My original intent was for 10% of the rewards to go to witnesses, 90% to go to content / curation. At some point we changed the rewards issued to maintain the desired inflation rate, but it appears we did overlook what happened to the scale when liquidity rewards were removed.
Our short-term roadmap includes making witness pay a parameter and I will be very vocal in supporting the concept that block producers should collectively get at most 10% of the daily rewards.
I also support the idea of having votes decay unless the opinions are actively re-asserted. Incumbents have too much power.
Lastly I support increasing the pay of the time-shared witness slot relative to the top 19. This would allow more people to be involved.
would it make sense to payout witness pay partly in liquid steem? (for example 50% liquid steeem and 50% SP)
If witnesses won't have to power down it would look much better to new investors.
Although having the 2 founders powering down sends a total wrong sign to investors. My friend who runs a VC firm was considering putting 500K into Steem. While researching they saw you and Ned powering down.
As founders you should not power down or at least if there is a reason for power down than the reasons have to be openly explained to everybody (Diversifying is not a reason an investor will accept from you guys as founders)
If you are employed by Steemit Inc. your salaries should be set high enough that you don't need to power down. I talked to many people on Steemit and everybody says, well the founders are powering down so am I.
Maybe my idea doesn't make sense at all, but this way
Witnesses won't have to power-down
Witnesses who were not powering down will power-up the Liquid Steem (looks good to investors)
Investors and users are encouraged to invest long-term into Steem Power
And for god's sake everybody working for Steemit Inc should stop powering down. I never heard of a startup where you can start cashing out your shares after 3 Month of initial launch.
If you are not able to pay yourself a 6figure salary which will cover all your costs go fundraising with Steemit Inc but please stop selling your STEEM and discouraging Investors from putting money into your baby.
I truly believe in your idea of token based economies and Steem will disrupt social media or other fields for ever if done right.
This strikes me as partially implausible. When the liquidity rewards were disabled, witness pay increased from 25% to 33% (rough numbers) as a share of rewards, but its amount did not change. It was not 10% previously, and I find it difficult to believe you intended this given the obvious numbers of 1 STEEM each for content, curation, witness and liquidity in the original design (later some of curation was shifted to content). That this is 25% each, and not 10%, is blatantly obvious.
What was and is 10% in the white paper (and I assume the code?) is the long term portion of rewards allocated to witnesses (after the minimums are reached) at 0.75% of market cap per year. Long term, this seems fine, if possibly a bit low, but I see no merit in slashing funding currently going to witnesses considering that most if not all of this funding is currently being used to fund valuable work that is helping to develop and fill gaps in the platform, both of which are sorely needed at this early stage. I do not agree that posting rewards, being designed as a lottery and shared with social media users, are generally suitable for funding platform initiatives. What is your proposed substitute for funding the valuable work that witness pay currently supports?
The myth that @recursive and a few others have been disseminating about witnesses being primarily embezzlement and fictitious jobs is just plain false trolling, and you should should not be influenced by it (and if it were true, 10% would be too much)
I support decaying/expiring votes and increased backup witness pay. The latter has been a concern of mine all along (given the expected increases in operating costs I did not see how backups could be viable at all with such low pay), and I'm happy to see it addressed.
Thanks Dan, these changes would greatly improve the situation. I'm looking forward to seeing them implemented. Any plan to upgrade the proof of work to make the 20th slot useful again?
I'd like to thank the OP for the very genuine open letter. I think these types of letters should be saved for very important issues. (the cry wolf story). However, this time, it's not crying wolf. It is actually a sincere problem.
I have full faith in Dan and the team to make the necessary adjustments. Daily operations are better than prediction models. You can actually watch the value of steem and how it moves with every release, adjustment, change, and the way steemit society reacts.
There is a lot of greed here. However the clear winners are those that will stop selling their steem and stop contributing to the problem of its current value.
Hear Hear!
Love & Peace & Freedom
Those 3 proposals are game changers and I really love them.
Thanks for taking the time to address some of the concerns Dan, appreciated.
We need competition between witnesses.
Witnesses should bid block reward to steem power holders, and steem power holders should choose best bidder among witnesses.
Ooh, I like voting decay. I like that a lot.
When can we expect to see these changes voted on, or implemented?
Aside from reducing witness pay significantly, I think we also need to adjust the inflation rate of Steem... as evidenced by the daily 10% drops in the price of Steem, it is proving itself much too great at this stage of the project's life.
I think both of these changes need to be implemented ASAP to restore some confidence in the system.
Blame the whales!!! Those damn evil whales want to see Steemit fail!!
Your comments are getting more ignorant by the minute...
investing in a coin that has a supply growing as fast as steemit hmmm, ill wait till it hits 1 satoshi
I'm not blaming you, you're a nobody. I'm just saying you're uneducated and ignorant, that's all.
Also, I didn't lose "millions". Sure my portfolio is down but nobody in their right mind (obviously this excludes you) thought the price would stay that high.
It sounds to me like you're just butthurt you've lost and are looking for someone like "the whales" to blame.
@luminousvisions
It seems to me, given your endless ranting that you're the frustrated one in this situation. I still have plenty of Steem Power, meanwhile your account that you spent $3k on is worth just over 25% of what you spent. How does that make you feel? Frustrated? Angry? Like you made a poor choice? All of the above?
Considering putting you in a downvote bot just so I don't have to waste time on you anymore and absolutely nobody will care. We'll see how you like that, troll.
What'd @luminousvisions ever do to you anyway? ;)
Not that it matters of course: Your situation is your situation and that gives you certain prerogatives on steem.