it in any way they see fit?
I proposed steem to a lot of people. For most of them, it was way to complicated. Others, that actually joined the platform thought the exact same thing you mentioned here. A few dozen people have the power. That's why they didn't continue to invest and engage.
There are a lot of stake holders out there who don't want to give money away, and that is the core of the problem: greed.
Greed is unhealthy. I totally understand that someone wants to grow their stake. I would do that too. However, there is a balance between contributing to others and growing their own stake.
They are given a resource that they basically now feel extreme pressure to spend.
Do you think quality content is going to be downvoted because of the downvote pool?
My worry is that these changes are going to blow up in our faces and we'll be forced to change inflation again and again.
I can totally see that after all these changes in one single HF.
It's actually bound to happen unless you feel that 15%-25% of the content on Steem actually deserves to be downvoted. I would say that the real number is closer to 1% - 5%.
What's actually going to happen is that flag wars are going to get way worse. Imagine you have 250,000 SP and you get into a flag war with someone who has 1,000,000 SP. With a 25% downvote pool, the person with a million SP can nullify everything the quarter million stake holder does.
So what does the quarter million stake holder do? They stop upvoting people on the platform and instead they sell their vote for liquid SBD though a centralized service. This liquid SBD can then be used to purchase downvotes at a huge discount because there will no doubt be other whales looking to sell their resource for whatever the free-market will give them. In affect, the quarter million stake holder may be able to nullify everything the million stake holder does with only 25% as much stake.
Adding a resource like this to the ecosystem with zero testing is going to yield a lot of unintended consequences. Clearly, the downvote pool is the worst idea out of all of them.
This sounds horrible. I can't imagine the negative consequences. Brutal.