RE: VOTE FOR the 4 week powerdown time reduction proposal. by smooth

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Viewing a response to: @lordbutterfly/vote-for-the-4-week-powerdown-time-reduction-proposal

proposal · @smooth · May 12 '21 (edited)

$0.06

I'd be more in favor of a 1-2 week power down time. That's what's needed to prevent double voting on content with the same stake.
Apart from that, there are two concerns motivating the lower power down time:

1. Security against hacks. In this case we can either live with 1-2 weeks as good enough hacking protecting, and already better than most cryptos (and already more than deemed acceptable by the savings feature), or add a power down lock feature to accounts which takes longer to clear (say 30 days to align with account recovery)
2. Governance voting, to ensure that longer-term holders decide on the direction of the chain, not short term speculators or attackers. We already address this (which was not the case prior to a recent update) with a 30 day delay on voting by new stake, which could even be increased.


Whatever economic benefits allegedly derive from the longer power down time (I guess slower powering down and selling) are likely offset at least to a large degree, and possibly more than 100%, by reduced buying and powering up.

I would propose 1-2 weeks, leaning toward 1 week, or even 5 days.

👍 enforcer48, juanmiguelsalas

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@enforcer48 · May 12 '21

That's even better!

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@faireye · May 12 '21

5 days is perfect, if someone wants to power down, they will do it anyway.

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@lordbutterfly · May 12 '21

>I'd be more in favor of a 1-2 week power down time.

I would as well. My concern is that the distance between 13 weeks and 1-2 weeks is so much larger then with 4 weeks that people will generally be turned off by that idea due to the gravity of change. 
4 weeks being already imbedded mostly in the mind of the community and a natural first step. Hopefully if a change is implemented it could be improved on by the devs with the ideas Theycallmedan and others have presented.


>Security against hacks

I was never really convinced by this argument. If we deem the chain safe then the danger comes mostly from phishing attempts. If Hive, in comparison to other blockchains is deemed "safe" regardless of the powerdown time (and lets not forget our multiple passwords), why do we think reducing the powerdown time would adversely affect safety comparatively to other chains?
The only aspect in favor of the safety argument being the daily usage of your account. But that then as well falls on personal responsibility.

Convincing the community to vote for 4 instead of 1 week seems much easier at this time. Seeing how it goes, with the 4 week reduction being a reality, going further down would be a much realistic discussion.

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@smooth · May 13 '21 (edited)

It is mostly phishing attacks but also potentially web vulnerabilities. Our user base is exposing their keys to the web a lot more than many others, which increases both risks. In fact some cryptos that previously used web for wallets a lot have moved away from it.

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