So I've been trying to keep up on the next hardfork and all that, wondering when the Hive elite is going to make the play to start stuffing the ninjamine into the DAO. I was surprised it was not going to happen in the next hardfork, but oops I was wrong.
Hive Blockchain updates:
- changing the chain ID to be unique to Hive
- newly powered up HP will have a cooldown time of 30 days before it will be counted towards governance voting
- the HIVE tokens distributed to the DHF fund will be slow converted into HBD to top up the fund over a several year period and to prevent market flooding
- Hived (core blockchain code) has been drastically reorganized to remove all previous ecosystem naming conventions and to reduce the costs and resources needed to run any type of node
- the ability to save blockchain state files for account history as a snapshot to help avoid node replays
- virtual operations fixes (a virtual op is one the blockchain itself makes, without needing keys)
- final airdrop corrections will be issued
Nothing to see here; don't worry about it!
I've already talked about this and now we reach the epic conclusion (sort of). All that's left now is to see if this pointless flood of money brings more value to the platform than the downward pressure on price it will obviously tow along with it.
I call this procedure pointless because if the DAO needed more money... we could just pump more money into it or just create the inflation out of thin air. This network can do whatever consensus demands. Simple as that. By injecting the ninjamine into the DAO it just looks like we stole funds from the outside looking in, especially considering the Korean community, as those funds were obviously not "meant for development".
This has been the plan for a while so this shouldn't be a surprising outcome; it's just slightly disappointing and hypocritical on a certain level. I do believe that we can easily turn these funds into a net-gain for the platform, and if it doesn't it will be painfully obvious how corrupted the DAO fund has become and there will be a big push to remove it entirely. Honestly, I wouldn't bet on that happening. The future looks bright, but shadows are being cast.
What does "converting" Hive to HBD mean? Will the DAO buy HBD off the open market? Pushing the price of HBD up? That could be cool... maybe...
Will they invent some kind of reverse conversion system that turns Hive into HBD on the blockchain? Sounds like a lot of work, and the concept of turning liquid funds into debt kinda messes up our logic about what HBD actually is.
Also, is a few years really enough time to inject 83M coins into the DAO? Seriously though. What if Hive spiked up to $10 and now those 83M is worth almost a billion dollars? You gonna create 1 Billion HBD? lol... we have less than 5M at the moment. The economics are not clear and warrant a lot more explaining, especially considering this is the first I'm hearing of it and I've read previous posts about the upcoming hardfork. Just decided to toss it in at the end eh? Typical.
Some other things I learned from this post is what a virtual operation was. I always wondered what this was from a programming perspective: an operation that the blockchain demands itself that users do not provide a key for. That's cool! Kinda like the blockchain is its own living entity and it does things on its own autonomously.
Adding the ability to "save blockchain state files for account history as a snapshot to help avoid node replays" is also a super cool thing that I've mentioned in my old posts. I called it "checkpoints". I'm glad they are implementing this, as it will only become more relevant down the road as the blockchain size increases.
This hardfork is going VERY well. You'd think without the centralized leadership of Steemit Inc combined with our most experienced devs jumping ship to do Open Orchard that we'd be totally FUCKED. The opposite seems to be true! We are doing very well, and that's awesome. This is not a FUD post. In fact, I might dump some more ETH and buy Hive with it... who knows!?
