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RE: (Very) Basic stuff Steem needs to fix: my personal list
Time to unstake is an issue.
I notice it on Steem Engine. When a token has a long lock-in period I hesitate to power that up.
A week should be enough..
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One week should be the worst case scenario, ideally lower than that.
One week is the Worst case scenario? Is not the current three months is the worst case scenario? Or at least worse?
I think that one week would attract much more investors and make much more sense, because the payout time on the Steem blockchain is also one week (7 days).
Yes, currently the period is 13 weeks. 7 days is what it should be, at most.
Witnesses like GTG are staunchly against this. He has explained his reason to me in the past but I think it's bullshit. You and @librosist are spot on, time to unstake is one of the reasons why steem never took off. No investor wants their funds locked up for so long, especially given the incredible volatility of a crypto currency.
There's a general trend of pedantry on Steem with excuses ready for every terrible feature. The reality is normal people just want a convenient, enjoyable, and useful product. There's no justification for obviously user-unfriendly features. If your system requires a 13 week powerdown (it doesn't) then you have to completely overhaul or replace your system till it's in line with what investors expect. Same applies for everything else.
Well said.
The argument would be that you have to lock it up in order to participate in the rewards pool? That makes sense to me. But not 13 weeks.
I am not sure about the past. There was a widely tolerated practice of leaching rewards through steem - via bid bots.
We might not be having that discussion anymore with the introduction of SMT. At least I heard on multiple occasions that there might not be a use for SP then...
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Why do you have to lock in tokens to participate in the reward pool? It's completely arbitrary.
People will point out a possible abuse vector, i.e. double voting, but that doesn't exist either if the power down is 7 days. Let's say, you make a post and immediately vote for it, then power down. The power down will always finish after the post is paid out.
It was argued that any shortened amount of lockup time requirement would not work out. The amount of time currently chosen is absolutely arbitrary, and as you said, makes no sense.