RE: Adapting to Market Signals - Steem Sports
I didn't say people wouldn't take steemsports seriously. I'm talking about a blockchain that gives away free bets for nothing.
I believe that the original purpose of the site was not just to distribute cryptocurrency, it was to be a financial insurance system - stakeholders paying to financially support projects or people who need or deserve the rewards. For people to take steem(it) seriously, in my personal opinion, there needs to be a purpose - not just profit and distribution - that doesn't make sense to people and as suggested in my reply to dantheman, it's a result, not a purpose. Free money for free bets will just never sell because it makes no sense. Earn money for blogging and creating and adding value (to the platform or otherwise) that makes sense and excites people. Free money for free bets might entice people to check out the website skeptically, but as soon as they see that it's a "steem" dollar it would be laughed at as it just can't be real. As for the current content creators, I would say that it's disincentivising competition.
As a stakeholder in the platform, I do not believe I derive any value from all this content that you claim adds value. It is an illusion, but there is no actual economic or monetary value that derives from it which would support the notion of investors' money being given to bloggers. None.
The only mechanism that supports this being viable is to distribute crytpocurrency widely and have that grow into a self sustaining economy.
Free bets are a game. If people enjoy and participate in the game, it adds value for the participants. It adds value to the economy by distributing tokens widely, seeding a market which can then be tapped by entrepreneurs offering goods and services. (There are other games on steemit that I also like -- I noticed one where you have to guess the combination of a safe.)
It makes just exactly as much, or as little, sense as paying people free money out of thin air for posting their blog, although in reality I think it makes more sense because the market is bigger and the barriers to participation by users is lower.
FWIW, the issue you raise with people not believing in 'free money' already exists. It especially exists when they try to post and earn nothing because they aren't particularly famous, or talented, confirming their view that the whole thing is a scam. Now contrast that with what happens when they pick a side on a steemsports game, and win. They actually earn a payout, into their account, which can be cashed out (and methods for doing this more easily will only improve over time).