Should there be a cap at what people can earn from a single post?
Hardfork is coming.
Everyone seems to be talking about the hardfork. About how it will change the steemit economy and how it will empower minnows.
Surprisingly, not many are talking about what bad might come because of this hardfork.
So let's weigh it down.
(Note:I'm not an expert. So please forgive me for any mistake)
The proposed hardfork will bring changes in voting and curation.
I'll be focus on the voting aspect in this post.
The number of votes to fully drain your voting power are decreased from 200 to 50. Which means that each vote is now 4X powerful.
So my vote of 0.02 will become 0.08 which is a pretty good change.
But.
Who will be benefitted from this the most? The minnows or the dolphins? I'm not talking about whales here because most of them are not currently voting.
Let us take an example of a Dolphin, say X and a minnow, say Y.
Let's the dolphin and the minnow make 2000$ and 10$ on average per post.
So after hf19, they will be making 8000$ and 40$ for a single post respectively, that is if we don't consider the changes in voting trends.
So 8000$ (it will be even more for some) is very high for one post. And if whales come back, which is quite likely, that number will be pumped even higher.
The dolphins will be the new whales soon.
Now let's see the minnows. They will be making far less. Far far less that what the dolphins are making.
So what I propose is that, maybe there should be a limit to what one can make from a single post.
Because as far as I have seen, the same people have always been trending. It is always some of the top authors. Which is probably also because they vote for each other which isn't a bad thing. They have the right to vote whomever they want.
But if there is a limit, say at 2000$, once the top authors have reached the limit, there will be a chance for the minnows to get better rewards. The rest of 6000$ from the 8000$ we assumed before will be redistributed to the minnows.
There might just be a better distribution of rewards.
I believe Steemit must wait for atleast a year for everything to get sorted out. Large influx of users is coming and we can't be sure what will happen with the crypto prices and the blockchain. If it goes mainstream it will attract many creative people with quality content. If collective is just interested in making money from Steemit then it is a problem.
Well that's the whole point of steemit, isn't is?
Make money for content!
So better distribution will be good for the whole community. This hardfork is just a small step towards it.
Edit, make money for good content. I saw many new user have many good content but they can not make good price. New users growing really slowly and that's bad for Steemit in the long run.
That's some deep thinking.
Yes..I have been thinking about this from a long time.
i think it makes no difference whether there is a cap or not. If there is a cap, then people will post more to make up for their loss. This may lead to poor content because people are just posting to get votes and followers will always vote for the people they follow. Since Steemit is first to reward post by votes and where money is concerned fine tuning is required to find a balance. More hard forks will be required in the future to find the better solution.
Yes. I agree. I didn't think about that before.
I am personal woryed for other thing ....les engagment . Its easy to vote 10 timse so why the best curators will even look on the new page ? But also ...... i remember the times when a girl made 30 000 on a single post ........ and disapiert from steemit ....
Yes that is also a very deep concern.
That's why we need a limit on how much we can earn.
I don't think people will ever agree on what anyone's posts are worth. For me my posts are worth much more than what they are currently worth. I have posted daily and original content. I am happy where I am now, but believe that it can only get better. I have been here for 9 months now and worked my butt off to earn more and to attract more followers and votes. The hardfork will be to a great advantage for new users as they will earn more now, while it took me like 5 months to get where some of these minnows are now. If someone earns $2000 on a post it means only that people trust him/her and that he/she worked hard to achieve this. This is my opinion....
That's true. But after the hardfork, it will be around 8000$ or even more. But as the reward pool remains the same, there will be less for the minnows. That's what I think.
Or not. People will use their slider to bring down their voting power otherwise it will limit the amount of upvotes you can give per day. I changed my voting power to 25 % which should not change much to what it currently is. Let us hope that most people will do that.
Well if you vote at 25% after the hf then it would be like giving a 100% vote at current scenario. Right now not many vote at 100% so that would have a negative effect on the payouts. These are just my views and I maybe wrong but let's see what happens. :)
Sure...I am anxious to see how it will turn out. I just hope that this is a positive change.
I too hope the same. This hardfork is nicknamed equality so let's hope it stands up for its name :)
Good concept... Nicely explained... Keep thinking man..
Thank you
steemit hard fork what will happen.info
Namaste Rahul,
Excellent points - I liked your post very much - I wanted to comment which would have been a long one - so I wrote a whole post instead - you can read it here: - https://steemit.com/hf19/@indiandigitizer/hardfork-19-why-an-upper-dollar-cap-on-a-post-will-be-good-thing-for-steem
Pretty good post.
What is hardfork?
What are minnows?
What are dolphins?
I'm pretty new to steem and I'm not sure what these terms mean.
If anyone can help, I will be grateful!
An interesting idea for sure, I know for a minnow like me having a cap wouldn't really affect me right away, but I wonder how whales and dolphins might react to having their earning potential capped.
That's true but I think it is necessary for minnows to have a better chance at earning more.
Yeah, I think in the long run being able to get new users onto the site and actually earning something for the work they put into their posts would be beneficial for all. Just interesting to think about the perspective of a whale or dolphin having their earnings capped.
Yes