13 weeks saved our asses from losing everything almost instantly when all that shit went down last year and we ended up here. There were plenty of emotionally charged powerdowns weeks before Hive even became a thing. A shorter period would have tanked the value of our old tokens before the people holding on with the wait and see attitude even got a chance to scrape a few pennies off the floor and bring them here. That action of moving funds from Steem to Hive helped keep Hive's value up and if there was a shortened period, it would have taken less than a month for HIVE to get rekt. HIVE dumpers off the start would have triggered more to dump, a chain reaction that would have led to us not being here.
After seeing 13 weeks in action, I see it as an insurance policy that protects my investment from even the tiniest rumor to the largest smear campaign.
Why not simply keep a week's worth of powerdown in savings rather than power it up?
There are plenty of other tokens out there that cater to speculators. If that approach is so goddamn appealing and good for crypto, why do so many tokens fail?
I answered this in the OP:
Again, this change would only move the 13 week powerdown to 12, so I feel like you haven't addressed my post and are instead referring to the many comments here saying to remove it entirely or reduce to 4 weeks. Seems like we are the only two people on the platform that enjoy the long powerdown... besides the devs/stakeholders that are actually in charge.
Yeah. I guess asking the question was a weird way of agreeing with the statement.
And yeah my response is just an addition to the entire debate that has taken place over the years. I rarely give a direct response to any post. Something triggers a thought process so I just throw it down and people can look at me weird all they want. heh
There are businesses, communities, projects and so on here. They all took more than 13 weeks to build. They're on a strong foundation as well. Pull the rug out and we're fucked. Everyone. 4 weeks for a second layer makes sense. If one building collapses the city still stands.
And it's worth mentioning. Hive isn't anti-speculator or some shit like that. You buy some HIVE. That's secure. Then the speculator can go fuck around with all the opportunities on chain. No different than buying Bitcoin, that's secure (enough), then go flip some shit coins.
This isn't entirely true. 13 weeks made top investors lose $5 mill collectively just because the whole procedure is slow and Sun froze their assets
No. They lost five million because it was stolen.
which wouldn't have happened if it wasn't for that 13 week barrier
So if someone came along and froze your account right now, at this very moment. Did you lose that money because you couldn't get it out in time?
The only way for this to happen is exactly the way Sun did it. Powered up a shit ton of Steem, controlled the super-majority of the witnesses and implemented changes to the code. It didn't matter if the power down period was 1 week or 5 years. A simple change to the code was enough to control everything. Which is what we should focus on...
And yeah 13 weeks to have access to your entire stash is just too much time in crypto.
And we did focus on that. The cost to do something like that again far exceeds what could be extracted or gained. There's no more massive lump sum of potentially overwhelming governance influence available for purchase by simply selling the key of an account. And isn't there a delay now before newly staked tokens become effective in governance? That means if you can see the monster coming, people will make emotionally charged decisions (get scared). With a shortened powerdown period, they'd weaken the walls of governance quicker, panic sell, create a chain reaction where others panic sell because monkey see monkey do. Then two weeks later you find out it was all a hoax. But the place is destroyed anyway because of a weakened/shortened powerdown period. Monster didn't even have to lift a finger.
But you didn't answer my question up there. And we don't lose access to our funds once powered up.