All Hivvers Vote - Community Poll on Powerdowns

in dPoll3 months ago

All Hivvers Vote - Community Poll on Powerdowns


What should the Hive Power Down schedule be?

This is an ongoing discussion, and I think the best way to have it is through on chain consensus mechanisms, dPOLL, that enable us to practice what @Dan Larimer refers to as "True Democracy" in his book More Equal Animals.

"True democracy implements a process that harnesses the wisdom of the crowd and systematically protects against the need for global knowledge to make sound independent decisions." Page 26

This poll is not to decide what the witnesses do, but simply to have the discussion and gauge what users feel would be best regarding the powerdown schedule. Currently, Hive that is vested or staked takes 13 weeks to fully power down.

Some users have voiced opinons that they would prefer it was shortened, although personally I like the 13 week schedule. I feel much more confident knowing that the value of Hive is somewhat stable over 3 months. Users can power up and power down, and hopefully it averages to equal out over time, providing more confidence in the coin value.

Remember what it says in the white paper,

"There is significant value to having long-term commitment, because it enables communities to make long term plans. Long-term commitment of stakeholders also causes them to vote for long-term growth rather than short-term pumps. In the cryptocurrency space, speculators jump from cryptocurrency to cryptocurrency based mostly on which one is expected to have short-term growth."

There are other arguments I have heard, and I would very much appreciate if you would vote on this dPOLL and provide a 3-5 sentence response explaining your view and reasoning. I hope that we can continue to discuss this to find the best solution possible.

Furthermore I am tagging witnesses I vote for, and other users I know to make sure this post gets out. I am tagging the LeoFinance community and Neoxag and CTP also because this is a discussion for everyone to participate in. I will be discussing the results of this dPoll on @hivecoffee next week.

@actifit @aggroed @anyx @arcange @ausbitbank @blocktrades @brad-saunders @cervantes @dragosroua @drakos @fyrst-witness @good-karma @gtg @jesta @leofinance @neoxian @roelandp @someguy123 @steemitboard @steempeak @thecryptodrive @themarkymark @therealwolf @timcliff @yabapmatt @taskmaster4450le @acidyo @geekgirl @nathanmars @amr008 @crystalhuman @jk6276 @phusionphil @rawbe @unorgmiltia @steevc @blocktrades @darthknight @theycallmedan @klye @ausbitbank @deathwing @followbtcnews @drakos @khaleelkazi @apiculture @eonwarp @primersion @clicktrackprofit @thelogicaldude @disregardfiat

Please reblog and tag anyone else you know on Hive in the comments

"A true democracy should facilitate people working together and building trust." - Dan Larimer


  • 13 Weeks - No Change

  • 4 Weeks - Be Like Steem

  • 7 Day Power Down - Cash Out Fast

  • Instant Power Down With % Penalty

  • 6 Months - Make The Power Down Longer

  • Create New Incentives For Long-Term Staking

  • Other - Please Explain

Answer the question at dpoll.xyz.

Sort:  

Voted for

  • Other - Please Explain

Scale for convenience.

Allow for all options, but add a fee for convenience that is simply burnt or has reallocation to the HDF developer funding to take away from inflation in other parts of the ecosystem.

Instant power downs could have up to a 25% fee imo, while longer than 13 weeks could even get a small premium for their extended notice.

The more notice you give to the rest of Hive users, the less of a fee you should have to pay.

Voted for

  • 4 Weeks - Be Like Steem

This is the optimum time and should not be too much than that.

I don't use hivesigner, and apparently dpoll doesn't support hive keychain, so I won't vote on the poll itself. But I believe it should be left at 13 weeks.

  • It reduces the impact of voting from short term thinkers and speculators. I believe this is a net positive for governance of the network. This is the primary reason I favor 13 weeks over 4 weeks.
  • It also acts as a security feature, giving users more time to recover their account with most of their vested funds intact, if they accidentally leak their keys.

The main argument I usually hear for reducing the powerdown time is that it discourages investors. But I don't think this argument is very compelling, because you can invest in Hive without powering up. And please don't tell me no investor would do that because he doesn't get staking rewards: as a counter example, I've done it myself many times in the past. And I know of other large stakeholders who've done the same.

If there's going to be a change, I think it makes more sense to make liquid Hive more attractive for short term investment. I see the new Hive->HBD conversion mechanism as one example. It's a perfect profit mechanism for people who like to speculate: they can arbitrage HBD whenever it starts to escape the peg, and profit from that.

Thank you for this response I appreciate it immensely. I agree with this reasoning both for security and long term vision. Also I do not feel that we need to persuade anyone to come to Hive just to speculate short term. I agree that the Hive<->HBD conversion mechanisms need to be improved as you have previously proposed.

Stay like that, 13 weeks. It may seem like shorter periods are better, from a speculation point of view, but that is working only during bull runs. The same speed that allows you to inject funds in a bull run will drive the price to the bottom faster during a bear run. The current window seem to have a balance between incentive to hold / stake and speculate with liquidity.

Didn't vote, but you can record my option for 13 weeks.

Voted for

  • 13 Weeks - No Change

My main reason for this vote is long term commitment. Someone who only want to invest into hive or wants to speculate, can simply not power up. I also like the idea of @blocktrades that this provides kind of more security, because of the longer timeframe for recovering an account.

People that do want to have a shorter powerdown could also just invest e.g. in one of the tokens on the 2nd layer (hive-engine), which actually has a shorter powerdown. I am pretty sure there are already plenty of tokens with different powerdown durations.

Anyways, thanks for bringing this up !BEER

Voted for

  • 13 Weeks - No Change

Voted for

  • 13 Weeks - No Change

Voted for

  • 13 Weeks - No Change

I believe that 13 weeks encourages support for the platform as a social network and not just another network to make a fast money. This should be the north here, build a chain that benefits us all and not just those who want more and faster.

13 weeks because its unlucky for it to be anything different.

In seriousness, I think the long 13 week staking and powering down does incentivise people to have a meaningful stake into the platform after all there is no easy way out.

Voted for

  • Create New Incentives For Long-Term Staking

Voted for

  • 4 Weeks - Be Like Steem

Voted for

  • 4 Weeks - Be Like Steem

Voted for

  • 7 Day Power Down - Cash Out Fast
деньги должны двигаться, лежание в слитках золота - старая парадигмаmoney must move, lying in gold bars is an old paradigm

Voted for

  • 7 Day Power Down - Cash Out Fast

I'd honestly vote between two 7 Days is a little fast 14 is reasonable though. However I do believe some small rewards for holding length. For example 2.5% initial 2.8% after a month 3.25% after 6 months doesn't have to be these numbers but a small reward could be beneficial. It could bring more people in to staking the coin (if that is an issue I'm thinking it's not) but on top of that it would possible get people to start interacting on the site more as well.

Posted Using LeoFinance Beta

4 weeks!

Posted Using LeoFinance Beta

Voted for

  • 4 Weeks - Be Like Steem

Voted for

  • 13 Weeks - No Change

As I quoted above, "There is significant value to having long-term commitment, because it enables communities to make longterm plans. Long-term commitment of stakeholders also causes them to vote for long-term growth rather
than short-term pumps." I vote to keep 13 week powerdowns.

If I participate, I would like to express my dissent for Dan Larimer, I do not need a talking head to represent this cause.

I do however respect the sentitiment for a distributed and decentralized ledger with consensus mechanisms.


Hey @darkflame, here is a little bit of BEER from @primersion for you. Enjoy it!

Learn how to earn FREE BEER each day by staking your BEER.

Voted for

  • 7 Day Power Down - Cash Out Fast

Voted for

  • Create New Incentives For Long-Term Staking

Voted for

  • 4 Weeks - Be Like Steem

4 weeks

Voted for

  • 4 Weeks - Be Like Steem

Voted for

  • 4 Weeks - Be Like Steem

I also like the idea of added incentives for longer staking. Maybe like for every quarter you go without powering down, you earn a percentage based reward, or higher RP. Something like that.