RE: STEEM Video - Market Fundamentals & Values Perspective
Here are a couple paragraphs from the Steemit White Paper that sum up what the platform is all about. The suggestion in the second paragraph has led to creation of top-down funded down-voting bots, that are over-stepping FAIR USE copyright law and the Terms of Service agreement between Steemit and users. That liability makes me reluctant to invest in the platform. For now, I'm just authoring and curating, for what it's worth and that's not much.
Wonderful video. Thank you for sharing your insight.
Distributing Currency
There are two ways people can get involved with a crypto-currency community: they can buy in, or they can workin. In both cases users are adding value to the currency, however,the vast majority of people have more free time than they do spare cash. Imagine the goal of bootstrapping a currency in a poor community with no actual cash but plenty of time. If people can earn money by working for one another then they will bootstrap value through mutual exchange facilitated by a fair accounting/currency system.Fortunately, any work that is getting a large concentration of votes is also gaining the most scrutiny (publicity). Through the addition of negative voting it is possible for many smaller stakeholders to nullify the voting power of collusive groups or large, defecting stakeholders. Furthermore, large stakeholders have more to lose if the currency falls in value due to abuse than they might gain by voting for themselves. In fact, honest large stakeholders are likely to be more effective by policing abuse and using negative voting than they would be by voting for smaller contributions.
https://steem.io/SteemWhitePaper.pdf
I think it’s another example of people valuing different things. For some people it’s a plus and indeed a duty that downvotes happen. They see it as a necessary check on abuse of the reward pool. Others may see it as abusive to organize people or bots to enforce a personal idea of what has value.
It will be interesting to see how the two perspectives get reconciled. Also to see if we can determine what actually benefits the platform most.
Posted using Partiko iOS
It surely is a matter of valuation difference. My concerns are 1) everyone needs to understand that the work approach is not based on proportional value; 2) copyright law and the ToS are being broken for the sake of currency redistribution.
I'm observing the platform as a social experiment. It will evolve organically, if not through legal pressure, which I doubt would happen.
My recommendation: buy the bid-bots, if you can't build one yourself. I've seen operators cashing out $10K in a month. That's where the money is!