Hive Power Up Day in the Context of Governance Debates
This Hive Power Up Day comes at the right time... There have been a debate regarding one of the DHF proposals. And others, but less visible. Not the first debate on this subject, and not the last one either, for sure.
HIVE's current supply is roughly 441m of which 179m are staked, as we can see from the blockchain data:
For some reason, @arcange doesn't publish his daily financial and social reports for Hive since the unfortunate incident he was target to in February.
At the last report from February, he calculated certain interesting things (as always). This is the distribution of HP per account level:
Note the last column which stands for HP whales... The values are in MVEST, but instead of calculating how much that means in HP, I'll use the percentage he listed at the bottom and make the assumption for the easiness of calculation that the HP levels remained constant since then.
48.25% of 179m is 86.36m HP. That was how much HP whales had together.
You also note the gray areas at the top? Those are inactive accounts (that hadn't made a single transaction on-chain in the past 30 days back in January).
What percentage of whales were inactive at the time of the report?
46478 / (46478+98197) = 46478 / 144675 = 32.12%
That means 67.88% were active, or 58.62m HP.
But... this isn't the best picture to look at. This is:
This chart above takes into consideration all the delegations in or out of every account.
How many MVEST did whales have without delegations? 144675 MVEST, of which only 98197 MVEST were active.
How many MVEST did they have when delegations are accounted for? 157595 MVEST, all active! Or 51.63% of the entire HP staked, meaning (at this time) 92.41m HP.
92.41m HP > 58.62m, that's for sure. And that happens because whales who are active are truly active, and people with lower stakes delegate HP to them (that includes various big projects).
What this chart doesn't say is how this type of behavior reflects on governance. I'd say in this case whales are even more interested in influencing the outcome of votes, while small users either don't participate or have proxies set (which basically is delegation for governance).
We can see from the last chart the whales domination is pretty high. But the previous chart shows less dominant whales when they don't have at their disposal delegations of users and we account for the inactive whales.
Either way, if we get back to governance for a bit, currently the Return Proposal is voted by around 31m HP. That's 17.3% of the total HP.
I feel that's an ok percentage. Whales aside, if all active orcas (from February, since that's the report I look at) vote on a proposal (any proposal), they can pass it. Same if all dolphins and all minnows. I didn't even include red fish in either categories.
But we know such involvement is... unlikely. But then, don't say it's up for the whales, because the situation is not absurd, particularly since whales' votes are divided on most issues.
Posted Using InLeo Alpha
I just want to become a whale someday☺️☺️
And then big bad hunters will hunt you...😛 Are whales still hunted in the real world, or now that their oil isn't used for making light, not as much?
😅
And what are you doing for it, apart from spam commenting?
I make posts daily, visit posts of other people and any good thing I can do to boost my account
Also, I’m not a spammer. If I could spend a lot of time on Hive, why won’t I?
And my aim on here is to be popular someday and make a lot of friends. I’d have my music vlog soon and I hope you watch it
I’m just here trying my best
If I don’t have the money to buy Hive, I’d surely work for it…
With the delegations to these whales, how committed are they to increase the growth of minnows, etc so that they can delegate more to them?
I... don't know. It probably depends from case to case. In the end, it's the decision of the stakeholder what they do with their stake.
These whales must be really powerful
Whales are those with high Hive Power right?
Yep, in rough numbers, over 500 thousand HP. More than that, because the levels are established in VEST.
Yes brother I noticed @arcange has stopped posting and didn't know why. An unfortunate incident? I hope everything is resolved
There was a hack at the beginning of the year of his infrastructure. Everything is back, as far as I know, but haven't seen these posts restarted. Maybe he decided to discontinue them.
I'm happy everything is fine he's platforms are very useful on Hive
I agree. Very useful for both the regular user and small projects, and in small areas for big projects too.
My hat off to him, he's a great guy
All my stats reports were downvoted to zero (I'll let you find out who did). So I wasn't very motivated to rebuild that service.
OMG that's so unfortunate brother I can't imagine how that would discourage you. I hope you're still thriving with all your services
Ah... ok. I know who did it, I've seen in time some of the downvotes. It was a pretty useful service though... I'm sorry to see it gone.
It's too bad arcange stopped those posts, they were really interesting. The whales of course hold most of the power, but you're right that dolphins and minnows together can vote things through. They just have to unite which is unlikely to happen just as the whales themselves don't all the same. And to be honest I didn't realize just how many whales were inactive.
Meanwhile I'll just keep trying to build my account and slowly but surely have some more influence !
Yep, I suppose every one of us who want some sort of influence on governance (and on curation rewards) should...
Check my reply here on why I stopped publishing my stats.
That really sucked! Sharing of stats is very good thing.
Looks like not everybody is sharing your opinion
The numbers don't look that bad. I guess it's because of the active number of people voting. I think there are quite a few people who stopped or quit too so it's hard to get all the orcas, dolphins and minnows together. Either way, I still think whales have a huge say in the results. I do think they are divided on which things they like though.
Even harder than getting all the whales together on a subject, and that's almost impossible, lol.
They do, for a several reasons:
Let's make something clear. Whales are not bad. They are needed to get things done or undone (quicker) and they have huge stakes in the ecosystem so they most likely want it to succeed, sometimes having different views (or interests) on what success means. It is good to have some balance and we kind of have it, just in case whales go a little nuts.
I'm actually of the opinion that if many orcas and dolphins participate in governance, there might not really be a question of wanting to depend on whales, but unfortunately this is where we are.
What happened with arcange?
Exactly, that's what I said at the end. But it's much more difficult to organize or reach out to lots of people than to a few, so whales have their roles.
Nothing recently, as far as I know. At the beginning of the year he got hacked, that's when the daily reports stopped.
I don't know if it's an internal issue. Arcange is one of the good guys here..
I believe it's a difference of opinions on how much some services should cost the DHF+posting rewards.
Check my reply here on why I stopped publishing my stats.
Oh I did check it, that wasn't really fair at all...
Yep. And they are doing the same on all @hivebuzz posts and comments. Haters shall hate... 🤷