Steemit has the most responsive dev team!
For those following me you will know about the liquidity rewards for market makers and how it is not working. Several iterations have been done and each time it has led to a degenerate outcome where a single party dominates every reward.
Now most devteams would either not admit there is a problem or ignore a trouble maker like me who points out when things are broken.
I tried to join slack to get some realtime interaction with the devs, but it is disabled for new signups. So I made a github issue: https://github.com/steemit/steem/issues/175
mvandeberg commented 23 minutes ago
"We were discussing liquidity rewards this morning internally. It is obvious there are flaws with how the rewards are currently working. We do not know if it is a fundamental problem with our design or simply an artifact of the current market conditions. Regardless, we are convinced that the current state of liquidity rewards is not achieving the design goals we had for them, so we will be temporarily disabling liquidity rewards while we reconsider the design and work towards a more permanent solution."
Now how many devteams would not only admit that there is an issue, but actually do something about it?
Steemit is different (in a good way) and that gives me great optimism about its future.
Keep on it, your efforts are appreciated. Just not by people that can vote you more than a quarter...
What's going on with the liquidity rewards is a total scam that is taking from everyone here, whether they understand it or not. It would seem that rigging the rules, executing wash trades, and gaming undisclosed algorithms borders on illegal. Your pestering them to do the right thing, just might keep them out of trouble.
jl777 - thank you for being proactive about this. I am extremely interested in market making Steem and I need the liquidity reward to build up steem for making these markets. I am looking forward to a solution and I am now following you.
I've been following along with these discussions because, well, I'm ignorant. I've never been a trader and know very little about market making, but I've learned a lot from the white paper and from your posts and discussion comments. Thank you for being part of this community and bringing your expertise.
I've also been impressed with the quality of the dev team issue tickets on github and the code (and test code!) going into each release. I too feel like this place and this time is somehow different than anything we've seen before. I'm hopefully optimistic.
https://steemit.com/steem/@jl777/sbd-at-0025-btc-how-is-this-making-any-sense-i-explain-what-happened-with-the-pricings-today has an update
That is such a good news. This post should get 10k.
Every bit of improvement upon the platform will help to make Steemit more stable, with everyone trying to help in the way they can like you are doing, this will be a platform we can all be proud of to be "pioneers".
It's great that they are searching for answers, but as a newbie to this market and STEEM, it seems the way liquidity rewards work are inherently flawed.
I mean, I'm sure there could be a sensible solution to the current problem, but my question is "what about everyone that has already exploited its capabilities?" I hope the developers have a clear answer to that question, otherwise, the gains already made by exploiters will make it too difficult for anyone to catch up to. Basically, what I mean is that STEEM would need to punish the users that took advantage to bring the market to equilibrium. Otherwise, the whales will maintain control regardless, perhaps even increase the whales' powers if they lower liquidity rewards across the board. Also, if they fiddle enough with platform that makes whales lose trust and cashout, then the price of STEEM will likely crash hard with the whale exit, or call it whexit.
After having analyzed this platform carefully this past week or so, I think STEEM is a great social and cryptocurrency experiment. Ultimately though, it seems the this platform structure will be copied by someone without sharing the exploits and problems STEEM is facing right now. In fact, a competing platform with more thought and features could be STEEM's crux. I've cashed out for this and other reasons. I expect STEEM to continue to make some headway, but I also expect STEEM to crash and burn in the next couple of years or so. I just see too many issues to have trust in STEEM.
Nice post!