RE: A new post category: "PROMOTED": Is it a new killer feature or what will make the rich even richer ?
The Steemit community and developers working together on this one!
Amazing implementation and although I may be completely off in thinking that it's some sort of response to my STEEM WhistleBlower article regarding the possible exploitation of authors.
Glad to see this is a thing. Great summary article.
One question I do have though.. It says the SBD are burned or basically distributed to shareholders (which from my understanding is anyone with Steem Power) so does that mean we'll be seeing SBD, SP or liquid STEEM in our accounts when people promote posts?
The only problem I have with this concept is the wording really. These coins aren't being burned at all. Most of the top accounts are owned by the developers with @steemit being the largest account. While I'm all for the redistribution of wealth it needs to be brought into light that this SBD being "burned" is actually just being mostly stuffed into the developers and CEO pockets. With all that being said I do think these guys deserve a heroes reward for creating this platform, but when you start looking at the numbers is a percentage greater than 50% going to the developers really in the best interest of the community?
That's your judgement to make.
Hey dude. I think the idea is that it gets destroyed or decommissioned, which in turn makes STEEM less abundant, and more valuable. When someone spends say 1000 Dollars on Promotion, they are effectively burning money. It's the first time we've seen any possibility for STEEM to be deflationary. That's my understanding of it so far anyway.
Our sub-economy consists of 10 Steem, you have 9 and I have 1. You promotify your post for 3, so you have 6 and I still have 1. Or economy now consists of 7 Steem.
So with your whale promotification, you have achieved this effect:
my wealth rose from 1/10 of the economy to 1/7th.
yours fell from 9/10 to 6/7. Not counting the revenue the promotification gives you, maybe.
Promotifying posts, "burning money", is the best thing a whale can do to evenly distribute relative wealth over the economy, straightening the Lorenz curve.
Another effect, of course, that there are now only 7 instead of 10 steem, so each single steem is more valuable than before on the rest of the market of the super-economy.
This feature is pure genius, and I applaud the devs. With this implemented, I'd even be okay with an implementation of the orignal proposal I read weeks ago: let the top promotified content be advertised in the sidebar to give an incentive to burn money, IF (only IF) it turns out nobody looks at the promotified feed and whales shrink from promotifying.
Minnows should upvote promotified posts like mad to give advertisers the impression their investment turned into views and clicks, and incite them to promotify and burn money more.
I make a difference between promotion (in the chat channels) and promotification (via the promote function) to avoid confusion.