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RE: HF21: SPS and EIP Explained

in #steem6 years ago (edited)

I have to disagree with your position. Buying the stake that backs up the vote does cost in real life (or at least it should) and keeping your resources staked also has opportunity costs. There must be some balance and right now we have a 3 to 1 ratio in favor of author rewards vs voting. Content creation does not carry the financial risk of losing the value of an investment. A 50/50 split seems fair in my view as long as the right content is rewarded.

What I am not in favor of is reducing the rewards pool to fund the SPS, the funding should come from the portion of the inflation that is allocated to SP "interest". As a stakeholder am willing to forgo that income stream if it goes to projects that end up increasing the value of my holdings. According to some witnesses they are discussing that option (and I hope they give it a serious consideration).

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While buying stake would be a useful contribution, the vast majority of stake was simply mined by those that have it now, and they use it to extract rewards from the pool by casting huge votes with that unpurchased stake. I'm not aware that any of the 35 whales on Steem now bought 1 satoshi of that stake. They extract ~90% of the rewards content creators make possible anyway. Content creators receive but ~10% of rewards.

I don't agree that SPS requires any mandatory funding. If proposals can't attract funding due to their virtues, that's a damn good reason not to fund them. The whole idea of the tax is simply to force funding of proposals by making it too complex to prevent bad proposals that no one would pay for otherwise from being not funded. Ancillary is that the tax being based on content creators rewards makes all the funding come from creators and none from the whales, while the whales will receive the vast majority of any increase in value such funding generates. It's a regressive tax on the poor and 90% of the financial benefits of that tax will go to the rich.

That's just an asshole move in my book.

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