RE: Proof of Stupidity | Revolutionary Consensus Algorithm
I have much more invested in Steem than you know - I just prefer not keeping it on this account which is already a target as is. I'll be talking about my "real" opinion of Steemit in a future video likely this month. I've already voiced my main criticisms, which is that it is abused to all hell and overpays many of its contributors for work they'd be willing to do for much less.
If the goal of a company is to generate value for its shareholders, then the goal of Steemit ought to be to generate value for the Steem token by increasing the network value of its social media platform. Unfortunately, far too much gets paid out to content creators. I've seen examples of someone paid... wait for it... $2,000 for a post that garnered 50 views.
FYI, when I wrote for Seeking Alpha, I got paid $10 per 1k views. This is considered generous for a nobody with no prior social media, by the way! Many contributors on Steemit are spoiled, and their content shows it with often very little effort put into it. Not saying that the pay needs to be THAT low, but it should be limited to views in someway or other forms of engagement (given views can be gamed, but there are ways to detect "fake" views). Too many people quitting their jobs for Steemit who will be abruptly forced back into the "real world" when the crypto bubble pops because even though I like Steem a lot, it will be influenced when the crypto bubble pops regardless (correlations of all cryptocurrencies will spike during this event).
Otherwise, Steem is one of the few cryptocurrencies that both works(ish) and has a huge community of support behind it. I hope while the token value is so high, more developers will come along and other sharp minds that can fix some of these problems with rampant abuse. I know @transisto is actively working with several individuals who aim to improve this network of applications. The most effort should be put into Steemit & SMT, because those two contribute (in my opinion) over 90% of Steem's value. Fix Steemit so it is less abusable and easier for "average Joe" to understand + get involved and you'll have the first real cryptocurrency killer app.
@ned, i hope you read this.
You clarified most of my thougths about Steemit. I also think CDN's (Content Delivery Networks) will be the forms of crpyto that will come to stay, and having being made, as social media based, its really rpomesing... Any way, it was really dissapointing for me to see @dan posts a couple day ago, "Proof of governance", basiclly explaining the rape in the reward pool (ss you brilliantly pointed out), and @ned counter-arguing with visceral thougths. The dissapointment came to see that these guys are non longer in the same track about Steemit, BUT, what i found interesting about @ned's argument, was recognizing this rape, and the actions he is planning to implement in order to counter that in SMT future. i'll quote:
If that's the case, that would truly incentive quality, fairness in the distribution, and with such an interface like the one APPICS is promesing (for example), ill bet that "average Joe" will jump in and stay for decades in these platforms.
About Steemit (as social meia) if it doesnt implement greater changes, im wouldnt be so bullish neither...
However, i read the whitepaper, and i don't quiet understand how SMT and STEEM price is going to be related. @ned says if demand in A increase, demand in B will also increase. That can only be true if trade market for SMT depends on STEEM which wont be the case... maybe im missing something, i dont know...
Man, thanks for every video you have made so far, your reasoning is just flawless.
It's being a pleasure to read you.
D.
Glad to see someone else has about the same views about steemit. I mean the amount of money that flows to the platform abusers is just insane. Bad quality content gets rewarded just because a whale votes it up.
Also all the fake positivism makes me cringe to the bone. People sucking up to each other just for some upvotes. It's pretty pathetic.
Not to say that everything is bad about this platform but.. oh my.. it needs so much more improvement..