RE: 25 Reasons Steem Will Replace Bitcoin as #1 Cryptocurrency by 2021!
@mrbearbear - hey man , slightly disagree with your view point , as follows
Take any social media platform , one only succeeds when either they content is gold (Phiily D/ Casey N / others) or they have actual gold (CNN/ Comedy central/other big brands). Let's call it sweat equity vs sweet equity....those are the rules , they may not be fair but those are the rules.
With this context , to your points-
Free market , you can bid as much as you can afford , what's wrong with that?
Either you can bid or cannot bid , once it is ok to bid there can't be any limits.Money talks , that's life.
Kind of sucks for rest of us.Charity is not going to get us further in this venture.
As it is the platform is in it's initial years , it's time to put in the sweat equity. If/when it goes mainstream , whatever little minnow support is there will be vanished pretty fast.
Possibly you have tried running a facebook page/ Instagram page or Youtube , it's cut throat competition on those platforms.As it is pointed out in other trending post today , unless there is monetary incentive for people to clean this stuff up , It's never going to happen.
Well yeah , it is sort of decentralized censorship.
Mean no disrespect , just disagree
Everyone is entitled to have their own opinions! No worries. Here is my rebuttal
The problem with bid bots is the issue with the rewards pool. Jerry's 2000$ plus reward is taking away from all the other posts for his payout. Constant abuse will only make it worse, encouraging other users to do so. Here in the states, we are technically free market, but even then we have certain laws in place to prevent stuff like this from happening. If you want, I'll ellaborate even further in a future response.
Steemit was made to be a decentralized platform. The path it's headed to is centralization, which the developers have not done anything about. The platform is still young, and much more should be done.
Minnow support will not disappear, but it will lose value. Charities are still around today in our so called free market.
That one I'm in full agreement with. As I was talking with steem.services below, I highly doubt something will be done, unless steem has some sort of competition.
Goes back to the centralization. A single downvote should not be able to make a post hidden. With little accounts that's not an issue with. Nothing decentralized about that.
But of course let's not forget what the whole article is about. Jerry stated he thinks steem will surpass bitcoin in 2021. In this state, it won't, ever. For that to happen, we need growth, and as @themarkymark stated in one of his articles, the growth we are seeing is spam accounts, taking away from actual real users trying to get on the platform.
Not to mention, steem has dropped in market cap right now to below 30. There was a time it was much higher.
Hey , look at that , 2 people on internet debating without name calling :)
I understand the laws to break down monopoly to foster "free market" but I don't think that would apply within an ecosystem.
If it was upto me , bid bots shouldn't be allowed at all but I also know if we suppress the bid bots it will happen behind the scene on private chat servers .
Unless there is some manual curation or bid bot ban it's probably not going to change.
2.Centralized by people heavily investing in it and becoming whales , they are taking risk by investing and ought to be rewarded by the heavy influence they get in return.
To your broader point , yes, the title is clickbaity but I also see that @jerrybanfield has put a lot of effort in presenting the hour long well researched presentation.
I guess what you are saying is break up the monopoly of whales by forcing them divest , it has happened in world with big companies but since there is no ID check behind Steem a whale can just create shadow account and split token amongst them.
I do , however , take your broader point about the problem statement of few players having too much influence to leverage the rewards pool.
Here is a potential solution - once you go above a certain reward value , a % is deducted ( let's call it steem tax ?) and that gets fed back into the system.
Dramatic recreation :Here we see a regular steem user being Fuc$$d by a whale
They will just make more blogs and comment posts with sockpuppets to side-step any threshold.
Sorry there’s no fix for Steem’s reward system. Can’t be fixed. I pointed that out back in 2016.
There will always be ways to abuse the system, it is just way too easy right now. They could at least attempt to implement a system to make it difficult.
Rewards need exponentially more voting to increase rewards beyond certain thresholds.
Whale accounts can not longer only upvote a single account and that is it. Make it so one single account cannot contribute more than 5-10% to the reward payout. These whale accounts also need to contribute to other accounts, so make it so they can only vote for a single account once a day, 3 times a week.
have large payouts reviewed and have the possibility of them being denied/reduced by a random jury
Will it fix the issue, not completely, but at least it will make it harder from them to scam the system