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RE: Is Steem paying for Groupthink? The Game Theory of Steem, Part 3
Nice post. Thanks for alerting me to it with the comment on my post. It's getting harder and harder to find all the hidden gems on Steemit these days.
That is unavoidable in the current system design, due to the one-size-fits-all reputation system, i.e. each user will have different priorities but the design of the system doesn't accommodate such degrees-of-freedom.
If some of the voting power shares your preferences, that content will rank higher than content that interests none of the voting power, but assuming that interests are reasonably diverse then ranking will be more or less uniform and uncorrelated to individual preferences. So thus more or less in order for any content to rise up, it must be a groupthink effect.
An improvement would be some algorithm which allows each grouping of like-minded interests to have their own separate ranking computation. The monetary reward algorithm would also need to change, so as to reward content that ranks highly in any grouping.
Well, I truly believe that we're in an awkward, soon-to-pass phase here where we get $35,000 makeup tutorials immediately followed by $10,000 parody makeup tutorials. Nothing has ever been done on a socialedia blockchain, so the first time anything happens it's going to generate a lot of hype.
I suspect we need a better sub-steemit structure, more like reddit, so that interesting content is easier to find. You should read the recent rant about this by @jacobt . His proposed solution is pretty crude, but I think he's probably on the right track.
I think perhaps I see a way to make Steemit much better than Reddit by making a change along the lines I suggested, but I am not sure yet. I am working on the details. I'll probably make a blog post if I am able to come up with a ranking algorithm I feel is reasonably solid.
Done:
https://steemit.com/steemit/@anonymint/improving-steem-s-rankings-to-cater-to-diverse-content-preferences
Thanks for checking it out! Part 4 is up!
Part 5 is up!