RE: Single token, simplification?!

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RE: Single token, simplification?!

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chekohler in Hive Governance • 5 years ago

I still like SBD and I think it can be pegged again along with SMT's it will be the basis of our internal arbitrage can be done and make trading within the steem ecosystem with fee-less transactions quite popular.

What you pitch is a very interesting concept I think you will get a lot of resistance from advocates of the system thinking that people would just want to earn and dump which will for sure be the case and abusers could misuse it for short term gains but I don't think it would be all that bad. I think if the system can dynamically/real-time allocate influence as well as interest on your stake I think it could be a cool option.

As for the whole of steem being this way, not so sure, people are quite tied to the system. I'd say this would be more of a forked/side-chain tribe style where those who prefer this method can use it

5 years ago in Hive Governance by chekohler

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good-karma 5 years ago (edited)

Note, Influence is not instant even though power is liquid...

PS. SBD could indeed be SMT. I think we will see stable tokens on SMT regardless, for different fiat currencies or different DAI, etc.

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fsm-liquid 5 years ago

SBD technically kind of already a SMT. Stable tokens will definitely pop up as SMTs but what makes SBD different is that it's on-chain and non-custodial. We can't make SMT that works like DAI on Steem because Steem doesn't support custom smart contract on the base layer, we can only make custodial stablecoin like Tether with SMT specification as written on the white paper let alone the v1 coming next fork which doesn't have the full specification yet. However, we can push a change to make SBD work like DAI (or other on-chain non-custodial stable tokens) if we want to keep it around at all.

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fsm-liquid 5 years ago

One of the reason why some people like staked STEEM (SP) is because they know when their account is compromised they won't lose all their crypto immediately so if you propose to implement it this way they won't agree to it.

The instant dumping is another issue, this change will lure people that just want to leech value from the network (existing or new users) because earning the "free money" requires absolutely zero commitment to the source of the "free money". "I don't think it would be all that bad" is not a good enough justification to just ignore the potential threat.

Yes, the proposed change as written on the original post is better off implemented as a completely separate Steem fork (like GOLOS or WS) or tribe. It just bears to much risk to implement it for Steem.

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