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RE: Question for the top 20 Witnesses about HF21
The freedom steem represents unfortunately makes it vulnerable to exploitation and selfish incentives. I think this proposal is a necessary evil, however I think they should include a 'tax return' clause so, in the event of a bloated treasury we can distribute a % of funds back to authors who were taxed.
I read that they were planning on burning excess treasury tokens, but I think that's a horrible idea. Who would want tax dollars to be destroyed?
No, they need a tax refund option. Everyone likes a check in the mail, and if you produced more content that brought more steem into the treasury, then you should get a proportional return at the end of the quarter or month.
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Refunding that many users would be a huge cost to the chain. It's better off just being left in the pool of sps. This still keeps it locked up and stops it from flooding the market as we see happen now with sp power-downs and people earnings from posts. Anytime we saw it refund users we would see a significant sell-off, which would make the market cap take a hit.
If anything like that was made it should pay user back in sp so it has a 13 week power-down time so we don't see any issues with the market collapsing if say a million steem is dropped on the market
If it can't be refunded then it needs a hard cap to prevent it growing indefinitely.
My concern is that we might not be able to agree on what projects get funded or that we end up with a development drought, and the pool just grows, effectively being inflation for the sake of inflation. I wouldn't mind it being paid in sp tbh
Perhaps a refund could be rolled out in stages, but I honestly prefer a cap.