I’m putting my foot down run it @dominicwilliams put it on the NNS I read enough
I want to ask why this proposal was not implemented? what does this vote mean if not ppl trying to implement it?
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Has anyone provided the math on the perceived impact this would have on price action? The percentage of maturity spawned by the targeted grouping? The effect to inflow of staked ICP?
Seems shortsighted to try to push through yet another tokenomics change within a day without providing the data & research.
There have been many examples of alternative avenues to explore before reducing voting rewards yet again.
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How could you know if you couldn’t know the amount of new people that would come in. But I can see the amazing headline on Coin Telegraph “ICP Reduces Inflation In Power Move By @dominicwilliams”
Why didn’t we see a headline like this when the APY was reduced by 50% the first time?
How many times do we take away voter rewards to compensate for other inefficient inflationary aspects of the network?
We’re continuously stripping the primary incentivize of users to stake ICP & vote to secure the NNS. What does this do to network security longterm?
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All we can do is suggest. Put it on the NNS. And let the people vote. That’s the purpose of the DAO. I’m not against what you’re saying. The only reason why I went to 8 years is because my ledger was compromised and I have no way of removing the ledger from my neuron.
Yeah… so idk how this topic came up in the first place? Far and away the most ideal thing to happen is for more projects to burn more cycles. Realistically speaking this is not a difficult task. If just a couple of devs create certain tools, ones centered around video hosting, streaming, LLMs, basically out of the box ready to go tools for high bandwith activities like video rendering etc. etc. Sort of along the lines of those free editor tools people use all the time on web pages… automatically the amount of Cycles burning, would significantly go up. Even if Divinity or another organization were not to set up open use high bandwidth tools for public use. Just having those options alone would give people a nice toolbox to work with When developing their own dapps… not to mention these could be tools available to the public with a coin operated machine style approach… insert Cycles to acomplish X… heck this approach could even make some decent money for the original developer if you charge a small % on the cycles used…
I don’t know who pointed at the inflation of ICP and thought this is a bad thing, but shame on whoever you are. Icp’s inflation isn’t even as bad as a lot of other projects/coin/chains. Ultimately I don’t even see this as a problem long-term considering the long-term goal is literally for it to become a deflationary coin… anyways as more people adopt ICP the metrics will change organically on their own. Why are we looking to flip the table?!
That being said I am part of the eight-year gang from way higher than the vast majoroty of people here i bought on day 1 all the way to the bottom… and I don’t earn as much on a daily basis as some of the other people here, but anybody who’s looking to change a perfectly acceptable system for tax reasons shame on you… get your counterparty nonsense out of my risks profile… Stop trying to change the game on me… i invested and locked up more or less forever because of the original agreement. When i finally started staking a couple years ago, i did it with no intention to ever unlock, so the number of years it takes… is not really all that relevant to me… but anybody who’s looking at ICP shorter term… why do you even care to cater to this person in the first place? Everybody saying “8 years is too long!” Okay. Dont do it then… nobody’s thretting you with violance and making you do anything… dont stake… problem solved.
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Good points. Making ICP deflationary will be more of a benefit for 8 year gang than letting the APY stay the same or even increasing it. It’s a fight between more tokens vs less VALUABLE tokens.
Again do we want 10k tokens valued at 1 million or 5k tokens valued at 5 million. This is the debate right now.
I say since we’re discussing tokenomics, I’d like to see the impact in numbers/the rate of inflation reduction on @dominicwilliams first proposal. Will it make ICP deflationary or simply reduce inflation?
If it only reduces inflation, what would it take to make ICP deflationary now.
@dominicwilliams I agree with @aiv’s opinion. NNS DAO must keep its promise to the stakers until the contract is honored. We shouldn’t change the contract in the middle halfway, because it’s not fair.
Here’s my thought:
- First is to set the maximum staking for new neurons to no more than 5 years.
- Second is to change the 8-year neuron, to only be valid for 8 years from the time the neuron was created, and then when the 8 year time contract is honored, it will automatically follow to 5 years max staking. For example, if a staker staked an 8-year neuron since the genesis year 2021, then the maximum staking neuron will only be valid until 2029. After that, the neuron will automatically change to a 5-year staking neuron."
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The spirit of blockchain lies in contract credibility and the immutability of contracts. The important issue is not whether the 8-year lock-in period is willing to be changed to 5 years, but rather whether as neuron holders, the 8-year stakeholders have the right to reject new governance and maintain the original contract. This is a matter of free to choice.
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I’m a skeptic that ICP will become deflationary with cycles burn in the near future, in my opinion it may never be achieved (I hope I’m wrong), considering the intense competition in the cloud service industry.
Reducing inflation by reducing rewards for governance participants may only help give temporary breathing space for the ICP.
But in the near or medium term, I’m more convinced that ICP could become scarce tokens due to the increasing need for protocol governance and SNS, rather than the scarcity effect of deflation caused by cycles burn.
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The faster we become deflationary the better. What if Dfinity burned half their stake?
It is hoped that professionals will give full play to their talents, and the IC architecture will get better and better, and the development will be better and better.come on,do it!
I think the U.S. House of Representatives and Senate are good structures that solve a lot of problems. IC governance can be used as a reference. …
I’m going to say no on the initial proposal, simply because I chose back in 2021 to lock for 8 years and never planned to dissolve, instead preferring to have the passive income in the future. Do not want my rewards slashed then have to go and buy more to hit my targeted ICP/day amount. Especially now the price has recovered somewhat.
Grandfathering might be okay, but I’d need to see some data on how that would affect Dfinity’s voting power from followers. Ultimately we need to be trending over time toward Dfinity having less voting power, with more allocated toward independent neurons. If grandfathering would mean Dfinity ends up with MORE voting power after the change, then that presents a major issue.
This would probably be too hard to calculate since there’s no way to know which neuron holders would choose to remain at 8 years or switch to 5. And who each neuron follows. However, if coupled with the followee reset that was voted on and approved AGES ago but still not implemented, then it might be okay.
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The more I think about it, the worse it gets.
Locally reducing the inflation rate, while globally reducing the stability of the mechanism.
Maybe one day when the 8-year gang becomes a minority of the community, people can just directly deprive the 8-year gang of all their maturity by simply making a proposal.
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I like this proposal
Development is the last word, as long as it is conducive to development and fair to all, I agree with it, and everything else is useless.
The more it gets burned the better.
Btw, If the above two proposals were the only choices, I would go with No. 1.
In my situation, I have no issues what so ever, I initially bought my ICP at 450 USD each, went almost broke until I was hired for some freelance work at CDC and then bought a Ledger Nano S Plus, and then was when I withdrew my ICP from Binance and finally staked them for 8 years.
In addition, maybe adding functionality to dissolve ICP neurons earlier [ where the maturity is cut off proportionally can be ideal as well.
Thanks