RE: Bounty 20 Steem: Should we fix SBD?
I don't disagree with your proposal for addressing it, but I would add that even in the short term, it seems to me that the only stakeholders who really benefit from high SBD prices are authors. I think other stakeholders are harmed in both the short and long term. I wrote about it from a stakeholder perspective a few months ago: About those high SBD prices.
Two questions that no one seems to be asking:
i. Does restoring the SBD peg reduce the whale self-voting/voting-clique problem?
ii. For a healthy platform, what are the desired ratios of voters/authors, investors/authors, and even readers/authors?
Authors are the ones with the megaphones, so these discussions usually assume that every Steem user is an author, but is that really the way the platform works best? It seems to me that the platform would be healthier with many more voters, and investors than authors (who have the smallest incentive to hold steem). The high SBD price does nothing to encourage that dynamic.
Correct me if I'm wrong but is this platform's Intention to be used as simply another form of open and free social media? If so then it is in the hands and interests of all users to Inherently become authors by Posting content they find meaningful and being rewarded for doing so. Given the underlying intention of creating a community of meaningful content via rewards.
Refocusing on the intensions of the coin produced and witnessed on this block chain network, If it has been define as a stability seeking method should be not strive to maintain that original purpose?
This is in the whitepaper (page 27):
So yes, anyone can earn rewards by posting content, but voters are needed too, and you need many votes per post (on average) to achieve effective curation. High SBD prices tip the balance in the opposite direction, reducing the relative value of voting, since curation rewards are paid in SP.
And yes, if I understand you, I agree with your second point. SBDs were designed with one purpose in mind, to have a stable value. If they're not doing that, then they are failing.
The whitepaper also has 52+ week power downs and exponential whale voting.
The repeated appeals to it are fallacious appeals to authority.
Actually, it doesn't. The copy I pulled that from was rewritten last year to match the current state of the block chain. The link is here - https://steem.io/SteemWhitePaper.pdf
And it says:
And
And even if it had been obsolete, that wouldn't change the thrust of my comment which is that high SBD prices incentivize authors at the expense of voters and other stakeholders in a way that discourages quality content discovery.
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