What if we completely removed the delegation function from the protocol? Suggestion.
The last couple of months the price of steem is swinging between the range of 0.25$ - 0.17$. Yeah...we dived that low a few hours ago...
What I think it's interesting though is that despite the fact the USD wise the price looks really attractive compared to ATH, few people keep powering up their liquid rewards and even fewer are buying steem from the exchanges.
Who can blame them? There are no indications that price wise things can be reversed and I think that things will go even worse before we see the light at the end of the tunnel.
How much faith in steem is enough though?
I can only speak for myself. I love being around. I like the struggle and the anxiety...and I don't really care about the price at the moment. Well, I do...but at the same time I don't, if you know what I mean. So selling off or powering down isn't an option for me.
What I think is remarkable is that community members are trying to find solutions. Everyone is squeezing their brains to come up with an idea that will help steem climb the rankings.
I've been thinking about this for a while now...
What if we completely removed the delegation function from the protocol?
It sounds scary I know...but think about it for a moment...There are dozens of new apps / tribes you name it that are popping up every single day. Development and progress at its finest.
Yet almost 99% of them are depended on the free delegations they receive from Steemit.Inc. I would like to see apps new/old whose people in charge buy some serious amounts of SP and power it up to reward their users.
Just like in the real world/ Nobody is running a store with donations...Because that is what delegation is. A gift....We need to treat steem with more respect if we want it to thrive one day...
Steem Power is money. You get that right? And if we want healthy and sustainable new businesses to build their apps on top of steem blockchain we need to banish the "Hey, let's build our app on steem, we'll receive free SP there and at the same time we'll make profits" mentality.
I think it is the perfect way to push people to further invest in steem, what will increase the demand, and finally what will make the price to go up. Does this sound crazy?
I think there are no cons at all if this function was implemented but if you think I am wrong, I'd really want to read your suggestions / thoughts.
'Just like in the real world/ Nobody is running a store with donations.'
This post of about 2 months ago https://steemit.com/steemit/@schattenjaeger/the-biggest-positive-change-would-be-to-simply-get-rid-of-delegation I resteemed back then.
For the same reason (because I totally agree) will resteem this one of yours as well.
Though I think it will be vain hope that this will be adopted ...
Thank you so much mate. As the time goes by I see we share the same mindset on various things
It's perfectly sensible but it is not something they would contemplate. Delegations made the whole process of buying sp unattractive. Why power up when someone/something gets risk free delegation of several hundred thousand so thus diluting your influence.
So yes, I agree. It would be a great thing
Not to mention that it would trigger all those inactive accounts that earn passively from bid bots to curate / participate again...
I guess that it ain't gonna happen...like ever... since some of the top witnesses make their living by running these "super cool bid bot businesses"...sigh
Yeah, it's like the short sightedness of it all is draining sometimes
Actually I can get your point but also looking it from the point of view, I guess it will be somehow difficult for them to do. Looking at a lot of project who depends on delegation, will them be able to buy that much of steem to power up which might discourage their project idea
This is not a healthy business model if you ask me...everyone and especially dapps should be depended on their on pockets
It would surprise me to hear that STINC in delegating to any Tribes. What you are suggesting will apply more to SMTs. They will likely have to fly or fall on their own merit.
Why not to existing dapps too? Anyone can build their account with a couple of free million SP and pretend the savior
That's true yet the delegarions of mine to such non-profit projects like @freezespeach or even more for profit ones like @wherein who is helping onboard new users from China; or even small accounts like @steempatron who promotes new content creators with a previous large following from elsewhere... to acvounts ranging from @corbettreport to @rt-international to even @tommyrobinson who proves that the steem blockchain is censor free; makes me feel warm and fuzzy by thinking my delegations are my small contribution to the community. Not all delegation are created equal in my opinion.
True. Not all delegations are equally created but unless there is massive demand for steem the price will keep on dipping. And nobody is willing to invest as long as they know that there is free support...
I would take that option any day tbh
Well there is a silver lining in that in my mind's eye, and that is that distribution of stake will develope a stronger STEEM middle class of people that want to live here and businesses which wish to use the STEEM bloclchain in a utilitary fashion (particularily with RC delegation expected in HF22) rather than speculators and "investors". The low price will accelerate this process in my opinion. But some may call me a bit of a lefty, so perhaps my hope will not be felt by all, yet market forces are likely to do so.
Investment within the platform must be stimulated in some way.
Delegations should have some cost!
That is a good idea actually
Good idea. Full support
To listen to the audio version of this article click on the play image.
Brought to you by @tts. If you find it useful please consider upvoting this reply.
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.
Congratulations @mindtrap! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPVote for @Steemitboard as a witness to get one more award and increased upvotes!