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RE: What if we completely removed the delegation function from the protocol? Suggestion.
No, delegations are one of the few things that make STEEM unique. Try getting rid of other inflation (like base inflation to all SP holders) instead if you are so needlessly worried about the price.
I am not worried about the price even though it DOES matter. I am worried about the decreasing number of active users and for the fact that people lose their faith. Bid bots and abusers took care of it...
Delegations are like the plague...tell me one good reason for people to invest when they know that all they have to do is launch their app on steem. Free SP then comes their way...and we end up in a loop
Inflation sucks bad too. I'll give you that...but so does the delegation process. So what that it makes steem unique? It makes it unique in a bad way
But the applications running on steem are what bring it value, not the application runners buying a little steem....
Agreed. Wouldn’t they bring even more value if they invested in SP instead of receiving free delegations from the end users or steemit to reward their users?
But the delegations allow them to grow their service, and for others to invest and support them. Honestly delegating is a truly unique aspect to the chain. Can things be done better with it? Absolutely, but it's sort of a new paradigm in supporting a service.
Could services make more by buying steem? Maybe, but that doesn't directly return value for the services investors like delegating can. Realistically anyone running their project on steem should be making use of delegations AND buying steem.