The problem with a high number is voter apathy, so like i said, becoming a delegate should require you to submit a collateral bid, then the client is set to automatically vote for the highest 101 collateral bids unless you choose to manually vote.
r0ach makes one of the best suggestions/proposals I have heard lately!
absolutely the most realistic (economic motive based) solution I've heard yet. And isn't that what we are essentially developing:
a framework of economic incentives?
It's similar to the successful DASH model (pay to play).
It's just a brilliant baseline for competition among our miners (witnesses).
voter apathy, so like i said, becoming a delegate should require you to submit a collateral bid, then the client is set to automatically vote for the highest 101 collateral bids unless you choose to manually vote.
Not a bad idea... but it is effectively buying your way into power which is less accountable and has different risks.
But only if there is zero voting participation, and at zero voting participation, we are at worse risk without this implemented. It's true. It's basically black swan protection in the event we suddenly experience massive widespread voter apathy. It's like our current government where the rich run it until the voters get pissed, and try to exercise the political process. In other words, people will understand this mechanism as a reflection of our own government structures.
A witness could put up a million bitUSD as collateral, but without the required votes, it buys him nothing. But someone who does not know the BitShares team, might see this collateral as proof that this guy isn't going to risk losing his collateral. It will have potential benefit. If Donald Trump wants to run for witness, and puts up $$$$$$, isn't that a good thing for us? More people active in the political process. You are never going to be able separate money from politics, so at least make a fair framework for honest competition, where capital has its place within the system, instead of pretending like money has nothing to do with politics. Lets be realistic, and set the rule set accordingly. Heads out of the sand. The world is corrupt, and money is at the heart of every political decision.
It's the same security model, you've already bought your way into power by purchasing a bunch of stake to vote with. I am simply offering users the fastest, most seamless, least time consuming possible way to identify the best game theory candidates to serve them, then letting them do it automated if they desire.
Exactly, because they will at least have some skin in the game, and it will cost them some money if they want to take down the system (instead of being able to do it for free). The marriage of politics and economics has always been inseparable. We should not deny this basic law of human nature, but embrace it within the elegant design of the BitShares monetary & political structure. Otherwise, we risk having a an unnatural hole, gap, or void within our political structure.