Will HardFork 20.0 Fix A System Where 220 Steemians Earn $500/Post?
Numbers don't lie. Statistics has a beautiful way of revealing things & bringing about better understanding. Scrolling through my feed not long ago, I read @paulag's recent post- January 2018 Steemit Post Benchmarking Report, which enlightened me more about earnings on the steem blockchain. From her post , I understand that more than 50% registered users earned <=$1 in January,2018, while 220 earned > $500/post. Please, read my response to @paulag's post below
Will The Upcoming Hardfork 20.0 Tackle The Highly Skewed Reward System Challenge?
A new upgrade to the steem blockchain protocol, Hardfork 20.0 (Hf 20.0), codenamed Velocity is expected to happen sometime soon before the end of first quarter of 2018. I think Hf 20.0 will precede the launch of Steem smart media tokens (SMTs)and 2nd year anniversary of Steemit on the 4th of July, 2018. Hardfork 20.0 is expected to bring about changes such as
- Improving curation rewards for curators and
- Eliminating self-voting rewards among others. Read more from here.
The question that is begging for answers is
Will Hf 20.0 be able to tackle this challenge of a skewed reward system? Please, share your thoughts in the comment below.
Thank you for reading my blog.
Sincerely yours,
Mary.
Follow @maryfavour & @redfishpillar (if you are a newbie).
I don’t think it’s going do enough. Amount of nonsense going around making large sums for next to little effort is disturbing. I try and not think about it too much.
There been a few accounts found every once in a while where they get 100-200$ per post and they have same withdrawal address of a handful or dozens of other accounts.
Those who are willing to make money by any means necessary will keep finding their ways.
While it could help reduce the upper end some of these people are making they will just deploy other tactics even more so if price in Steem spikes. Seems the more it’s worth the less ethical some of these people choose to behave to line their pockets.
I’ve mostly just been sticking to community these days. Focus on the positive or I would just go crazy.
Yes, @enjar, I couldn't agree more with you on this. It's good to try not to think too much about it, but statistics reveals the true picture & I'm keen on knowing the numbers.
Accounts that $100 to %200/post with same withdrawal addresses? This is something @paulag & other experts might be interested in researching into.
Your approach to sticking to communities is the best. That is the vision of steemit & I tell people to be active in their communities and sub- communities. It's the surest path leading to their 'Steemit success' these days. Thank you very much for your invaluable contribution. Cheers.
Hi @maryflavour
My short answer is, this is unlikely, but I'd like to be proved wrong.
As we have a proof of stake setup here, and the stakes are skewed much the same as the rewards - most of the SP is held in very few accounts, I cannot see HF20 changing the reward spread too much.
I'm guessing that if an analysis was done on showing average post reward / SP owned, the more SP owned, the higher the post reward will be.
Maybe Paula or someone would like to show that this is/ is not the case.
Cheers
Asher
yes, I will look at this :-)
Nice! I wondered if you'd be tempted :D
You made a great point here.
Adding to that, I think people should be allowed to self-vote. I think it'd incentivise gathering more SP. Some invest in SP to enjoy a little self-promotion by self-voting.
I believe there are some that powerup solely to have more SP to self-reward themselves when they post. Of course, in like most situations in life, some abuse this opportunity.
Well in a system where no one cares about what you post, the quality of your content really don't matter much, as is all about who you know that upvotes you.
I don't deny that I am guilty of upvoting those I know, and seldomly vote randomly. I think self voting is what keeps and encourage users to continue posting.
I do agree with you @greenrun that self voting abuse should be controlled and not totally removed.
@maryflavor I have prepared that analysis looking at the correlation between SP and post payout. The results surprised me
https://utopian.io/utopian-io/@paulag/what-you-need-to-know-about-post-payout-correlation-steemit-business-intelligence
People do care. It may only appear like they don't due to the sheer massive number of posts per day. It's easy for posts to fall through the cracks and receive no views.
Of course, it is a social media platform, upvoting your social network of friends and associates will always happen.
@ceepee, my sister, I'm glad that you are here and have made this submission.
My family & friends, whom I introduced to steemit deserve support & so I upvote their posts. Random votes is important as well to me, since that is how I grow outside the circle jerk.
I really like the curation support that your team is giving Nigerians through @naijaboost. You'll be receiving more support from me every now and again. Kudos to your team. Well done @ceepee!!!
Thank you my dear sister. Is important we support those we imntorduced, if we dont who will? Not in this steemit platform that I know.
Yeah, you are right. I have my sister on this platform but she hasnt blogged for once, but if she does, i have not option than to reserve 100 % upvote for her. Its just the little one can do to help friends and family that got to steemit by ones evangelism.
I salute the team behind @naijaboost. Honestly dem try. Just like your @redfishpillar helped alot of people and still helping.
I agree here. If you post once a day and spend 2/3 hours on it, I think you are ok with voting yourself for your work.
Cheers!
I second this thought too.
Hello @abh12345,
short answer is, this is unlikely, but I'd like to be proved wrong.
Yes, I do agree that the proof of stake (POS) system is what operates here, precisely delegated POS (dPOS). However, the number of stakes one has here is not proportional to his earnings, IMO. If it were to be so, I wouldn't be earning an average of $10/post when I've staked 17 Million vests/8,400 SP. Anyway, it would be interesting for @paulag to look at that as an expert in data analysis. Thank you for highlighting this aspect of staking in the system. I really appreciate it.
Hi @maryflavour
I understand from your point of view, your payout/SP held might not seem to relate, this is why we need data covering many accounts in order to build a more comprehensive picture of what is happening.
I see @paulag has accepted the challenge to see if anything can be found regarding this, and I look forward to her analysis.
@paulag has done a new analysis already . Her discovery is that there is a relationship between steemit reputation and post payout.
Yes I saw. That is interesting, and I am wondering (with my latest post mentioning it) what is fueling such a linear curve in payouts as you rise up through the reputation ranks.
As far as Steem Power - post payout goes, no evidence.
I see you have 22k Steem power in total, just a bit less than myself. I must admit, I don't know much about your content, who you support, and what communities you are involved in.
Perhaps you have just missed the right people so far? And I guess we all think our posts are worth more than they receive :)
Asher
Honestly, if the hardfork fixes some problem, we will still create some other problems. However, improving and upgrading is the aim. The fact that few people earn more than 90% of the people is another reflection of the society we live in again!!!
You have stated the obvious, @turpsy. This system is not too different from the wider society we live in.
Personally, I think with the recent delegation of steempower to other platforms built on the steem blockchain example @dtube is making it possible for minnows to earn a substantial amount of reward now, no longer depending and at the mercy of few whales anymore, the steem blockchain from my point of view is going to expect or have a huge change coming up soon
It's good to know that minnows no longer need to run after or depend on Steemit whales for votes, since we now have different good apps like @dtube. What if you don't want to create content and post on @dtube? That means you will likely earn very little. Remember, minnows and those with an average low payout might not want to use @dtube, because of the 25% deduction at the time of payout. I appreciate your comment, @otemzi.
yes yes 25% thats a lot, but on the brighter side it leads to increase in reputation although this does not mean more reward but it will make your work standout.
The aspect of not wanting to post I truly understand it, take me for example, I come from Nigeria the cost of internet is quite outrageous and the speed not too good, with the above two, posting via dlive will nearly be impossible or probably be reduced to once in a while.
Steemit is quite unique but like I always say consistent do pay, you might not get the $60 upvote but with time your $10 daily upvote will amount to something.
Happy Steeming
@maryfavour, sincerely, not everyone wants to post on dtube. Not everyone wants to do a video post. I personally do not use dtube. But it doesnt really matter what I use.
But should posting using the steemit platform be abandon solely cause other platform are giving up vote and supporting post. Is this something that would be good for the system?
I guess we may never be able to get solution to this. But I really hope the HF do not end up turning things around negatively.
When is the 2nd year of steemit? date? I still dont see how not allowing self voting is going to keep people from making other alt accounts and just upvote their stuff from there it seems like a flawed system on that part. I kind of think its an even playing fields. Or perhaps just limiting the percent self voting you can do each day. Full blown out removing self voting I have a feeling is just going to lead to mass fake account creation.
Steemit Inc. was officially launched on the 4th of July 2016. Thank you for asking @bitcoinflood.
Exactly my thoughts. It would worsen the current situation. People are not really disciplined, they seldom think of others, when it comes to issues involving money. Greed is what rules them. Believe it or not, creation of those fake accounts have begun in preparation for Hf20. Thanks for taking time to read my post and share your thoughts.
I wish the creation of fake account can be checked properly to avert imminent danger ahead. Greed is something in man that cannot be removed, even when the system is working perfectly people will still introduce greed into it. I hope all we have mentioned here can be factored into HF 20...
Thank you for the date I had no idea that is coming up here soon. Will there be another steemfest around this time? Dang I sure need to get into this a bit more for how much time I spend on here lol greatly value your feedback!
Thanks to you @bitcoinflood, you are making lot of sense..
I can perceive Mass fake account creation
I think creation of massive fake accounts, is already happening, @ssonia. Imagine someone reporting that a fellow Steeemian has 20 accounts. If that is not GREED, please tell me what it is.
You have spoken my mind. Removing self voting will not help at all
Absolutely agree with you on this, @trendyevents. Thanks for stopping by.
Fake accounts already exist now that self-voting exists. We already have both sins at the same time.
Yes, very true. Both sins of fake accounts & self-voting already exist. How to mitigate the somewhat negative impact should of great concern to the management 9f Steemit Inc. and witnesses. Thanks for your contribution, @edumurphy.
unfortunately the distribution of SP is extremely uneven and with the weight then steemit is not a level playing field. Now if Steemit Inc were to do an airdrop, they could quickly redistribute the spread and we would quickly see a more even reward base
Absolutely agree with you that steemit is not a level playing field. The airdrop suggestion is a good one, @paulag. Someone who has good knowledge of how it works can propose it to Steemit Inc.
Hf20 is like the second coming of the Christ. I don't believe it much, that's the sad part. I have come to expect that those who hold power don't relinquish it on a silver platter so there will be a catch.
Now I will take my meds. have a nice day
Another salient point right there, @trumanity. Permit me to add that most relinquish power, but not without a prize on steemit. That is the idea of leasing delegated steam power (DSP). Please, go take your meds. and stay healthy. Thanks for your contribution. Cheers.
Nice of you to say that. I'll also read my lease carefully.. where are my specs 😉 take care
Is Hf 20.0 also programmed to tackle skewed reward system? Is it part of it's agenda or just to adjust people who have low curation?
I believe the problem of skewed reward system is well known to Steemit administration and they must have been thinking and planning counter measures which is part of the reason why they are eliminating self voting.
Agreed self voting is no longer working, can this minimize the leaves of skewed reward?
We should know most of these people have more than one account and if one can't vote itself, others will do the job of voting the account that belongs to their owners.
So as per the question mama @maryfavour I can't really tell specifically but I believe that change is constant.
The management of Steemit Inc. needs you and I to bring this kind of information to their knowledge, without fear of favour.
So simply answer your question, @sonia. Fixing a *skewed reward system it not part of the agenda of Hf 20. However I posed the question the way I did to draw the attention of steemit Incorporated and Witnesses to see and understand exactly what is going on. Hopefully, hf21, will be deal with this issue of skewed reward system. Thank you for sharing your thoughts.
I really hope so. A lot of people are excited about steem and join but there hopes are soon crashed and stop steeming. Even though a lot of those people expect to get upvotes just like Instagram and don’t realize they need to invest time and it don’t hurt to invest into steem.
Let me shock you, @jonyoudyer, to state that your submission is one major reason why It's difficult for me to invite many people I know to come and join. It will not be possible for me to reward all of them. So, they will get discouraged exactly like you have stated and just leave. Hopefully, hf 21 will take care of this. Thanks for your contribution.
i don't think it is really happening and the day will come when all the reward pool will be drained one day for sure as there is limited supply of steem available