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RE: Memes - The Black Swan of 2016
Very interesting - the benefit of 20/20 hindsight ... 2008 was a classic whereby it was easy to see after the event. Given that the US is once more packaging mortgage debt products; given that water is the new debt in terms of population control; given that retirement is becoming less affordable and that equity markets are self-generated bubbles through superannuation/pension systems, how does one invent one's own paradigm?
In a way, Bitcoin is like a black-swan machine, funding other crypto projects in hopes that a small percentage will give exponential returns. In that sense, Steemit is also a black-swan machine of its own, funding on the individual level.
A black swan is generally understood to be a downward market which has drivers outside any generally included criteria.
If you stand back from steem and assess what its value is based upon it is very like an equity - all future possibility in the social media platform.
You know my view on this and I have read yours which, whilst I acknowledge your view of diversity, the analyst would have a very simple question: 'where the fuck is it?'
The true value of steem right now is going south because of the paucity of distribution (90% owned by under 400) and the irrelevance of the currency outside steemit.
steem is lucky to be worth $40million in total cap because the development is all tech oriented as there is nobody who is being user-centric.
'busy' will only make the focus on fundamentals a little fuzzy for a brief period.
I did read your paper which 'covers' the thing - I agree with your outlook. I just disagree with the assessment of what is actually going on.
Were it not for the rewards, would anyone use steemit? Of course not, the functionality is crap (I used to work in digital media) - and the system is so tech driven that a small change requires enormous github attention.
I feel sorry for the founders in that if they were given the chance, they would reconstruct the system.
It is self-defeating, hence user-retention and distribution.
(I run public companies and have done extensive analysis)
I see - that's interesting (i'm not an econs / finance / business type of person, and obviously analogise things too much at times). Personally, I think its just rudimentary atm and will be worked on, hence the beta sticker on the website. What do you think would be the best course of action for Steemit / community to do to improve your confidence on the platform? (without a reboot, of course)
Reward holders of unjustifiable leverage and flatten the playing field. The exponential curve from an objective point of view is just crazy.
Sure, people might have mined steem for a short period of time, others may have invested. These people deserve a power leverage position but nowhere near the scale that they have. It is this which has caused the infighting over the past few days.
Early adopters know other early adopters and so intravote - understandable.
When intravoting assures the non-distribution of the steem, people see this and they can see that their value is several hundred thousand times less than someone else's.
This is not social media, it is a feudal system with appalling structure. These same people rail against the power elites and yet the mirror is a betraying article. It is dysfunctional. Anyone who understands the structure would rip it limb from limb in a public environment.
The structure rewards shit content and ignores quality. (FYI, my posts, on steemit, have hit page 2 of a Google news search on Aleppo, competing against every news service, meantime, a C&P from a newspaper in steemit gets hundreds of votes and rewards - my posts exposed this crap as fake news 3 or 4 days beforehand)
Social Media and Game Theory may be driving the machine but they are poor bedfellows.
Issue some A steem to differentiate, adjust the leverage, get user-centric and this will fly. If Blockchain is the focus, steemit will end up with 400 people admiring magnificent code whilst another platform enjoys 40million users enjoying each others company.
Hi @ebryans, I really understand your point of view, but there is a big problem that the blockchain has not the solution yet.
In the blockchain we can have equalitarian small societies between Man, but the blockchain right now is still a hierarchic society in relation to Objects(things) and there is a long way till we can solve this dichotomic problem.
This singularity and technological Utopia, where the world of Objects is still hierarchic, doesn't bring the solution to this problem of egalitarianism in society.
But there are some improvements we can make it be more just because Steemit can be a model in the future that the blockchain can be a more just society because for me the real meaning of Justice is Equality and not the point of view of the Power as it is today in society as an all.
Some utopias can be possible if people give enough attention to it:) but we still have a long way to go.
It also has to do with the voting power quadratics (if that's the term). So in a way, the exponential difference in influence seem to be one of the main problems atm. But that is designed to go against sybil attacks. Maybe a hybrid solution.
Then again we're just tlaking about 6 months of distribution here. for a 5% shift, plus securing good accounts in the network.. i personally think it's decent progress with such a barebones platform. (could've been better, this part, i agree)