Mini-Rant: If the Dev's implement socialism in Steemit, I'm powering down. (repost, rewards refused)
Yea, this is a repost. Soooo tired of people complaining on how unfair Steemit is. When I respond, I have trouble thinking of putting it any other way than I already have..in this old post of mine. So I'll just repost it (with no payout).
I'm often reading posts complaining about how the whales have too much power and need to be nerfed. They put forth various ideas on how to limit the voting power of whales and make the system more "fair".
There are other social platforms that are more fair. Reddit is fair. Everyone gets one vote, up or down, so why aren't you there instead of here?
Oh that's right, you're here for the money.
Well, where does the money come from? Does it come from money heaven? Raining down like manna? No, the value of the payouts is derived from the large sums of money that whales have pumped into the system.
Every time the network pays out 25 cents to a poster, that value is siphoned from the accounts of all the Steem holders, whether they voted on that post or not, via the magic of the inflation tax. Those who hold the most Steem Power (i.e, the whales) get the most power to decide who gets to extract this wealth indirectly from their coffers.
Those who are risking the most get the most power to decide how the system is used..
And this is perfectly fair!
Fortunately, I'm pretty sure the devs totally get this, and are unlikely to implement any limits to Steem Power. If they did, then everyone would power down and money would flee the system, and there would be no money to grant to posts.
I am not against the whales having more power. I agree 100% that they should. The problem is that there needs to be a balance. If they have too much power - to the extent that there is really no point in becoming a dolphin, then there is going to be a real problem with growth/retention. Whales shouldn't want that either, because growth and retention are going to be key drivers for their investment going up in value 😀
The n^2 formula is a large part of the problem. Currently if a whale has 100 times as much SP as a dolphin, they don't have 100 times as much influence. They have 100x100 = 10,000 times as much influence. Correcting that so 100 times as much influence for 100 times as much power will likely take care of the issue. The people who are pushing for that cannot really be called socialists ;)
I'm fine with changing N^2 to N on the power curve. I don't think pushing for flat power curve is socialism either. It still respects Steempower.
Speaking of that, do we yet know when to expect HF 19?
I haven't seen anything yet. Hopefully soon :)
Yes, I hope so too!
I see no problem with reposting for payout, as long as the post isn't spammed...and your post is right
Fair enough
So many have power down, that makes the minnow more stronger.
My philosophy is; fuck participation awards. Pardon my french. I had to work my damn ass off to get a vote worth about 4 cents on a good day. I did it because I chose to do it. If someone comes along and removes all the steps I had to take to get where I am today just to convenience a bunch of whiners who don't want to work or buy in, I will be one disgruntled Steem Power holder.
Agggg...let them complain! I'm just happy someone invented Steemit!
My friend I think you have to enjoy steemit. Without worrying about what others say or do. At first I found many things that I did not like, but then I realized that I felt better if I did not pay attention and only enjoyed what amused me and I did well. Focus on what makes you laugh and have fun on this platform.
As for example if you want to laugh, you can see my last post, do not vote it please, I do not mention it for that. But you can participate and win the liquid reward of that post. Have a great weekend dear @neoxian!
I do enjoy Steemit, and do ignore most of the crap I don't like, but when I hear ideas that I think could make Steemit worse, I have to speak out against them.
It's okay my friend, maybe I express bad. I know you enjoy steemit. What I mean is that a bad idea is not going to thrive because the same steemians would not allow it.
Yes, you are probably right.
I agree entirely
Is socialism your click-bait word as nothing you posted relates to it?
I totally agree that there has to be incentive to hold. I think the biggest problem right now is it is too diversified in how profits are divided. I feel like encouraging the use of the savings feature would be better than saying only 1% of votes really matter. Flattening the vote power is not going to fix this, because it just leads to people buying spam vote accounts. It's a lot to figure out, but I feel like it's fixable.
Why buy spam vote accounts when powering up has the same effect?
If they flatten the vote weight as discussed previously it won't be the same.
Not sure I agree with that.
One way or another for steem and steemit to grow, things have to change. I think a smarter way exists and we need to figure it out. What do you think of using savings as a minting pool? Like 50% of daily rewards are split as interest to everyone with a stake in the savings pool. It allows for holding to be rewarded without hurting content creation. It also gets rid of the entry barrier to new users. Make it a 1 month pool where your steem is locked into savings for 30 days.
It seems like this would take away from post rewards, dunno.
I don't have a problem with whales having a lot of Steem. I have an issue with them downvoting good content. That feels unwelcome and it will feel unwelcome to others. Adoption has slowed and this won't help more adoption.
People who contribute to the system should have more. But unless someone is plagiarizing content or posting adult content, then downvoting is questionable as to whether people will feel welcome. In addition, one could easily just report content.
Everyone has the right to vote their stake. A whale should be highly motivated to preserve the system that they are so heavily invested in, and vote in the smartest way possible. There may be dumb whales though, but a fool and his money are soon parted as they say.
Show me one whale where his downvoting resulted in him parting with his money.
Also to think that people vote smart - especially rich people who profit from votes - is the opposite of smart. (If you don't get what I mean: Repeated studies, esp. on traders at stock exchanges, have shown that greed leads to very bad decisions. The higher their stake, the more irrational they become.)
It was a general expression. But if the whales shit up the platform by voting poorly, then the price of steem will go down and they'll lose money.