RE: Busy Official Public BETA Release: Release note, Known issues, What's next ?
EDIT: Most relevant comment
I guess my problem is not really the busy token. I admit that this is probably a good idea to get you guys started.
My problem is the mandatory ( non opt out) multiple beneficiary payout because this feature means that companies could quickly grow out of control, issue more and more shares and undermine the whole investment proposition for steem power holders.
You've mentionned that this is just for bootstraping the project and I have no reason to believe otherwise as I trust the team.
My concern is that many companies will abuse this feature especially if they grow big, they will start charging customers higher taxes, they might censor content not coming from their site to force people to pay a comission and they will also distribute more and more tokens as the company grow which will take a huge chunk of the investment that could have gone into steem.
My conclusion is that a token sale to bootstrap your project is probably not a bad idea but the multiple beneficiary payout feature should definetely be opt out because the feature gives way too much power to companies and could potentially undermine steem power holder's investment.
I don’t really like the busy token thing,the idea behind steem was that investors who wanted to invest in steem projects would have to buy and hold steem. But if busy allows investors to invest in busy by just exchanging their steem for a token then the steem will be dumped.
I much rather see people who want to invest in busy buy and hold steem . If the demand for steem was high already this might not be such a big deal but that’s not the case, today we badly need to incentivize people to buy and hold. The Multiple beneficiary payout enhancement will give busy necessary funds to pay for salary/developement. I don’t see the need for a token. What if every steem apps start issuing tokens?
This token thing function much like a traditional company where shares are given and dividends paid out, nothing wrong with that apart from the fact that we've all been told steem power is the actual share...
If anyone can convince me this is a good idea I'm all ears!