There was some discussion on Hive about removing author and curation rewards paid out in HIVE during the darkest hours of the bear market that we seem to finally have left behind. But that discussion hasn't completely died down, yet.
I think it should be abundantly clear that suggestions like that can only come from panic over abysmal HIVE price action or sheer greed.
The Achilles heel of DPoS systems is the centralization of stake. If the only rewards paid out were witness rewards and perhaps the tiny 3% HP holder's reward, control over the chain would become firmly entrenched into the hands of the current group of top 20 witnesses.
The only situation in which it would not cause significant harm to reduce the inflation of HIVE by removing PoB rewards would be one where dozens or more tribes have become major centers of wealth through their own successful tokenomics and thus motivated to purchase large stakes to secure a place among the top 20 witnesses. With witness rewards dwarfing other sources of inflation, merely maintaining the same degree of power over governance over time would cost actual money. That might tempt popular and high-value tribes to fork Hive to create their own blockchain.
I would say the idea of removing PoB HIVE rewards would be very short-sighted.
You made the point that I tried to convey for years.
It will only entrench those in power. While some might like that, it is not what DPoS is all about.
I think this will happen and it is why the base layer payouts need to remain. Who knows if we want those people in charge either. It all comes down to state but the wider it is, the better it is for the entire ecosystem.
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This is why it would be in the best interests of those currently in charge to refrain from anything threatening the decentralization of Hive.
Should it happen, and I think it will, that some of them lose their spots in the top 20 keeping the PoB rewards around could directly serve them as well by allowing them to earn by blogging about their activities and work on Hive as non-top 20 witnesses.
Distribution of the core token is vital. We see that on a lot of other blockchains. One of the biggest reasons why Hive is more decentralized (distributed) than most is the PoB mechanism. This is the reason to keep it going. Even if people are focusing upon Layer 2 tokens at the moment, that fundamental spreading out will keep taking place.
It does not happen quickly but it does happen over time.
We need to consider where things are in 5 or 10 years, not just today.
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Exactly.
I think the current PoB mechanism has done a good job at distributing the HIVE currency, which strengthens DPoS. Wide distribution in strong and responsible hands strengthens DPoS and enables the resilience that was demonstrated during the hostile takeover.
Seriously? That isn't right . So in future if we see huge pumps to 3-4$ we can expect not getting our author rewards ?
Or worse our curation rewards ?
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No one is making plans like that. What I wanted to say was that some people are still talking about that and also drive home what a retarded idea it is.
sounds pretty freakin 20IQ to me and everyone would bail on HIVE
That's well put. There would be no reason to power up.
To even contemplate the transaction side of things. If they indeed do that the number of transactions on the blockchain will significantly drop.
As you mentioned, the only way this can be a good idea is if we have sizable communities doing well. Asides from that it will be a catastrophe. Hive will be a shadow of itself.
I fully agree with that.
I agree the Hive rewards pool should never be removed. However I also believe that individual community tokens are the future. With any wider success Hive rewards will grow incredibly scarce, leading tribe type tokens to pick up the slack of rewarding engagement and giving average users a sense of stake, purpose, and progress.
I’m just very roughly estimating here... but I believe we have something along the lines of 20 million Hive going into the rewards pool yearly right now. That’s great when we only have about 10,000 active users... but imagine an even modest success of 10 million users. That means your average user earns 2 Hive per year! We’re spoiled by an early era of easy Hive right now and don’t think of its true scarcity.
So yes, alternative rewards pools will be a necessity by nature, but the Hive rewards pool is key to network stability as you mention, and the amount of Hive held by groups and communities serves as a backstop for their second layer token price.
I agree with that, too. 2 HIVE equals 2000 mHIVE and one thousandth of a HIVE is the smallest unit of account, unless the chain processes smaller fractions without any of the UIs showing them.
No offense to the people who are suggestion it, but this is a dumb idea. It's like what is happening in the US right now where they are trying to tax every single thing possible. Would anyone really want to post on HIVE if there were zero author rewards? No I don't think so. You may be able to earn tribe tokens but new users would definitely be screwed. How would new users be able to even get enough HP to do their actions? Get delegations from whales? Talk about a bad user experience.
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There's that too but the rewards would not even be the most serious drawback to that.
Could not agree more; if PoB dies then this place will become more and more centralized just like every other coin out there. Just look at EOS.
Funny to think that so many people were worried about EOS as Steem's competition back in the day. The fact that EOS is a memory hog is one of the reasons why it hasn't really taken off despite all the money and the hype. Also, I don't think a lot of people have been too enthusiastic about KYC on Voice. Haven't heard anything about that app in ages.
It's just a cartel; somewhat distributed but not in no way decentralized.
stupid logic, it will divide the people in here and i bet that hive would lose value as well!
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I didn't knew about that and this is probably the dumbest idea I never heard.
Because I'm not rich on this platform, if rewards happened to be cut I would just like to power down every token, withdraw and get out of this.
Knowing that the only way to have more importance on the platform is to have a bigger stake, only being able to increase it by investment would be instantly killing at least 70% of users
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Yep.