As nice as it is to not have to refresh one’s vote, vote decay is in place for a reason: it ensures active voter participation.
However, I do notice that whale-voted-in BPs are not benefitting from this as much as BPs with legitimate voters, since whales already refresh regularly. So I do like that the removed decay is leveling the playing field against whale-voted-in BPs.
We’re seeing a lot more high quality BPs in the top 21 now. Maybe this is proof that in reality we should reduce (not entirely remove) decay because it produces a better result in practice?
• Here is why (from Dan Larimer) removing vote decay is a bad idea:
“On BitShares, people would forget about voting, especially whales, and the community whould be stuck with votes for broken producers.”
In a conversation with Rohan of EOS Authority I learned how BPs are now refreshing all voter decay to full vote strength.
It has caused a massive change to the BP ranks. See http://blockproducers.info
Yesterday, March 28th, voting decay of the entire system was around 400,000,000 EOS tokens. Today, March 29th, the decay is only 71,000,000 EOS. This is because BPs have refreshed those votes utilizing a feature/bug that has been there for a long time.
This feature/bug was there for a long time. It was just discovered.
EOS Authority’s Rohan explains:
1. There used to be crazy high voting decay. (decay went from 400m to 71m overnight). It can all be reset.
2. BP Ranks are going to change, a simple 0.0001 EOS transfer will reset all the decay for an account without the involvement of the voter
3. Essentially if you stake for another account AND enable transfer, you refresh that token holder’s stake. When asked for clarification of what “enable transfer” means, he said: “If you stake for another account, you retain the amount and it does not affect votes. but if you transfer 0.0001 EOS to you and transfer the stake it recalculates your vote, refreshing vote weight”
4. It’s an unintended side-effect of the “transfer stake” feature
5. Basically: *Anyone* can refresh *any one else’s* vote, including proxies.
EOS Authority offered the explanation for this recent discovery.
EOS Authority spoke to block.one about it, and it will get fixed. Until then, most peoples votes are going to be maxed-out in voting strength by all BPs who are paying attention!
You can see the decay disappeared in the last 24 hours from my proxy page:
You will see the same thing on every other proxy.
Also on my account you can see the behavior (done by another) to refresh all user votes:
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Disclaimer: The views expressed in this video are strictly my own and are not to be construed as trading advice. Do not buy, sell or otherwise trade cryptocurrency based on the content of this video. I am merely sharing what I have done and what I would do in various situations as an educational tool only.
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