Do you plan to run a stake pool?
Do you plan to run a stake pool?
I’m trying to get an idea of how many pools are planned to operate. On this forum and Telegram I only count a total of 50 pools where the operators are actively advertising. There are also 627 members in the Stake Pool Task Force located at https://t.me/CardanoStakePoolWorkgroup
With the expense of running a web site, I imagine many pool operators may opt to use free social media platforms to advertise, such as Twitter, Facebook, Reddit and Telegram. Tracking all the various media makes it difficult to determine the number of potential pools at this point. I am going with the high number of 627 from the Telegram for now.
I do assume by July or August we will have a much better idea of how many pools are up and running based on the built in software tools. This survey is to just get an idea.
Can question be broaded to do you “wish” to run a stake pool but you do not have technical knowledge and the people you talk about this thinks you are crazy?
It is quite fascinating to see the social/psychological aspect of staking, with pools already trying to differentiate themselves through traditional marketing techniques or good cause campaigns.
If Daedalus will inform those delegating their stake which pool is the best option (based on performance and capacity) for optimising their financial return, then it would be interesting to see whether other advertising will have much influence.
Will people look past better potential returns for a good cause pool?
Do you think some people will run multiple pools?
Yes, Binance will.
There are mechanisms placed against “Sybil attacks,” it becomes unprofitable incentive wise.
Exchanges are excluded from staking
So, since when? And how?
It’s a technical thing, they use a different type of wallet.
If you are referring to enterprise addresses, please note that using them is 100% voluntarily. There is absolutely no way of excluding exchanges from staking or force them to use enterprise addresses.
Binance pools will happen, and I don’t see why they should not. They will redistribute their rewards to their users.
Charles goes a little deeper into this, I think it might be in his latest interview with cryptocandor. I distinctly remember him saying “exchanges are obviously excluded,” it was in a segment about staking task force, collecting questions and how people don’t really understand how staking works and that your is not really locked up/frozen when you stake it. I have to go back watch it over to find the exact spot, will post it later.
Which users? This is a bit deceptive. Binance is the largest holder of , even more than . If they’re allowed to stake they’ll gobble up all the rewards, not to mention the voting power that goes with it. The system will very quickly become centralized. They won’t redistribute to anyone, they’ll sell it back to you. It’s possible I’m missing something, if there’s an angle I’m not seeing let me know.
Great analysis Sean. I had suspected exchange staking would cause a massive voting block and you explained the pitfalls of exchange level staking quite well. Maybe staking will give people an incentive to store their ada on a product other than the exchanges.
Thanks Rick, I think so. It’s my understanding than you need or one of the other official wallets to stake. I’m not sure how cold staking works but I don’t see how you can stake from deadelus if your funds are transferred out to an exchange. Im positive the staking task force will clarify the details soon.
Funny side note; I believe these were the exact words @philpa used in one of your podcasts , it occurred to me after I wrote them
Sorry I thought that was obvious: users = people who are using the exchange and putting their ADA in. Binance holds around 10%, they will split them into pools and then distribute them to those people who hold “their” ADA on Binance. Exactly like they do with other staking coins.
I also watched it and I’m pretty sure he did not say anything like that. It was about updating exchange software for the Shelley phase.
Aren’t funds constantly moving back and forth between buyers and sellers? How will they distribute the rewards? And who uses an exchange just to hold their funds? Security issues alone should discourage you.
Could be an interview before that, I will find it.