Adapools had a look and found that 18.04M+ ADA (109 addresses) is delegated to retired pools.
I think there should be a mechanism and once a pool gets retired to auto redelegate to a random pool anything that remains there after for example two epochs.
This could be done using smart contracts?
A smart contract could be created once we delegate to a pool. If a deregistration certificate is submitted to the blockchain, then the smart contract would be enabled and redelegate your stake to another random pool.
What do you think?
It is a pity and bad for the ecosystem for that amount of funds to stay inactive!
Some of those address might be orphaned so just educating people isn’t going to work.
Maybe we should create another wallet provider (like Daedalus/Yoroi) and implement a smart contract that the user will accept for the delegation process. Then the user can feel safe that if a pool deregister he wont be missing rewards but his funds will redelegate.
I would definitely use such a service. Can this be a catalyst project?
Does anyone want to work on such a project?
Not sure I agree with that @lgbtqstakepool. Holding crypto gives you total financial freedom. But freedom also always comes with responsibility. Responsibility to educate yourself and not get scamed, responsibility to hold your password and recovery phrase safe, responsibility to take some time and find out a good and reliable stake pool to delegate to. I hope we can wake these delegators up (and others like them) so they can take their responsibility and delegate to another pool of their choosing. When they do, my pool would be more than happy to earn their trust
Holding Fiat and having a bank account comes with responsibility as well! Responsibility to educate yourself and not get scammed, responsibility to hold your password of your internet accounts safe, your bank card pin, responsibility to take some time and find out a good reliable bank, an account that offers you the best interest rate, etc. As you can see many similarities there, aren’t they?
We want mass adaption for cryptos. Does that mean that my grandma, aunt, etc are excluded and should not invest in crypto? Or should my grandma at 70 years old educate herself for finding one reliable stake pool and then manually keep track of it so the pull won’t be retired and stop getting rewards?
Bank the unbanked? How does that work?
So if someone does not have the means to check constantly the status of the staked funds or they just want to let their funds be invested for 5 years, does that mean they are not welcome and should stay unbanked?
I hear you @lgbtqstakepool.
My first sentence was: “Holding crypto gives you total financial freedom”. Well to start, putting it in a bank will not. Your money is not controlled by you, it is controlled by the bank. Moreover, the money itself is not even controlled by that bank, but by the government debasing it through the central bank.
Putting this important point aside, sure there are similarities with a bank as you said. However, when you lose your password, your email and your ID, you can still get a new ID and go to the bank and get access to your funds. With crypto we are not there yet and I agree we should ( and in time we will make this process better). But how ever you put it, and how user-friendly we make it, holding crypto means being your own bank. This will give more freedom but also more responsibility.
I didn’t say that our grandma’s should not invest in crypto
But to use your example, when she puts her money in a bank, she would also keep track of what interest the bank is giving and if it is a good bank. If you doesnt the bank could charge negative rates, and go bankrupt. The same as with choosing a stake pool really.
Of course they are welcome, but they might lose out on rewards.
My point is that while people should be responsible, that isn’t entirely possible. Cardano should not blindly punish them!
A balanced solution which would benefit everyone can be found if we look at the problem with open minds and detached from the “normal” banking system.
Offering the option of a smart contract which could help you manage your stake without instantly worrying of a pool getting retired doesn’t seem that bad!
One other Idea: Wouldn’t it be helpful to be able to announce a successor pool as a operator who is retiring the pool.
A Operator decides to partner up with another pool.
Beliefe this is a scenario which will happen in the near future quite some times because there are just too many pools out there.
But i know that I’m controverting to my previos opinion to let delegators decide again