Steem Velocity Hardfork - Hardfork 20 by steemitblog

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Steem Velocity Hardfork - Hardfork 20
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In today’s post, we will provide you with a summary of the changes in the Velocity Hardfork (i.e. Hardfork 20). The goal of this post is to be the definitive guide for all of the changes included in the Hardfork which is scheduled to take place on Tuesday, September 25, at 11:00am EST. The changes in the Velocity Hardfork are dependent on the approval of a super-majority (17/21) of the witnesses voting in favor of the Hardfork.


<h1>Resource Credits</h1>

One of the major changes in the Velocity Hardfork is a change from our existing Bandwidth system to a new-and-improved system based on Resource Credits (RCs).

Steem is one of the only freemium blockchains in the world. The new RC system will make it the most advanced freemium blockchain in the world without compromising the existing features and functionality that make Steem such a powerful platform for building DApps.

The details of how this new RC system will work are described in our recent post [Blockchain Update 4: Resource Credit Implementation Details](https://steemit.com/steem/@steemitblog/blockchain-update-4-resource-credit-implementation-details).

[GitHub Issue 2457](https://github.com/steemit/steem/issues/2457), [GitHub Issue 2511](https://github.com/steemit/steem/issues/2511), [GitHub Issue 2512](https://github.com/steemit/steem/issues/2512), [GitHub Issue 2521](https://github.com/steemit/steem/issues/2521), [GitHub Issue 2549](https://github.com/steemit/steem/issues/2549), [GitHub Issue 2563](https://github.com/steemit/steem/issues/2563), [GitHub Issue 2600](https://github.com/steemit/steem/issues/2600), [GitHub Issue 2621](https://github.com/steemit/steem/issues/2621), [GitHub Issue 2624](https://github.com/steemit/steem/issues/2624), [GitHub Issue 2625](https://github.com/steemit/steem/issues/2625), [GitHub Issue 2626](https://github.com/steemit/steem/issues/2626), [GitHub Issue 2627](https://github.com/steemit/steem/issues/2627), [GitHub Issue 2631](https://github.com/steemit/steem/issues/2631), [GitHub Issue 2546](https://github.com/steemit/steem/issues/2546), [GitHub Issue 2547](https://github.com/steemit/steem/issues/2547), [GitHub Issue 2648](https://github.com/steemit/steem/issues/2648), [GitHub Issue 2649](https://github.com/steemit/steem/issues/2649), [GitHub Issue 2650](https://github.com/steemit/steem/issues/2650), [GitHub Issue 2679](https://github.com/steemit/steem/issues/2679), [GitHub Issue 2685](https://github.com/steemit/steem/issues/2685), [GitHub Issue 2694](https://github.com/steemit/steem/issues/2694), and [GitHub Issue 2703](https://github.com/steemit/steem/issues/2703)

<h1>Updates to Account Creation</h1>

The primary goal of the Velocity Hardfork is to change the account creation system in order to lower costs and improve the new user onboarding process. 

<h2>Discounted Account Creation</h2>

The Velocity Hardfork will give users the ability to create new accounts at a discounted rate, potentially without having to pay any STEEM or delegate any Steem Power in order to create the account. When creating a new account,  users will be able to use RCs instead of a portion (or all) of the STEEM account creation fee.

The RCs that get spent when creating discounted accounts are the same RCs that get consumed when users interact with the blockchain. This limits users’ abilities to interact with the blockchain when they run low on RCs. Users (especially ones with a moderate-to-low amount of Steem Power) should be careful not to spend too many of their RCs on creating discounted accounts, otherwise they won’t be able  to interact with the blockchain until their RC mana recharges.

[GitHub Issue 1771](https://github.com/steemit/steem/issues/1771), [GitHub Issue 1772](https://github.com/steemit/steem/issues/1772), [GitHub Issue 2651](https://github.com/steemit/steem/issues/2651), [GitHub Issue 2700](https://github.com/steemit/steem/issues/2700), and [GitHub Issue 2710](https://github.com/steemit/steem/issues/2710)

<h2>Discount Account Creation Tokens</h2>

The blockchain will have a global pool of Discount Account Creation tokens that will represent the amount of discounted accounts that can be created. Every time a user creates a new account by paying a portion (or all) of the fee with RCs instead of STEEM, one of the tokens will be consumed.  If there are no tokens left in the pool, then no additional discounted account creations will be allowed.

The number of new Discount Account Creation tokens created each day will be controlled by the witnesses. The reason that the supply of account creation tokens is entrusted to the witnesses is because they are incentivized to ensure that the rate at which new accounts are created does not place an undue burden on the blockchain.

The total number of tokens allowed at any one time will also be controlled by the witnesses. This is to prevent an excessive amount of tokens from accumulating if there is insufficient demand to use them up.

[GitHub Issue 1770](https://github.com/steemit/steem/issues/1770), [GitHub Issue 2628](https://github.com/steemit/steem/issues/2628), and [GitHub Issue 2688](https://github.com/steemit/steem/issues/2688)

<h2>Stake-Based Discount Account Creation Market</h2>

In keeping with our preference to leverage markets to manage the complexities of resource allocation, the cost of creating discounted accounts (using RCs) will vary based on an internal market.

When the available supply of discounted accounts is low and/or the demand for them is high, then the amount of RCs that will need to be used in place of the STEEM account creation fee will be high. When the available supply of discounted accounts is high and/or the demand for them is low, fewer RCs will be needed to replace the STEEM account creation fee.

It should be noted that based on the supply and demand of available discounted accounts, it may only be possible for Power Users (those who hold a lot of SP) to be able to afford to create a discounted account.

[GitHub Issue 1767](https://github.com/steemit/steem/issues/1767) and [GitHub Issue 1769](https://github.com/steemit/steem/issues/1769)

<h2>Burn Account Creation Fee</h2>

Instead of powering up the account creation fee to new accounts, it will be "burned" by transferring it to the `null` account.

[GitHub Issue 1762](https://github.com/steemit/steem/issues/1762)

<h2>Deprecate Account Creation with Delegation Operation</h2>

After the Velocity Hardfork, it will no longer be possible to create accounts using a delegation of Steem Power, since the account creation fee will be burned. Therefore, the `account_create_with_delegation` operation will be deprecated.

Users will still be able to delegate SP to other users via the standard delegation procedures.

[GitHub Issue 1760](https://github.com/steemit/steem/issues/1760)

<h2>Revert Modified Account Creation Fee</h2>

When we originally added support for creating accounts with delegated SP, we changed the way that the witness `account_creation_fee` was used to allow for a portion of the fee to be paid with a 5x delegation of Steem Power. With this change, the price of creating an account _without_ delegated SP became 30x the account creation fee. For example, currently the account creation fee is 0.1 STEEM, and it costs 3.0 STEEM to create a new account.

Since creating accounts with delegation will no longer be supported, there is no longer a need for the additional complexity of multiplying account creation fees. We will be rolling back the change to multiply the fee by 30x. For example, if the witnesses set the account creation fee to be 3.0 STEEM, it will cost 3.0 STEEM to create an account.

At the time of the Hardfork, there will be a one-time, 30x change made to each of the witness’s account fees, so that the price of creating an account will not drop by 30x when the Hardfork occurs. For example: if all of the witnesses have their account creation fee set to 0.1 STEEM at the time of the Hardfork, they will all be changed to 3.0 STEEM when the Hardfork takes place, so that it will still cost 3.0 STEEM to create an account. After the one-time 30x update occurs, the witnesses will be able to update their account creation fees normally from then on. 

[GitHub Issue 1761](https://github.com/steemit/steem/issues/1761)

<h1>Dust Vote Threshold Changes</h1>

The Dust Vote Threshold is a rule that prevents the occurrence of extremely weak votes and was implemented to combat blockchain bloat. Currently, accounts must possess about 1 SP  for a 100% Voting Power vote to successfully post to the blockchain. If a vote below the required threshold is placed, it is rejected by the blockchain. This can create a bad user experience for new users, as their votes can fail for seemingly no reason.

The Velocity Hardfork will change how the Dust Vote Threshold works by allowing users with any amount of SP to cast votes as long as they have sufficient RCs. Votes that are below the threshold will be posted to the blockchain but they will have no impact on rewards. This will allow users to have a better user experience on all Steem-based applications by enabling them to vote any time they choose (regardless of the size of their vote), provided that they have enough RCs.

This change will make very weak votes become worth nothing. In order to treat all votes (big and small) equally, all votes above the threshold will have the equivalent amount of rewards removed from their vote. This effectively establishes a baseline voting strength that applies to everyone. In addition to making it more fair, there is also the benefit of introducing a slight non-linear rewards curve at the lower end of the spectrum (to discourage spam), while still maintaining a linear rewards curve for votes above the baseline.

[GitHub Issue 1764](https://github.com/steemit/steem/issues/1764) and [GitHub Issue 2515](https://github.com/steemit/steem/issues/2515)

<h1>Removal of the Minimum SP Power Down Restriction</h1>

Currently, accounts with less than 10x the current account creation fee (in SP) are prevented from powering down by the blockchain. This was designed to prevent people from creating new accounts only to immediately power them down.

After the Velocity Hardfork, the account creation fee will be burned instead of powered up to the new account. Because the new account will not be receiving any SP, there will be nothing to power down other than any SP the account creator purchases. For this reason, the 10x requirement will be removed.

[GitHub Issue 1860](https://github.com/steemit/steem/issues/1860)

<h1>Curation Updates</h1>

<h2>30-minute Curation Window</h2>

Steem account holders (including bot accounts) are currently disincentivized by the Steem blockchain from voting on a post within the first 30 minutes. The earlier a vote is made within the initial 30-minute window, the less curation rewards the voting account receives. This was originally introduced to even the playing field between human curators and bots during a time when the majority of the content on Steem was long-form written content.

While successful, much has changed on Steem since that time. Steem now hosts all kinds of content, and powers hundreds of decentralized applications which dramatically expand the types of content that can be consumed on Steem.  Because of this, the community and the witnesses have come to a consensus that the 30-minute rule is taking curation rewards away from human voters who are actively consuming content and voting on material they like. For this reason, the Velocity Hardfork will reduce the curation window from 30 minutes to 15 minutes.

[GitHub Issue 1878](https://github.com/steemit/steem/issues/1878)

<h2>Self-Voting Rewards</h2>

According to the current blockchain rules, if authors vote for themselves immediately, they get their author rewards, 100% of the curation rewards from their vote, and a portion of the curation rewards coming from everyone who votes for the post after them. Any other curator voting at the same time as the author would get 0% of the curation rewards. This gives the author an unfair advantage over other curators, because the author can earn additional curation rewards through self-voting.

In order to eliminate this advantage, the portion of curation rewards that is not given to the curators due to the early voting penalty will be returned to the rewards pool instead of being awarded to the author, thereby increasing the overall percentage of rewards paid to curators. This will better serve the original mission of the curation rewards budget: to ensure that the Steem blockchain distributes rewards to the most valuable content.

[GitHub Issue 1877](https://github.com/steemit/steem/issues/1877)

<h1>Expiration of Internal Market Orders</h1>

The current implementation of the internal market dictates that limit orders are never forced to expire. This allows users to submit orders to the internal market which require long-lived consensus bandwidth, degrading the overall performance of the blockchain.  After Velocity, the blockchain will require that all internal market orders expire after 28 days. This is consistent with the implementation of order books on many of the major exchanges. Existing limit orders will have their expiration capped to 28 days after the Hardfork.

[GitHub Issue 1449](https://github.com/steemit/steem/issues/1449)

<h1>Changes for Witnesses</h1>

These changes apply primarily to the witnesses. 

<h2>Update to Witness Price Feed Format</h2>

The Velocity Hardfork will make an update to the requirements for witness price feeds. Price feeds will now require the base to be `SBD` and the quote to be `STEEM`. Price feeds that report the base as `STEEM` and the quote as `SBD` will be rejected.

[GitHub Issue 409](https://github.com/steemit/steem/issues/409)

<h2>Flexible Witness Parameters</h2>

A new `witness_set_properties` operation will be added. It will allow witnesses to update individual parameters instead of needing to do an `update_witness` call with everything all at once. The operation will support: account creation fee, max block size, sbd interest, signing key, and witness URL. Witnesses will also be able to submit price feeds using the new method.

This new operation will authenticate against the witness’s signing key instead of their active key. This means witnesses who submit their price feeds using the new operation will now be able to to submit them using their signing key. This provides a security benefit to the witnesses, since they will no longer need to store their active key on any of their servers. 

The current witness update operation will remain functional, but new witness parameters will not be added to it. It is important for this operation to remain functional as it provides a method to update the witness signing key with the account's active authority.

[GitHub Issue 352](https://github.com/steemit/steem/issues/352) and [GitHub Issue 1620](https://github.com/steemit/steem/issues/1620)

<h2>Limit on Maximum Block Size</h2>

Witnesses will be able to set the maximum block size for blocks accepted by the Steem blockchain. The Peer to Peer (p2p) protocol, however, will have a 2MiB limit on the size of a block that the p2p network can process. Witnesses should not be able to set the value higher than what is allowed by the p2p network.

In order to prevent witnesses from allowing blocks above this 2MiB limit, we are adding  a maximum 2MiB limit on the maximum block size parameter submitted by the witnesses.

[GitHub Issue 1655](https://github.com/steemit/steem/issues/1655) and [GitHub Issue 2642](https://github.com/steemit/steem/issues/2642)

<h2>New Witness Parameters</h2>

Witnesses will have two new witness parameters to submit. The `account_subsidy_daily_rate` will control the amount of discounted account creation tokens that are added to the global pool daily. The `account_subsidy_pool_cap` will control the maximum number of discounted account creation tokens allowed in the pool. These values will be submitted via the new `witness_set_properties` operation discussed above.

[GitHub Issue 1765](https://github.com/steemit/steem/issues/1765) and [GitHub Issue 2688](https://github.com/steemit/steem/issues/2688)

<h1>20 Second Comment Limit</h1>

The 20-second limit on comments will be removed as part of the Velocity Hardfork. The blockchain will now allow a new comment every block (once every three seconds), which is the same restriction placed on voting. Special thanks to community developer @mejustandrew for submitting the pull request for this change!

[GitHub Issue 2019](https://github.com/steemit/steem/issues/2019)

<h1>Fix for Double Voting Exploits</h1>

Two users reported exploits where an account could gain extra voting power by using all of their voting power, and then delegating their SP to another account, or powering down and powering up again into another account. We will be including fixes for these exploits as part of Velocity. More technical details on the fixes can be found [here](https://steemit.com/steem/@steemitblog/blockchain-update-3-hardfork-20-and-release-19-4-appbase-statsd-and-rocksdb).

[GitHub Issue 2428](https://github.com/steemit/steem/issues/2428) and [GitHub Issue 2539](https://github.com/steemit/steem/issues/2539)

<h2>Decrease Delegation Cooldown Period</h2>

As part of the changes we will be making for the double voting exploits, we will be able to decrease the cooldown period for SP delegations from seven days to five days. This means that after a user undelegates SP from another user, it will only take five days for the SP to return to their account and become available for use again.

<h2>Increase Account Voting Power Precision</h2>

As part of the fixes we are making for the double voting exploits, we will also be increasing the precision of voting power (now `voting mana`). This will increase the number of votes that an account can make with less than 2% voting power, since the blockchain will now be allowing more granular votes.

[GitHub Issue 1808](https://github.com/steemit/steem/issues/1808)

<h1>Minimum Account Usability</h1>

Even though the account creation fee is burned, accounts created after the Velocity Hardfork will still be able to transact with the blockchain with zero SP, because the burned SP will still be counted towards their RC balance calculations.

[GitHub Issue 2488](https://github.com/steemit/steem/issues/2488) and [GitHub Issue 2595](https://github.com/steemit/steem/issues/2595)

<h1>Upvote Lockout Period</h1>

In Hardfork 17, a change was implemented to prevent upvote abuse by creating a twelve-hour lock-out period at the end of a post’s payout period. During this time, users are no longer allowed to upvote the post. This prevents users from hiding a self-vote at the end of the payout period and exploiting the rewards pool. However, users retained the ability to downvote as a safeguard against the scenario where a user self-votes immediately before the beginning of the 12-hour lockout period.  Though uncommon, this created an opening for malicious users to wait until the lockout period to issue punitive downvotes so that they couldn’t be countered with upvotes. 

Velocity will address this potential scenario by modifying the lock-out to a cool-down. After Velocity, upvotes and downvotes will both be allowed during the last 12 hours of the payout period, but their strength (for the same amount of voting power) will decrease linearly from 100% to 0% over that 12-hour period. In other words, it will take twice as much voting power to have the same impact on a post’s payout if the vote is done with only six hours left on the payout window instead of twelve. An upvote or downvote cast during the last minute would have virtually no impact on a post’s rewards.

This change will help ensure that no matter when a post receives an upvote or downvote, users will be able to counter-vote. This will also help to stabilize the potential payout of posts during the last 12 hours by decreasing the strength of votes as it gets closer to the payout time.

[GitHub Issue 1267](https://github.com/steemit/steem/issues/1267)

<h1>Steem Blockchain Dollar (SBD) Changes</h1>

Community developer @timcliff submitted two changes to update the logic for Steem Blockchain Dollars (SBDs).

<h2>Update SBD Print Rate</h2>

In Hardfork 14, rules were added to reduce the SBD print rate when the “debt ratio” (`amount of SBD tokens in existence / the STEEM market cap`) was above a certain percent. 

Under the new rules, SBD tokens will continue to be printed unless/until the debt ratio reaches 9% of the STEEM market cap. Between 9% and 10%, liquid payouts will shift linearly from paying 100% SBD and 0% STEEM at 9%, to paying 0% SBD and 100% STEEM at 10%. This works the same as the shift that occurs today between 2% and 5%.

[GitHub Issue 2140](https://github.com/steemit/steem/issues/2140)

<h2>Reward Beneficiaries Paid Based on Author Setting</h2>

When an author chooses the “50/50 payout” on their post, they will receive 50% of their rewards as SP, and the other 50% as “liquid payout”. The liquid payout is typically in the form of SBD, but it will sometimes pay a portion (or all) in liquid STEEM if the debt ratio is sufficiently high. The author also has the option to select being paid 100% in Steem Power.

Currently, if an author adds beneficiaries to their post, the beneficiaries will be paid in 100% Steem Power, regardless of which selection the author made for their rewards. After Velocity, beneficiaries will be paid using the same payout setting as the author.

[GitHub Issue 2022](https://github.com/steemit/steem/issues/2022)

<h1>Miscellaneous Changes</h1>

<h2>Support of BIP-0062 Canonical Signatures</h2>

To solve [transaction malleability](https://en.bitcoin.it/wiki/Transaction_malleability), Steem enforces “canonical” ECDSA signatures. The canonical ECDSA signatures that Steem uses are a subset of a more widely used BIP-0062 canonical signature system.

We will update our canonical signatures to use the BIP-0062 method, so that our signatures can be more easily understood by outsiders, and to make integration with the Steem blockchain easier for third-party developers who may be reusing code from other blockchains that use the BIP-0062 method. This also opens up the rest of canonical search space, which increases the entropy, and therefore security, of our signatures.

[GitHub Issue 1944](https://github.com/steemit/steem/issues/1944)

<h2>Mined Accounts</h2>

Velocity will **not** support the creation of accounts via mining. Instead, Velocity will include the changes necessary to enable account mining on Steem via softfork at a future date. The reason for this is that the many attempts at “ASIC resistant” algorithms have failed to curb ASIC implementations. Until we can come up with a reasonable PoW scheme that is accessible by end users without being easily exploitable, we felt it would not be a good idea to include PoW for account creation. We decided it was much more important to get the Velocity Hardfork completed and add support for discounted accounts ASAP. Since the feature can be added at any time in the future without a hardfork, we have the flexibility to add it once we find an acceptable algorithm.

One of the main things that will be changed in Velocity so that mined accounts can function properly once implemented, is preventing mined accounts from having a default account recovery partner. Because a second-party is not involved in the account creation process, there is nobody to designate the account recovery to if the account is stolen. If a user with a mined account wants to take advantage of the account recovery process, they can designate a willing party as their recovery partner after the account is created.

[GitHub Issue 1782](https://github.com/steemit/steem/issues/1782)

<h2>Modernize Schema</h2>

These are highly technical changes to improve the maintainability of the Steem code base. Those interested can read the details in the corresponding GitHub links.

[GitHub PR 2692](https://github.com/steemit/steem/pull/2692), [GitHub PR 2693](https://github.com/steemit/steem/pull/2693), and [GitHub Issue 683](https://github.com/steemit/steem/issues/683)

<h2>Fix Error Message Typo</h2>

Community developer @arcange submitted a change to fix a typo in the error messages that are returned when certain API calls are made without a proper number of accounts. The error message now correctly reads `at least one account must be specified`.

[GitHub PR 2673](https://github.com/steemit/steem/pull/2673)

<h2>Remove Challenging Authorities</h2>

Challenging Authorities was a system devised in the summer of 2016 that was never fully released. The proposal would enable a user to pay a small fee to challenge the authority of another user— forcing them to sign a transaction with a higher level authority to prove they continued to have control of a key. Were this feature implemented, it could have led to a scenario where an innocent account holder was forced to remove their keys from cold storage by a malicious actor. For this reason, Velocity will remove the extraneous code related to this feature.  

[GitHub Issue 1848](https://github.com/steemit/steem/issues/1848)

<h1>Testnet</h1>

We will be launching a Velocity Hardfork testnet prior to the mainnet Hardfork date, which will give developers the opportunity to test the upcoming changes in a non-production environment prior to launch. We will provide the details on this testnet once it is ready for public use.

<h1>Schedule</h1>

A majority of the development for the Velocity Hardfork has been completed and can be reviewed under the [project/hf20](https://github.com/steemit/steem/issues?q=is%3Aissue+label%3Aproject%2Fhf20+is%3Aclosed) tag in the Steem GitHub repository. The issues are also being tracked via our project board [here](https://github.com/orgs/steemit/projects/15).

The Hardfork is scheduled to take place on Tuesday, September 25, at 11:00am EST. The changes in the Velocity Hardfork are dependent on the approval of a super-majority (17/21) of the witnesses voting in favor of the Hardfork.

We will be tagging the Hardfork release on or prior to August 25, which will give witnesses and node operators at least 30 days to review and test the changes, and apply them to their nodes prior to September 25.

We are confident that these changes will be major improvements to the Steem blockchain, making Steem even better than before.

Steem on,

_The Steemit Blockchain Team_
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vote details (477)
@pradumngaur ·
Hey please update me what is Hard Fork
👍  
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vote details (1)
@itstime · (edited)
$0.07
@ned comes to your house and feeds you something delicious  on a fork... he won't stop no matter how HARD you try...hence the HARD FORK


https://media.giphy.com/media/OtBk7RsZn6VkA/giphy.gif


also..
> https://en.wikipedia.org/wiki/Fork_(blockchain)
👍  ,
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vote details (2)
@andrarchy ·
It's basically a system upgrade. It's like when Apple or Android upgrades the operating system on your phone, except this is for the software that every Steem-powered application is built on
👍  ,
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vote details (2)
@inertia ·
https://developers.steem.io/glossary/#glossary-governance
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@snrm ·
I love the changes to how curation is handled! I think it goes in line with the goals of Steemit and what most users want from the experience :). 

Posted using [Partiko iOS](https://itunes.apple.com/us/app/partiko/id1401033260?mt=8)
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@chorock ·
$0.52
15-minute Curation Window is really good. A person can read the article in 5 minutes and he/she can upvote it in 15 minutes. 
👍  , ,
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vote details (3)
@holm · (edited)
<center> " *witnesses have come to a consensus that the 30-minute rule is taking curation rewards away from human voters who are actively consuming content and voting on material they like. For this reason, the Velocity Hardfork will reduce the curation window from 30 minutes to 15 minutes* " </center>

This makes life so much easier for us readers. Since I like my curation rewards and trending pages are more or less useless I like to scan the" new" page. Now I only have to keep a new tap open for maximum 15mins:))

Overall some great changes, but this one is my personal favorite.
👍  
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vote details (1)
@friendly-fenix ·
Yeah this is good, I can't wait for 30 min, too much adhd or something, 
I always get sidetracked...
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@valth ·
$0.13
We finally got a date for HF20! That's amazing :D
👍  , , , , ,
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vote details (6)
@itstime ·
hear hear...timelines are super welcome !!
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@lunaticpandora ·
We finally have a date! Looking forward to all the changes here!
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@haikubot ·
<em>We finally have 
A date! Looking forward to 
All the changes here! 
</em>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>- lunaticpandora</sup>

---
<sup><sup><em>I'm a bot. I detect haiku.</em></sup></sup>
👎  , , , , , , , ,
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vote details (9)
@lunaticpandora ·
Silly bot, I want to make a edit but don't want to ruin your art!

Will the 15sp delegated to new accounts be removed as soon as hf20 happens?
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@exyle ·
$0.97
This news made my day! Thanks for all the hard work you guys are doing for us!
👍  , , , ,
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vote details (5)
@crypto.talk ·
Thank you for the exciting update!

Posted using [Partiko Android](https://play.google.com/store/apps/details?id=io.partiko.android)
👍  , ,
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vote details (3)
@elsiekjay ·
$0.07
PROGRESS!!!
September is bound to be a great Month! I can totally Feel it!!Best News I've got today, glad to see the entire community excited about this. Great Changes too! 
Thank you Steemit Blockchain Team!
👍  , ,
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vote details (3)
@tonygreene113 ·
So are you buying now or waiting until the 25th of August?
No mention of SMTs...again


Posted using [Partiko Android](https://play.google.com/store/apps/details?id=io.partiko.android)
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@timcliff · (edited)
SMTs are the next hardfork planned after Velocity, so Velocity getting completed means we are getting closer to SMTs.
👍  
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vote details (1)
@ogoowinner ·
$0.27
Owuya! Ozo abiakwa la. Ngwa Daaalu nu o! From nwa afo Igbo ogoowinner.
👍  , , ,
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vote details (4)
@bestkizito ·
$0.07
Hahahahahaha!
👍  
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@camzy ·
$0.06
ana me kele o....! :-)
👍  
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@jessicool ·
$0.05
Lol, igbo representing...ya gazie
👍  
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@holybranches ·
$0.05
haha i love this.
👍  
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@masterwriter ·
Nne ima ife anaru!
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@themanwithnoname ·
$1.07
Looks like there are some good changes that will be implemented. I'm especially looking forward to having the curation window shortened as things move quickly. Honestly, with the amount of short-form content on Steemit, a 5-10 minute window would probably more appropriate, but maybe it will take more time to convince the powers that be. It's at least a step in the right direction to giving more curation rewards to the curators. 
👍  , , , , ,
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vote details (6)
@smooth · (edited)
$0.07
Agree with you on the time window. The original suggestion from @blocktrades was to reduce it to five minutes, which I personally would prefer (if not shorter). However, this is a step in the right direction which addresses some concerns about making too extreme of a change and causing new problems.

I also think the original goal of addressing bots and autovoting is less needed now because there is so much more content. Originally it was quite possible for bots to instantly vote for all of the (five?) very popular posters and grab all the rewards (with superlinear rewards concentrating things even further). Now that is no longer the case, rewards are much more spread out and with limited vote power, deciding what to vote for is relatively more important then getting in instant votes. 

I hope once we evaluate the effects of changing it from 30 minutes to 15 minutes we can consider further reduction.

Thanks for the feedback.
👍  , ,
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vote details (3)
@lafona · (edited)
$0.67
I am happy to see the reduction in the time window, however I would hope we could move towards the removal of it eventually. It does seem like it is a solution to a problem we no longer have(too many curators/bots, not enough content) and probably just over complicates the user experience now. I think it is important to not underestimate the negative effects of a mechanism which complicates the user experience and potentially adds a barrier for profitable curation. Personally I wonder if we could return to the no reverse auction , 50/50 split for rewards. It is much easier to explain and comprehend and I think it would help to reincentivize good curation over for profit self voting.
👍  , , ,
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vote details (4)
@themanwithnoname ·
$0.28
I wasn't around for the superlinear rewards, but it sounds like it was a whole different ballgame. 

>with limited vote power deciding what to vote for is relatively more important then getting in instant votes.  

Also there are a lot fewer votes that we get per day this is even more important than "back in the day." 

There probably won't be a system that is entirely fair. And there probably won't be a way to keep those who want to abuse the system from doing so, but we can try to make it a good overall experience for most people and we'll be doing fine. We're still making more money posting here than they are over on facebook. :)
👍  
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vote details (1)
@thompson2 ·
nice initiatives 


thanks for sharing this
👍  
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@helmibireuen ·
A good update and news for everyone, 

Hopefully all people will be able to understand it
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@therealwolf ·
I'll check out the project directory right away - great job!
👍  
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@d00k13 ·
I love the curation window & self voting changes, keep up the good work guys! 

Posted using [Partiko iOS](https://itunes.apple.com/us/app/partiko/id1401033260?mt=8)
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@fredrikaa ·
$0.61
*Looks at the summary*
*Looks at the current cryptomarket*
Brb buying the dip.
👍  , , , , ,
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vote details (6)
@itstime ·
$0.37
I guess you could say BTFD 

https://www.youtube.com/watch?v=l4v8rLEI4Pg





P.S @coinbros are on steemit !!
👍  ,
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vote details (2)
@tonygreene113 ·
That's more news of nothing to really change that matters to the value of STEEM.

Posted using [Partiko Android](https://play.google.com/store/apps/details?id=io.partiko.android)
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@ecoinstant ·
If you think that these changes don't matter to STEEM, I would suggest that you don't know all that much about STEEM.
👍  
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vote details (1)
@andrarchy ·
lol
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@tonygreene113 ·
Dip below $.90 before HF 20 and it's going to be a great 4th quarter.

Posted using [Partiko Android](https://play.google.com/store/apps/details?id=io.partiko.android)
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@hilarski ·
Bring it on, thank you for an update team!
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@friendly-fenix ·
AMAZING GUYS/GIRLS! 
=)
👍  
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@zoneboy ·
$0.05
September 25 is the date. Fasten your seat belt as we moon 🌒
👍  
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@itstime ·
Where we are going we don't need belts...
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@mup ·
Yes, cuz you're floating in space. We're getting closer to the Moon. <3
👍  ,
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@protegeaa ·
Exciting times! Great work getting a date set and can't wait to see it rolled out!
👍  
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@resiliencia ·
Great job guys!
Thank you!  😊
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@grey580 ·
$0.11
All steemit users will be forking it so hard on the 25th.
👍  , ,
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@taskmaster4450 ·
$0.05
Will this handle the slow sign up process?
👍  
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@bryan-imhoff · (edited)
$0.11
Looks to me like it’ll allow dApps to do a lot of signups on their own as they can potentially use their stakes to immediately fund new accounts with the discount tokens. Likewise there could be some easy tools to allow users to send friends invites that include instant account creation off their own RCs. Signup vetting can also be more limited as new accounts aren’t starting with any SP. My only concern would be around mass signups for “name squatting” if the process gets too lax.
👍  , ,
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@glenalbrethsen ·
$0.05
I guess that's what I got out of the summary on signups, too. The question, as you say, will it prevent the mass signups? I'd heard that it would. It didn't seem to be mentioned here that I saw the first time through, but there was plenty to read. :)
👍  
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@timcliff ·
It is not a silver bullet, although it helps make it more salable for the long-term. Users who are signing up for free accounts via signup.steemit.com will still have to go through the same approval process, which is independent of what is happening in the hardfork. @bryan-imhoff is correct though that with the new discounted accounts being available now, it does open up more opportunity for other services to offer signup methods as well.
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@teamhumble ·
awesome work as always, great to have a date to work too and some of those changes look really incredible. thank you for your dedication, skill and focus! roll on september!
👍  
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@moonbot ·
$0.05
Finally, good news!
👍  ,
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@bryan-imhoff ·
$0.45
Not to get ahead of ourselves... but any hints on if changes to Condenser (Steemit.com) may be in line to follow the hardfork fairly quickly? In particular, I just think a visualization of the RC system and usage will be critical to limiting user confusion and making the change a very positive one. Most new users will be largely unaware of any outside reporting tools that may develop and could grow frustrated as their actions slow or cease altogether.
👍  , , ,
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@lukestokes ·
Good point. Many other Steem related sites show bandwidth indicators today. Maybe showing various "mana" indicators for these new limitations would be helpful on Steemit.com as well.
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@jsantana ·
I'm ready for another HF. Congrats and good luck to all Steem team!
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@flauwy ·
$0.05
Wa have waited long and sem-patiently for this hardfork and I am incredibly excited to see it come finally to fruition. This will be a super important change for a larger anboarding. The #promo-steem community will celebrate that a lot for sure. That puts us also one step closer to SMTs...
👍  
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@cryptogee ·
What I'm happy about:

Updated account creation rules.

Curation tweaks. :-)

What I'm sad about.

Zero frontend changes, still no groups, trending page dominated by paid content, tags still a mess :-(


[*Cg*](https://steemit.com/@cryptogee)
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@glenalbrethsen ·
i hope I'm not speaking out of turn here, but I think the HF has to go down first before we can have Hivemind/Communities, which is what I'm understanding you to mean from front end changes and groups.
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@smitop ·
$0.05
The hardfork doesn't have anything to do with Hivemind or communities. Most of the community things are done via custom_json ops, which were always supported.
👍  , ,
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vote details (3)
@tonygreene113 ·
Not very much going on...

Posted using [Partiko Android](https://play.google.com/store/apps/details?id=io.partiko.android)
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@jrswab · (edited)
Sweet! Great work team <3 Also what a great (day after) birthday gift for me :p

![its-happening](https://media.giphy.com/media/rl0FOxdz7CcxO/giphy.gif)
👍  
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@ecoinstant ·
This may be the best gif I have every seen...

That's going in a folder
👍  
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@glenalbrethsen ·
$1.15
Hey, @steemitblog, et al.

So, first of all, like many of the commenters have and will continue to do, thanks for the heads up on the Hard Fork update. This is a worldwide system, so I'm guessing that the 11 AM EST time on a Tuesday is the optimum time to do this?

One other thing. Why the change to 9% rather than the 2-5% for SBD printing. I understand we're at or near the 5% now. This feels a lot like the upping of the debt ceiling the US does constantly to allow more spending on borrowed money. I'm just wondering what the reason is, what's the rationale, and whether or not it's an appropriate thing to do given the safeguards that were originally in place. In other words, what has changed (other than the debt ratio reaching 5%) that will make this change better?

Thank you for the ongoing updates this year, and for informing us of these upcoming changes. I hope all goes well with the implementation of the HF, and that all functions as intended.
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vote details (12)
@andrarchy ·
Those changes were submitted by @timcliff and approved by the witnesses. He will have to speak to the intent behind these changes. I can only speak for myself when I say that it's great to see a community-member PR acquiring consensus among the witnesses and being scheduled to be added to the protocol.
👍  
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vote details (1)
@glenalbrethsen ·
Cool, @andrarchy. Tim's been good at follow up so I'll see what he says. And I agree, it is good to get some consensus on any level, especially from the community and the witnesses. The more proactive we can be, the better.
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@blocktrades ·
$1.24
The purpose of the change was to allow for the creation of more SBD to hinder "pump" attempts that raise SBD beyond it's intended peg value of $1 USD. But it's important to note that the increase in potential SBD doesn't risk the sovereign debt problem that the US has: the STEEM blockchain is designed to linearly stop honoring the ability to convert the SBD to Steem at the rate of $1 worth of Steem when the debt ratio goes above 10%. Think of it like a built-in promise of the Steem blockchain to hyper-inflate SBD's value vs Steem during the period that "too much" SBD is in circulation.
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vote details (11)
@glenalbrethsen ·
$0.32
Hey, @blocktrades. I appreciate the response here.

I was aware of the failsafe for SBDs, so that's good to know that this isn't something that would somehow override it.

Okay, so allowing a higher percentage of debt essentially hinders pumps on SBD because the price drops with more SBD in circulation, so to speak? Or is it the opposite. This is where it gets a little murky for me. The whole idea of having a stable token that is still publicly traded and thus open to speculation.
👍  , , , ,
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vote details (5)
@pratikchordia ·
Oh that's an awesome upgrade :D
👍  
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vote details (1)
@timcliff · (edited)
$0.75
Hi @glenalbrethsen. Just to clarify, in terms of the "debt ceiling," the closest thing to that with SBD is the "10% limit" on the debt ratio. Basically what that does is that no matter how much SBD is printed, it will never be allowed to exceed a debt limit of 10% of the STEEM marketcap. SBD will just become redeemable for less than $1 USD worth of STEEM, instead of taking on additioanl debt. Based on that, the safety of how much debt the Steem blockchain takes on (in the form of SBD) is not changing.

What we have seen under current market conditions is that there is still a high demand for SBD (the price is consistently above $1 USD) even though the debt ratio is above 2%. What is happening under the current rules is we are printing **less** SBD, even though there is still excess demand. This change addresses that by allowing more SBD to be printed.

Another negative impact under the current rules is that it is printing **more** STEEM (instead of SBD). This means we are seeing additional (unnecessary) downward pressure on the STEEM price, when we could just be printing more SBD instead of STEEM.

The last thing to point out is that the current system is missing out on the best opportunity to use SBD to it's full advantage. When the STEEM price is at it's lowest is really the best time to print more SBD, because if you assume the price will go back up - then the blockchain ends up getting a 'discount' on how much STEEM needs to be created. For example, if $100,000 USD worth of SBD printed today when the STEEM price is around $1.00, it would only need 1/5 the amount of STEEM if the SBD was not redeemed for STEEM until the price of STEEM goes up to $5.00.

Technically the same mechanism works in reverse. If we print a bunch of SBD when the price of STEEM is at $5, and then the price drops down to $1, we have to print 5x as much STEEM. If  we allow the debt ratio to get much closer to 10% though (by allowing printing all the way up to 9%), then it reduces this effect. A significant price drop in STEEM will not result in as much STEEM being printed if the debt ratio was already close to 10%, because it would be capped once it reached the 10% limit described above.
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vote details (8)
@glenalbrethsen ·
$0.05
Hey, @timcliff. Thank you for answering my question on this. It's been extremely helpful.

Now, what I'm wondering is, are we in some kind of market period where STEEM hasn't been before? I guess I'm wondering if it's known that 9% is the better debt ratio than 5%, why wasn't it lifted before this? And what happens if 9% doesn't prove to be enough for whatever reason?

My guess is, either this kind of market conditions have been here before, but it didn't last long enough to get a change made but it's been sitting on the back burner, or it is new, and based on whatever criteria, it was determined the raise should take place just in case the current situation was prolonged, or came back again at a later date.
👍  
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vote details (1)
@cryptkeeper17 · (edited)
$0.05
Excellent points I think I follow you here @timcliff.  Right now there is an underflow of SBD within the economy and perhaps not coincidentally there is a very very low rate of interaction on here right now with the users across the board.   Honestly there really is no way to deny that even with the intentional decrease in supply it has brought steem value's down significantly by price and additional quantities paid out in steem per post--which is the exact opposite intention it was created. Getting to the SBD payouts in posts, if I do not buy anything that really requires me to use SBD (for example bid bots which have basically become the engines that fuel SBD consumption in the economy really at all and are a virtual surefire losing bet right now) why would my post payout be tied and beholden to SBDs?  I get the relief they bring in having to produce additional steem in the event of price crunches but isn't this one radical turn from one direction to offset the other?  With the ability to overflow the system with up to 4.5 to 5 times more in supply as of say right now isn't that a concern?  At $5 steem that isn't much of an issue but what if whales that are unloading truck loads of steem right now keep doing this at prices even below $1 when this fork comes out?  SBDs will become an extinct medium of exchange very fast on here for sheer worthlessness.  
A very overachieving, proactive approach at this fork would have been having smart tokens ready to launch and take our chances with them working out desired effects that we hope they do in helping reflect the many varied interests of our economy here on steemit.  It would seem to solve a lot of this angst that is going on within the community, but it is not even mentioned on this announcement.  I hope to avoid sounding like Captain Hindsight, but here we are and we have what we have moving forward.  Are we supposed to believe that continuing to bail out the bid bots massive losses since sbds/steem has plummeted and votes are more and more worthless that continuing to fund this losing endeavor with more of the same is a legitimate response to curing these ills?  If I were manipulating prices of steem/sbd I would be terrified of a smart token, because now I have to track 10,000 tokens day one when they are able to be implemented and find which are good and which are worthless.  Also in the meantime finding out what they are being used for and whether it's worthwhile to follow or not.  That is a lot and I would love to hear your response here, I certainly am not venting this all in your direction but to the debate at large and what can be done, and preferably not pushed down the road by a CEO that is currently unloading their stake in the company at two year lows in prices at best.
👍  ,
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vote details (2)
@fedeecaccia ·
What happens if we reach the 10% doubt ot ownership ratio and the STEEM price drops, let's say, a 50%? In this case the ratio will increase to 20%. Which are the mechanisms to regulate it again?
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@smooth ·
> 11 AM EST time on a Tuesday is the optimum time to do this?

You can never satisfy everyone on a global system. One of the requirements of a witness or even developer role on such a system is the necessity for a certain amount of 24 hour availability. 11 am on Tuesday is okay for US and Europe but pretty bad (early to extreme early morning) for most of Asia. Making it later helps with Asia but hurts Europe. There is no perfect time.
👍  
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vote details (1)
@glenalbrethsen ·
$0.28
Okay. Pretty much figured that to be the case. I was looking at it, of course, from the user standpoint, but that's obviously not the only consideration here. You've given us all a decent amount of heads up, though.

Since I've never been through one of these before, is there any expected amount of downtime at all? Or, if everything goes according to plan, do we just all keep working as it rolls out?

In a normal update there's usually the time it takes for that to happen. With a hard fork on a blockchain, though, it sounds like things keep rolling as you go?
👍  ,
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vote details (2)
@ecoinstant ·
$0.03
Interesting comparison Glen!
👍  , ,
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vote details (3)
@glenalbrethsen ·
Hey, @ecoinstant.

I'm going to guess you're talking about the comparison between the lifting of the debt ceiling the U.S. Congress loves to do periodically and the lifting of the 5% SBD debt ratio to 9%?

If so, I thought it was too, but the major difference is, the ceiling is 10%, and will remain that way, according to everyone who answered the question. Which is good. We don't need to be jacking that up.
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@prakashghai ·
$0.05
20 second comment limit reduced to 3 second is the only thing worthwhile for a lay user like me. 

Hf20 aint exciting enough.
👍  
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vote details (1)
@bryan-imhoff · (edited)
$0.94
C’mon! This is possibly the most important update! I truly believe Steemit has been holding back on other major improvements until this problem was solved, because it would be useless to build an amazing site & system that no one could use. 

Think about it this way. There are roughly 250 million Steem in existence. Up until this time, new accounts have needed roughly 15 SP in order to have bandwidth access that would enable a reasonable user experience. Let’s say we could even knock that down to 10SP. That means we had a cap of 25 million users, and that’s only if everyone divested their stake so we would all have just 10SP! More accurately, with Steemit Inc. shouldering all the account creation delegations from their available stake, we would currently buckle under the weight of 5-10 million user signups... which is a lot for Steem, but a drop in the bucket for major sites and networks.

This move to the resource credit system is hopefully unlocking us to mass adoption at last. HF20 may be unglamorous, not a lot to see... but it’s very exciting “under the hood.”
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vote details (10)
@prakashghai ·
Steemit should have done something to counter ONOSocial's lifetime rewards system for a post. 

At least it should have extended the 7 day post reward to a month if not more.
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@cardboard ·
Does a user like you care that now all your friends will be able to create account without waiting at least 2 weeks?
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@prakashghai ·
all that I know is that one can create a twitter / instagram or FB account instantly.
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@mejustandrew ·
$0.06
Hey guys, I have to congratulate you, you have done an amazing job and thanks a lot for remembering me! You are the best!
👍  
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vote details (1)
@andrarchy · (edited)
Thank you for helping to make this the best blockchain protocol in the world! ;)
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@steemstreams ·
Great news!
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@adetorrent ·
$0.05
Wow, some epic changes here.  I think the self upvote /curation changes are what most people here will notice.  

Followed by the 20 seconds comments restriction change. That's huge for someone like me who types quite fast haha.

My favourite one is the delegation cool-off time reduction to 5 days.  I long for the day it gets even shorter than that.  

Thanks.
👍  
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vote details (1)
@liberosist ·
$0.05
It seems like an eternity since Velocity was initially announced in June 2017. I'm glad to see it all come to fruition. Thanks for all the hard work, developers. See you on September 25th.
👍  
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vote details (1)
@surfermarly ·
**Wow, so many changes!! Thanks for keeping us posted.**

Killing the 20-seconds-post-limit is huge! I have received so many messages from users who thought that they were doing something wrong, not being able to submit their comments faster...😉

Maybe it's a stupid question, but since when is it "Steem Blockchain Dollars" and not "Steem Backed Dollars"...? Or did I even use the wrong term during more than two years...? **Yikes 😝** 

September 25 will be another great milestone in Steem's history, let's do this!
👍  
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vote details (1)
@blocktrades ·
$0.04
You were using the right term for SBD. Seems like a marketing change...
👍  ,
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vote details (2)
@surfermarly ·
Ah, good to know! Thanks for stopping by and letting me know @blocktrades :-)
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@lichtblick ·
Very cool. Thanks for the date and your hard work guys.
Resteemed :-)
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@drakos · (edited)
$0.91
I like the new `witness_set_properties` operation where we can use the witness signing key. However, on a multi-server setup, each server has a different key pair, so it may not be practical. For example:
- server 1 fails, use its signing key to enable server 2 to take over
- after fixing server 1, will have to use server 2's signing key to re-enable server 1.

Annoying, but can be circumvented with a script that fetches the public key on the blockchain and use the corresponding private key.

It would be preferable to have a new key role dedicated for witness operations, this would solve all the problems.
👍  ,
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vote details (2)
@timcliff ·
$0.44
I’ve read somewhere a while back that new key authorities are expensive (as far as development time and complexity) to implement. If it can be solved by witnesses spending a few hours coding their scripts to handle it, that is probably the most practical way to go.
👍  ,
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vote details (2)
@therealwolf ·
Have to agree with @drakos.

If I understood correctly, the action has to be confirmed with the private active signing key, which varies depending on the active signing-key.

That would require an additional fetch of the active public signing-key. Maybe it would be better to add the signing key as optional or create a separate key for updating witness-data.
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@lukestokes ·
$0.40
A separate key for updating witness-data would be nice. With this set up, we would need every server to have access to every signing key, which is not ideal. One of the points of separate signing keys is to ensure if one server ever got compromised, witnesses could quickly switch to a different signing key and never use the old one again.

Either way, getting access to a signing key and being able to tweak witness parameters is less dangerous to the individual witness than having access to their active key, so overall applaud the change.
👍  ,
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vote details (2)
@the01crow ·
Its awesome , great work
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@loreennaa ·
**<center>I love the changes <3 <3</center>**
<center>https://s33.postimg.cc/w24sg4vhb/image.gif</center>
[](https://yandex.com/collections/card/59a49456d7f77dbd1ba4ff8d/)
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@crimsonclad ·
$0.40
Huge changes here, and big kudos to how clearly and methodically this post is laid out~ for those wondering what the hell a Velocity is, this is the perfect comprehensive guide. The extra security and nit-picky control over witness parameters and smaller vote accuracy are both things that I personally really hoped would be addressed.

Onwards!
👍  ,
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vote details (2)
@toofasteddie ·
Thanks for this important summary. It will be a good and needed change.
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@prameshtyagi ·
$0.05
It is good that hf20 finally happening but except bit speed up signing and allowing 3 sec comments - nothing much exciting in hf20.

Bring communities and SMTs to make a real difference
👍  , ,
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vote details (3)
@blockdaily ·
thank you 
it's good news for steemit community
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@vikisecrets · (edited)
Looking forward to the new Hardfork :) One front-end feature request, that is especially interesting when prices are falling: add an option to allow the rewards to be displayed in native Steem instead of (Steem) Dollars. This would make the rewards also more stable and independent of price fluctuations.
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@wesleybos ·
I have been waiting for this for a long long time really looking forward to it nice work!!
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@greece-lover ·
So even more power for the top 20 witnesses, because that's all I can read...
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@blocktrades ·
What threatening power did you read? Looks like just more responsibilty/work for witnesses, but it's not exactly a "power" I'm thrilled to have: being required to vote on how many accounts can be created for free.
👍  
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vote details (1)
@greece-lover ·
More work? More responsibility? With a princely payment of 100,000 SP per year, the effort is quite well rewarded. For me, the dog handler means even more fake account, whether with SP behind or not. The current number of members is not already rushing behind and in front. The shortening of the curation time and this does not count the curation with a Selvotes brings only an increase in value for the BidBot offerers.
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@mightyblueberry ·
You clearly much prefer to collect Steem and SBD (Steem Bullshit Dollars) from your massive delegations to bots. Your delegated Steem Power is one of the reasons the front page is full of crap. Enjoy the price fall, the bottom is still far away.
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@hanshotfirst ·
$0.08
I am thrilled to see a concrete date tied to this! I realize that the date may shift due to unforeseen circumstances, but in my two years here, the Hardforks have all taken place within a reasonable time frame from the planned date. When the date did need to change, it was in order to implement an even better idea. 

Thank you for all of your hard work!
👍  ,
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vote details (2)
@saimegh ·
Waiting for smt update is like waiting for forntite android version 🤐 hope soon it gonna release
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@timcliff ·
There have been a lot of SMT related issues being created in GitHub recently if you've been following :)
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@masaitv ·
Thank you for this very important update, although most of it is foreign to me but I  am slowly learning and I think I will benefit greatly from all of it. I look forward to the many exciting changes that will be taking place come September.
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@mayvil ·
Interesante los cambios,  esperemos que sea de fácil entendimiento para todos los que están ingresando. Esto se hará el 20 de Agosto o 25 de Septiembre?
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@ervin-lemark ·
How can we see which witnesses and how many are in favor of this upgrade?
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@timcliff ·
It will be up to individual witnesses to express their views to the stakeholders however they see fit. Many will do this in the form of witness update posts.
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@ervin-lemark ·
OK, thanks for your answer. I will rephrase the question:

# Is there an official way to see the collected votes on one page?

I can answer the question myself - NO.


Then the question would be:

# Why there is no official way (to collect and) to see the collected votes on one page?
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@pastrane ·
$0.02
“Steve Jobs gave a small private presentation about the iTunes Music Store to some independent record label people. My favorite line of the day was when people kept raising their hand saying, "Does it do [x]?", "Do you plan to add [y]?". Finally Jobs said, "Wait wait — put your hands down. Listen: I know you have a thousand ideas for all the cool features iTunes could have. So do we. But we don't want a thousand features. That would be ugly. Innovation is not about saying yes to everything. It's about saying NO to all but the most crucial features.” 
― Derek Sivers
👍  ,
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vote details (2)
@cardboard ·
> In order to eliminate this advantage, the portion of curation rewards that is not given to the curators due to the early voting penalty will be returned to the rewards pool instead of being awarded to the author.

So does this penalty (return to reward pool) apply to all voters who vote before 30 min mark or only the author?

In fact, when I think about it, it applies to all voters yes?
👍  ,
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vote details (2)
@timcliff ·
All voters
👍  
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vote details (1)
@cardboard ·
Thanks Tim.
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@jessicool ·
Wow, i think this is a welcome development for the entire steem community, but my question is will this pump the price of steem?
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@sugarfix ·
Yeah absolutely, there is a big queue of Goldman Sachs execs trading their bitcoin for Steem as I write :D
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@jack333 ·
It will be implemented in 25 August right?
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@timcliff ·
What do you mean by implemented?
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@jack333 ·
I mean will it be real in August 25?
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@steevc ·
Good to finally get a date on this important change. It's really going to get interesting when we can more easily create accounts. We heard before about algorithms to prevent too many fake accounts. Is this still on the cards? It's not an easy problem to solve. We may also see more name-squatting. I do think it's time for Steem/Steemit to take the next step and I hope this is part of that. 

Will it still be a beta?
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@freedomno1 ·
$0.04
Thanks for the schematic update I don't typically see the steemit hardfork notes however it is good to stumble upon this.
👍  
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vote details (1)
@inspire1 ·
Since this platform is so technical in nature, it will be hard for everyone to understand all of this, myself included.  I will have to re-read this tonight and tomorrow. I grasped the larger concepts of change, but I am trying to still understand the current self-vote scenario vs. the future.  I was thinking that it was advantageous to wait for 30 minutes to self-vote.  Are you saying that the current system makes it advantageous to self vote before 30 minutes and now it will still be advantageous to self vote, but before 15 minutes? I've been doing the polar opposite and waiting 30 minutes or more if I self-vote my post currently.
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@el-cr ·
thanks for the info, is there anything users have to do to keep their tokens / coins safe prior hardfork? or just keep them in our wallets?
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@timcliff ·
No action should be required by the users.
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@smooth ·
$0.15
Nicely done and I especially like the healthy amount of advance notice in the release schedule.
👍  , , ,
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vote details (4)
@hafiz34 ·
Seems like a lot of changes are coming and it will make the platform a much better one. Lots of brain behind these! !

Posted using [Partiko Android](https://play.google.com/store/apps/details?id=io.partiko.android)
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@losi ·
$0.03
WOW richtig nice Änderungen, das freut mich voll und ich hoffe auf mehr nice Steemians.
👍  , ,
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vote details (3)
@ew-and-patterns ·
$0.40
### This looks like a pissed off, grumbling face above the Hardfork logo...
![pissed.JPG](https://cdn.steemitimages.com/DQmWx72PS1CUMmBaXbMvxuGraDEug1FzjYE4sS6i7doqDhH/pissed.JPG)
### Please don't do negative foreshadowing. Or is this some kind of a joke of your graphic designer?
👍  ,
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vote details (2)
@lukestokes ·
$0.19
Excellent, detailed update. Thank you! Again, I'm happy to see both technical and non-technical content on this account.

Question relating to `account_subsidy_pool_cap` and `account_subsidy_daily_rate`. Will Steemit, inc be providing some suggested values for these prior to launch? Steemit is the main faucet, but there are others as well and it would be great to get some training on how these changes will impact the ecosystem. We want to avoid account creation spam and name squatting, but we also need to ensure the entire point of these changes (making it easier for companies to bring millions of users to Steem) are available to us.

I'd love to see the witnesses along with app developers working together to test much of this on a testnet prior to launch. I'm looking forward to more information about that. Thanks!
👍  , ,
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vote details (3)
@mrosenquist ·
Some great changes there team!  Nice to see innovation continues to move forward.  Keep up the good work.
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@clayboyn ·
$0.17
I am absolutely loving the idea of resource credits and the new account creation model.  This is going to be amazing.  Simultaneously make it easier to bring on new users while getting rid of the incentive to create spam accounts.  I'm a little weary on doubling our debt cap with SBD, but I suppose it is what it is and if the price of STEEM falls it will self correct like it did last time.  Thanks for the update.
👍  , ,
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vote details (3)
@timcliff ·
$0.03
Just to clarify, the 10% cap on the debt limit will still remain in place, and will not be changed by what is being done.
👍  , ,
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vote details (3)
@clayboyn ·
That's good to hear.
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@muksihs ·
After the HF20 deployment, are there any plans to go ahead and do a soft fork for the follows/followers "UA/User Authority" user ranking method to replace the existing and vote/flag based "Reputation" user ranking method?
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@caxxandra ·
do something about the price of steem
so discouraging
👍  
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vote details (1)
@davemccoy ·
$0.09
I have a question about the vote values.  According to the statement in there about dustvotes:

>Dust Vote Threshold Changes

The Velocity Hardfork will change how the Dust Vote Threshold works by allowing users with any amount of SP to cast votes as long as they have sufficient RCs. Votes that are below the threshold will be posted to the blockchain but they will have ***no impact on rewards***. This will allow users to have a better user experience on all Steem-based applications by enabling them to vote any time they choose (regardless of the size of their vote), provided that they have enough RCs.

***This change will make very weak votes become worth nothing***. In order to treat all votes (big and small) equally, all votes above the threshold will have the equivalent amount of rewards removed from their vote. This effectively establishes a baseline voting strength that applies to everyone. In addition to making it more fair, there is also the benefit of introducing a slight non-linear rewards curve at the lower end of the spectrum (to discourage spam), while still maintaining a linear rewards curve for votes above the baseline.

Does anyone know what a very weak vote is?  Is the current dust threshold still $0.02?

This is an important development either way!
👍  ,
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vote details (2)
@bashadow ·
Good question I was wondering that myself.
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@timcliff ·
See response to the parent comment.
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@timcliff ·
$0.05
There are two “dust” thresholds, which can get a little confusing.

There is a dust payout threshold, which requires at least 0.02 worth of payout on a post/comment in order to receive a reward. (If the payout is less, it gets rounded down to zero.) This will be unaffected by the changes being proposed.

There is also a dust vote threshold, which is a minimum restriction on the size of votes that are allowed. This is what is changing, as described in the post.
👍  ,
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vote details (2)
@davemccoy ·
$0.06
Thank you very much @timcliff for taking the time to explain it to me... I have now explained that to others too... Very helpful!
👍  
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vote details (1)
@khanza.aulia ·
$0.05
I want to ask a little about the distribution of rewards for now, where the creator does not get SBD, but 50:50 between Steem and SP. Is this related to what was explained in the above post regarding hardfork velocity updates? thanks sir
👍  
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vote details (1)
@dftba ·
$0.05
So, if I have 1000 SP and 100% voting power, that value from my vote is not what is changing, correct?
👍  
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vote details (1)
@showtime24 ·
$0.05
⚠️ PLEASE READ⚠️ 
I fixed grammatical errors in the STEEM whitepaper and no one has noticed.  SOMEONE please look at this and get it exposure.  We need to make the STEEM whitepaper look more professional..

https://steemit.com/writing/@showtime24/i-made-some-changes-to-the-steem-whitepaper
👍  
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@timcliff ·
The whitepaper is in an open source repository. Any community member is able to submit a pull request to propose changes.
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@deanliu · (edited)
Fantastic update! Thanks for such a detailed report, making us feel excited during this cold period of crypto.

I was actually expecting the change to the author/curator reward ratio from 75/25 to like 50/50 but did not see this one, maybe this is not yet a mature proposal... (*well, I am neural on this one as I have no idea it's really better, but a change always means that we can gather more information of how this system can work better though...*)

By the way, I think one of the titles - **Self-voting Rewards** should be reconsidered, as the paragraph is talking about the change of the rule for early-voting curation reward distribution, not just about *self-voting*.
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@brian-rhodes ·
Nice work. Another milestone for the platform and the timing is strategic.
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@paulcaraway ·
Always good to see the evolution of a program... especially one you believe in and use!  Keep up the great work and making changes to move forward!
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@khanza.aulia ·
this update is very good. With this hope it can improve the quality of curation from curators, with the same prize distribution as a content writer. but a lot of what I haven't understood about this hardfork, I have to read it over and over again to understand it.
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@ats-david · (edited)
Here are my thoughts on the proposed hardfork. I invite any comments and critiques.

https://steemit.com/witness/@ats-witness/steem-hardfork-20-thoughts-on-velocity
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@mysearchisover ·
$0.10
Seems pretty complicated.
👍  
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@shortsegments ·
$0.03
Yeah.. I will have to read this a few time to digest it.
👍  
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@akdx ·
I am glad to know that HF20 is coming. It was a much awaited thing as we were reading about it time and again. I think some issues, related to Steem platform, were addressed effectively and some others were totally ignored. 
Positive changes: implementation of Resource Credit in place of bandwidth system, procedure of account creation, change in dust vote threshold, removal of the minimum sp power down restriction, change in 30 minutes curation timeline, change in self voting reward to some extent, time limit of 28 days for internal market orders, removal of 20 second comment limit, decrease in delegation cool down period, fix for double voting exploitation, increase in account voting power precision, upvote lockout period and other witness related issues. 
However, there are many issues which were left untouched. An issue like self voting was addressed but it was done not very effectively. No limit was imposed on self voting. Also issues like vote selling, circle jerking, downvoting without assigning any reason, no payout for quality posts were left untouched. These were the core issues which many users wanted to be addressed and fixed. I welcome change but this change cannot be said a radical change. It is an old wine in new bottle. So, it is a bit disappointing.
👍  
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@timcliff ·
What solutions are being proposed? There is a lot of talk about the problems, but are there any workable proposals that consensus can be built around?
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@steemitromney ·
Now that account creation is being regulated, there should be more options. An interesting proposal i read long ago was a decreasing vote weight for consecutive voting on the same account. Assuming people do not have enough shill accounts anymore to effectively distribute all their voting power, this would encourage people to diversify their upvotes.  Large investors will not be happy of course but it might bring back some of the original 'let the community decide on whats trending' idea.
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@akdx ·
Something must be done to revive this platform. It has become a cow which forehead is the responsibility of the content creators and the right over it's milking have been given to the whales. So, whales and not owners are getting milk and minnows are getting urine and cow dung.
👍  
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@katrina-ariel ·
Well this is exciting. Thanks very much for the update, and thanks to everyone who is working on the evolution of the Steem blockchain!
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@enginewitty ·
I absolutely love the cool down vs the lockout. Kudos!
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@lasseehlers ·
Thanks for the info on HF20.
👍  
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@airmatti ·
Welcome HF20!!
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@steemitromney ·
Hey @steemitblog Team. Thanks for the great update. What is your stance on the use and existence of bid bots? There is a lot going on in the back but I don't see how HF20 has any impact on improving the frontpage content. We wait for SMT?
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@cranium ·
Hooray!!! Finally!!!
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@blessed-girl ·
Greetings, this year I created my steemit account, and I have not really understood it completely ... I usually vote at 20 minutes, but from what I read in this post it is better to vote after 30 minutes? Could you clarify that doubt? Of course then in September those 30 minutes will be reduced ...

  Another thing I want to help me, 3 times have given me downvoto, and I analyzed in the account that gave me the downvoto, are accounts that create that day and is dedicated to vote for everybody negative, is that legal? or there is an account or label where one can complain and accuse these people because I think they do it with malintention ... they are accounts exclusively for negative votes.
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@arcange ·
Congratulations @steemitblog!
Your post was mentioned in the [Steemit Hit Parade](https://steemit.com/hit-parade/@arcange/daily-hit-parade-20180809) in the following categories:

* Comments - Ranked 1 with 219 comments
* Pending payout - Ranked 7 with $ 192,28
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@joythewanderer ·
Good job, Steemit team. Looking forward to HF 20!
This post is featured on today's Joy News (in Chinese :D)

<center><a href='https://d.tube/#!/v/joythewanderer/asxogxc1'><img src='https://ipfs.io/ipfs/QmS5h19XxCLodv6QiiNaYNES8VyzT3NVSqUgnA4n1Wk6yM'></a></center><hr>
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@techcoderx ·
<center><h5>Thank you for sharing the news on the blockchain. We found this one interesting, therefore we featured this article on our Episode 13 of SteemTechShow! </h5>
Click the image below to watch the video:

<a href='https://d.tube/#!/v/techcoderx/id88qwm9'><img src='https://ipfs.io/ipfs/QmW9tdYe5Qxqun1XJyCGhna5Sr4RM7MmcKnTrsjaZPVEne'></a></center>
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@reseller ·
<center>
Congrats, you made the #steemitminute for today!
Click the Image Below to see the Video!
<center><a href='https://d.tube/#!/v/reseller/0fyh3r77'><img src='https://ipfs.io/ipfs/QmexUPj7Wi2Bn3Uj6tQ1oT3Hs4jtNZKdyzxTPRYzNYN64t'></a></center>
👍  
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vote details (1)
@angielb ·
![Captura.PNG](https://cdn.steemitimages.com/DQmXAL2UvvEuJhsFu5NJAkPkM7a1h1GTsiFpCNWBA4cCBkB/Captura.PNG)
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@sift666 ·
Thanks - Now I've read about Hardfork 20 I have learned that geeks live in a different world to me and I don't ever want to get lost in it...


![](https://cdn.steemitimages.com/DQmUXcXcEWM7LzNyLPGpTcjUHDCiZEqPmXnSAim42CTZxW3/image.png)
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@shortsegments ·
LOL 🤣
👍  
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vote details (1)
@psylanthropist ·
This is incredible. Dtube live.. I'd be surprised if you upvoted this comment. nice account. cheers
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@thenuclear ·
why the steemdollar marked here? is this post have any problem!
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@novacadian ·
>After Velocity, upvotes and downvotes will both be allowed during the last 12 hours of the payout period, but their strength (for the same amount of voting power) will decrease linearly from 100% to 0% over that 12-hour period. 

It appears that software mechanics are available to make my decentralized anonymous CAPCHA system a reality, so as to give greater value to upvotes to users who choose to use it.

A link to an old blog post of mine which fleshed out the idea is included below for your reading pleasure.


https://steemit.com/steem/@novacadian/a-decentralized-capcha-annonymous-proof-of-brain-verification
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@bsfmalaysia ·
Too complicated for laymen to understand
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@shortsegments ·
Hi Steemitblog,
Thank you for the detailed explanation of the changes coming with HardFork 20.
I have noticed some of the bid-bots have stopped excepting bids before the 30 minute mark, so this change is already having an effect.
Keep Steeming👍
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@akbarbadsha ·
hey @steemitblog
Mistakenly i was sent 11 sbd to @payment (steemit account)
I noticed  this account is not used from 2 years unactivate account.

I think this is one of steemit official account.
please help me to recover my sbd
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@noblewitness ·
Excellent!  I've been looking forward to seeing HF20 implemented for the better part of a year, and now we have a hard time.  Very much looking forward to speeding up account creation and the implementation of RC.
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@fulltimegeek ·
> Though uncommon, this created an opening for malicious users to wait until the lockout period to issue punitive downvotes so that they couldn’t be countered with upvotes.

Hmmm ... I wonder who you could be referring to ...
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@fiasteem ·
what about SMT Creations
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@chadstretton ·
I have sent yoy 60 weku mate along with mt bitshare details please can you advise
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@wildtrader ·
When I hear 'hardfork' as a non-dev, I start to think I need to do something, take action. Can it be said that I can just sit on my Steemit account and let be?
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@programmingvalue ·
$0.10
Really excited for more updates to Steem :)
👍  
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vote details (1)
@pyroactive32 ·
This is certainly good news! These improvements are definitely going to help my portfolio!
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@chinito ·
ok tery! :) thnx for info..
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@ayijufridar ·
Good information and waiting for September to change.
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@organduo ·
Unless curration rewards become 50%, there is little incentive other than generosity to upvote valuable content which in turn of course influences creation of valuable content by minnows. Is this going to be addressed in the new hardfork?
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@ucizahra ·
Wah the new one... thanks God i join steemit earlier, 

Posted using [Partiko Android](https://play.google.com/store/apps/details?id=io.partiko.android)
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@kalemandra ·
$0.03
Steemit is great, but it will bemuch better after Velocity Hardfork.
What about voting bots? Will there be a change (restriction) or not? I couldn't find any info about them in this article.
👍  
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@dynamicrypto ·
<center>Great info, thanks for sharing!  I look forward to the changes and hope to become a node someday! got most of the hardware just a few upgrades and more knowledge... :D  As for your article something stood out and excited me as my favorite part<center/>
> ..In Hardfork 17, a change was implemented to prevent upvote abuse by creating a twelve-hour lock-out period at the end of a post’s payout period. During this time, users are no longer allowed to upvote the post. This prevents users from hiding a self-vote at the end of the payout period and exploiting the rewards pool. However, users retained the ability to downvote as a safeguard against the scenario where a user self-votes immediately before the beginning of the 12-hour lockout period. Though uncommon, this created an opening for malicious users to wait until the lockout period to issue punitive downvotes so that they couldn’t be countered with upvotes.

> Velocity will address this potential scenario by modifying the lock-out to a cool-down. After Velocity, upvotes and downvotes will both be allowed during the last 12 hours of the payout period, but their strength (for the same amount of voting power) will decrease linearly from 100% to 0% over that 12-hour period. In other words, it will take twice as much voting power to have the same impact on a post’s payout if the vote is done with only six hours left on the payout window instead of twelve. An upvote or downvote cast during the last minute would have virtually no impact on a post’s rewards.

> This change will help ensure that no matter when a post receives an upvote or downvote, users will be able to counter-vote. This will also help to stabilize the potential payout of posts during the last 12 hours by decreasing the strength of votes as it gets closer to the payout time.

<center>Why you ask?</center>
<center>I can't wait for the flag wars!</center>
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@tonygreene113 · (edited)
More great news for us lowly plankton.

Posted using [Partiko Android](https://play.google.com/store/apps/details?id=io.partiko.android)
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@ontheverge ·
Change in comments creation is useful
👍  
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vote details (1)
@kinandev ·
i think we need to translat this article to many langauge.it will help many members to understand more what will be change in steemit
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@ade-greenwise ·
So ... rewards are being taken from creators to promote more curation? I'm a bit worried about this, as the people posting are more important than the curators, in my mind. It's already difficult to see a return on writing posts. It's making the platform more arbitrary content. ? @timcliff ? @steemitblog
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@shortsegments ·
$0.11
Hi
The ability to edit old posts doesn’t  appear to have been implemented yet?
Or am I looking in the wrong place on my posts?
This what I am seeing:

![8F29C1D9-83EF-4C2F-AB87-FFFECD755014.jpeg](https://cdn.steemitimages.com/DQmU5R2fXmPvkXPzDB2CzMVwPUZJ9wJZ1w1WGJvpakhKdsi/8F29C1D9-83EF-4C2F-AB87-FFFECD755014.jpeg)

![1F400A70-9B17-4E27-A03F-17CFB915A3D3.jpeg](https://cdn.steemitimages.com/DQmWSiXSME5GbX4GdBV8EjsVEsAaWy3f6JY9cp4fGqZuBXY/1F400A70-9B17-4E27-A03F-17CFB915A3D3.jpeg)

![7E4650B4-39CD-4DA2-BA0E-AABC9FB98D4E.gif](https://cdn.steemitimages.com/DQmRm1efbyXpwHaHEfPWprBQdfxGeqnPgDmWMuARL7CwZ44/7E4650B4-39CD-4DA2-BA0E-AABC9FB98D4E.gif)
👍  ,
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vote details (2)
@voteme ·
re-shortsegments-re-steemitblog-steem-velocity-hardfork-hardfork-20-20181001t204010444z-20181001t231026088z
<p>You got a 33.33% upvote from @voteme courtesy of @shortsegments! For next round, send minimum <strong><a href='https://steemit.com/steemit/@voteme/voteme-bid-based-upvote-bot'>0.01 SBD</a></strong> to bid for upvote.</p><p>Do you know, you can also earn daily passive income simply by <strong>delegating</strong> your Steem Power to voteme by clicking following links: <a href='https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&delegatee=voteme&vesting_shares=10%20SP'>10SP</a>, <a href='https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&delegatee=voteme&vesting_shares=25%20SP'>25SP</a>, <a href='https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&delegatee=voteme&vesting_shares=50%20SP'>50SP</a>, <a href='https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&delegatee=voteme&vesting_shares=100%20SP'>100SP</a>, <a href='https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&delegatee=voteme&vesting_shares=250%20SP'>250SP</a>, <a href='https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&delegatee=voteme&vesting_shares=500%20SP'>500SP</a>, <a href='https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&delegatee=voteme&vesting_shares=1000%20SP'>1000SP</a>, <a href='https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&delegatee=voteme&vesting_shares=5000%20SP'>5000SP</a>.</p>
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@flysky ·
I went back in time and cane across your announcementat hard fork triumph. 
Just wanted to follow up if you can update us on feedback how it resulted in practical application and steemit community.
👍  
👎  
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