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RE: Transparency Bot is going online to help fight the rampant rise in bidbots and their long term devastating effect on our platform.
How will bidbots destroy the price if someone is having to buy SBD/Steem to pay for a bid?
Thanks for your worthy question.
The platform and thus the price of Steem is only worth something if the masses think the future of the platform is secure. This occurs if they see the trend leaning towards quality and long term motivations.
Please see: https://steemit.com/steemit/@bycoleman/steem-price-under-massive-pressure-as-more-whales-power-down
I don't agree with your assesment that "Steem is only worth something if the masses think the future of the platform is secure" and here is why. If this is so why does BCC or Bcash have value>? Bid bots are actually driving the Steem price up and continue reading to find out how.
Simple economics. People care about one thing above all else, generally speaking, PROFIT. The easiest, most hands off way, to profit on Steem is to get SP and delegate it to a Bidbot. Do this, sit back and collect your profit. This would not be possible if there weren't a market of people willing to pay for bids. Hence bid bots contributing to the demand side of the suply demand curve.
@bycoleman I reject your claim that people will only "believe" in Steemit if" trends lean towards quality". When has this ever been the case anywhere historically? Provide any sort of evidence.... even if it's just hearsay. People don't want to invest into crap, agreed. But they aren't investing because it give them a warm fuzzy feeling ether. People invest to profit. Go buy SP, sell your votes and BAM! Profit!
You should try to appeal to those vote selling instead of vote buying. Why not target them instead of vote buyers?
If you were vested with 2,000 SP three months you had an upvote worth nearly 1.00 SP, now it is worth around .25 SP, a 75% loss in vested wealth.
The claims on the rewards pool has grown exponentially. Bidbots add more claims without more SP invested, just delegated. The very small amount of SP brought into the space to bid on bots, is significantly countered by the expansion of claims.
Check it out, the code and delegations, it is open source and open to all.
Many delegations have changed from non-profts to bots.
https://steemit.com/steemit/@bycoleman/where-are-the-millions-of-usd-in-sp-being-delegated-to-by-the-largest-stake-holders-top-100-revealed
I agree, vote sellers need to be a part of the solution, I have some ideas to bring to the vote sellers that I believe can make a substantial difference without killing their bottom line.
Blessings!
I agree, vote sellers need to be a part of the solution, I have some ideas to bring to the vote sellers that I believe can make a substantial difference without killing their bottom line.
I don't comprehend your position. Why it's ok for this bot to create a focus around getting rid of bid buying when both the buyer and the seller are equally responsible for the situation. I hear you say don't hurt the seller... but what about the buyers... hurting their bottom line is ok? And getting rid of buying will infact hurt the bottom line of sellers?
I think you have identified a problem, but before trying to implement solutions, my opinion is that, we need to fully understand the market conditions that are driving this behavior and change the system. Shaming people will not work.
transparencybot is not making judgment calls just posting stats. This is simple transparency at its core.
@mulletwang I wholeheartedly agree.
The wealth behind your SP hasn't changed. It is just that your vote is now being held to its true value. That is because before there was a large portion of unused SP inflating the value of your SP's vote. Now that this SP can be more easily used the result is SP being activated and utilizing it's full voting potential that was being squandered before.
Once bid bots have become a standard, which is fast approaching, then they will be providing an economic incentive to holding Steem as they will give an easy way for new users to get in the loop. The loop that was formerly held to small groups self voting themselves up and retaining the benefits of holding SP to a small subsection of the platform before.
I guess we'll find out. Problem is if you are wrong, we all lose. If your right we all lose, there will be no quality, all will be lost. Easy money never works.
I do appreciate the feedback.
Blessings!
We are fine either way. Content isn't being produced just for the rewards otherwise Facebook wouldn't have any valuable content. Good content is a part of a strong community and that is something that just needs to build with addition of new thinkers and publishers.