How much is a single Up-Vote from one of Steemit's founders worth? Way more than you think!!!
I was minding my own business this afternoon, writing a few articles that got a few people chatting to me, but not so much on the reward side. That was until I got an up-vote from one of the founders of Steemit.
Pre-vote reward: $1.50
Post Vote reward: $294
That is some power the Steemit founders currently yield.
I actually think it is a good thing at this early stage. The founders of Steemit will yield their votes carefully and incentives and guide content creators. Who better to have the power than the people with the most to gain, and the most to lose from the success/demise of Steemit.
They have mentioned to me in the past (in reply to a post) that they are currently reward educational content on the platform (Steemit), and introduce yourself posts, however there will be a move to original quality content over the coming months. I believe we are seeing the beginning of that. The great thing is, where their votes are, the content will come...
There is a lovely combination of Democracy, Meritocracy, Incentives and Capitalism on this platform. A very interesting experiment unfolding before our eyes.
The steemit ecosystem is really interesting. That said, I am concerned the variability in rewards may reduce poster and curator retention. [steemit gini]
@jcweiss That is certainly a consideration. I suppose the thing is, any kind of reward for the average reddit user 'should' be enough to entice them over and retain them.
In theory, the more users Steemit gets, the more distributed the reward system and wealth should become. I'm pretty sure the large Steem Power holders will not be keeping up with their 10% per year dilution from now on (I will do a little research on this and get back to you). That wealth is going to be spread out amongst the creators and curators...
All that being said, I am concerned too..
@hisnameisolllie I agree the incentives are in the right direction for all parties compared to other social media outlets. Yet, there is a large mismatch in time scale of annual dilution and the recent explosion in popularity. Looking forward to more details on the dilution.
very well, when developers create a high-quality platform for unique content. Steemit waiting for a great future!
It's reassuring to hear that the founders want to reward hard content. I'm new and already feel swamped by the torrent of new posts with cat pictures etc...
It's a design flaw to have such top heavy rewards and concentrated power to withdraw. I've been saying that since I joined, but unfortunately I don't think it will ever change. The people who would be the ones to change it are the people who benefit most from the current system...
@bacchist I can see that. I need to crunch some numbers to see if they will ultimately get diluted over time (I think the answer is they will). That being said, that will take some time (if true), and the imbalance will exist for some time...
Even if that happens, it still seems like new users are undervalued. The vote of a new user isn't worth anything, and a new user can "vote perfectly" and not see any rewards from it.
Quite right @bacchist. I certainly don't feel I deserve my voting power, just because I was on the platform 5 weeks before everyone else. It's definitely something which could be improved moving forward...
I don't think your voting power is a problem. It's not a destabilizing amount. It isn't going to distort the market. I'm not too concerned with the gradation of voting power in the middle... For me, the potential harm is in the extremes... Those whose voting power gives hundreds (and possibly more from the bandwagon), and those who don't even have the power to give a penny.