RE: Elimination of Curation Rewards
One thing this debate has revealed to me... is that lots of people seem to think the best way to increase the value of their account... is by behaving in ways that earn them more STEEM rather than by behaving in ways that raise the price of STEEM.
It's like everyone's fighting for a slightly bigger piece of a really small pie, rather than trying to grow the pie. Maybe everyone's just assuming other people will grow it, so they're just jockeying for position. But IMO, this pie could be huge if everyone stopped trying to get more STEEM and started trying to make STEEM more valuable. Even the minnows on this platform right now will be whales over night if Steemit grows to be the size of Reddit or beyond.
Whales wanting more STEEM right now makes no sense to me. Even as a small dolphin... I'd way rather see the price of STEEM increase than see my stake increase. I don't vote for curation rewards. I vote for people who I believe are increasing the value of STEEM... call me crazy lol but that's how I think I'm going to make the most money.
BINGO!
Some of this is tragedy of the commons. Most of it is simply that most people who participate in any endeavor are short sighted because most people period are short sighted.
Yes or alternately (and I'd argue more correctly since there is no existing resource that is being overgrazed and therefore spoiled; instead this an attempt to build something) a public goods problem. That is addressed by setting things up so that incentives are at least somewhat aligned between short-run individual interests and longer-run social interests. In this case it is very questionable whether the existing system comes even close to that.
Word up !
Comments like this make me dream for an option to... resteem comments! How great would be such a future?
Well said!!
Amen. There a lot of truth in that comment which I think is worthy of its own post.
1000% !!!
Good point 😅
To the point. Great analogy!
well said. I only vote for things I like and don't really think about the curation rewards. I am concerned about the price of Steem continually falling though.
How do we make Steem more valuable? That's the real question. Increasing the user base hasn't seemed to work. I joined when there were 60,000 users and it has doubled since then and still has not increased in value. It will take a lot more users and things to use Steem for to increase the price.