With the current model being a 75/25 splits(which seems to really turn out to be about 12% to 15% a year from upvoting) we already have bidbot posts that are largely nonsense spamming Hot/Trending. Bidbot operators aren't going to stop their services if it turns into a 50% curation rewards, this SHOULD expand.
Free downvotes will do what, you guessed it, cause MORE people to downvote. It won't cause more people to DOWNVOTE SMARTER.(people don't just get more smarterererereresting if you hand them power).
It is important to think of the longterm consequences when making such changes.
Important link https://busy.org/@yabapmatt/hf21-and-the-steem-vision
Obvious problems with 50% curation rewards
Well for starters, we already have a certain number of people who buy Steem just to use it on bidbots to make profit on garbage posts and or upvote themselves on everything they do regardless of it being good content.
NOW there will be an incentive for people to buy Steem and join a curation trail just so they can upvote stuff and earn rewards. This incentive does currently exist, but only earning you 12% to 15%profit per year, while upvoting yourself would earn you 3x that(the 75/25 split). Now that is no longer the case because it will be a 50/50 split, or 24% to 36% profit per year upvoting others or 24% to 36% profit per year upvoting your own posts/comments.
You see the problem right? You don't even need to make your own posts/comments anymore.... Anyone can just buy Steem join a curation trail and make free money by doing nothing. Adding essentially no value. Most curation trails don't have high standards on what they upvote, and frankly it won't matter if you get the same rewards for upvoting someone else than you do for actually taking time to comment/post. This will create a culture of joining curation trails or just auto upvoting posts to get more rewards, regardless of the content or merit.
Bid Bots to the moon + SMT Moony
Making it 50% curation rewards and taking into consideration many bidbot services will use Smart Media Tokens(SMTs) to distribute value(some already are gearing up) it will be more profitable for bidbot services. Instead of getting their 25%(12% to 15% profit a year) curation rewards it is now 50%(24% to maybe 36% depending on many factors) and they will also offer token rewards, of which they will give themselves a bunch and get rich from that. I'm not against giving yourself tokens for a project you are creating, more power to you.
This will create more of an incentive to buy Steem, but for the wrong reasons. Essentially most bidbotted posts are pure trash. Bringing in more bidbotting and more profitable bidbotting just further increases the trash that this platform will get(people specifically paying hundreds of USD to make profit on shitposts/garbage content).
Great!
Free Downvotes = more people being downvoted, NOT smarter downvoting(duh...)
This should be obvious. But apparently to many it isn't. Free downvotes = more people being downvoted.
Currently if you want to downvote someone that is an opportunity cost you make, because for every downvote that is potential earnings you are taking away from yourself via the missted opportunity on upvoting someone. So most people don't currently downvote anything, because they want to continually earn money.
You can see why that incentive is misaligned, as stuff that should be downvoted is usually not downvoted.
SOLUTION!
Voting For "Downvote Mods" or "Downvote Super Users"or "Downvote Curators" or whatever the fuss you wanna call it
We currently vote for witnesses and trust them to do all the Witnessy witnessing stuff they do.
So....Lets vote for the people who get the free downvotes. Projects could be formed or current projects like @steemcleaners or @cheetah or whatever. They could be the ones who actually go through and do the downvoting.
Giving free downvotes to people who are voted on is a much more organized and structured, and their power can be taken away if they are abusing it. Giving free downvotes to everyone is what a child comes up with as a solution.
Resteem and upvote if you would like to help spread this message. I think what I have written is farily good, it could be improved on. Comment below with your improvements.
They have a number of ways to contribute.
Maybe one of them will link the discord.@steemflagrewards is here for you.
I agree, doubling take for folks that already take enough to repel newbs is hardly the way to resolve this.
But they have such nice hair that it looks like they win, again.
At some point the distracted will notice that every time they have won, it was bad for everybody, except them. (I hope.)
Let's hope the rabble rise up quicker and fixing yet another debacle won't take three years.
Hf21 should create a buy opportunity until it's fixed.
This are serious problem and to be honest I would like to see a pedition against this shit!!! Then we see how democratic STEEM really is! Followed!
Steemit wasn’t ever Democratic
But yes this would make the already issues much worse. It just doesn’t make sense.
It’s sad
I don't get it why they are doing this and if this is 100%.... its really sad.
I agree
It makes zero sense!
It’s time a real decentralized alternative comes to market
Agree with your point. If downvote free trolls can make a bot to downvote everything with a key word they don't like and the Devs would have to put a cost to downvote.
It is really hard to even break even by buying votes from bidbots. You'd actually have to RUN the bidbot to make any money.
The rewards for posting on Steemit are not high compared with other activities like running a bidbot, witnessing, or working for Stinc.. It takes time and effort to write good posts consistently and there is no way to get rewarded by Steemit itself and there are not enough Steem users to get good exposure on the internet in general. If you are a writer, you have to have another source of income and another platform and then post to Steemit just for fun.
The only way to make anything from bidbots is to delegate to them or run them.
The fact that witnesses and bidbot operators and Stinc workers can make a living wage from Steem is probably what is driving down the price of the token. They will sell at any price because they need the income.
The only realitic outcome of a proof of brain crypto, is that people will use their brains to game it. And lo and behold, the bidbots found the way. I don't like bidbots..but they still keep a bunch of steem out of circulation. And to use them, people must acquire steem to spend it.
If they keep extra steem out of circulation and can increases the liquidity of steem, that is a benefit to the block chain. A benefit that certain people are envious of high valued junk posts because they are not on the receiving end and don't game it either.
Even facebook and twitter have millions of users and posts of just garbage. It doesn't [normally] respond by deleting them. Rather users find their own connections and communities. Users here are envious that the current system has become a psuedo proof of stake. A proof of stake coin is not inherently bad, and, unlike others POS coins, it is tied to a utility. Some may argue that the bidbots have made the utility a joke, but so aren't many posts on other social media that still have considerable value.
The biggest threats to the block chain are not these big bad bidbots, but the present management of steem that are more concerned with feelings than about economic reality and what steem can deliver.
The benefit of steem was reportedly that it wouldn't censor posts. Now the company has embraced pseudo-censorship of endorsing the whales to disappear any and all content they don't like from steemit. In an era when people are leaving social media because of censorship, instead of taking advantage of the opportunity as users flee to gab, telegram, parlor, and oratione [ok, not that one yet], management embraces the same failed management tactics.
I considered buying steem last month or so before the rally. Money is still at the exchange. I am concerned that the official changes are going to substantially devalue steem. A selloff takes about 13 weeks to complete, that is a lot of pain. And from what I hear, the company still sells or mints steem for money. The less steem its worth, the greater the dilution. So the best thing to help the coin, would probably be to tell management to hit the road, jack, and never come back no more no more no more no more.
I agree it is better to have appointed superusers be able to downvote, rather than a downvoting freeforall. However, even that may not be perfect. It is better than what is being proposed. But these superusers may have their biases, they might try to disappear offensive jokes/comments/politics, etc....but at least there will be less of them and is thus an improvement. Eliminating downvoting is an option instead of steem holding onto the delusional idea of a proof of brain. Perhaps lower rewards for posting/commenting/upvoting, but an improved proof of stake for long periods of inactivity.
I am in the same boat with the pain on the 13 weeks. I wanted to sell and couldn' when Steem was 50 cents each not too long ago. Now I am just powering down it all and getting ready to sell at a good time.
Do you think steemit would consider a hardfork to add recapture around login and possibly around the upvote button? Possibly have human verification before launching voting? Maybe not every vote, but a random proportion of requests would work! lol It seems if the community wants bidbots gone we could implement bidbot blocker HF easily! Change one thing and all the bot operators break. Build human verification right into some aspects of the blockchain voting process.
I would hope so. But bots can use busy.org or steempeak also
Yeah I know, that is a why they need to fork the blockchain to build in the requirement human verification key, make all sites use a proof of human work before they pass go. It is possible! All busy guys would need to upgrade of course! it would be a lot of work. If you can convince the devs to do the bot blocking hardfork that would do it! It all depends if more peole want bot blockers or bots right now it seems the devs chose the route of the bot, those are the ones you need to convince.
I totally agree with such a change. Though I would like for the verification to be kept private. As in I could verify I actually have this account via Steemit INC, register with them, only they would know who I actually am. I have had people try to come after me before with doxxing so tying my real name to this would not be good for me.
Why are you downvoting me? I thought we are on the same page that some good changes need to be made?
No worries I am downvoting tons of stuff lately, maybe you were just caught in the crossfire, casually of war! I took back some of the comment downvotes, that one was not on purpose. I only mainly downvote bid bot users and abusers, and also their commenters at times. Nothing personal, we are on the same page.