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RE: Improving the Economics of Steem: A Community Proposal

in #steem6 years ago

I was literally just talking about this on my discord chat with @canna-curate members.

The whole platform is economically incentivized and this creates an environment where users simply want to game the system for max reward. This is clearly not how the platform was intended to be used but there is no way to completely prevent abuses and loopholes. We can only work to minimize or disincentivize this kind of behavior.

One of the biggest things I have noticed is the lack of genuine user interaction in favor of autovoting and spammy comment farming. People have found ways to receive the reward without having to do any of the work involved in participating actively.

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We have a heavily flawed economic system right now. You're correct to spot that it simply just rewards behavior we don't want (self voting, vote selling to highest bidder) rather than sufficiently rewarding honest votes that reflects one's opinion of the underlying content. This has caused a downward spiral that is threatening to break the system unless we take action to rectify it very soon.