Do less powerful whales mean less power for whales?

in #hive4 months ago (edited)

Have you noticed the major change that took place yesterday in the distribution of governance voting power of our whales?

Two days ago, here is the Hive Power distribution we had at the end of the day (2021-05-18):

The next day, at the end of the day (2021-05-19), we had the following Hive Power distribution:


As I was surprised by this sudden change, I did not have time to adapt the graph

What could have happened?

Have we undergone a massive exodus of whales, with at the same time a massive influx of medium investors? Or even simpler, as @antisoalist suggested in his comment (thank you for triggering my attention): "Surely this is a glitch?"

Without waiting, I went to check my data and the results of the statistics expected for today, and here is the result for 2021-05-20:

image.png

As you can see, there is no change from the previous day. So, if the figures are correct, then it must have happened something, and as the blockchain is transparent and records everything that happens there, we will be able to find it.

For this, HiveSQL is an extraordinary tool because I only needed 2 queries to find an explanation in the table TTxDelegateVestingShares:

image.png

@smooth has delegated 1698828,600 HP from 4 of his accounts to its main one.

If you go on https://hivebuzz.me/@smooth, you will see that @smooth is a "dolphin". So that explains why the cumulative Hive Power of dolphins has increased and that of whales has decreased. But what about the change at the Orca level?

Further analysis shows that there have also been quite a few other important delegations made in recent days:

image.png

Added to this is the fact that many HP delegated reverted to their original owner following the removal of these delegations.

So, to answer my initial question "Have whales become less powerful", I think for the moment that the answer is "no" since it is simply a voting power transfer between accounts that are controlled by the same entities.

UPDATE: While writing this post, I messed up a bit about how delegated Hive Power influences governance and Voting Power. Delegation has now influence on governance and I updated the post accordingly to avoid confusion.


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So I guess the distribution of votes will not change that much. Maybe Smooth can distribute his votes a bit wider now HBD is closer to the peg.

I keep saying we need more of the 'middle class' who spread the votes around.

!BEER

Aren't we trying to attract people that have none?

Hf25 is going to make it harder for the big fish to hold onto power.
The more we can dilute the ninjamine era coins, the better, imo.
I think steem would have played out very different absent the outliers in the math.

I hope HF25 will at least lead to better voting, but people will always try to game the system. The whales have an interest in Hive doing well, as do we all. I'm sticking with it to see what happens.

!BEER

!BEER

If we ever get discovered for our feeless 3sec blockchain I don't see how they can hold us back.


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*has no influence

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So, to answer my initial question "Have whales become less powerful", I think for the moment that the answer is "no" since it is simply a power transfer between accounts that are controlled by the same entities.

Sounds like real life politics. Nothing really changes. I am not surprised at all.

Thanks for checking that out, I knew something wasn't right.

I've noticed that the median payout has risen from .4 to 1.0, but I am still confused as to which gives more people more coins, a higher median, or a lower one.