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RE: 100 Steem Bounty: What is the solution to a lack of SMT development?
Trust me I get the economics that are required to reach $3 and how that would include the selling pressure from app devs. But there is no question that app devs that are relying on income from the reward pool to pay the bills will always be pulling value from the system. We need cash to flow into the system each day just to stay even due to the inflation and reward pool.
With an approach that allows for outside money to flow into Steem and Steemit there can be real value growth.
I'm all for outside money flowing in. But you missed the point I was making. As long as we have a reward pool that is usually turning into selling pressure we might as well give to devs who create selling pressure and add value by building a better ecosystem rather than give it to people who create selling pressure without building a better anything.
This is what I dispute. If there is a reward pool then the selling aka 'pulling value' happens regardless. It doesn't only happen when you award the money to devs.
If your proposal is to shut off the reward pool in connection with some other changes to improve the overall economics, I'm open to looking at that.
We have ventured way off topic here. But in terms of outflow of steem creating downward pressure on the markets I'd be really curious to see where it's coming from. I'd guess there is way more downward pressure from those running apps trying to pay the bills then from individuals who currently are trying hard to power up before the next run in price.
When you have to pay bills with the reward pool money each week you will be selling no matter the price to cover those bills. As the price has dropped the required amount of selling pressure has increased as it's constant in terms of dollar amount needed to pay the bills.
Next you need to look at the upward pressure created by the devs and individuals. Who do you think buys and powers up more steem over the last 90 days. Also would love to know that.
Wonder if someone that is good at pulling data can figure that out.
Anyways I believe that by allowing more accounts to grow faster we would be far better off then subsidizing apps with very little user base.
Problem is the key point to any social media site is that the People are the Value. All the apps in the world mean nothing without users. So those people that you feel aren't building a better anything...they really don't need to as they are building a better steemit just by being active (assuming they aren't content thieves, spammers, or scammers). If people want steemit to become mainstream they need to get over the idea that posts need to be amazing long form content, it's not what people want to produce or consume. If long form content was what people wanted twitter, Instagram, facebook, and all of the other social media sites out there would look a whole lot different.
Definitely not in favor of that.
The actual value of an individual social media user is quite low. For example, last I looked Facebook generates revenue of about $40 per user per year. So yes, I think it is reasonable to pay people just for being active, but not unlimited amounts. In fact on Steem a very large portion of the reward pool goes to a small portion of users. Most of them are not building anything of enduring value, and they are being grossly overpaid for being active.
Yes that describes a lot of them in broad terms. Or simply overpaid.
I certainly did that a long time ago. In fact I never believed it.
I think you and I are on the same page. Just about the wording more then anything. Everything you just wrote I'm in complete agreement with.
Not looking for people to be over compensated, but feel many times the wrong people are being compensated.
We do need to figure out how to let new accounts come online and actually function. I run @pifc and we do a weekly curation contest (week 35 now) and it needs to be people who are reputation score 55 or under that get featured. So we see a lot of newbies come and go...and see the issues they deal with. RC's have really messed with the ability of a new person to actually use steemit.
Some have speculated that there will be pools for RC's down the road where a community can allow it's members access to the use of the RCs it has to help smaller members function. This would be great if it happens as any account with over 500sp probably never needs all of their RC's and they go to waste.
There has actually been some development on the RC pools, so it is a little more than speculation, but I have no idea if or when it will be completed and released.
With the changes in development priorities after Steemit layoffs, I am much less confident about the likelihood of RC pools than I was before.
Something like 30% likely within one year, 70% within 3 years, where before I would have said 70% within one year, 97% within 3 years.
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It doesn't appear to be on the roadmap until after SMT-lite which goes to April or so. I have no idea if any work on RC will be done in parallel, but I wouldn't count on it. So I largely agree with your assessment.