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RE: Announcing Steem 0.14.4 . Shared DB Preview Release by nextgencrypto

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· @nextgencrypto ·
$0.48
I'm sure "allowing the community to vote" really means allowing these parameters to be controlled by the 19 witnesses who will do whatever Dan and Ned tell them to do out of fear of losing their spots.  Correct?
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@laonie ·
Correct.
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@snowflake · (edited)
My take is that Dan and Ned want to let the 19 witnesses decide out of fear of being pointed fingers at personally. They most likely want change too otherwise they wouldn't have proposed a vote in the first place.
I get your point though but I don't think that every member of the community should be able to vote on these decisions. Many people have no idea how the system actually works, 90% of people I have interacted with think that steem power gives you interest( crazy I know) I much prefer witnesses which are technically knowledgable about steem to make these decisions.
I encourage witnesses to have a look at my recent posts 
https://steemit.com/saving/@bobsunday/price-will-continue-downward-unless-we-make-a-simple-change#@snowflake/re-charlieshrem-re-bobsunday-price-will-continue-downward-unless-we-make-a-simple-change-20161024t234409300z
https://steemit.com/saving/@bobsunday/round-2-community-organized-rescue-mission#@snowflake/re-timcliff-re-snowflake-re-timcliff-re-bobsunday-re-bobsunday-round-2-community-organized-rescue-mission-20161026t190225800z
https://steemit.com/steemit/@timcliff/attention-sharks-there-is-blood-in-the-water-are-you-ready-to-invest#@snowflake/re-luminousvisions-re-snowflake-re-luminousvisions-re-timcliff-attention-sharks-there-is-blood-in-the-water-are-you-ready-to-invest-20161026t210446700z

I explained in details why I think reducing inflation rate to the lowest possible is important,why reducing the vesting withdraw period to a minimum is also very important and why the current high inflation rate and vesting withdraw period serve no real purpose other than undermining the system as a whole.
I also explained why the more coins is being issued the more difficult it will be for the price of steem to increase in the future which means the more difficult for the rewards on the platform to increase hence why the steem inflation rate should be reduced at the lowest possible.




__Here is why only reducing slighly the inflation rate and the vesting withdraw period would make absolutely no difference.__

- There would still be unnecessary and exponential downward pressure on the price of steem
- The reverse- split would still have to occur
- Users would still have the illusion that they receive VESTs for being powered up ( this is bad for many different reasons, for example users think that their influence grows naturally without doing anything nor buying any steem, so they buy less and curate less.)
- If the inflation is say 40% speculators would still be wary and reluctant to enter the market
- Users participation would still be restrained by an inconvenient lock time period.
- The steem power distribution wouldn't be much faster as there would still be few buyers if the inflation is say 40%.
- The platform would still be confusing for most people to understand ( especially investors) .
- Steemit would still have this reputation of being this inflationnary ponzi currency and people would still want to sell it instead of holding it.


What steemit needs right now is interest from the crypto sphere, especially traders and investors. Speculation is everything in crypto, it's what gets a project like ETH to go from a few millions market cap to a billion, it's what gets you big investors pay attention. For this you need a currency with the lowest inflation possible and you need a very short time lock period so that volume can increase, more people can participate and distribution can happen faster.. Today if an investors want to buy say  1 000 000$ worth of steem he won't be able to do so without sending the price  sky high which means he would pay a premium all the way up. Volume is key if you want big investors to enter the market. Volume creates confidence, there is a reason John McAfee made a remark early on about the lack of volume. Steem should aim at reducing it supply long term not increasing it. When the supply goes down the price goes up, if bitcoin was using graphene it would be perfectly suited for such a platform because it would allow the price to grow organically which means rewards would grow as more users use it.
Steem would have to burn more coins that it creates to pay for rewards ( promoted features and more) but it is totally possible to have a decreasing supply long term and that's what steem should aim for, certainely not increasing it crazy like they do know, this is insane.
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@craig-grant ·
would you consider only changing or stopping the inflation rate for accounts that are powering down, if that's possible
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@bacchist ·
It's not possible at the moment. As the system is currently designed, powering down removes a constant amount of vests from an account, determined by the vest balance at the time of power down. There is **one** conversion rate for Steem and VESTs.... it is used when you power up and when you power down. Inflation of SP balances is really just due to the change in the conversion rate over time... It would require a complete overhaul to basically tax people for powering down.

And honestly, that's not what we need to be doing... If people want to power down, that's great. SP balances get the highest interest. The more Steem held in SP balances, the faster the money supply grows. That's dilution... even for SP. For SP to hold its ground against dilution, the vested level needs to reach 90%
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@snowflake · (edited)
This wouldn't solve the problems created by the hyper inflation because it will still be there. It will probably mitigate the price drop temporarily but it's not a sustainable model. Also what this will do is that it will disincentivize people to power up in the first place. It would also create an environement where people are not equally treated which to me sets a pretty bad precedent.

I understand your mind set craig, you really like your steem power number increasing. And you are not the only one. But you need to understand that the inflation created to give people this fake illusionary feeling of having growing power/share is undermining the system as a whole, as it creates exponential downward pressure on the price of steem.

Actually if I remember correctly you very much understand the importance of VESTS. 
So Im going to try to explain to you how the numbers growing in your account is just an illusion. When your steem power numbers grows your VESTS don't grow, because this steem power is distributed equally to everyone so you are not gaining VESTS when you see those numbers grows. The only way to make more VESTS is to curate or posts content or buy more steem on the market.
When people power down and you stay powered up it doesn't give you more VESTS unless you buy it on the market, all it does is that it reduces the VESTS of people selling their steem power. In other words, powering up doesn't give you any financial benefit other than being able to vote and earn curation rewards.
So if you remove the unnecessary inflation completely, your steem power balance would only grow if you curate or post content or buy more steem. You would be given a much more honest interpretation of the growth of  your shares in the platform ( when your steem power grows your VESTS /share grows) and most importantly your account value is much more likely to grow in value because we wouldn't have this crazy useless printing going which scares away pretty much every investors/traders and kills the price of steem.

Many people think that if users's steem power wouldn't grow there would be no incentives to power up. This is a false misconception as already today the only real financial benefit from powering up is the curation rewards, a growing number of steem power gives you zero benefits. The only people buying steem power for this reason don't understand how the system works and you can be sure that  investors won't invest on steem based on this illusion. 
As I have said in one of my previous post, the 2 years vesting withdraw period's only purpose is to prevent people from selling the highly inflated steem but it's not even clear why steem is inflated in the first place. Here we have a complexe system trying to fix problems that don't exist. Btw I'm not criticizing only I also offered solutions.
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@the.masses ·
Bam! To be or not to be~
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@the.masses ·
I agree with most of what you said besides the fact that inflation rates are an interest only to those who want to rule the world from steempower. Personally, I would give anybody on steem anything as long as I had access to it. This means creating "coins" attached to "assets" and leaving a trail along the way for people to discover. I could go more into depth but I don't want to get to far off topic as I tend to usually do.
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@the.masses ·
I disagree and allow me to explain.. By no means am I a known whale on any platform but, I see the good in what they are doing. This gives me further insight on what is to come because instead of worrying about who's who, I worry about how you are doing..
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