IDEA! Just a little something to chew on .. 500 - 50k SP Curation Range & New SBD Model
Ok, no bs'ing around ..
SUB-500 SP Users - Proto-STEEMIANS
Listen, I am not a STEEM blockchain expert, or a blockchain expert, nor an expert ... but I will just throw this out there so people start to think about possible ENTIRELY NEW WAYS TO DO DIS CHIT! ;) .. just a mental exercise, or a m3nT@l 3xeRcIzE.
Consider the following ..
Allow only people with between 500 - 50 000 SP to curate. Anyone with any amount of SP can post and earn, but there must be controls on curation and on downvoting over a particular amount of SP.
For those under 500 they will post and gain SP over time as current (or invest directly), until they are in a position to curate effectively - let's face it, people under 500 SP do not earn anything from curation anyway. They will not be able to downvote either, which will disable trouble-making bot armies and random s***heads.
500 - 50 000 SP Users - Generator Class
- For those over 50 000 SP, they would not be able to curate for reward any longer (to maintain the health of the reward pool), but they would have a weighted downvote .. BUT! Two new things - Firstly, they will be able to add STEEM directly to a post's reward, which would be shared with all curators - this STEEM would come from whale coffers, not the rewards pool.
Secondly ..
New SBD Model!
For every STEEM that a whale provides directly to a post's reward, they will be allowed to lock up TWICE the same amount in SBD, which will remain an interest earning product, but one that is only available to 50 000 + SP holders. SBD would be entirely liquid, purchasable by anyone, with STEEM as is the case today, and would be the primary currency for purchases of products and services when such things come into existence.
100 000 + STEEM - Investor Class
- Can not curate
- Can not add to post rewards 'directly'
- But Can move whatever amount they wish to SBD at any time.
This post has been ranked within the top 80 most undervalued posts in the first half of Mar 16. We estimate that this post is undervalued by $1.24 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Mar 16 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.
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There is a way to game this, but then there usually is a way. That is what makes all of these PROBLEMS so difficult to solve.
People can intentionally work on keeping their accounts below the barrier where they are allowed to curate, so the wealthy/powerful people will be there but they'll likely become a person controlling a bot network of a lot of accounts that are within that window and allowed to vote.
Wouldn't that end up being the same as they are doing now?
1,000,000 steem power now voting from one account now.
Or 20 accounts voting at 50,000 steem power.
End result is the same.
I think for this to work we need to have a positive incentive for having singular accounts over the voting cap if one is going to exist.
There needs to be a reason someone would want to have a single powerful account as opposed to an army of small ones.
So if the voting thing does end up seeming to be a positive thing then something permanent could be considered, but we'd need to come up with an attractive reason to have powerful accounts.
Well, at first thought I did not see a problem with multiple accounts .. haha.. but I have a proven blind spot to these obvious attack vectors. The problem with what is happening now is that we have 50 000+ SP users draining the curation pool, but in what I suggest they would no longer be able to do so. So if they had 1 million steem, and created 20 accounts, 'under 50 000' (or whatever level works best) .. yes, if they wanted to work that hard, they would have the same effect. They could just put the million in SBD and kick back and earn decent interest instead. :)
Definitely needs work, but we could start thinking in terms of classes of user, rather than having a 50 SP holder playing on the same field as a 500 000+ user.
Thanks for the great feedback @dwinblood .. as usual. Perhaps we'll bounce it around some more, or come up with something similar but completely different! :)
It is not hard work... most of them already have bots. Easy to create a bot network.
I made a post inspired by my response to you.
Well, hard work meaning .. powering down, creating accounts, distributing the SP, then using the 20 accounts to curate, and if they do use bots for all that, then instead of "hard work" we can describe it as "the pain in the ass that it is to run bots". :)
Hey that's me too. We should start a club or something. :)
Hmm, interesting idea... but then what motivation would people have to ever grow their account beyond 50k SP? I'm not convinced that the interest on SBD would make up for the lost curation rewards. Have you done any numeric analysis to show what the difference would be? Also, the way Steemit works is already pretty complicated for the average person to wrap their heads around. This idea feels like it would add additional complexity by making things behave differently at different levels.
How about just modifying the rewards curve so that there's a more pronounced effect for votes from smaller accounts, which starts to level off the higher up the curve you go?
You are absolutely right .. I have previously posted on reducing complexity and getting rid of SBD entirely. I probably should have put more effort into the 50 000 - 100 000 range, but the one thing that I tried to communicate is that this would be a Direct Investment & Savings Class of user .. they would be able to make use of the SBD interest earning savings account, which they earn by boosting post rewards, which has a promotional effect as well.
It might be pretty weak, and the ranges might need to be different, but the 100 000 + SP class would be interested in two things .. increased STEEM price, and taking advantage of earning interest on STEEM that they have locked up in interest-earning SBD.
Something like that! :)