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RE: Coindesk Libels Dan Larimer

in #eos7 years ago (edited)

I get your point, @asabovesobelow, though it is probably most applicable to Bitshares and the early PoS projects that preceeded it. But, it appears you do not understand Steem.

"Perhaps as these ecosystems evolve, there will come a time where a blockchain doesn't allow for such hoarding, something like a countdown timer - where your unspent balance is reduced over time, a sort of incentive to spend and not save. "

That is exactly what Steem does. The high inflation rate dilutes long-term holders over time by paying out new Steem tokens to the content creators and curators. Yes, some of the new tokens are paid back to the SteemPower holders, but not at a high enough rate to prevent diluting their stake. If you hold SteemPower you are still getting diluted, though at a slower rate than holders of Steem and SMD.

Please correct me if I am wrong, folks, but holding high SteemPower does not confer the power to get more tokens at a rate faster than the dilution. Yes, you can vote on the miners, but nobody in Steem holds anywhere close to 51% of the tokens. SteemPower doesn't boost your own posts, does it? It boosts your votes on other people's posts.

Also, if that was Vays concern, then it is quite clear that the rules of the EOS token sale were designed to distribute the token as widely and fairly as possible, preventing early hoarding by insiders or whales.

Bitcoin mining has the same problem, nowadays, were it takes capital intensive specialist hardware to mine. This goes against what Satoshi was trying to achieve.

Vays could have educated himself on this stuff. To accuse Larimer of "shady" intent shows that he hasn't been reading what Larimer has actually written.

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