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RE: Curator's Slider - Steemit development

in #steemit7 years ago

I'm afraid that as long as there is a substantial group of big wallets who are interested in short-term rewards only, and who set up their voting accordingly without considering the long-term prospects of Steemit and Steem, no amount of tweaking the percentages will make them vote for content "because they like it". They will just game the system in a different way.

So, I don't think setting the percentages back to 50/50 or making them variable will make much difference in the voting behaviour of said part of the "rich" group.

That said: this is just the scenario I see before me, a hypothesis of what would happen. The only way to find out is to do the experiment.

Below is a comment I wrote elsewhere on going back to 50/50. I would be interested in your opinion.

Given the current goings-on on Steemit, I think the most likely scenario will be that:

  • blind voting-for-profit will go up, and stay well within the existing voting patterns, some of which are circle jerks;
  • voting-because-one-likes-content will go down;
  • average Steemians rewards from voting will move from negligable to twice negligable;
  • their rewards for posting content will go down.

I don't think increasing the curator's cut will increase proper curating, it will just increase the rewards for those who vote for rewards only rather than for rewarding content they like.

I suspect all it would do is make the in-crowds and short-term ROI-seekers work slightly differently, while at the same time increasing the income of those who vote for profit and decreasing the rewards for content creators.

The long-term/short-term outlook of those with the big wallets is key here, not the percentages.

There's only one way to find out what would happen, so we could just try it, as long as it can be reversed when it doesn't work as intended. Nothing wrong with experimenting as long as you say beforehand what you will do with the outcome of the experiment.

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The long-term/short-term outlook of those with the big wallets is key here, not the percentages.

This is key but the current system is pushing them increasingly to short-term views and we expect them to take a long position out of the goodness of their hearts. Yes, it may be in their best interest long-term but unless the majority agree, few will risk it. This is why trying to convince the majority of bigger accounts to risk a long view should be a concern.

And trialing to see how things work is not the end of the world if it fails.

I don't think it is the system that pushes them towards short-term thinking; short-term profit could well be what they came for, and the system allows it. They will find a way at any percentage setting, except perhaps 100/0.

I don't expect them to take a broader and long-term view out of the "goodness of their hearts" but for the benefit of Steem price and the popularity of the platform. I think eventually they will lose more from falling Steem prices than they will gain from gaming the system and partly cause those falling prices.

I'm not sure this is a problem that can be solved within the same economic belief system that was used to set up Steemit.