To put it simply, as Steemit grows, their role in the top 20 position will rely less on their ability to produce blocks and more on their leadership. We will call it "Proof of Leadership". They wouldn't necessarily have control of the currency, but instead they could conceivably have control of blocks. They could plot with other witnesses to maliciously change the blockchain. If they did this or if there were any indication that they would do this, votes would be yanked and they would find themselves removed from the top 20 position and tarnish their reputation forever. If they did anything that would lead to the devaluing of STEEM currency, their own holdings will become devalued.
RE: When will we need to buy $10,000 of votes to get on the Trending Page?
You are viewing a single comment's thread from:
When will we need to buy $10,000 of votes to get on the Trending Page?
Decentralization with Leaders, yeah?
Ok, this is what happens in case of abuse..
But what are they leading exactly?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
In some cases, they are not doing a good job as leaders. I recall wondering if a couple of them were 12 years old from things they wrote. I have started the first of several challenges for witnesses to to grow into a leadership role. If they accomplish the challenge, they get our witness vote. Collectively we have 1/3 of a whale vote for the 1st challenge.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You have solid ideas. That's good. The currency needs stability.
So when are the first "elections" planned for witnesses?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Witnesses can be voted or unvoted at any time. Our system doesn't have a date. Our group uses one of their 30 witness votes on the witness that gets the job done. It is a boutnty. They do the job, then they get the witness vote. The witness votes costs us nothing. We can also change our mind and unvote at any time. It is a leadership vote and because of that, it doesn't affect our earnings whatsoever.
Think of it like owning stock in which the stockholders have a voting right. You vote doesn't cost anything, but influences the decisions of the company.
You can unvote or switch your vote at any time to another witness. It is not an election where the witness holds the position for a specific amount of time. The witness must always do good to keep the position. If they suddenly do something that is bad, then they can be instantly be removed from position.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hi there. Respect for your Infos by the way.
I know how the upvote system of the witnesses works.
I already give a vote to ...markymcfly? promoted by build a whale.
What do think of him?
And yesterday i found Terry? from SteemGigs. I think he is
honorable & worthy of being a witness.
How can we propose a witness?
Another thing, maybe you can help me with that.
Like i said, i wanna thank you for your infos and
upvote some of your comments, but this is what i observed
last time i upvoted "strong SP accounts".
My tradable token was set to a min. of 0.001
my 100% upvote is only worth is 0.01 anyway,
but when i upvoted his (about 5000SP)
content, the blockchain sucked about 0.70 cent...
out of where onto his content? My little wallet?
Or how does this work?
And is this constructed fair?
Thanks again!
Greetings
Luca
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit