This is correct and I would submit that the majority of what we are paying for in the form of posts, is not that good. But I have been saying for years, no one wants to hear it.
Everyone, even many major stakeholders who are paying for it all, believe they can end up better off than everyone else by getting a fat share of the post rewards, even as the overall pie continues to stagnate or shrink. DHF is more debatable as most of the payouts are at least directly for infrastructure development and marketing, but I'm sure there is some waste in there as well.
I have been in agreement with this for years. I guess we just never crossed paths on it.
Supporting initiatives that cause people / users directly to buy HBD directly in order to get some benefit / discount is a good thing to focus on IMO.
Regards DHF, its proportionately larger as hive price drops. so ATM its a huge pressure. it seems about 15 devs are getting about 12-15% of all rewards from the chain at these Hive prices. Completely unsustainable.
Im going to see how many of them will consider resubmitting their proposals without the nice to have stuff, so we can do what we can to collectively cut costs for at least 6 months, and then re review
I agree the issue of DHF becoming proportionately larger is worthy of direct stakeholder voting attention. At least with the post rewards, while high and not that good, they decline automatically in proportion with the HIVE price.
ATM posting rewards are being used to instantly incentivize the rewarding of spending of HBD at legitimate businesses with liquid HBD cash back payouts. Two photos are taken during the purchase process and posted to chain. Beneficiaries are then recycled to replenish the instant HBD payouts.
It’s a pretty good way to spread HBD to people who are using it to buy products in legit businesses
It’s also a good way to send HBD to people spending BTC and other crypto currencies (this is not yet built)
Soon it will also be adapted to incentivize e-commerce payments during the moment of unboxing.
Potential to spread HBD to many chains is huge.
To do this, need to create an account on the spending chain (say eth) and then take the hash of a signature and include it in the header of a hive account. This proves that both accounts are owned by the same person. From there we can send hbd to ppl spending eth in legit shops and taking two photos.
ATM this uses the hive blogging rewards mechanism and rewards pool for content creators. There is no reason this can’t be put into the chain directly on the base layer later apart from the work needed.
Using this method we can also reward blogs instantly and daily based on stats such as views and comments instead of subjective whale votes.
The discount method causes a direct demand for hbd. On small purchases, can give 25-60% cash back discounts on hbd purchases and say 10-15% for other coins
No other chain as far as I know can distribute a stable coin from its inflation in this way while also being non KYC, non custodial and premissionless.
But as far as I can see, we are about to go into the age of #spendtoearn #spendtomine distribution of crypto via legitimate spending instead of only sending fresh crypto to miners
It's a participation award so people don't leave. The business model is, "Here! Come! Free money! We need you!"
They leave anyway, or get locked into a comfort zone knowing they're getting paid regardless of effort. People that aren't even here, pay them.
Just picture a talented street performer with a bucket of money in front of them, and no crowd. They'll move if they care about their work, no matter how heavy that bucket is.
But if you get a quality platform, attracting quality acts, and consistent actual support rolling in from the outside, the crowd can pull all that money off the junk and put it where it belongs. Plus there's buy pressure and the incentive to hold is in the hands of the majority. If someone earning steady for content that isn't an attraction doesn't like the pay cut, well, now there's a massive audience lurking about so maybe try harder.
That organic approach in my mind is the only way to get the ball rolling. Treat it like a fresh start and slowly but surely the wasteful practices fall off the edge.
People not having to throw their money away in order to support content is the only thing that sets this platform apart from anything else. That has the potential to attract a lot of money. And talented, capable individuals do things, for money, and a crowd.