It is a good measure to get awareness of the issue out there. Really Steem Backed Debt issuance needs to be reduced, and I think that giving the control of that to Witnesses is the way it should be done.
I have described the algorithm I think should be used, it will 'steer' the rate rather than be applied momentarily when a Witness makes a block. Whatever the current average of all active witnesses set the rate of issuance at (a percentage), every day when the set rate differs from the current rate, it will shift the rate towards the new rate by say 1% per day. This ensures that the amount of SBD issued from day to day does not suddenly and sharply increase, which would cause a problem I think.
If we could control the issuance percentage, I think we could then also raise the interest payment rate later on, which will encourage the use of this asset as a payment tool for businesses (since they would always then end up with a tiny amount more when a payment is received, locked closely to the currency they pay suppliers with).
I will be doing the same thing as @tibonova, I think. I currently leave my curation mainly to @ats-david who is very good at picking the winners (I'm earning between 2-5 steem a day on curation now), trade my powerdowns for SBD and then use this to promote posts I like, especially ones related to this subject. So there will be more now going on this one :)
It is a good measure to get awareness of the issue out there. Really Steem Backed Debt issuance needs to be reduced, and I think that giving the control of that to Witnesses is the way it should be done.
I have described the algorithm I think should be used, it will 'steer' the rate rather than be applied momentarily when a Witness makes a block. Whatever the current average of all active witnesses set the rate of issuance at (a percentage), every day when the set rate differs from the current rate, it will shift the rate towards the new rate by say 1% per day. This ensures that the amount of SBD issued from day to day does not suddenly and sharply increase, which would cause a problem I think.
If we could control the issuance percentage, I think we could then also raise the interest payment rate later on, which will encourage the use of this asset as a payment tool for businesses (since they would always then end up with a tiny amount more when a payment is received, locked closely to the currency they pay suppliers with).
I will be doing the same thing as @tibonova, I think. I currently leave my curation mainly to @ats-david who is very good at picking the winners (I'm earning between 2-5 steem a day on curation now), trade my powerdowns for SBD and then use this to promote posts I like, especially ones related to this subject. So there will be more now going on this one :)
I've just seen that you have promoted this post. Thanks for that!
I have some work to do in my "real life", but
Yip!
I'm not in danger...
I promoted somebody else, does that count?