Some quick thoughts in response to HF19
I really haven't been paying a lot of attention to what's been going on around Steemit most of this year and I've been making an effort to get back on it lately because I do really love the idea. Since being back it seems like the lower payouts caused by HF16(?) has kept some of the blatantly garbage spam accounts away. "Cool," I said, "I can browse around a little more easily without running in to as much crap content." However, this morning when I log in I see a post of mine which only had about $15 showing as potential payout has jumped to $52. Well, okay. Who's gonna complain about more money? Even I would be stupid to do that. However, the concern I have now is we will be right back where we were in August. Everyone will be telling their friends to come check out this great site that pays your for making posts. People will flock here. While it will certainly help the adoption of the platform, I expect to see a negative affect in both the content and value of Steem. Higher payouts means more Steem in circulation (like the insanely high interest rate we used to have) and people will be selling off to get their money.
Don't get me wrong, I'm not telling people not to post or to invite friends or to cash out, but as someone who's been loosely involved with Steem/Steemit for about a year now, let me just warn you not to be surprised if the price starts to plummet again. I was under the assumption the price has been moving up because most of the whales had sold off their stashes and the scarcity was starting to show in the price. Now I worry it will reverse, but only time will tell. If there's something I'm missing about the fork and ways it's going to work towards penalizing garbage content, please point it out to me. I will get to reading the notes on it soon, I just wanted to state a case to not get too excited about the payout adjustments just yet.
Regardless of what happens, I plan to keep at it and I hope to see the whole concept continue to mature and grow into something Reddit will be scared of.
Keep Steeming, folks!
Nice post. I think they have created the easiest way to make money in crypto vote for yourself. It will likely be a problem but we'll get a lot more users first.
Thanks. I agree, Steemit has certainly been a big part of what I've been able to save in digital assets. Steem payouts and other information I learned about on Steemit basically helped me pay off my car six months early (as well as pay some other important bills). But I'll save that information for a whole other post!
The amount of votes does not change the inflation rate. The same amount of rewards are allocated under HF19 as they were before, they are just less concentrated. Think of a long tail, but fatter, and with a shorter initial spike.
Awesome, glad to hear. I did just read through another post that commented it's about reallocation of rewards and not necessarily more Steem being created now. Consider my fears eased!