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RE: 25 Reasons Steem Will Replace Bitcoin as #1 Cryptocurrency by 2021!

in #dlive2 years ago (edited)

This post right here is exactly why steemit will not surpass bitcoin. Why? I'll break down my points.

  1. Buying of votes. Yes I agree that it's allowable to some extent, but 650$? Hell no. Edit: now over 1000$ REALLY!?!?No post should ever be worth this much. Also no offense to @jerrybanfield but this post isn't worth that much, it shouldn't be. Better content writers such as @whatamidoing deserve bigger payouts.

  2. The fact that it seems like only the users control steemit. And look where it has got us? You have @haejin fucking upvoting his shit NINE TIMES A DAY. Nobody can do anything to stop it because he has a ton of funds at his deposal to keep his stuff up.

  3. Minnow support is not strong enough. It relys on the good faith of other users to delegate their sp to it. Kinda hard to do that when the average user has jack shit for steem. Speaking of minnow support, how about you donate some of that sp to it @jerrybanfield instead of reaping all the rewards? Maybe for every other day, you should be using your voting bot FOR FREE.

  4. Witnesses don't give a shit. The major users who are witnesses are just taking in profits while doing nothing. Do we REALLY need another steemit mobile app? No. Instead, we should be figuring out how to stop such abusive users from posting 9 times a day with 100$+ profit on each post.

  5. Censorship. While sometimes it's understandable to downvote comments, it's way to powerful. All it would take for my comment to be hidden is a down vote from @haejin or @jerrybanfield .

Forgive me I'm drinking, but I think I got my point across. In this form , steemit WILL NOT EVER surpass bitcoin, not in a million years.

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@mrbearbear - hey man , slightly disagree with your view point , as follows

Take any social media platform , one only succeeds when either they content is gold (Phiily D/ Casey N / others) or they have actual gold (CNN/ Comedy central/other big brands). Let's call it sweat equity vs sweet equity....those are the rules , they may not be fair but those are the rules.

With this context , to your points-

  1. Free market , you can bid as much as you can afford , what's wrong with that?
    Either you can bid or cannot bid , once it is ok to bid there can't be any limits.

  2. Money talks , that's life.
    Kind of sucks for rest of us.

  3. Charity is not going to get us further in this venture.
    As it is the platform is in it's initial years , it's time to put in the sweat equity. If/when it goes mainstream , whatever little minnow support is there will be vanished pretty fast.
    Possibly you have tried running a facebook page/ Instagram page or Youtube , it's cut throat competition on those platforms.

  4. As it is pointed out in other trending post today , unless there is monetary incentive for people to clean this stuff up , It's never going to happen.

  5. Well yeah , it is sort of decentralized censorship.

Mean no disrespect , just disagree

Everyone is entitled to have their own opinions! No worries. Here is my rebuttal

  1. The problem with bid bots is the issue with the rewards pool. Jerry's 2000$ plus reward is taking away from all the other posts for his payout. Constant abuse will only make it worse, encouraging other users to do so. Here in the states, we are technically free market, but even then we have certain laws in place to prevent stuff like this from happening. If you want, I'll ellaborate even further in a future response.

  2. Steemit was made to be a decentralized platform. The path it's headed to is centralization, which the developers have not done anything about. The platform is still young, and much more should be done.

  3. Minnow support will not disappear, but it will lose value. Charities are still around today in our so called free market.

  4. That one I'm in full agreement with. As I was talking with steem.services below, I highly doubt something will be done, unless steem has some sort of competition.

  5. Goes back to the centralization. A single downvote should not be able to make a post hidden. With little accounts that's not an issue with. Nothing decentralized about that.

But of course let's not forget what the whole article is about. Jerry stated he thinks steem will surpass bitcoin in 2021. In this state, it won't, ever. For that to happen, we need growth, and as @themarkymark stated in one of his articles, the growth we are seeing is spam accounts, taking away from actual real users trying to get on the platform.

Not to mention, steem has dropped in market cap right now to below 30. There was a time it was much higher.

Hey , look at that , 2 people on internet debating without name calling :)

  1. Either bid bots are ok or are they not ok ? we need to make that determination first , if it's ok people will use leverage.

I understand the laws to break down monopoly to foster "free market" but I don't think that would apply within an ecosystem.

If it was upto me , bid bots shouldn't be allowed at all but I also know if we suppress the bid bots it will happen behind the scene on private chat servers .

Unless there is some manual curation or bid bot ban it's probably not going to change.

2.Centralized by people heavily investing in it and becoming whales , they are taking risk by investing and ought to be rewarded by the heavy influence they get in return.

To your broader point , yes, the title is clickbaity but I also see that @jerrybanfield has put a lot of effort in presenting the hour long well researched presentation.

  1. If I could be gone with the voting bots, I wouldn't have them at all, but I know most likely that will never happen. But there are things that can be done to fix the payouts such as capping it, or playing out to more the the curators after a certain percentage.
  2. Imo, the power they have now is wayyyyyyyyy to much. Nobody should have these type of power to either upvote you or downvote you into Oblivion with 1 vote. That needs to change. This is definitely a fix they can do.

I guess what you are saying is break up the monopoly of whales by forcing them divest , it has happened in world with big companies but since there is no ID check behind Steem a whale can just create shadow account and split token amongst them.

I do , however , take your broader point about the problem statement of few players having too much influence to leverage the rewards pool.

Here is a potential solution - once you go above a certain reward value , a % is deducted ( let's call it steem tax ?) and that gets fed back into the system.


Dramatic recreation :Here we see a regular steem user being Fuc$$d by a whale

Here is a potential solution - once you go above a certain reward value , a % is deducted ( let's call it steem tax ?) and that gets fed back into the system.

They will just make more blogs and comment posts with sockpuppets to side-step any threshold.

Sorry there’s no fix for Steem’s reward system. Can’t be fixed. I pointed that out back in 2016.

There will always be ways to abuse the system, it is just way too easy right now. They could at least attempt to implement a system to make it difficult.

  1. Rewards need exponentially more voting to increase rewards beyond certain thresholds.

  2. Whale accounts can not longer only upvote a single account and that is it. Make it so one single account cannot contribute more than 5-10% to the reward payout. These whale accounts also need to contribute to other accounts, so make it so they can only vote for a single account once a day, 3 times a week.

  3. have large payouts reviewed and have the possibility of them being denied/reduced by a random jury

Will it fix the issue, not completely, but at least it will make it harder from them to scam the system

baejin x 2

The points you mention are definitely opportunities for Steemit Inc. to take notice of and make some improvements on the Steem blockchain level.

One recommendation that comes to mind is to enable beneficiary features for post payouts, and to make it so that the more a post earns, the higher the % beneficiary payout would be. That said beneficiary payout could get redistributed as beneficiary rewards to the author's followers/post upvoters/special Steem projects of author's choice/all Steemians. These are just some thoughts and suggestions.

To reduce Steem inflation, a portion of the beneficiary payouts could even get somehow redistributed back into the reward pool or burned (this should be possible without major whales having to downvote overly overvalued and/or spammy/abusive posts). To help with post spam, the initial automatic beneficiary payout % for each post over 4 within 24 hours would be increasingly higher on a linear or exponential scale.

And to help with direct message spam, I have an idea revolving around increasing the SBD from direct message transaction fees once a certain threshold is hit within a certain time frame.
For example, one solution would be to increase the min transaction fee by 0.001 for each 100 messages sent within the hour. The fee would be reduced back to 0.001 if the user waits [(number of messages sent within last 24 hours)/100] hour(s).

These are just some suggestions. Feel free to share yours.

These voting bots either need to be more strict about blacklisting people, learn to show restraint with all the income they get, make some days free for low level users, or somehow just remove upvote bots all together. Love the idea of the higher beneficiary payout. And I would love steem.inc to take notice of this post. Sadly, I dont think it will happen. Edit: one other point, maybe if steem had some sort of competition, maybe then they would fix this mess.

Very interesting information!!!

He doesn't make it better with his picture lol

Great post. People cannot moderate themselves. People abuse the system and there is nothing anyone can do. If anyone mentions the abuse, they get flagged to death.

The sad thing is with minor tweaks this platform can remedy majority of the issues but literally nothing is being done.

It is a joke to think this platform will ever past BTC or any top coin for that matter, especially in the state it is in with the insane amount of manipulation and reward raping going on. imagine if bigger money came in, there is literally nothing in place to stop this abuse or to empower the majority to intervene. you have people that can literally post the same blog 10 times a day, have a few whales upvote it and self vote and boom $2000-4000 a day

Can I have your bitcoin then?

You should be asking Jerry that, not me .

I thought abour writing exactly what you said. But then I read your comment.
Thanks for the summary. That´s all I think what´s going wrong.

There are so many good content creators here that only get a few cents for their content.
And this one here gets over 1000??? Sorry.....

There should be some kind of regulation or limit in voting...
Or anything else. But this is not what its ment to be.

I´ll keep posting and commenting.... but sometimes... I think to myself... WTF???

Here another thing bitcoin has smart contracts and token is the form of rsk.co
It has kind do 1K tps and more with sharding. As good as steem no but it can scale to billions one day
And second bitcoin is working on diff scaling methods yes it not as good as other coins right now almost every coin has bitcoin traits and many tech is being made by bitcoin every day that other coins are just taking. This was the dumbest post i ever read....
Hope you liked my addition to your claims :)

You don't want people to upvote too much and you do not want people to downvote too much? Why not combine those two things? If somebody upvotes too much, then why not downvote them too much to fix it? The market is all about supply and demand, right? I do not like regulation. I want more freedoms which can be used for good and for bad and life requires both, the Ying and the Yang.

Because, it's impossible for both sets of votes to have the same affect. Take for example, haejin. With the cash flow he has, he can downvote any comment til the point it won't be seen. It would take multiple wealthy accounts to get it shown again. Accounts with little sp cant do anything against that. As it t stands right now, there is no balance.

If you want balance, you have to get more SP or a bunch of people to counter downvotes and upvotes. I believe in becoming the change, the revolution, that you desire in the world.

Right said Fred

WarpedBothBlackfootedferret-size_restricted.gif

I have idea how to make this situation a little bit better. I've worked on this idea for 3 months. Hope I launch it soon.

this is the best post, you have to write more when you are drinking mode m8, and yes what i see where in steam in few days or weeks i have is louds of scams, and selfishness, all most 20 years ago when i start to hear about blockchain and is potential the 1 thing that catch in my mind this is a game changer, the immediately 2 thought as in 15 years we gona see that really people can't do better.
And one more time in 3 generations we ill give control to the master of puputs, no other generations 4 to be precise have 3 game changes in their lives, and opportunity to be together as united to take control from corporations, bankers, and Fundations. And one more time what we do? sacming, expeculation, take advantage from others.
20 years ago i as making our participating in designed study about excellence and mediocrity for Oxford University with more 120 people from all areas, this study as a propose to understand better the reasons of big corporations contract people that put world on edge of a bankruptcy and difficult situation, the iden and true reason as to see how is the real demancion of control and why some as not possible to control and how to do it.
So as find that 2/3 of humanity is medicucrecy and 1/3 is on excelency this as 20 years ago, so you can see very clearly the results of this work.
Blockchain as designed and the tester our the catcher this time as digital currency, we have 2 at best expectations 4 years for all of this get in the hands the real people that have a real and practical agenda.
Unfortunately one more time people are so blind with the little greed that cant see the opportunity they lost in all 2016/2017.
So yes unfortunately steam is not what as designed to be is just one more elethis thing for scammers, greed people andsome desapointed belivers

You have @haejin fucking upvoting his shit NINE TIMES A DAY. Nobody can do anything to stop it

Correction 10 times a day. You can follow @FlagTarget. It resteems @haejin's 8th 9th and 10th post every day as targets to flag.

Ps: About 3000 USD worth of votes were purchased on that one.

Jesus, he's pushing it even more?!?

Devil's advocate here, since I'm not actively disagreeing with you:

  1. This post is definitely taking a loss. This is a hate the game, not the player, situation.

  2. See #5

  3. Jerry does delegate to MinnowSupport, at least 1000SP currently, if I am not mistaken. You are correct it is difficult to get delegations since they don't pay anything, and the game theory of Steemit is now all paid delegations. Jerry also gave up much of his delegation to the JerryBot, forgoing rewards for some time and letting other delegators have his share.

  4. See #5

  5. You ask for a prevention of censorship, after asking for users to be censored in 40% of your other points.

I will generously chalk this up to the drinking.

PS - I thoroughly hate the (Steemit) game at this point, in case that wasn't obvious.