Without some significant changes in the near future to how the reward pool is managed and divested, Steemit as a platform will be replaced by a better model. Things like dead whales and auto voting are going to give newcomers to the platform a bad taste as they discover that the barrier to entry is so large. The sad fact is that this entire platform is dominated by a very, very small minority of users. In essence steemit has become an exact replica of the fiat system that we cryptothusiasts want so badly to revolutionize.
Voting is such a huge part of the system i think it'll be hard to change. But definitely worth looking into. I agree the initial user experience doesn't give the impression of fairness.
It doesn't give the impression of fairness because it isn't fair. Perhaps what really needs to happen is a change to the way that voting power is determined. Say, the longer your STEEM is powered up, the less actual power it holds. Think of STEEM like a battery that needs to be replaced through the execution of content creation. In order to maintain a steady flow of STEEM Power, one has to continue to add fully charged batteries to the battery bank or the entire set of batteries will run dry.
I deeply want to see Steemit succeed, but I'm afraid it is currently at risk of being supplanted by a better designed model if significant changes aren't made soon. If you're at all interested, check out my latest blog post here on steemit for a full account of my reasoning.
I like that battery explanation on steem power, as a newbie in addition to finding what post ill write its a bit too much also to understand the platform maybe thats why a lot of new users get so confused
how do you think or your prediction about bitcoin price in 2018 whether it will be increasing or going down.
I just want to survey some people's opinions
change is way of being in the market .which shows that steemit is gonna be a best social platform in the future where peeps will get connected with earning some bucks.
I agree for sure. It would be hard for this to be put in to play on a widespread level, but if it was possible that would be great. I like the idea of just Steem and Tradable Steem. I think that for now, the best method is to simply inform people and spread your idea!
By the way, I gave you a mention in my latest post @boxmining! Great content as always.
Hey Michael, It's great to see you talking about Steem in detail.
One of the first things I proposed was getting rid of SBD for the very same reasons you mention. The people need the orientation of the dollar value, was what I was told back then, but this argument does not hold up anymore.
However I have been thinking latelsy that Steem and SBD have some pretty interesting technical/financial perks in the way they are issued:
Steem has a high market cap but there is not a lot of liquidity in it.
SBD gets used by many (to cash out profits on exchange) but has a low market cap.
The German people in the #deutsch community are right now talking about changing the vote algorithm. I dont like it because it will make things more complicated again. They want to merge n² and n....
Totally agree. As someone who recently came across Steemit, it was definitely confusing at first. I think the idea behind the SBD was to (originally) give people confidence that their post had tangible and meaningful value. So, when STEEM was less than a dollar, what it displayed onscreen shouldn't have needed converting, and you could feel confident that X post was earning 20 or 30 dollars. But as you say, now it doesn't really work.
If we change it to only be liquid STEEM and SP (still think it's simple enough to understand the difference there), there's still a conversion problem if you want to understand fiat value. But maybe if a platform like Steemit or Busy were to build in a currency converter function, that you could toggle on/off, it could display STEEM you are receiving, and then do live conversions to whatever your default fiat is if you select it.
One thing I think needs a change is in the 50/50 split vs 100% SP. From a game theory/incentive standpoint, SP is more valuable to the network as a whole than is liquid steem, because it's not immediately tradeable. Having "stake" is seen as a good thing. As such, there should be incentive, if you don't need to sell immediately, to do 100% OVER 50/50. Maybe you get more Author rewards, or the platform takes less beneficiary cut (say 10% vs 25%) of your post rewards if you choose to essentially reinvest 100% of the earnings into the system on payout.
Also, SBD (Steem backed dollars) I think should stay because as the platform develops with more marketplaces like PayWithSteem.com (an ecommerce platform) SBD will become highly needed to allow for easy transactions without people worrying about the fluctuating prices of Steem. I believe the real problem is how drastic the price of SBD change, this is what really needs adjusting if SBD will ever become useful @boxmining It would be much easier to understand if a 'Steem Backed Dollar' was actually worth a dollar of steem lol
Great video by the way, I think it is important people address the confusion. I see a lot of new Steemians entering the Steemit.chat general chat asking "What is Steem, Steem power, and SBD and what is the difference?". It's a shame because I'd rather discuss more advanced topics to speed the process of new steemians enjoying Steem
I like your crypto video analysis the best out of all the other ones I subscribe to..
Without some significant changes in the near future to how the reward pool is managed and divested, Steemit as a platform will be replaced by a better model. Things like dead whales and auto voting are going to give newcomers to the platform a bad taste as they discover that the barrier to entry is so large. The sad fact is that this entire platform is dominated by a very, very small minority of users. In essence steemit has become an exact replica of the fiat system that we cryptothusiasts want so badly to revolutionize.
Voting is such a huge part of the system i think it'll be hard to change. But definitely worth looking into. I agree the initial user experience doesn't give the impression of fairness.
It doesn't give the impression of fairness because it isn't fair. Perhaps what really needs to happen is a change to the way that voting power is determined. Say, the longer your STEEM is powered up, the less actual power it holds. Think of STEEM like a battery that needs to be replaced through the execution of content creation. In order to maintain a steady flow of STEEM Power, one has to continue to add fully charged batteries to the battery bank or the entire set of batteries will run dry.
I deeply want to see Steemit succeed, but I'm afraid it is currently at risk of being supplanted by a better designed model if significant changes aren't made soon. If you're at all interested, check out my latest blog post here on steemit for a full account of my reasoning.
I like that battery explanation on steem power, as a newbie in addition to finding what post ill write its a bit too much also to understand the platform maybe thats why a lot of new users get so confused
Great think man do it.....
how do you think or your prediction about bitcoin price in 2018 whether it will be increasing or going down.
I just want to survey some people's opinions
steem has been super laggy for me lately :(
Yeah, was worse last month. hopefully they can improve that
very good suggestion at least you are think of improving the community,highly appreciate it ... keep up the good work.... ;-)
this is awesome
change is way of being in the market .which shows that steemit is gonna be a best social platform in the future where peeps will get connected with earning some bucks.
This is nice....this will help steemers inprove in the way we post.....thanks for the intel
I agree for sure. It would be hard for this to be put in to play on a widespread level, but if it was possible that would be great. I like the idea of just Steem and Tradable Steem. I think that for now, the best method is to simply inform people and spread your idea!
By the way, I gave you a mention in my latest post @boxmining! Great content as always.
Thanks!
Hey Michael, It's great to see you talking about Steem in detail.
One of the first things I proposed was getting rid of SBD for the very same reasons you mention. The people need the orientation of the dollar value, was what I was told back then, but this argument does not hold up anymore.
However I have been thinking latelsy that Steem and SBD have some pretty interesting technical/financial perks in the way they are issued:
Steem has a high market cap but there is not a lot of liquidity in it.
SBD gets used by many (to cash out profits on exchange) but has a low market cap.
The German people in the #deutsch community are right now talking about changing the vote algorithm. I dont like it because it will make things more complicated again. They want to merge n² and n....
Yes thats true
Totally agree
I agree, it took me quite awhile to get my head around it all. For computer n00bz it could be very off putting.
Totally agree. As someone who recently came across Steemit, it was definitely confusing at first. I think the idea behind the SBD was to (originally) give people confidence that their post had tangible and meaningful value. So, when STEEM was less than a dollar, what it displayed onscreen shouldn't have needed converting, and you could feel confident that X post was earning 20 or 30 dollars. But as you say, now it doesn't really work.
If we change it to only be liquid STEEM and SP (still think it's simple enough to understand the difference there), there's still a conversion problem if you want to understand fiat value. But maybe if a platform like Steemit or Busy were to build in a currency converter function, that you could toggle on/off, it could display STEEM you are receiving, and then do live conversions to whatever your default fiat is if you select it.
One thing I think needs a change is in the 50/50 split vs 100% SP. From a game theory/incentive standpoint, SP is more valuable to the network as a whole than is liquid steem, because it's not immediately tradeable. Having "stake" is seen as a good thing. As such, there should be incentive, if you don't need to sell immediately, to do 100% OVER 50/50. Maybe you get more Author rewards, or the platform takes less beneficiary cut (say 10% vs 25%) of your post rewards if you choose to essentially reinvest 100% of the earnings into the system on payout.
Good info
Good info
They need to simplify it.
@boxmining lol you weren't joking about the confusion. It's called "Smart Media Token" not "Steem Media token"
Also, SBD (Steem backed dollars) I think should stay because as the platform develops with more marketplaces like PayWithSteem.com (an ecommerce platform) SBD will become highly needed to allow for easy transactions without people worrying about the fluctuating prices of Steem. I believe the real problem is how drastic the price of SBD change, this is what really needs adjusting if SBD will ever become useful
@boxmining It would be much easier to understand if a 'Steem Backed Dollar' was actually worth a dollar of steem lol
Great video by the way, I think it is important people address the confusion. I see a lot of new Steemians entering the Steemit.chat general chat asking "What is Steem, Steem power, and SBD and what is the difference?". It's a shame because I'd rather discuss more advanced topics to speed the process of new steemians enjoying Steem
Helpful Ideas.Thanks For Share Brother