My initial reaction to @bobsunday's solution #2 was complete disagreement, but your comparison to a prisoner with the keys in the cell made me soften that a little. It's still speculation that it would happen that way, and a major change like that would be drastic. I still think there is immense value in binding people together for a couple years. It puts us all in the same boat, and gives anyone with stake the common goal of wanting it to be worth more.
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The current lock time period is fine. My proposal is mainly about removing all the unnecessary inflation and you could do that without changing any other settings.
However if people can invest in steem at 10% inflation without locking their steem they might be reluctant to power up and commit for so long unless there is a good incentive. Which is why reducing time lock period make sense here but you could also increase curation rewards or reward SP holders with some of the newly created money as OP said ( however that would mean inflating steem more than necessary to pay steem power holder so we are back to square one).
If you want people to power up it should not be seen as an inconvenience. The reason people buy steem power today its because its the only way to invest in steem without getting hit by the inflation, this is an inconvenience.
If people could power up and get their coins fully back in a month you will see many people that wouldn't have powered up before that would do it now, because they don't feel trapped and you will see a lot less people powering down.
I personnaly don't think that locking people's coin is necessary to achieve these things and create a great community. Do you think the people involved in steemit are involved because they have a stake that they can't take out? Do you think people participate more because they have some steem power that will take 2 years to withdraw? I don't. I think that locking people's coins for such a long period actually prevent many people from investing and participating in the platform .
Give me one reason why there would be less people powered up than it currently is if we shorten the lock time period?
I can't think of any
People who want to participate, earn and curate will have to power up, so the time lock period makes no difference, people will have to power up regardless if they want to upvote and make money. And I think there will be a lot more people that would participate in steem with a shorter lock time period.
Think about this, if someone has a lot of money and wants to earn a bit from curating he will be obliged to commit for 2 years, this is a no go for most people.