Great that you're taking the trip to share our proposal to change Steem's economics
Honestly, if we just got this one thing right, Steem can work as a functional content discovery and rewards system as intended. All that's needed is to move away from a system that rewards behavior we don't want 4x more than the behavior we do while still leaving enough on the table for content creators. Also, the idea is to not use more force than necessary in terms of inequality as well as downvotes. We're so close to being great yet it's silly to be stuck in this garbage economy for over a year.
Tau is definitely something on another level. People will be doing themselves a favor if they were to take a closer look at it. It's lead by the smartest person I've ever interacted with.
The current plan is to continue to push out 25-30 new pieces every month, various styles, something for everyone. Once I have a large selection, then I'll go into sell mode. That way I can focus on sales and distribution instead of producing more work, which takes a lot of time. Having a massive pile to pick from rather than a small handful should help guarantee a steady stream of income.
Surely MOST people attending Steemfest already agree that steem's misaligned economic incentives need fixing? Whether or not they'll want to focus on the matter at hand for any length of time while in attendance is another matter!
I'm in 100% agreement that they do need realigning to discourage so much self-voting, in all its various forms. Your posts haven't so much convinced me rather than echoed the discomfort about steem which was already in my head
Although, they say what I think much more eloquently, without all the fuzz in said head.
I've never investigated Tau, I'll be all ears at the conference!
I'll be the one in the purple hat wearing a red carnation, going by the code name 'Broken Lucky Cat' . I won't be in Poland physically but my spirit will be waiting under the bridge at 15.55 hrs for further instructions on this plan.
Over and out, Broken Lucky Cat
This message will NOT self-destruct after 10 seconds because it is on the blockchain (damn immutability)
Hi @kevinwong's I am going to steemfest and will be interested to learn more about these ideas. I have to admit, I understood only part of the concept and implications, but having said that what I did understand, I liked.
I think something needs to change in regards to how steemit's reward system encourages large account holders to put the majority of their vested stakes in bidbots etc. I am all for trying to petition a change to facilitate @steemit to make those mechanisms unprofitable. Here's the thing, I am a relatively recent (been here just over a year) and less technically astute steemian. Yet, regardless of not being able to contribute much in a developmental way, I have put a huge amount of time into community curation... and in regards to my content I spend upwards of 6-8 hours on many of my longer creative pieces. This means I am missing out on ROI in regards to vote farming, lol, it's no biggie as I can't put out a post I'm less than happy with so I'll never be doing that anyway. The thing I have noticed is that there are a considerable amount of others putting this level of care and attention into content, who are proportionally, rewarded terribly for their work. A lot of them are rightly aware of the value of their work, and so refuse to pay (bidbots) for the illusion of success. So what you are left with is a dwindling pool of talent slowly slipping away as the only true reward they are getting is an occasional @curie vote.
The whole mechanism of the reward system at the moment seems to be encouraging the abuses of bidbots and lazy whales, to make money through the exploitation of peoples hopes of success. By this I mean the hope of people that buying the illusion of success will somehow lead to them being 'discovered'. Early this year someone who was very talented who I had been interacting with left for this very reason, not the first instance of this happening.
I personally think that it's quite short sighted of people, even those who just want passive profit from investment, to see the current system as something that will pay them a maximum potential return as a true market leader If/when mass adoption of crypto in general happens. The front face of steemit (shit content boosted up by bidbots) could be the undoing of steemit in the end. Imagine a world where 90% of the global population are pouring money into crypto, the Proof of brain crypto platform that is actually showing the most (true, without vote buying/farming etc) success for rewarding quality will probably win out. With this current system it won't be steemit. There are already a shit tone of other platforms popping up; narrative, ono, whaleshares, the list goes on, I've just discovered a new one through a google search called publica. My point is that any of these that have a more qualitative system of reward when/if that magical crypto revolution happens 😉 will be the winner, the Facebook of this emerging industry/technology.
I think this 50/50 idea could maybe help drive things the way they need to go.
As I understand it, if it makes manual curation more profitable than bidbot delegation the passive investors will have to start trailing guilds who vote quality content to earn through curation, or make deals for sharing some of the profits through delegating to said guilds instead of bidbots. Thus a lot more value would go to quality content, making the trending pages the outward face to the world that steemit needs from a marketing perspective.
Bigger rewards for curators might drive new investment as publishing entities, magazines and all sorts of mainstream creative interests find a way to both source material for linking from their websites while also creating revenue off of their invested stake.
To tie back into my soc-media analogy, I firmly believe that if something doesn't change sooner rather than later, steemit will end up the 'my space' of blockchain writing platforms and we will all be worse off, not to mention the thousands, in some cases tens of thousands, of hours decent content creators have spent, wasted by allowing profit to go to people who have done nothing other than learn how to game the system.
Oh yeah, I had read trafalgar's post already and have corrected to mention that in the comment. I also saw ned's response in @trafalgar's post and that there had been a poll among the witnesses.
I have to say that this reassured me, somewhat, as to how seriously the majority of the 'big fish' take the problem of a system which is broken. Anyway, see you at SF3 :-)
Aww! I am going to miss this secret meet! I am super bummed. But I am already planning for Steem Fest next and will by hook or by crook get there! Have an awesome time @kevinwong. I would also have loved to hear your updates and discussions on Tau!
Omg! Looking like a secret nazi meeting! At first I touught it will be a part the #steem fest. But when I read at ladt, you said it had nothing to do with the fest! 🤑 seriously a secret NAZI meeting!
I am a newbie in steemit and I didnt heard about TAU yet . But as YOU say, I m going to search and read about it. I am very glad to see that you leave your secured job for the steem and you have make it your main job. I honour your decision. I also dont want to do a 10-6 boring job. I find steem has lot of potential and if we invest ourselves totally, it will be dream job for us!
Best of luck with the steem fest and the secret meeting dude! Stay well and keep going!
I see you are prepared for this trip and I hope you will be able to realize your suggestions, because I also support the ideas that lead to the improvement of the Steem. Unfortunately, I can not come, so I wish you a productive and fun trip! Thank you @kevinwong
Great that you're taking the trip to share our proposal to change Steem's economics
Honestly, if we just got this one thing right, Steem can work as a functional content discovery and rewards system as intended. All that's needed is to move away from a system that rewards behavior we don't want 4x more than the behavior we do while still leaving enough on the table for content creators. Also, the idea is to not use more force than necessary in terms of inequality as well as downvotes. We're so close to being great yet it's silly to be stuck in this garbage economy for over a year.
Tau is definitely something on another level. People will be doing themselves a favor if they were to take a closer look at it. It's lead by the smartest person I've ever interacted with.
Safe trip Kevin
The current system rewards infinitely more selfish behavior than any other behavior not 4x more.
I'd join the Illuminati but I think I'm busy that day.
Feel free to drop an artwork for the attendees to enjoy while scheming to take over the world.. use more triangles and stuff.
I see the Triangle!
Illuminati Spotted!
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Shh. It's a secret.
😅😅😛
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Very nice indeed. 💥
Cg
that's badass. would be nice to have a print. do you have an account on society6? (or something like that, can't really recall the name)
The current plan is to continue to push out 25-30 new pieces every month, various styles, something for everyone. Once I have a large selection, then I'll go into sell mode. That way I can focus on sales and distribution instead of producing more work, which takes a lot of time. Having a massive pile to pick from rather than a small handful should help guarantee a steady stream of income.
With the pace of things in the cryptosphere it's hard to throw in money or time just anywhere. Steem it is!
I'll check out tau.
Surely MOST people attending Steemfest already agree that steem's misaligned economic incentives need fixing? Whether or not they'll want to focus on the matter at hand for any length of time while in attendance is another matter!
I'm in 100% agreement that they do need realigning to discourage so much self-voting, in all its various forms. Your posts haven't so much convinced me rather than echoed the discomfort about steem which was already in my head
Although, they say what I think much more eloquently, without all the fuzz in said head.
I've never investigated Tau, I'll be all ears at the conference!
Oh you'll be there? see u!
Yup! Looking forward to it!
Posted using Partiko Android
I'll be the one in the purple hat wearing a red carnation, going by the code name 'Broken Lucky Cat' . I won't be in Poland physically but my spirit will be waiting under the bridge at 15.55 hrs for further instructions on this plan.
Over and out,
Broken Lucky Cat
This message will NOT self-destruct after 10 seconds because it is on the blockchain (damn immutability)
It'd be funny and a bit haunting if I actually find this cat in poland!
Hi @kevinwong's I am going to steemfest and will be interested to learn more about these ideas. I have to admit, I understood only part of the concept and implications, but having said that what I did understand, I liked.
I think something needs to change in regards to how steemit's reward system encourages large account holders to put the majority of their vested stakes in bidbots etc. I am all for trying to petition a change to facilitate @steemit to make those mechanisms unprofitable. Here's the thing, I am a relatively recent (been here just over a year) and less technically astute steemian. Yet, regardless of not being able to contribute much in a developmental way, I have put a huge amount of time into community curation... and in regards to my content I spend upwards of 6-8 hours on many of my longer creative pieces. This means I am missing out on ROI in regards to vote farming, lol, it's no biggie as I can't put out a post I'm less than happy with so I'll never be doing that anyway. The thing I have noticed is that there are a considerable amount of others putting this level of care and attention into content, who are proportionally, rewarded terribly for their work. A lot of them are rightly aware of the value of their work, and so refuse to pay (bidbots) for the illusion of success. So what you are left with is a dwindling pool of talent slowly slipping away as the only true reward they are getting is an occasional @curie vote.
The whole mechanism of the reward system at the moment seems to be encouraging the abuses of bidbots and lazy whales, to make money through the exploitation of peoples hopes of success. By this I mean the hope of people that buying the illusion of success will somehow lead to them being 'discovered'. Early this year someone who was very talented who I had been interacting with left for this very reason, not the first instance of this happening.
I personally think that it's quite short sighted of people, even those who just want passive profit from investment, to see the current system as something that will pay them a maximum potential return as a true market leader If/when mass adoption of crypto in general happens. The front face of steemit (shit content boosted up by bidbots) could be the undoing of steemit in the end. Imagine a world where 90% of the global population are pouring money into crypto, the Proof of brain crypto platform that is actually showing the most (true, without vote buying/farming etc) success for rewarding quality will probably win out. With this current system it won't be steemit. There are already a shit tone of other platforms popping up; narrative, ono, whaleshares, the list goes on, I've just discovered a new one through a google search called publica. My point is that any of these that have a more qualitative system of reward when/if that magical crypto revolution happens 😉 will be the winner, the Facebook of this emerging industry/technology.
I think this 50/50 idea could maybe help drive things the way they need to go.
As I understand it, if it makes manual curation more profitable than bidbot delegation the passive investors will have to start trailing guilds who vote quality content to earn through curation, or make deals for sharing some of the profits through delegating to said guilds instead of bidbots. Thus a lot more value would go to quality content, making the trending pages the outward face to the world that steemit needs from a marketing perspective.
Bigger rewards for curators might drive new investment as publishing entities, magazines and all sorts of mainstream creative interests find a way to both source material for linking from their websites while also creating revenue off of their invested stake.
To tie back into my soc-media analogy, I firmly believe that if something doesn't change sooner rather than later, steemit will end up the 'my space' of blockchain writing platforms and we will all be worse off, not to mention the thousands, in some cases tens of thousands, of hours decent content creators have spent, wasted by allowing profit to go to people who have done nothing other than learn how to game the system.
Ha ha, this comment has gone on a bit. I might make a post out of it. It is worth mentioning that I was also inspired by reading @trafalgar's post Help Fix Steem's Economy! & @abh12345's post steem-curation-and-lap-dances which provided some interesting further analysis on your proposal.
Really interesting and I look forward to hearing more at steemfest 3 🙌
Yes, do cehck out @trafalgar's post about it, the problem is simple to solve. See you there!
Oh yeah, I had read trafalgar's post already and have corrected to mention that in the comment. I also saw ned's response in @trafalgar's post and that there had been a poll among the witnesses.
I have to say that this reassured me, somewhat, as to how seriously the majority of the 'big fish' take the problem of a system which is broken. Anyway, see you at SF3 :-)
Codename Gee6969 reporting for duty sir! 👀
Cg
Oh yeah finally gonna meet you. awesome!
Aww! I am going to miss this secret meet! I am super bummed. But I am already planning for Steem Fest next and will by hook or by crook get there! Have an awesome time @kevinwong. I would also have loved to hear your updates and discussions on Tau!
Thanks @khimgoh! It's a bit too far to do this every year lol, someone should run one in asia..
Yes please!!!
Omg! Looking like a secret nazi meeting! At first I touught it will be a part the #steem fest. But when I read at ladt, you said it had nothing to do with the fest! 🤑 seriously a secret NAZI meeting!
I am a newbie in steemit and I didnt heard about TAU yet . But as YOU say, I m going to search and read about it. I am very glad to see that you leave your secured job for the steem and you have make it your main job. I honour your decision. I also dont want to do a 10-6 boring job. I find steem has lot of potential and if we invest ourselves totally, it will be dream job for us!
Best of luck with the steem fest and the secret meeting dude! Stay well and keep going!
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Lol that's too much of a strong statement. Nothing malicious here :p maybe only stupid lol.
Haha.... No I dont think that. I just know whatever you do, it will be all good for us..! 😄
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I see you are prepared for this trip and I hope you will be able to realize your suggestions, because I also support the ideas that lead to the improvement of the Steem. Unfortunately, I can not come, so I wish you a productive and fun trip! Thank you @kevinwong