You are viewing a single comment's thread from:

RE: Steemit Retrospective for June

in #steemit5 years ago

I've asked questions on a previous post from @steemitblog which haven't been answered. I was first thanked by @steemit on Twitter for asking those questions but this thank you tweet has since been removed.

I'm reposting some of those questions here for visibility as they are of interest for the community and in the hope that these questions can be answered leaving everyone better off.

  1. Where did Steemit explain why linear rewards weren't flawed before implementing them?
  2. Why did Steemit Inc implement the flawed linear reward curve or never explained why they weren't flawed? (Who took the decision to support them, how was that decision taken?)
  3. Should current investors solely vote for themselves to avoid scammers to receive "free money for nothing" aka free Steem? (loophole which has been admitted by Steemit)
  4. What are the benefits, if any, for investors to not solely vote for themselves?

Many of those questions came about because in February 2017 Steemit Inc re-highlithed why linear rewards are fundamentally flawed, yet they never retracted their statement before pushing for linear rewards to be implemented.

In a world with honest people who don't vote on themselves to get "free money for nothing", a simple linear curve, aka n would produce a 1 share 1 vote proportional payout. This is the blue line and shows the ideal situation.

Unfortunately, we live in a world where people will attempt to game the system by voting for themselves. If everyone voted for themselves then the result would be simple interest payments and have no economic impact.

To clarify, I was never in favor of a move back to n^2 per say but I have been in favor of a move away from linear reward at least since November 2017 and I now support the new EIP.

Coin Marketplace

STEEM 0.25
TRX 0.25
JST 0.038
BTC 96978.69
ETH 3375.51
USDT 1.00
SBD 3.54