Steem has been marketed to the public with the understanding that the Steem held by @Steemit would be used for development. Some users mined and bought Steem after they judged the Steem held by @Steemit to be a fair allocation. Increasing Steem for @Steemit would not be fair to those other users.
Creating a development fund similar to that of DASH is not necessary as developers can create project proposals in the form of posts and get upvotes and then author rewards to fund the development. This has been done before and I will try to provide the links to such later. If you know of such posts, please share.
In conclusion, I support eliminating the 15% for Steem Power interest but I would suggest the 15% be reallocated towards rewards so that:
- 90% goes to rewards
- 10% goes to witnesses
The increased inflationary effect on Steem Power will help towards diminishing the power held by #Whales who do not participate in curation. More Steem for rewards will create a more liquid ecosystem and encourage more contribution and participation.
To Facebook and beyond.
Yes, we both agree that the 15% isn't doing much, and I doubt even whales really care about a 1.5% yearly interest on something so volatile
I am skeptical that a decentralized development team can truly compete with the social media giants without an ongoing fund. Perhaps if they were committed to opening show where the funds are going? I guess if you're not persuaded by the reasons I gave in the article, you won't be here.
I'm definitely for using the 15% any other way, including putting it all to rewards. The 5% to the developers was a gesture of community support and that they need not fear using their current account liberally even if the prices are relatively low. But honestly, anything is better than a tiny interest payment to all SP.
Disclaimer: I am a decentralize-everything kind of person.
I presume you also are pro-decentralization otherwise you would not be using the Steem blockchain.
Only relying on @Steemit for all the development for the ecosystem is a centralized move and a risky one at that regardless of whether @Steemit is trustworthy or not. Mistakes are just as likely as bad intentions.
With regards to transparency and funds management by 3rd party developers, I suggest development in small steps and separate posts for each step. I plan to do a more comprehensive post on this later on.
Well I still think the 15% going into paying the 1.5% yearly interest on SP is a waste, we may not agree on how to spend that 15%, but it shouldn't be diffused to the point of worthlessness