I have been on steem for 2 years and I still don't know what the savings feature is supposed to do...
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I have been on steem for 2 years and I still don't know what the savings feature is supposed to do...
If you have a large chunk of Steem that you wish to keep liquid for whatever reason, keeping it in savings offers the protection of a "mini power down". If your account is compromised, it would take the hacker a few days to get it out, giving you time to secure your account. That is the only practical use I see, but that's not to say I could be missing something..
Exactly. And this could also be potentially improved to accept dynamic inputs. 3 days, 2 weeks, 1 month, etc. Imagine, you're going on a trip for 2 months, and want to make sure that your liquid Steem is safu. Lock it up for 2 months, get some bonus inflation on top of it and voila.
good info..tks
I read your comment where you described the idea of the bonus inflation. I think it's brilliant. I don't really see how a 4 week power down improves speculation value, because there is still a learning curve and extra things an investor will need to do to make efficient return on investment, and we cannot assume all investors are interested in Steem 101. If they are interested in hodling Steem and hodling only, powering up isn't even a necessity.
My biggest concerns are the security implications of a 4 week power down, and in all respects 13 to 4 is quite a massive jump. I understand in the crypto world people refer to this amount of time as "as life time," but what does quick pump and dump investments really offer for the intrinsic value of Steem?
My initial reaction was that this was a good idea, but after thinking about all the implications, and reading the comments, I just can't vote for the proposal.
Now bonus inflation for return, with conditional time allotted lock up.., (Kind of a similar idea as what HEX is doing right?) now that is something I think investors might be attracted to. Nice forward thinking @therealwolf, and thank you for your response here.
never knew that..tks bro
You're welcome bro.