It's almost a week since I joined LeoFinance and in this post I would like to share some thoughts.
First, I am glad to find an open, welcoming crypto community. My previous experiences mainly with facebook or telegram groups were bad. Either the group was full of scammers, or on the other extreme it had strict censorship rules to avoid scammers. In the former case it was a complete waste of time, while in the latter you always self restrict and can not really express your thoughts as you would do with your friends. For example my (21/99) * 10^6 $BTC price prediction post would have been censored, because it would be deemed irresponsible to publish price predictions, as new people in the crypto space might follow this as financial advice and potentially loose money... So strict were the rules 😞 LeoFinance is an oasis in that regard!
Second, I finally managed to get the info I needed to understand how value flows within LeoFinance. I can now confirm the game theory behind it is mostly* solid. The tokenomics look good, what remains to bring more value (and therefore $LEO token value appreciation) is to attract more people. Most of it will be a word-of-mouth operation to bring them here. But keeping them active might be proven more difficult.
*Among my first 4 posts, the most rewarded by far was the introductory one, although the rest contain by far more interesting and authentic content. I have come to the realisation, the reason that the first succeeded much more than the rest, was that it attracted LEO whales attention by people promoting it (I guess @katerinaramm had something to do with that 😂). I strongly believe that posts like this and this would have received 10 times more rewards than my introductory post on a social media dapp backed by optimal game theory. I would suggest the LeoFinance leaders to rethink this bit, as it may be proven critical to keep new members active.
I would have thought that a social media app running on a distributed backend, like the blockchain, would be slow. I am surprised by LeoFinance's performance so far. I hope it scales well with more people joining in the future. As a software developer, I am curious to read the source code. Is it open source?
Finally, I have noticed that many people here have also joined other social media dapps, myself following their example by joining Publish0x and Torum this week. Most people tend to copy the same post across all these media and are followed more or less by the same people. I have started to feel this "inflation" of social media dapps harms the whole sector in the long run, as we will end up with a situation where each dapp hosts a minority of authentic content and a majority of copied material. And this will look bad to newcomers. What's your opinion on this?
Having said all that, I am glad to have found this platform and will carry on being active!
PS. If you would like to, you can follow me on:
🚩 twitter: https://twitter.com/cryptovios1
🚩 youtube: https://www.youtube.com/channel/UC4t1o-i3DUieL5erhYYFYTQ
🚩 3Speak: https://3speak.co/user/cryptovios
🚩 Torum: https://torum.com/u/cryptovios
🚩 Publish0x: https://www.publish0x.com/cryptovios
Posted Using LeoFinance Beta
the hard thing in my opinion is to find an audience and to gain visibility. If you manage to achieve these 2 then you will be ok!!
για παραδειγμα σαν ελληνικη κοινοτητα υπαρχει ενα support μεταξυ μας οσο μπορει ο καθενας. Επισης δν ειναι κ οτι ποιο ευκολο να βρεις content οταν ακολουθεις χ ατομα, δλδ εχεις χ posts στο feed σου. Ειναι δλδ και συναρτηση των ποσων ατομων ακολουθεις/ψηφιζεις ηδη με το voting power π εχεις.
Αν ειμαι ηδη στα ορια μ απο αποψη voting power ενω μπορει να θελω να σ δωσω upvote μπορει να μν μπορω ή να "αναγκαστω" να επιλεξω μεταξυ εσενα κ καποιου αλλου (αυτο ισχυει κ ποιο πολυ για τους μικρους χρηστες π δν εχει πολυ αξια το lp τους)
Posted Using LeoFinance Beta
I think the challenge and opportunity here is that the weight that people have in the platform when it comes to rewarding others are based on stake and there are many cases where your stake does not line up with your expertise. For example, you could be posting on inflation and supposed that inflation were my expertise and I upvote you. It would not even count for a cent because I have 0 Leo since I am new like you, but somebody else with no expertise could upvote you and it would count for a lot.
The game then becomes how can you post content that whales like rather than posting just great financial content. Staking and the reward system was designed to reward certain behavior and solve certain problems they also create other problems such as the misalignment between having voting power because you are an expert or having voting power because you have enough money i.e. if you have a lot of dollars and are staked in the fiat economy you can now take those dollars and buy a bunch of Leo and be staked in the Leo economy.
You are right in that people are duplicating content on multiple platforms and that can harm the coin value especially in the case of Steem vs Hive which are directly competing tokens.
In the case of publish0x though, they aren't handing out there own token for publishing. They are using already existing tokens, so they actually have to either buy or receive donations of those tokens in order to reward people. They reward in Eth, AMPL and BAT. Since those tokens don't directly compete they don't dilute the value of Hive and Steem as much. They also aren't minting new coin in the way that Steem and Hive as competitors.
The positive side of having these other platforms is that we as consumer get to try a bunch of different ones and in the end we might settle on just one. I am getting tired posting on both the Steem and Hive ecosystem. I haven't copy pasted any content yet even though it probably isn't wrong per se to plagiarize your own work. I just don't like creating internet redundancy by posting the same info twice.
I took a full course on Game Theory in my undergrad by the way :)
Solid post and solid recommendations!
Posted Using LeoFinance Beta
@therecantonlybe1 Fair points, all of them.
Please, keep adding value to my posts with your comments 👍
Posted Using LeoFinance Beta
Thank you, and if you see anything in my posts that you disagree with or can shed light on please do so. I am open to learning and growing from people in the community.
Keep engaging, even if you don't earn Leo. The knowledge that you pick up here might not be tokenized, but it will pay dividends somewhere. The best currency is knowledge and social capital. Stake as much as you can in those economies
Don't worry of censorship in here and keep on creating content. The more and as polished as possible, the better. Feel free to share it on other social media platforms as well for better exposure.
Posted Using LeoFinance Beta