Honestly that is probably the only way to do it is to hardfork before SMTs come out.
Think about how bad SMTs are going to consolidate wealth once they come out.
I wrote a post about it recently if you wanted to read it.
Basically here is the problem with SMTs.
On Ethereum something like 80% of all ICOs released are scams, they employ astroturfing via "bounty campaigns" and "social media campaigns". Lots of people go around making positive posts about whatever the coin is and invite others to join in. This is akin to the dotcom bubble where tons of investors lost everything due to not understanding that most companies fail while only a few percent continue on.
Since 80% of ICOs are scams(also add in 10% to 15% outright fail and lose 100% of investors money) we can link it with SMTs. SMTs SHOULD roughly be the same percentage. Many ICOs on Ethereum have raised 10s of millions and 100s of millions of USD and are scams or projects that never do anything and just fizzle out.
If we are going to have a hardfork I would imagine that it needs to happen before SMTs come out, or if we hardfork after SMTs come out the HF would have to remove SMTs.
Would love to talk more with you about it sometime if you were interested in doing a podcast or something. I am very much involved in the Ethereum world and see the impending disaster that SMTs will cause.
On Ethereum something like 80% of all ICOs released are scams, they employ astroturfing via "bounty campaigns" and "social media campaigns".
Yes, and here on the Steem blockchain, all of these inevitable scamcoins will be AstroTurfed on Steemit, where the scammers will be able to essentially double-dip on post rewards and the scamcoins. In addition to that, they'll likely be spamming wallet transfers that "advertise" their scamcoins, further adding to the worthless blockchain bloating that we'll see from the creation and exchanging of hundreds or thousands of shittokens. The nodes we have already can't handle larger transaction loads and queries. A single spammer can essentially break the network or at least slow things down to a crawl.
We have people sitting on many millions of dollars who aren't willing to improve the basic infrastructure, but want to significantly add to the current transaction load. And we have witnesses making thousands of dollars a month, but aren't willing to even turn on one full node themselves.
The need for SMTs is questionable, at best. The likelihood that they'll even be delivered or that they'll do half of what the promoters are claiming they can do is pretty slim, given the track record of the promoters. And the people pushing it and supporting the push - the same people sitting on or collecting tons of money to be in "leadership" roles - appear to be completely unwilling to upgrade the underlying infrastructure that will be needed to handle the transaction load.
Ouch, I didn't realize that one spammer could grind the network to a halt.
That makes me even more worried because these spammers are all over social media with their bots advertising for ETH and spend tens of thousands of USD to do it. Facebook and other places started banning crytpo ads because so much of it is a scam and tricks the low information crowd into "moon money"... Doing a simple wallet transfer for 0.001 SBD is a pretty inexpensive way to spam the network, it would take less than 2,500 USD worth of SBD to send one wallet transaction to 1 million people. Yikes...
And those same people raising all the money for SMTs will have the funds to do a lot more than that.
The more I learn about how bad this is all going to be the more it makes me want to fire up a node to help in the capacity I am able to.
Everything I am reading about the Steem blockchain is proving more and more this is unsustainable for every metric. I am here for the uncensorable aspect of blog posting and it would really suck to see this go away.
I am gonna reach out to krnel and ask him about getting a node up and running as I talk to him sometimes, though I likely don't have the funds to run a full node if it is too expensive.
Looks like you guys came up with an alternative solution. I think it's worth a try.
Honestly that is probably the only way to do it is to hardfork before SMTs come out.
Think about how bad SMTs are going to consolidate wealth once they come out.
I wrote a post about it recently if you wanted to read it.
Basically here is the problem with SMTs.
On Ethereum something like 80% of all ICOs released are scams, they employ astroturfing via "bounty campaigns" and "social media campaigns". Lots of people go around making positive posts about whatever the coin is and invite others to join in. This is akin to the dotcom bubble where tons of investors lost everything due to not understanding that most companies fail while only a few percent continue on.
Since 80% of ICOs are scams(also add in 10% to 15% outright fail and lose 100% of investors money) we can link it with SMTs. SMTs SHOULD roughly be the same percentage. Many ICOs on Ethereum have raised 10s of millions and 100s of millions of USD and are scams or projects that never do anything and just fizzle out.
If we are going to have a hardfork I would imagine that it needs to happen before SMTs come out, or if we hardfork after SMTs come out the HF would have to remove SMTs.
Would love to talk more with you about it sometime if you were interested in doing a podcast or something. I am very much involved in the Ethereum world and see the impending disaster that SMTs will cause.
Yes, and here on the Steem blockchain, all of these inevitable scamcoins will be AstroTurfed on Steemit, where the scammers will be able to essentially double-dip on post rewards and the scamcoins. In addition to that, they'll likely be spamming wallet transfers that "advertise" their scamcoins, further adding to the worthless blockchain bloating that we'll see from the creation and exchanging of hundreds or thousands of shittokens. The nodes we have already can't handle larger transaction loads and queries. A single spammer can essentially break the network or at least slow things down to a crawl.
We have people sitting on many millions of dollars who aren't willing to improve the basic infrastructure, but want to significantly add to the current transaction load. And we have witnesses making thousands of dollars a month, but aren't willing to even turn on one full node themselves.
The need for SMTs is questionable, at best. The likelihood that they'll even be delivered or that they'll do half of what the promoters are claiming they can do is pretty slim, given the track record of the promoters. And the people pushing it and supporting the push - the same people sitting on or collecting tons of money to be in "leadership" roles - appear to be completely unwilling to upgrade the underlying infrastructure that will be needed to handle the transaction load.
Lucky us.
Ouch, I didn't realize that one spammer could grind the network to a halt.
That makes me even more worried because these spammers are all over social media with their bots advertising for ETH and spend tens of thousands of USD to do it. Facebook and other places started banning crytpo ads because so much of it is a scam and tricks the low information crowd into "moon money"... Doing a simple wallet transfer for 0.001 SBD is a pretty inexpensive way to spam the network, it would take less than 2,500 USD worth of SBD to send one wallet transaction to 1 million people. Yikes...
And those same people raising all the money for SMTs will have the funds to do a lot more than that.
The more I learn about how bad this is all going to be the more it makes me want to fire up a node to help in the capacity I am able to.
Everything I am reading about the Steem blockchain is proving more and more this is unsustainable for every metric. I am here for the uncensorable aspect of blog posting and it would really suck to see this go away.
I am gonna reach out to krnel and ask him about getting a node up and running as I talk to him sometimes, though I likely don't have the funds to run a full node if it is too expensive.
Voted you for witness.
Thanks.