RE: BuzzSteem Ep 14 - [Whale Fraud, Facebook Fights Back, dSound and More!]
We are on a blockchain platform and have to discuss the morality of its users. Imagine bitcoin would work like that. But bitcoin is fine with bad actors as they are by the protocol prevented from having influence over the platform.
The truth is that steemits protocols are flawed as they allow exploiting the system. Can bad actors be stopped by the community? Only to some extend. But instead of trying to hold the system together, we should instead focus our energy on building new protocols that no longer require this.
Of course the whales and dolphins dont like this as they are already too invested in the system.
So my point of view is to use steemit for what it is, a decentralised communication platform and that part is fine. I just see the post rewards more as a game than real money.
The problem is that the whales are what keep the community running. They designate the SP that pays the devs and the people behind the scenes making everything work. The danger of Steem becoming a Ponzi Scheme is that Ponzi Schemes inevitably collapse. Once Steem is worthless, what incentive is there for people to keep the different platforms running? Even if they wanted to, who can work a full time job for nothing?
The post rewards are real money, and for some, obscene amounts of real money. This is a world like we have never seen before, where people are being compensated for their time, even if it's not a typical job. I think this is a very important aspect of the platform, as that's what sets it aside from say, Reddit, where you can still maintain your anonymity but you can't get paid. I think this Libertarian utopian idea is among us, and we are all still figuring out how to navigate it. We have lived in a shitty society for so long, where it's important to steal and save all you can, that I don't quite think people have gotten the memo yet that this is here to stay. Whales who are pilfering money can clearly not see the long term ramifications of doing that. If all the whales just took out a fair amount, but continued investing in the platform, it would extend the platform's time and then this world would just become a way of life.
Ultimately if Steem fails, which is highly possible, it's because it was first in an experiment of humanity. We are building the foundations of literally a new world. My mind opens up to this more and more every day no matter how much I try to fight it.
Ya know, I think I am going to turn this discussion into my next video. Thanks for the genuine response!
thanks for your detailed reply, looking forward to that video.
I fully agree that we are in an experiment to build a better future employing blockchain solutions. Most of the first generation projects will fail and as they do we learn more so that the follow up projects can be designed better.
Beth you wrote: "Ultimately if Steem fails, which is highly possible, it's because it was first in an experiment of humanity. We are building the foundations of literally a new world. "
Steemit could possibly be called an anarcho-capitalism experiment.
Ironically, whales dominating and directing society are exactly what I believe would happen under anarcho capitalism (when implemented under modern society's resource scarcity and spiritual condition).
I fully agree that steem and blockchain in general is an anarcho capitalist experiment. It is fully voluntary and almost free of regulation.
Where is disagree is the conclusions you draw. I think you judge the experiment before it is finished.
Yes, in steem there are wales that have a lot of power. But we, the users, do not have to accept that. Nobody can force us to stay. So when we find or create something better we just move there. Then the big whales can upvote each other for all they want, but without mass support the steem they generate is exactly worthless.
In the short run, the wales benefit since they are promoting a new product that did not exist before and early adopters have made it what it is, so they deserve some rewards. But if the whales want to benefit in the long run they have to create fair incentives! And honestly I can not see that happen under the steem protocol.
So I think that this is an experiment in anarcho-capitalism and it will show that conditions in which a few whales have massive control will not be able to survive in free competition.
My prediction is that for the coming few years steem is supported by an influx of new users and then will collapse and people migrate towards competitors with better protocols.
agreed.