RE: The Incentives of Steemit Part 2 - What Steemit Wants to Be vs What Steemit Is
We are certainly in agreement on the one-vote/one-account reward system. Fixing that so that it is more democratic while still incentivizing longevity/"power" will require that we find a middle ground on the spectrum BETWEEN the current system (oligarchy) and one-vote/one-account (pure democracy.) Fixing that will, IMHO, result in a platform that is far more of a social media site than it is now, along with the "sub-reddit" type stuff that is already in the works.
A middle ground reward system might involve weighting people's voting power by their rep score, or steem power, or a combination, but it would be far less drastic a weighting than the current whale (10,000) to minnow (1) voting-power apparatus we have now.
As you start off your fine article saying, people will always do what maximizes reward while minimizing effort. A mixed reward system such as I have put forward would force people to consider quality when posting, while still rewarding those who took the risk of being here first and putting up their money.
How do you manage multiple accounts ?
I can already see paid-for services which setup many accounts and vote for their clients.
People with multiple accounts should only be able to choose ONE account that can be activated for voting purposes, but the reward system would still apply PER ACCOUNT based on each account's own (steem /rep) statistics.
This is technically impossible to implement, as code is not omnipresent and can't know if different accounts have the same owner.
The rewards would stay the same. Are you just talking about a new way to categorize what is "trending"? This is a front-end problem, in a decentralized system this shouldn't matter. But it is true that the majority of the readers use steemit.com
I agree that reputation of the voting account should be (heavily?) weighted by the reward formula. This would be a real improvement.
There is not currently a way, but someone had a name for the way it could be done yesterday when I was reading around on this topic. I forget what it was called...I'll have to see if I can find that again. Multiple accounts--beyond a legitimate 3-4 for varying actual business models that INDIVIDUALS may need are necessary-- yes, but not beyond that.
When you say "the rewards would stay the same" I'm not sure what you mean. This whole conversation is about adjusting the rewards system. "Trending" is just the most visible example of the faults with the current system.
I cant answer for @mepatriot, but that is one of the reasons (but not the biggest, stay tuned) I think that one-vote/one-account is not a good idea.
Agree. We already have so many fake accounts on Steem owned by single person offering resteem and upvote services.
Rep weighted system is also abusive as by flagging whales can kill any genuine account
Only way is to take off the flag option. Let positivity survive here. All negativity is because of flag option
Thanks again for the thoughtful comments. With your permission, I will quote (and of course give credit to) either your last comment on Part 1 or from this one :)
Sure. Thanks for your good efforts on this front.
I explain my thoughts on the reward system better here, though:
https://steemit.com/steem/@mepatriot/making-steemtit-rewards-fair
I will link that one. Thanks
My pleasure.
maximizing the reward is a good thing to earn money!
Not really. Maximizing the fairness, and distributing rewards to incentivize long-term participation and new membership is preferable.
I suggested a sigmoidal visibility curve in my post here: https://steemit.com/steemit/@nealmcspadden/account-based-voting-is-a-terrible-idea-for-steem
Yea...pretty much along the same lines as I've been saying too. Well done.
The first formula we try is probably going to have to be tweaked over time, no matter how we originally set it up. The important thing, of course, is that we AVOID one-account/one-vote at all costs, and that we get off the current system. The formulas can always be tinkered with to adjust as we learn what works best for all concerned.
How you created content to post here?Are you content writer?
I was not a content creator before coming to Steemit, no. I am happy with the content I am creating now, but I am always trying to improve.