@dan has stated that the purpose of the liquidity reward is in part to subsidize liquidity but also in part to serve as a component of the distribution strategy for Steem. By offering such a bounty it brings traders to Steem, an audience which would not normally be interested in the social media aspect (though they may indeed post about or discuss trading).
Some tweaks are planned to improve the algorithm, but in a sense traders being clever and figuring out how to collect it is the whole idea. The same applies to saturday/sunday who appears to be trying to compete along with others who will join the game later.
an audience which would not normally be interested in the social media aspect
But why should we concentrate on traders and such when the social media aspect is roaring? The traders could always be catered to later. Anyway the rise of the steem coins has been fueled by users of the social media component and should get preference. Besides this incident is causing consternation in some users, so maybe a post from @dan shall satisfy all.
I think @dan's answer would be that traders bring liquidity and investment, leading to higher market cap and larger rewards for the social media side. It is a synergy.
And I would disagree that the rise in price and market cap has been funded by users. 2000+ BTC trading volume over the past few days on bittrex is not (primarily) steem users, it is traders and investors buying in, increasing the market cap, and making the entire system work better for everyone.
Anyway, perhaps @dan will have his own thoughts to share on this
Yes I agree it being a synergy, but it could wait IMO. As for the rise, i feel the demand was pumped up due to the interest generated with new sign-ups and believe they should have preference. Yes we will wait for @dan to explain!
smooth, I have voted for abit as a witness. Is a it's behaviour considered exploitative at this time? Is he acting in keeping with his position of responsibility? Should I be considering removal of my vote for witness? I would really appreciate you take on the slack participants thoughts.. thank you.
I don't think @abit is behaving in a manner that most benefits the Steem community. If his trading bot were more focused on providing liquidity and less on self-trading then he would still likely get a good share of the rewards, just not (nearly) all of them, and would be providing a better service to customers in the market while encouraging rather than discouraging competition from others who also want to provide liquidity (but don't have the head start he does in terms of creating bots that take advantage of various nuances of the system). I'm not going to tell you how to vote though.
Thank you for your perspective. It is appreciated. Don't worry, I wouldn't expect you to tell me how to vote but I do value the opinions and advice of those I trust. I think @abit has done a lot to contribute to Steemit, I'll wait to see if his behaviour changes or what his take is should he comment. Given some of his recent posts about fairness.....I've stopped voting for myself....I'll feel a touch let down if he's not observing the same standards.....
They already know about it.
@dan has stated that the purpose of the liquidity reward is in part to subsidize liquidity but also in part to serve as a component of the distribution strategy for Steem. By offering such a bounty it brings traders to Steem, an audience which would not normally be interested in the social media aspect (though they may indeed post about or discuss trading).
Some tweaks are planned to improve the algorithm, but in a sense traders being clever and figuring out how to collect it is the whole idea. The same applies to saturday/sunday who appears to be trying to compete along with others who will join the game later.
But why should we concentrate on traders and such when the social media aspect is roaring? The traders could always be catered to later. Anyway the rise of the steem coins has been fueled by users of the social media component and should get preference. Besides this incident is causing consternation in some users, so maybe a post from @dan shall satisfy all.
I think @dan's answer would be that traders bring liquidity and investment, leading to higher market cap and larger rewards for the social media side. It is a synergy.
And I would disagree that the rise in price and market cap has been funded by users. 2000+ BTC trading volume over the past few days on bittrex is not (primarily) steem users, it is traders and investors buying in, increasing the market cap, and making the entire system work better for everyone.
Anyway, perhaps @dan will have his own thoughts to share on this
Yes I agree it being a synergy, but it could wait IMO. As for the rise, i feel the demand was pumped up due to the interest generated with new sign-ups and believe they should have preference. Yes we will wait for @dan to explain!
smooth, I have voted for abit as a witness. Is a it's behaviour considered exploitative at this time? Is he acting in keeping with his position of responsibility? Should I be considering removal of my vote for witness? I would really appreciate you take on the slack participants thoughts.. thank you.
I don't think @abit is behaving in a manner that most benefits the Steem community. If his trading bot were more focused on providing liquidity and less on self-trading then he would still likely get a good share of the rewards, just not (nearly) all of them, and would be providing a better service to customers in the market while encouraging rather than discouraging competition from others who also want to provide liquidity (but don't have the head start he does in terms of creating bots that take advantage of various nuances of the system). I'm not going to tell you how to vote though.
Thank you for your perspective. It is appreciated. Don't worry, I wouldn't expect you to tell me how to vote but I do value the opinions and advice of those I trust. I think @abit has done a lot to contribute to Steemit, I'll wait to see if his behaviour changes or what his take is should he comment. Given some of his recent posts about fairness.....I've stopped voting for myself....I'll feel a touch let down if he's not observing the same standards.....
https://steemit.com/steemit/@egabragsiyrallih/how-the-steemit-liquidity-exploit-is-creating-a-permanent-superuser-class
This seems like it will rapidly become a major problem.
Certain, I think that the better thing is that they explain it to avoid doubts, and that it could harm to the project.