I intend to post more on the topic of attention scarcity because it's the main constraint for Steemit. Steemit is in my opinion based on attention because attention is a required resource for Subjective Proof of Work. The whales do not have unlimited attention and the only way around it long term is bots/intelligent agents or voting power has to be more decentralized.
I was reading smooth on bitcointalk, and he was saying that they have around 40 votes before they exhaust their voting power. Now that -as I understand it- means that even if they were able to have more attention or delegate the curation process to helpers, they'd still be lacking the ability to vote >40 articles or comments... so decentralization of voting is a necessity as you say.
I agree, bots would also have inspectable code so that we can see what algos are used by the whales to reward content, right now they not only are limited by their limited attention, they are using criteria that nobody can examine or determine to rewards and incentivize certain content.
Right now they just like what they like. What you see on the front page is Remember this isn't a tipping platform. From the whale's point of view they aren't "tipping" a content producer. They're just upvoting.
It's like when a fat guy does a cannon ball into a pool. He's just having fun & being himself, and doing what everyone else is doing, but people around him can get annoyed because he's making a much bigger splash.
Similar to SP, SMD tokens cannot be purchased directly on an external exchange. SMD are primarily earned through contributing but can be purchased by converting STEEM tokens to SMD tokens.
I intend to post more on the topic of attention scarcity because it's the main constraint for Steemit. Steemit is in my opinion based on attention because attention is a required resource for Subjective Proof of Work. The whales do not have unlimited attention and the only way around it long term is bots/intelligent agents or voting power has to be more decentralized.
I was reading smooth on bitcointalk, and he was saying that they have around 40 votes before they exhaust their voting power. Now that -as I understand it- means that even if they were able to have more attention or delegate the curation process to helpers, they'd still be lacking the ability to vote >40 articles or comments... so decentralization of voting is a necessity as you say.
Voting power exhaustion is a matter of percentages. A whale still has more power after 40 votes than a minnow.
Also, whales do not need to vote with max power on each vote. They can give partial votes. The user interface just hasn't adapted to it yet.
My brain knows that those kind of perfection are coming but at the same time Steem is already so perfect that it has a hard time seeing those coming.
Nice... hopefully that will increase whale voting without overthinking how much they give out...
No arguing with that logic :) @dan
I agree, bots would also have inspectable code so that we can see what algos are used by the whales to reward content, right now they not only are limited by their limited attention, they are using criteria that nobody can examine or determine to rewards and incentivize certain content.
Right now they just like what they like. What you see on the front page is Remember this isn't a tipping platform. From the whale's point of view they aren't "tipping" a content producer. They're just upvoting.
It's like when a fat guy does a cannon ball into a pool. He's just having fun & being himself, and doing what everyone else is doing, but people around him can get annoyed because he's making a much bigger splash.
@dana-edwards (posting here because it's ontopic and related to what you're saying)
I would absolutely LOVE your feedback on this...
https://steemit.com/steemit/@williambanks/bot-warz-a-hybrid-approach
Good point about attention being a resource for subjective proof of work and a constraint for Steemit.
Can swarms even form without a whale or two pointing out where they 'should' form?
Similar to SP, SMD tokens cannot be purchased directly on an external exchange. SMD are primarily earned through contributing but can be purchased by converting STEEM tokens to SMD tokens.
Actually Steem Dollars can now purchased on external exchanges !
https://poloniex.com/exchange#btc_sbd
https://bittrex.com/Market/Index?MarketName=BTC-SBD
PS Abbreviation of SBD = Steem Backed Dollars
or just SD = Steem Dollars (not SMD please edit)