The Death of Delegated Proof of Stake
View this post on Hive: The Death of Delegated Proof of Stake
6 years ago in #steem by clayboyn (70)
$23.96
- Past Payouts $23.96, 0.00 TRX
- - Author $19.43, 0.00 TRX
- - Curators $4.52, 0.00 TRX
I agree 100% with what you're saying, and I have pounded the same point, from time to time... but I am also not the "ears" you are trying to reach.
The short-term mindset cares only about "How can I make $5000 next week?" and is utterly blind to the greater question "How do I make sure there is still a venue to MAKE me $5000 a week, FIVE YEARS from now?"
In part we have a problem of psychology. Many of the biggest stake holders were "pre-miners" and the early adopters who went from zero to a million dollars in a few seconds. That's a metaphor. But it extends to become the same mindset as lottery winners who end up with NOTHING, five years after they won $10 million.
But that's only part of the deal. The other part is that we live in an "instant gratification" world that doesn't really support long term thinking. Instead, it supports (and even encourages?) a mindset that if "X fails, I'll just do Y, and if Y fails, I'll do Z..." and so on. As a consequence, there is more emphasis on "new" and "being first" than there is on old-fashioned building.
Personally, I'm a builder. Even though it may sound a little twisted, I am actually pleased with having a 12-year "archive" on Facebook. I want to develop a 12-year archive here.
I take a tiny measure of satisfaction in knowing that every time my stake here grows faster than Steem base inflation, I am part of redistributing Steem from "short-term" to "long-term."
In the meantime, I suppose the best we can do is use our votes on the forward thinking community-based witnesses.
Agreed, but that was kind of expected as we tend to see eye to eye on a lot of these things. Seeing us lose a great witness like pharesim today has kind of put it on my mind how easily the tides can shift and there are certainly some rumblings about other "witnesses" selling votes that I absolutely want to front end with a post like this to educate the community into appreciating and maintaining our quality witnesses that actively better the chain and not just sponge rewards.
Yeah... I was just posting on pharesim's over-and-out message. Although I have not been here "since the beginning," it made me sad.
There's a changing of the guard happening. I am hopeful some of the newer community oriented witnesses will gain more traction. I've gotten to know a few of them quite well, and they have good intentions... but tend to live in "the second 50." I'm hopeful someone like steemchiller will set up a witness and leverage the popularity of SteemWorld.org into a top-20 spot.
In the meantime, we just keep educating, as best we can...
I agree. 100%.
Another thought provoking post Clay. As time goes on I see a lot more cracks in the steemit system. I really don't know what to think anymore.
don't worry choo... the picture is a lot bigger... Steemit might not survive, but that's not what this whole thing is all about.. the blockchain Steem might evolve, and we certainly have.
Time will tell.
STEEM has a lot of problems that are in line with unregulated capitalism that relly make me worried. This is one of those issues, for sure.
Do you have any links to any meltdowns? Didn't see any, sounds fun.
It was the top trending video on dlive for a week, thought you might have caught it. Here it is
Christ that's long. Does he just dance naked... or what?
lol, na that would have probably been less of a train wreck. It's kind of just like a long winding mental unraveling or something from what I can tell.
Ew.
Valid concens. And needs to be said. Voting greed out of our chain is not something we should take lightly. If not taken seriously greed will foster this sick cancer that will spread.. And do so faster than it can be combatted. Although I'm optimistic good humans will out number the bad.
Thanks for the article. I am still new to this platform and to be honest, I do not understand how things work here at all. However, I will continue to read and research. Most of all I will continue to participate for a few years or until I understand that it is not of value to me. Once again, thank you for the article.
If you need help getting started, you can always hop into the Minnow Support Project discord and it's full of members that have been learning and growing for a while now. We'd love to help you out! https://discord.gg/uYnJXd
In my view , how it should work should mimic a successful IRL economic system.
Problem :
That is to say , we cannot have equality of outcome ( surety of success) rather equality of opportunity. I do concede that when a whale is starting off with such an uneven advantage for themselves it is more likely that irrespective of everyone having opportunity of equality ( being able to post) they won't be able to compete.
Possible Solution:
We have to provide a minimum support level for minnows , a reward pool exclusively portioned off for minnows. It can come from
In the end we need a broad base middle class for this ecosystem to prosper
I agree with some of this, but I don't think there are really successful economic systems to draw inspiration from as they are all based around scarcity instead of abundance. I am very anti taxing anyone. I'd rather people do the things that benefit everyone instead of just doing whatever they feel benefits them the most even if it's at other's expense. For example, voting on the people that we think are building the best blockchain for everyone and helping to make a better future versus selling your vote to whoever wants to game the system and try to make money off playing the witness position for payouts.
How do you enforce that?
Many things can be done to support the working middle class .
Define working - high reputation , high activity
Middle class - easily done by Vests level
No-one likes taxes but they are necessary to build an ecosystem which pulls forwards majority of denizens. It might even be a nomenclature issue (tax has been abused by govts) , just provide higher APR for working middle class , easily done.
I suppose that's part of the problem when it comes to enforcement eh? Those that have power are often opposed to sharing or losing it. Taking it by force essentially makes us into the same people that we are asking to be responsible with it in the first place. There are certainly ways to give incentive to active use of the platform, and one of the best ways that I can think of is to change the way curation works to make it the most profitable use of power. That being said, it requires people to actually do something, which many people that are simply concerned with "give me more" are lack to do, which is help support other people. Expecting the people with the most to lose to change the system in a way that doesn't benefit them is sort of illogical as well. If anything I suppose the system would have needed to be designed that way in the first place, but I guess with Dan talking about making steemit 2.0 maybe he realizes that. Who knows though, I can't really claim to know his intentions or motivations either.
It's in the interest of whales as well to have a prospering middle class in the long run...but hey.. short term gains are addictive !!
I honestly hate DPOS and wish Steem would go to a POS system. No reason why a few people need to be getting the rewards and that is it. Masternodes and POS seems to always work better in my opinion.
The purpose for a few people getting the rewards is supposed to be for funding development of the chain and supporting the costs of the infrastructure that keep it running. A system like STEEM could not run a traditional POS system as those have no need for the massive infrastructure and blockchain that we do. Keeping track of transactions is much easier than keeping the servers running to instantly access full articles from a year or two ago, much less doing that for thousands of users and hopefully millions in the future.
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The blog post owner is an author of thought. 👍
It is greed to buy their witness campaigns by purchasing ballots or trading ballots. This short-term greed is undermining the reputation of the blockchain and is undermining the checks and balances that have been taken to prevent greed.
博文主人是位有思想的作者。👍
通过购买选票或交易选票来实现他们的证人竞选活动，这就是贪婪。 这种短期的贪婪正在损害区块链的声誉，并正在破坏为防止贪婪事情发生而采取的制衡制度。