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RE: As Bitcoin price goes up, Steem is sold down...

in #steem5 years ago (edited)

In what way is the economy broken in your opinion?

In my opinion, quality content discovery is not working using STEEM, SBD, and SP as the rewards. It will be extremely hard to make it work. You can tinker with it, make little tweaks here and there, but there will always be a way for someone to game the system. Perhaps it's time to give up trying to us them for everything including curation of content and securing the consensus layer. What I mean is that there are two separate things going on what you can do with Vests: curating and voting for witnesses. I have doubts about how workable stake-based voting can even be in ranking content according to any reasonable measure of quality. How much should we even care about "quality"? If you look at platform value, those with the highest quantity of value are the most valuable ones. Or perhaps curation should be left to be done with Steem-Engine powered tokens or SMTs whenever Steemit Inc is able to roll them out. They can implement whatever initial distribution or whatever rules they want such as account based voting using user identification or whatnot. The possibilities are endless. I actually think content quantity is a much more important compared to quality.

Playing Drugwards will help STEEM price by increasing demand for network resources represented by Resource Credits. They are priced in STEEM, which means that increased demand for RCs translates into more demand for STEEM.

I don't think we should consider rewards to be the main selling point of Steem DApps. Ultimately, only a small minority can earn in the Steem economy. The majority have to be consumers willing to spend money. Therefore, the main selling points should be content ownership and freedom from censorship. Content can take many different forms, such as digital goods like characters, skins or whatever in a game. Ideally, such decentralized games could be played with desktop clients or browser extensions without any centralized server on which to run the game mechanics.

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