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RE: What is the #1 change needed for Steem - Win $20+ upvote
If the blockchain itself is not ready for mass adoption (needs appbase, hivemind, HF20, and (some argue) SMTs), does it make sense to push to grow the user base at this time or to continue working on obtaining consensus on things which are still outstanding and haven't been resolved (SBD peg, rewards curve/linear, curation percentage vs. author percentage, downvote vs. flag, etc)? I think we need education about what we already have in a way that's easy to understand and digest before we focus too much on bringing in more people who will just end up being confused.
firstly thank you for responding Luke, i really appreciate it when good witnesses like yourself take the time to educate and help everyone see that we need to continually educate especially since we are always evolving this steem blockchain
i'm not arguing the merits of mass adoption, critical mass for Steem will come way past 10million (even Facebroke model came at the 80-100 million mark)
Thought Experiment: if such a reward system is launched in a super near future hardfork it will greatly boost adoption and on-boarding, (this i have no doubt), perhaps even repeating that 500K growth from Dec17 to April18, so think about it this way, to get from 1.1 million to 10 million will take minimal of 20.1 months or in 1.83 years. (about 1.5M to power of 5.7 quarters)
now i expect these things to be launched by then (in 1.83 years), hivemind, HF20, appbase (just look tasteem is here, steemhunt is here, almost every 2 months i see a new appbase....and these fcukers gonna need fresh blood i tell you)
now i wont' speak much about changing rewards (that in somecases can be done in 1 patch or hardfork as long as top 20 witness agree to implements that patch), nor will i address much SBD peg to USD because in my opinion having a forced max 5% liquid pool of Steem (aka Steem dollar) is in reality more a peg to Steem than the greenback, I've tried to explain the economic math is some ill forgotten reply some yonker months ago.
(Honestly: how an we set a generation of 5% limit, that scales from 2-5% by generating Steem equivalent to replace SBD in payout and expect that to ever not be peg to Steem, i forsee the use case for SBD to keep growing not slowing......especially with 10million accounts, then we'll see witnesses proposing raising the limit from 5% to 10% ....which just slows that the inevitable)
ok...micro rant over, but technicality aside, growth speaks loud, 1 great way to show the crypto world that Steem is worthy and serious is continual small but accelerated growth .....price will follow adoption, that is proven by economics already.
thanks again for bringing up these points, awesome to address them!
Maybe, but I think mostly adoption follows price. If people are making a lot of money on Steemit through their posts, their friends will notice and want to join. I'm not sure viral growth math works the way you outlined it, but maybe. And I do agree, some things we should start now because they will take some time to get going, but I also think we have to be patient and think about what the big challenges will be once a viral signup growth happens. Mostly, I think, our challenge as a community will be education and helping people understand blockchains and cryptocurrency (I did some videos a while back with http://understandingblockchainfreedom.com/ for that reason).
SBD is a peg to Steem only if there is no reverse conversion. It's a broken peg. If we add a reverse conversion it should work well. There's already a PR to change the print rate.
When you say it slows the inevitable, what do you mean?
I'm not sure price will follow adoption if investors just see more users on Steem as more users coming to extract value and dump on the markets. That said, I do agree the network effect is what gives any currency value. It's a shared story. A belief. That's where all this value comes from.