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.
"...13 weeks to have access to your entire stash is just too much time in crypto."
But you didn't answer my question up there. And we don't lose access to our funds once powered up.
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.