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RE: Idea For Upvotes & Downvotes
I think people would still consider a 'redistribution' a slight regardless of what you call it. It's still 'taking money' from them.
I think people would still consider a 'redistribution' a slight regardless of what you call it. It's still 'taking money' from them.
Good point. If people understand better how the system works, and know it is being redistributed, I think they will feel less slight. I've asked about ten random Steemians who post from time to time about how upvotes and downvotes work, and half of them thought it was like a tipping system and had no idea how the reward pool worked. So to those people, when you downvote and take the money, they don't understand why, if they knew more about how the reward pool worked, it would make more sense. I think it is a case of not understanding and feeling attacked personally.
The problem is that too often people are attacked personally here. As described above I think that's actually the main problem.
Apart from that, yes, why not call a flag (a downvote) "redistribute" to make clear what technically happens? I am not against your suggestion.
One matter that is not much considered in these perambulations is that flags return stake to the pool. Whales extract the vast majority of the rewards from the pool due to stake weighting. Returning rewards via flags to the pool that whales have missed out on extracting allows them another run at extracting those rewards.
This creates an economic incentive for flags. EIP will make this much stronger, as 25% of VP will be allocated for free flags. This eliminates the expense of flagging, and the vast majority of SP, and thus VP, inures to whales.
EIP is a terrible exacerbation of the worst problems Steem is facing, and the downvote pool is probably the most powerful economic negative impact that will be effected. Not one aspect of HF21 will encourage capital gains, and every part of it will encourage extraction of value before Steem price can reflect it.
The market is pricing in HF21 now, and that is why Steem price is falling, market cap is declining, and user retention is getting worse. Nonetheless, implementation of HF21 will make this much worse, very quickly IMHO. If it does not, I will have been proved wrong. I will be happy to eat my words, because I want very much for Steem to succeed.
If those three metrics decline precipitously upon implementation of HF21, I will be proved right. Then we will have a choice: either keep killing Steem by encouraging profiteering, or reverse course, and begin encouraging capital gains, ,and thereby investors.
I have posted on ways to do that. It's not rocket science, and I'll be glad to reiterate mechanisms that discourage profiteering and encourage investing for capital gains as needed.
I also doubt that HF 21 will be the big success everybody hopes (and most believe). However, now as it is decided, I want it to come as fast as possible to see what its real consequences are.
I hope it will be a positive surprise, even if in many earlier discussions I expressed my concerns.