RE: What If Exchanges Won't Be Able To Quickly Regain All Their Powered Up Steem?
A group of 20 witnesses decided a soft fork from a secret meeting, by themselves without asking the community.
I dont think this is a 'collapse', but the system working as intended.
DPoS works like a democracy, where the voter trust that those they are voting for will do what they expect to be done. Our votes put these people in power, just like in a democratic state, and we are delegating to them the power to decide what to do with the blockchain. So, whatever the witnessess did was indeed approved by a big part of the community.
Only two differences:
1 - It's not 1 person = 1 vote, more like 1 USD = 1 vote
2 - Community don't have to wait 4 years to change the politicians. The moment a witness lose enough community support, they are out of the governance.
Certainly not a direct democracy
https://en.wikipedia.org/wiki/Democracy
Democracy
Democracy (Greek: δημοκρατία dēmokratía, "rule by [the] people") is a form of government in which the people exercise the authority of government. Who people are and how authority is shared among them are core issues for democratic development and constitution. Some cornerstones of these issues are freedom of assembly and speech, inclusiveness and equality, membership, consent, voting, right to life and minority rights.
Generally, there are two types of democracy: direct and representative.
No one ever said it was a direct democracy.
I wonder how many persons voted for the so-called "elected" witnesses !
you can check here:
https://steemian.info/witnesses
It is not 1 Steem = 1 vote. It is 1 Steem = 30 votes.
I have strongly advocated for 1 Steem = 1 vote, and if this were the case today, our community witnesses would be far more strongly represented in the top 20, and the hostile takeover would be far less powerful than it is now.
I have elsewhere illustrated this mathematically, but it is important enough I will repeat that here.
User A has 1M Steem, which they use to vote for 30 witnesses. They vote for each witness with 1M Steem weight, deploying 30M Steem influence (1M x 30 = 30M). User B has 100 Steem, with which they do the same, deploying 3000 Steem influence (100 x 30 = 3000).
The actual difference in their stake is 999,900. The difference in the weight of their influence on witness elections however, is 29,997,000. Estimates of the stake Tron has purchased vary between ~65M and 100M Steem. Using a common figure of 75M Steem, Tron now wields ~2.25B Steem influence on witness elections.
It is easy to understand why making Steem witness elections 1 Steem = 1 witness vote will reduce the influence of Tron on blockchain governance from what it is presently.