I've Just Read the Steem whitepaper: I apologize for complaining about whales #steemit

in #steemit8 years ago (edited)

I'll keep this fairly short, so as to not waste your time.

I've been here for about a week, on the first day I created a post that yielded over $1,000.

This inflamed my greed, and in a search to maximize easy money, I mass produced posts without bothering to understand how Steem works.

Steem aims to create a system such that  user contributions in social media are paid, and the means by which users are paid are sustainable.

And the means by which they maintain this sustainability is largely by encouraging the hoarding of Steem Power.


I understand now that this is no trivial matter.


And perhaps there is a trade-off where focusing too much on creating incentives to improve the quality of user engagement begins to interfere with monetary stability - and thus the means by which users are paid.


All that matters, is that users are sufficiently incentivized to create and curate content and that the means to pay them is sufficiently stable so that these two activities can be sustained.

Perhaps there will be improvements in the future, but the present system works well, and can be sustained for years.


So I  apologize for my simplistic critiques that just served as noise, and that devalued the hard work of developers.

I also want to thanks @piedpiper for recommending that I inform myself by reading the whitepaper.

 Do not listen to nonsense:

 Steem can scale and edge cases have been well considered!


#steemit #steem #inflation #money #investment

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haha don't be too hard on yourself, we're all trying to get onboard...

We'll get there ;)

Now if only other people would read it first before spouting out uninformed opinions. Glad you you took the time to fully understand how things work.

I appreciate that comment, thanks.

Very good post! I think you are with hundreds of others trying to understand what is really going on here. I said hundreds not thousands. Lol

It will take longer for the people to understand this is a beta product. It's still under development. They are trying things being tested and changed that you can see and things you can't. It will soon be realized you have to search for what you like and what others will like about you.

Good luck!

Well said. An informed user is an asset to every one of us.

Thanks a lot for that :)

Aw, thank you. :)

I probably need to read it over too. I just hit the ground running without being really sure what's going on.

Everybody makes mistakes in life. And we are all trying to learn here. This is new to ALL of us. Sometimes I think too that my content is not getting the recognition it should get but hey! we have to keep trying right?

Best of wishes! :)

lol ha ha ha apology accepted ;)

Let's encourage those who complain to read it too! 👍

Whales will not vote vote on bad content. Their dignity is at stake.

It's even bigger than that.

Whatever whales do, the fact that they hold so much Steem, is the reason why we can keep receiving Steem for upvotes and posts.

Thanks for the apology. Don't let it happen again!

There is definitely a place for whales and as long as they act in the interest of the platform its fine and actually its good. Lets just hope long term no bad eggs arise.

But what I've realized, is that it doesn't matter if they're bad eggs. The way the system was designed, what really matters is that there are always whales at some point that hold Steem power. Then the network will be sustainable.

hmmmm. .. i complain a lot. maybe i should read the white paper

I really do recommend it. Changed my perspective.

Its rare to hear people apologise these days, well done for re educating yourself on the matter. upvoted

I appreciate it a lot thanks.

I liked your post. It was comforting. I posted recently on a related topic and would appreciate your critical view.
https://steemit.com/money/@mrzazaful/mainstream-media-influence-in-steemit

I think what Steemit needs is a quick FAQ which summarises the key points of the whitepaper. I have been going through it slowly, and all of the information it contains can really be simplified a lot.

I would agree. If you make such a post I'll be sure to upvote it!