RE: 25 Reasons Steem Will Replace Bitcoin as #1 Cryptocurrency by 2021!
I understand that it fools newbies. But then again, CNN fools newbies. I don't want to downplay what you are saying. I do not really like deception. But on the other hand, what is the alternative? I know, you talked about http://Yours.org as an alternative. Also, I would include http://Gab.ai and http://Minds.com like I said before. I understand that you may have to be lucky to get upvoted by whales. I would compare Steemit to gambling, Poker, the lottery, and people continue to play them and maybe they shouldn't as most people don't win more than maybe $5 every few years at the most for some of the gamblers. But still, Steemit is an alternative to Facebook still. And Facebook has deleted a lot of my stuff so many times. YouTube destroyed thousands of my videos. Twitter told me I was a Russian spy bot because of what I share and say on Twitter because I am conservative instead of brainwashed progressively liberal. I don't use Steemit for the money but because I need a platform that is not going to delete my stuff. I like money but the one thing I like more than money is the ability to keep my stuff from being lost.
I am inviting everyone to feedback on a naming a new project which will attempt to fix these problems.
You will find a list of all extant tokenized social networks on distributed ledgers that I’m aware of.
I have a much better design in mind. And note my criticism of the design of Yours’ reward system.
Oh I agree. That’s the reason I use Steem now. I was perma-banned from Bitcointalk.org and I’ve had so many comment posts censored by for example WordPress’s idiotic spam filter.
But I’m concerned when Steem fails all the data may disappear from ready access if there’s no economic incentive to continue serving it. Steem’s design doesn’t even pay any transaction fees to the nodes which serve the content! The monetary reward and incentive aspect is very important to get correct. This is what I explained in my blog about consortium blockchains. It is why I am not enthusiastic about the $1 billion grab of EOS. We need a long-term viable paradigm. I am working on it. Maybe others are too.
Agreed. But we also need the monetary aspect to be long-term viable, else we’re potentially right back to having the widespread access to our content be lost.
And also we need a paradigm that encourages widespread adoption otherwise our content is not accessible to most people.
Agreed, gotta think long-term before Steem dies, and it can die, and http://Vid.Me died in 2017 and things do die and can die and I am concern with all of this as well. I had an incentive of using Steem when I turned my Steem into Bitcoin in order to buy a plane ticket. But some people would say it is too complicated to do that even.
I didn't know nodes are not paid. How can we get them paid and why aren't they rewarded with some Steem or Bitcoin or something for their work? Are Steem Witnesses paid? I guess some nodes can brag about it in some Steemit posts and maybe make some money that way at least.
I don’t think Steem will die soon because of the Steem Media Tokens pump coming and the speculation on whether investors will buy STEEM so they can earn 4% ROI monthly by upvoting themselves via sockpuppets in addition to the appreciation of the tokens.
Steem’s witness nodes are paid to generate new blocks for the blockchain, but CDN nodes which serve the content stored in and referenced by the blockchain are not paid.
The reasons that Vid.me failed are what is solved by a tokenized replacement for Youtube as the admitted by Warren Shaeffer the Co-founder of Vidme:
But I think he is incorrect about the necessity of operating a video site at a loss. Tokenize then charge the users for the bandwidth costs. It will be minuscule1 compared to the appreciation in the value of the token, i.e. users will see their wallet balances rise. This is what Steem and EOS do by minting new tokens to pay the witness (and pay STINC which presumably makes sure the CDN nodes are funded), which I think is a feature bug because that opens a door for spam as compared to charged users a microtransaction fee. And rewarding tokens by minting them from a collective money supply can’t possibly be designed to not be a system which must end up as a winner-take-all whale dominated clusterfuck (i.e. oligarchy and overlords). And by the time the token stops appreciating some decade from now, then the cost of video bandwidth will have become insignificant and users will have gotten accustomed to the advantages they get as compared to Youtube and not want to stop.
P.S. STINC = Steem, Inc.
1 Roughly less than $0.01 per hour of video consumed. For example at 2 Mbps data rate for 360 – 480p video that is roughly 15 MB per minute which is less than 1 GB per hour. Hivelocity offers a $98 monthly server with 50 TB bandwidth allowance, which is $0.0019 per GB. As of May 2016, high volume pricing was as low as $0.0025 and dropping 20 – 25% per annum.
Should users pay directly or should be like a tax where users are paid a little less in order to cover costs for everything, bandwidth, data, etc, maybe.
Users should pay directly so that we don’t collectively fund spammers.
The point is that given the token is appreciating in value due to all the onboarding of millions and billions of users which Steem isn’t onboarding, then users will not think they are paying anything. Users will noticed their wallet balances are increasing.
And the long-range outcome is that the bandwidth and server costs per transaction shrink to epsilon and the knowledge activity value will be all of the value, so users won’t care that they’re paying. At that point, spammers will be squelched because they have no “decentralized curation” (i.e. not one-size-fits-all) reputations. This latter point is a mathematical one which I expound on at a future time. I’ve been redesigning Steem in my head since 2016 as evident by those past blogs.
Spammers cannot pay directly too?
They can waste their money if they want to. They’ll be wasting it because few will be seeing their content due to the decentralized curation which I linked for you. I doubt they will throw money away for no benefit. The decentralized curation doesn’t work algorithmically and economically if the users can post for free.
P.S. I suggest my most recent blog: Why Crypto Tokens Are Important
You cannot post for free. I was not able to post. There are times I cannot post because I run out of Steemit bandwidth.