RE: Stopping @haejin Will Require A Combined Community Effort!
First of all, thank you for your efforts. I appreciate it!
But how much does that user drain from the system in a given year? The reward that's paid to the authors and curators in a year amounts to $65 Million USD a year! What's the share of that user in that reward?
How much of that reward is paid to the posts and curators that didn't deserve it in the first place?
Suppose that we eliminate that user. What's going to happen then? Will the abuse problem finish?
The ROI of abuse is the same if you have a huge stake or a minimum stake. What's the difference between a person stealing a million USD and hundred thousand people stealing ten USD?
I doubt that we can fight the abuse by focusing on single cases.
The only way we can prevent the abuse is to get rid of the reward system for authors and curators and to introduce the tipping system for posts and authors. Otherwise, with this scale of cash bleeding, the Steemit ecosystem won't last long.
@bbilgin someone calculated it (i'm terrible at remembering/finding/linking such things) and it's like 4% of the total reward pool going to Haejin daily. for a platform with tens or hundreds of thousands of active users, that's a pretty ridiculous proportion for one guy.
Do you mean 4% in USD terms or Steem terms? Someone calculated that in a comment to my post Steemit Reward Pool Abuse, Myth or Fact? He found it amounted to 25% annual ROI in Steem terms. That is still a good deal of money, if Steem manages not to lose its value against USD.
4% daily would be an insane ROI especially if you consider the near 0% interest rates nowadays. I can only imagine that happening in USD terms when Steem is making a rally. Otherwise, it doesn't seem possible or sustainable to me.
By the way, as I said above, the ROI is the same for accounts of all sizes. Smaller accounts are especially advantageous, because no one cares about them.
No, I mean that out of all of the rewards received by all users on Steemit daily, haejin gets 4% of it. Doesn’t matter the value, there’s a set amount available on the blockchain ‘being printed’ and he is taking 4% of it all.
In other words, if there were 25 other users receiving the same daily rewards haejin gets, nobody else would get ANY. That’s why it’s a problem.
I don’t even care if he posted ten posts in a day and pulled in that much, if he only did it once a week. But it’s every.single.day. He singlehandedly milks this cow for 1/25 if it’s total potential output.
You're right. I've completely misread your comment. I'm sorry for that.
Actually, I was looking for stats like that, so thank you for that.
I'm looking for reward distribution stats. Stats like percentage of the pool to each level of Steem Power ownership.
My gut feeling says that abuse is widespread at all levels.
What's the total percentage of the reward pool that is abused?
No one knows the answer to that question. Is it 10%? Is it 50%? Is it 90%?
My hunch is that it is closer to 100% than it is closer to 0%. Or in other words more than 50%.
That's the feeling I get when I look at the trending tab. The signal to noise ratio there is 1 to 100 for me.
If we assume that the abuse ratio is 50% on Steemit, by eliminating that user, we'll eliminate only 8% of the problem. The other 92% will remain.
If that 92% consists of thousands of small accounts, that would be even harder to deal with.
That's why I don't think we can eliminate the reward pool abuse problem by focusing on few people only. The system has to be changed completely.