RE: Steem HF21 Review - Reject 2e12
Good analysis. What happens to curators who vote for lower valued post less than 16 Steem. Will they earn less too since the post earned less? Then curators will avoid small valued posts at any cost. It will disaster for minnows or less known authors. Very few curators will search gems and vote for it.
However, minnows can sell their Steem for PAL and move to @palnet which has much fairer system. Though I am an orca (with combined SP from multiple accounts), I don't/can't curate regularly. I love to delegate projects such as @palnet, @steemhunt, @actifit, @dlike or others who need SP delegation. I believe Steem should be backbone currency rather than concern about contents. SMTs/DApps will figure it out.
Moreover, EIP will affect posters in other DApp such as @steemhunt. However, they are also rewarding their own tokens.
I agree it is a bad experiment on wrong time. Steem is already in bear mood compared to other cryptos. STINC is creating FUD among many users as reflected by the price. Their focus should have been SMT not EIP. Who runs STINC who have very little knowledge about how market works.
I personally think Steem should be removed for reward pool and should become backbone token. Let's SMT/SCOT play with all sort of reward distribution algo experimentations. @palnet is already becoming a success story.
Steem's supply (8.2% inflation), HF21 and lack of marketing is trumping its demand. If it had a 2-3% inflation, it would easily sit in top 30 in CMC rank..
At end of the day people will move to other DApp where their needs will be fulfilled. @palnet could be a good alternative for minnows.
Upvoted with 2 PAL, great writing :)
Yes, PALnet (and SMT in the future) could be good alternatives if regular STEEM is no longer desirable.
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These are some great posts you linked.
If you curate when the post is worth less than 16 Steem your vote gets hit with the 2e12 penalty similar to voting before 15 minutes, you aren't getting the full potential. However, once it is at 16 Steem curation % is shared with more people and it is similar to now where the people who 'discover' the content get a higher curation payout ratio. Curation is getting way too complext to explain. I can't see how people will jump on Steem and say hey this sounds like fun, I'd love to figure it out.
Moving to paynet is a great idea. I really hope delegation is not destroyed before Steem is a lot more evenly distributed than what we have right now.
It would be great if SMTs were up and running first. I do like steem-engine, but we are giving the makers of that a heck of a lot of power.
I agree the inflation with Steem is too high, but I feel suddenly dropping it would be a disaster. The post payouts would be that much lower if there was 2 or 3 % inflation and most people would be only making money if the price of Steem goes up. It would be a huge benefit to current stakeholders and investors, but until SMTs are up and running well it may turn off new members.
I agree that when SMTs get foothold, then we should seriously think about reducing inflation. Price of an asset is always depend on supply and demand. BTC and LTC are having great time on upcoming halving that will reduce the reward to half. On the other hand, at low demand, Steem are sold as usual or more. Mostly insiders (i.e. old Steemians) are buying. HF21 will make it difficult for newcomers. Moreover, STINC is not creating any demand by taking popular decisions (e.g. burn few millions, airdrop on coinbase earn project, or delegating to popular dapps such as @actifit, @steemhunt, @dlike to inspire their users) or spending millions on marketing to attract new users, investors, or developers.
I do agree in one sense, but in another sense, who is going to buy 500 Steem to make themselves an instant minnow if Steem is 10 dollars a piece and inflation is 2%. It seems more profitable now at 20% inflation and 40 cents because if it moons, that would be nice. I guess the powers to be have a target of active users in mind before changing it.
Maybe that's also why they are delaying SMTs. It's pretty amazing that some witnesses just managed to make a very similar thing on their own without millions of dollars of Steem (I think).