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RE: STEEM melt down
that's very true, but I believe it's more complicated than what we are discussing here.
steem's method of printing new SBD is different than btc eth .... the reward pool imposes an inflation ratio to the ecosystem and other issues which affects the economy dynamics.
I'd like to talk to others who are knowledgeable in this regard but I don't know if there is such place and ppl willing to talk about this...
I warned that removing the conservative SBD cut-off to manipulate and over-inflate the SBD supply was a bad idea. I did this before HF20 and asked for Witnesses and Steemit Inc to get some economic experts to evaluate this decision. No one listened to me either. They relied on witnesses to be the all knowing experts on economics. In fact, it was a witness idea to add this to HF20. Ultimately it was witness responsibility to accept HF20. They obviously did this blindly without any testing. As a result of the terrible HF20 roll out, now we have some measures in place to test upcoming forks. What was missed is that we have zero measures in place to evaluate the economic impacts of changing the currency. witnesses will still accept future currency changes to the currency blindly with no weigh-in from real economic experts.
https://steemit.com/steemit/@socky/sbd-change-with-hardfork-20-playing-with-fire
very well said. I can't believe if this system has no economic advisor or consultant! it freaks me out!!
If you vote for witnesses, you should let them know to get some plan laid out to deal with future economic decisions that include experts.