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RE: OPEN LETTER TO STEEMIT INC., THE WITNESSES, AND THE WHALES
104 week power downs was the worst. A very good way to drive out/scare the investors and making Steem low value.
50/50 author/curator rewards split was the best rule. It brings out the best content yet people become lazy to produce the content.
Ironically, one of my reasons for originally buying 5000 steem was the knowledge that my co-investors would also be locked in for 104 weeks.
104 weeks is a bit excessive. 52 is more reasonable.
Yeah, but what happens if a very expensive medical emergency, disaster happens, or you die (God forbid) within those 104 weeks of waiting? The droplets of Steem you'll be getting per week would be of little or no use.
Maybe it would not be so wise to invest that much money into Steem if you cannot afford medical care without powering down?
Frankly, this is going to depend severely on what country you live in.
@darthnava's personal experience with this is a perfect example.
If I was concerned about immediate liquidity I could buy literally any other crypto. Or invest half in each.
Maybe you are right. Thanks for the chat.
Hope you're doing well, mate :)
Depends what kind of investor you want. The get rich quickers or the active holders who genuinely believe the future not just for themselves but for the platform. Fact is there are more of the first kind available in the crypto world and in my opinion choosing them is us being impatient with the better option.
well it is more likely for the active holders to switch to the dark side after seeing rampant abuse and no actions from the powers that be who are capable of bringing some positive change, rather than the rich quickers turning over a new leaf... steemit can be so much more, but unfortunately the delegations, support go to the wrong places and valid suggestions fall on deaf ears...
Maybe I am misunderstanding here, but do people really think that the people producing the content, and the people who find that content deserve the same payout? If you always follow someone who you know puts out good content, then you are always somewhat riding on the coattails of that hard work right? I mean it takes a lot less effort to upvote something than it takes to create something..but that's just my two cents...
the main thing that a 50/50 split author/curator does is it puts the "brain" back in "proof of brain". Currently what we have is "proof of upvote bot" or "proof of selfvote". Check out the content on the trending pages... all vote bots and self votes. The current curation reward payout is so low that even a very skilled curator, who spends a lot of time looking for quality posts, has a hard time making more than 2 SP weekly per 1000 SP of voting power. The financial return from selling your SP in form of delegation to a vote selling service is WAY more than that. 50/50 reward split would be great for minnows, there would be a lot more motivated curators specifically looking for good posts that nave little to no pending payout, because those posts yield good curation rewards. Check out @abh12345's weekly curation league reports to see what curators currently earn. It is peanuts.
I have slowly been dragged kicking and screaming to agree with you. This comment in fact is the best, most concise explanation of why the rewards for the curators are just as important as the rewards for the content creators.
Damn reason and good sense! I so want to retreat to my former position that it's ludicrous to value the act of upvoting a post to the work that goes into creating it, which seems obvious and incontrovertible on it's face.
The truth is that valuing the labor of creation of a work is a trap. It isn't the labor of writing that is of vaue, but the content of the ideas therein, and the act of delivering value to those ideas, curation, is no less integral to the process.
You sold me. I here publicly apologize to all the folks I've disagreed with on this matter in the past, because I was wrong. Thanks for planting the seeds that have eventually prompted my growth.
If curating aka voting early actually did move quality posts into visibility then I could get on board with the idea of splitting the author/ curation rewards 50/50 ... fact is, it doesn't. If you want to find quality posts you look at the posts of the curation projects that actually review posts for quality and posts about them.
Those projects put the brain back in the proof of brain not early voting.
If you mean the 50/50 reward split, each post only has one author, and multiple curators, many of whom I'm sure the author would like to see rewarded for their support.
I guess. I mean, I typically support the people who follow me by upvoting their posts and comments. I don't expect to make anything from "curating" their content. I think that what someone earns on upvotes should primarily go to them, especially since it's so hard to get upvotes for most people as it is. On top of the fact that a lot of these Dapps already take a HUGE chunk of someone's earnings. So a vlogger who spends hours a day uploading quality content is only supposed to make 25% of what they earn? Dtube takes out 25% and this 50/50 would vastly cut into their earnings. I'm not saying curators shouldn't make anything, but again, the difference between hours and hours of work vs. clicking the upvote button are insane!
Would it be hard to get upvotes on your quality posts if heavy hitters were scouting around looking for fat curation rewards, instead of shamelessly upvoting their own crap?
They're going to get a return on their investment; upvoting quality posts should be their most lucrative option.
SBD being an easy pump and dump target just increased how bad the disparity between curation and author rewards became.
Is the solution to a lot of the "woes" here not painfully obvious? Have the same payout options for authors and curators. Curating shouldn't get only SP while authors get to choose whatever is paying the best at the time.
I'm of the camp that curators should get 50% or something around there. Even if some large account holders are bad taste-makers, they're even worse content creators. I really don't want to be on a social media platform where the crypto-rich are literally forced to "create content" and roll out a pile of fresh dung every morning in order to maximize their ROI.
I can feel my mind expand as I read the words you have written.
Thanks!
Yeah, the Dtube thing throws things off a little more, but a worthwhile variable to consider as these ideas are evaluated.
You seem pretty intelligent, I'm going to go see what you've been up to.
The 50/50 reward split was terrible in my opinion for everyone but a very small amount of content creators. The whales just put a handful of people who made non contreversal cookie cutter content on auto voters and called it a day. They could not even check this place out in 2 month and earn a stupid amount of money and since the reward curve was so skewed in their favor they were becoming ultra whales. No one really liked that system except maybe 30 people.
Good point.
Interesting, I've never put as much thought into that as you apparently have.
Yeah not trying to be a rabble rouser, I have just been hearing from a lot of people in the Dtube community specifically lately, and between being perplexed about high quality content being met with totally random and inconsistent upvoting, and crap content being self-voted to the moon through the use of bots, vloggers are getting discouraged, and a few of them have even dropped off. It's true that Steemit owes users nothing, but I maintain that the same applies in reverse. Steemit needs great content to keep people engaged and coming back to use the platform, or to join it to begin with. It seems as though any concern about payouts and upvotes that aren't holly jolly is being blown off as being a negative Nancy, and I don't know if I totally agree with that.
If at this point we also tell vloggers especially, that even more of their upvote amount is going to be detracted, I think a lot of them will leave. It isn't such a big deal for bloggers, but for those trying to use the Dapp interface rather than just copying and pasting YouTube videos, they have to go through Dtube, and are therefore forced to give up that percentage of their earnings, and it's not that Dtube doesn't have a right to those percentages, they are letting people use their platform after all, I'm just not sure how well all of this will go over. Although, people are always averse to change, but then usually adjust, so I guess it's hard to say what will happen until it actually happens! Just my two cents!
I think a reoccurring issue that might deserve some due attention is the problem of those unmoderated vote bots. I know it might be a dangerous statement to make, but most crap post that get high upvotes only seem able to get high upvotes because vote bot owners aren't really moderating the use of their bots in an any way meaningfully way. In other words, the crap producers are actually less to blame for the growing amounts of crap on the platform than the bot owners that allow the same crap producers to to use their upvote service, unmoderated, month after month.
Well, it's basically just putting the advertising model in automated form, and without the sponsor.
My feeling is that automated upvotes are promotion, and posts that are availed of them should be in the promoted feed. There are ways to parse the source of the promotion fee, if hostile promotion pushing posts into the promoted feed becomes a problem.
The crap producers are really a symptom of the problem, which actually derives from rewards pool mining. It is the delegation dealers that ultimately demanded this code. Stinc is dependent on them, and delivered what it's market wanted.
It's important to remember that Stinc serves a market composed of Steem, not people.
Thanks!
Read somewhere else that vote bots were probably under 18% of the pool, so it's not the vote-buyers producing most of the highest voted crap you see, surprise surprise large investors in crypto or devs aren't the creative souls the internet was holding its collective breath for!