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RE: The Potential For The Steem Upvote

in #steem5 years ago

Ya, I was hoping to brainstorm some way that would work that wouldn't allow abuse of the system. Acidyo had a good idea about a possible middleman service: "There could easily be a service that exchanges your votes for liquids with a % cut that depends on flags and price volatility. Say it could have a mining difficulty sort of function that changes the percentage depending on last week and total average and of course the service creators could take a fee too."

I hear you about the delegations. The delegations can have the option to have no lock-up period if you choose, but right now no serious business can be done if a dApp has the trust me or any other investor, the delegation isn't real when it can be swiped away at any minute. And a flimsy delegation doesn't demand a high price at all, but if I can lock it for a year or two, it becomes a much bigger bargaining chip for me as an investor into a dApp.

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Interesting thought from Acidyo regarding the middleman service - although part of my love for Steem is the absolute lack of fees and the accompanying 'clarity' of transfers made on this blockchain. Not here to be negative, just letting it sink in and trying to figure out how it would work so that both the seller as well as the buyer feel like it's an easy 'contract'. As the Steem whitepaper states:

The fundamental problem with charging transaction fees is that micropayments don’t work, especially forlow-value user actions. When a fee is charged on every transaction, it limits the types of transactions thata decentralized network can process. Regardless of how rational the argument for the necessity of fees,users still hate the experience of being nickeled and dimed for everything that they do

Also, buying through upvotes is cool for those who have Steem Power to spend, but I'm a top 1% (probably even 0.1%) Steem Holder currently but my 100% upvote is only worth .12$ or about a quarter STEEM. I don't know how many people will actually use 'upvote to buy' if only 0.05 percent on this platform actually has more than 1$ to upvote? And who would first buy thousands of STEEM to then buy a 10-100$ item? I see the attraction if there's a huge amount of items to buy this way, because that investment basically gives you buying power for life and it will earn back in the end.

Just some notes, off to read comments of others now ;-)

(Totally agree on the delegations part by the way, locking up delegations would definitely add a strong aspect to the current system.)

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