ALERT: Blocktrades Revisits the DHF
So it happened?
So the Hive Blockchain news is that Blocktrades is defunding all projects except eccency. First and foremost, I am not sure why this is the case. I don't know blocktrades personally, but I think they're two individuals, with enormous impact on governance on Hive.
When it comes to DHF funding, they are the go-to account that must approve a proposal before it can be funded.
Over the years, they have voted on proposals that many Hive users have complained about, particularly valueplan, and they have given the go-ahead to projects that we rarely hear about, so seeing them take a U-turn and vote on the return proposal is unexpected.
However, it begs the question of whether this is a political move, a move motivated by a desire to save the Hive Blockchain, or simply a test run to see how people or projects will react.
Personally, no one knows.
I believe this comes with mixed feelings. It is frightening how one account can influence the chain; this is quite significant, especially since we call ourselves a decentralized Blockchain.
However, this demonstrates that delegated PoS comes first, followed by the decentralization tag.
The decentralization of Hive is called into question because some parts of the network give up control to other parts of the network, which appears to concentrate power.
It's like selling your vote to your opponent and wondering why you don't have the same political voice as them.
Let us give blocktrades their flowers.
They know their onions.
Over the years they've stacked up significant stake, powering up their shares and turn impacting governance. While some may argue that they have too much power.
I believe it is time to remind people that there are accounts that had the opportunity to accumulate as much as blocktrades have over the years, but they sold their position and now have no influence over PoS, regardless of how much experience they have.
It is a harsh reality.
PoS is more realistic than PoW because, while some people will complain that PoS is unfair, they have forgotten that real life is unfair as well, and there are only a few people who hold power.
The illusion of democracy and freedom is just that. We may live in a democratized world, but only a few people hold power, and they got there by accumulating the power that others have given to them.
Hive is no exception, and we should stop complaining that it is not decentralized. Power is not generated out of thin air; rather, it is extracted, and this is why we are here.
Overall, it is not all bad.
With this new move, projects will now have to compete for whatever they receive. Value plan appears to be one of the most contentiously funded projects on Hive, and no one really understands how the funding works.
I believe no one still knows why Blocktrades made this move, and no one has insider information. However, if this is because blocktrades wants projects to be fully accountable, I believe it will be a new dawn for Hive.
However if they did this from a sentimental place or point of view or because someone pissed them off, then it might take a few lobbying in their DM to get them to change their mind which actually feels erratic.
Blocktrades are not fools; I do not believe they are fools because they have funded some projects over the years by people who did not provide accountability; if they were, they would not be in the position they are, and I prefer to believe they are more of the former than the latter.
The other disadvantage is that many realistic and valuable projects will suffer, unless they intend to reapply.
The HBD stabilizer, for example, should not be defunded; there are many others as well. However, I am confident that the projects that need to be funded will succeed. However, everything is currently at a standstill.
Politics On Hive Will Reaches An ATH since Justin Sun
Off chain politics will be at an all-time high right now, because many people who do not care about Hive will be lobbying in their (blocktrades) DM to see if they can be funded again.
Honestly, the DHF is money printed out of thin air, and if we are going to print money, we should do so for purposes where the benefits outweigh the consequences for the network, which is one advantage of this move.
If blocktrades are intentional in those moves, it is probably time to start over. Hive requires significant change, and it is time to defund anything that lacks accountability and creates a negative net on the blockchain.
We can not make omelettes without breaking shells.
Many people complain about the price of Hive, but they forget that we can not have the Hive they want unless we are meticulous and intentional in our decision-making. Hive has the capacity, means, and technology.
We will attract more interest if we can build on and sustain what we currently have. Whether you like it or not, we need people like this. Whether they care about Hive or not, we must appeal or meet their conditions so that they can be happily vested here.
It's harsh, but now we understand that people need skin to be involved in governance, blocktrades impact on governance can be countered when people can be involved more than they actually are.
I know one thing: we can not have it both ways. Something has to give in order for something else to survive. I do not believe Hive has to be perfect; we simply have to be solid and appealing enough.
Interested in some more of my works
Is it Easy To Make Money?
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Virtual Bank Apps In Nigeria: An Experience Of Gamification
How To Find The Next "BIG" Meme Coin
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Interested in some more of my works
Is it Easy To Make Money?
Nigeria: A Unique Business Market & Industry
Virtual Bank Apps In Nigeria: An Experience Of Gamification
How To Find The Next "BIG" Meme Coin
Personal Finance: Achieving Intentional "Saving" Goals
Playing The Survival Game: Human Nature In Introspection
"Un-PAYING" The Debt You Owe
That will make some things very interesting very quickly. Some changes to the system are a very good idea!
!hiqvote
Seems all is back to normal now, maybe it was just a test or a fluke or something
It looks like the proposals are funded again. I was hoping for some change, but I don't know if it will affect things at all. I guess the projects might be a bit more mindful, but who knows. Lets see how things go.
It was a funny as I've never seen something like this before. I thought we were onto something big and the change was coming. It would have really put the mindset of change in many people
👌
Looks like he withdrew his vote on the RP. That was either a test or his DM got filled in no time. After my initial reaction, I kind of hoped this was the start of an overhaul of the DHF system. It doesn't seem like it will be. Things back to "normal".
Just like I stated that his DM will be filled up in no time. It's such a shame. I was thinking we were up to revolutionizing how the DHF worked, but apparently I felt since he's voted on these proposals for far too long, it's very likely he won't make that change so quickly.
Blocktrades is 1 person.
Back in the day, he let his wife vote sometimes.
Oh, so the man basically does most of the account running and his wife occasionally?
These days, he does not vote at all, I think.
Too much poltics involved, so he just follows trails... (I think)
https://www.linkedin.com/in/dannotestein
That's him. Friendly guy, actually.
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I would suggest funding projects in 3 stages and the first tranche should be paid only after completion and proof of work done by 33% and so on. I was always taught - do not give money in advance. Part of the work is done - get for this part and move on. (This is my opinion, but it seems fairer to me) Over 2 years, a lot of projects received a lot of money, but if they had not received it, little would have changed for you and me, but the money would have been intact.
That's a decent idea. I would think the proof of work done is why there hasn't been accountability. If there was thorough accountability I guess some of these projects might not even survive the second stage of funding and hence they'll not be fully funded.
This is correct, it wouldn't do any of us any advantage, but I think in general it'll do the network a lot of advantages which for me, is a collective win for all of us.
Nice post
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