A few days ago I made a somewhat hasty decision after reading some top witnesses' posts that talked about the possibility of reducing Savings' APR, I guess I was overly influenced by it and fell victim to what @lordbutterfly has called 'APR envy'.
In my last post I literally said:
Having a native decentralized stablecoin is a powerful tool. But in no way should it place a disproportionate burden on Hive's monetary system over time. Hence, it's all about balancing incentives.
And now I can't say anything other than 'what a load of bollocks'. It's true that we have to balance incentives as a 'universal rule', but hey:
- Currently HBD savings APR isn't anywhere close to being a 'disproportionate burden on Hive's monetary system'.
Also:
- End of bear market or 'bottoming out phase' is by far the worst time to make these kind of changes.
- Changing APR now puts us on risk of a big collapse on Hive's price if suddenly a couple millions of HBD decide to exit.
- We must be consistent. If we didn't change it at the peak of the bull, we shouldn't change it at the depth of the bear.
- HBD APR has been a clear source of money inflow into Hive ecosystem.
- @edicted said 'it costs us less than 1,5% of our marketcap a year to keep that APR, it's more than worth it'. And I tend to agree with him. Facts.
- Making this move now can be interpreted from the outside as a sign of weakness. We clearly don't want that.
- @leofinance is DAYS away of starting his marketing push. To make this move now is clearly to their disadvantage, especially if they have been preparing promotional material.
Reading these posts clearly helped me to change my mind, when I first wasn't sold for any of the options and I tried to stay in a diplomated middle ground. Take a look on them in case you're like me, wondering what's better in this particular point on time.
As I said in the title, it is wise to rectify or ''rectificar es de sabios'' as they say in spanish. I apologise again for acting hastily (and when I didn't even have to).
My apologies also to those who voted for me for reducing the APR, you will have to take your vote away from me again, so sorry for your time and inconvenience.
I'm out in the wild now, but I'll change my witness apr back up to 20% in a few hours (will edit the post when completed). But I had to get this out.
HBD APR is now back to 20%.
Thanks for reading and your support.
Vote for my witness: @empo.witness
https://vote.hive.uno/@empo.witness
