A new post category: "PROMOTED": Is it a new killer feature or what will make the rich even richer ?
Just a few minutes ago I discovered the PROMOTE button under my post.
I was updating my (almost) Daily Pick of Hidden Gems - FRENCH Edition and I saw this:
Besides my terrible sense of humor and the astonishing success of the aforementioned post, the trained eye will discover (on the lower right part of the image) this [PROMOTE] button...
What does it do ?
This button (seems to) allows you to add Steem Dollars to the posting-equation.
Meaning: You do not need whales or followers, just put your own money and have your post raise in the "hot" or even the "Trending" list.
As you can see, the money will be "burned" and become a dividend to share holders.
(Question for @dan and @ned: who are these share holders ?)
- Does it mean that already rich accounts, loaded with SBD will be able to promote even more their posts ?
YES...
YES BUT... there is more that meets the eye here.
And I believe it is actually good news for us.
Can I promote other's posts or just mine ?
That's the first piece of good news.
You can HELP others by promoting their posts: even if you are a minnow, you can put some of your earned SBD and help others. Now, Whales can help in a different way. And that's great news.
That is a little revolution, especially if you had your posts published by mini whales and got paid in SBD. Instead of having to wait 1 week to get Steem and then power up, you can allocate a small part of your SBD earnings to promote your own posts.
##SteemDollars suddenly became a very interesting tool!
The "promote" feed.
This is the 2nd piece of good news.
As you can see, there is now a new feed in Steemit, along side the famous infamous "trending", and next to the not very usefull "Popular" (I'd rather see here the "Feed"= my followed authors' stories)
Here's the link: https://steemit.com/promoted/
It is good on one hand, because it gives another way to curate content.
But on the other hand, you can be almost sure that the posts featured under this feed did (kind of) buy their success.
Conclusion: Good or bad.
As said, at 1st sight it does not looks fantastic, because it does not solve the "rich getting richer" situation.
But in the end it's a very interesting evolution that will benefit for the whole platform.
- SteemDollars now have a real utility (besides paying authors or trading on bittrex.com...)
That means SBD price SHOULD raise. - Now, anybody can promote any post. It's not about having followers or upvotes anymore: the curation market is now an open market.
Thanks to this evolution, I hope, and believe that Steemit will thrive even more.
Only the future will tell us.
In the meantime, check who promotes what here: https://steemit.com/@null/transfers
I vote killer feature. Seeing that promote button just opened up a LOT of doors. Would be nice to get some sort of a notification if a promotion fee was paid so you can thank the individual who promoted.
I like it. Aligns with all users incentives, IMO and it acts as an economic pressure release valve for excess Steemit while giving users greater ability to reward content that they want more of.
Just another step towards growing the ecosystem of Steem economy!
Definitely killer, it makes it much more valuable for advertisement companies to buy Steem. Otherwise the investment/risk required to promote a post through stacking up on SP was just ridiculous. and would have never worked. I actually see the long term stability of steem as being MUCH MORE valuable just because of that.
Yep, almost like I proposed it here 3 weeks ago. Good job, devs!
It all depends on how many people choose to read the promoted section. If lots do and the content then attracts normal upvotes and gets on to the front page, it's worth it for the author to promote. If no-one reads that tab, then it is a waste of money.
As with all experiments of this sort, we shall only find out if it works if about a month's time. If that section starts to look a bit empty, it will be because it's not providing a return on investment. If it is chokka, it is.
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.
https://steemit.com/hidden-gems/@dragonslayer109/daily-pick-of-hidden-gems-36 here is where I will be featuring your post today
A cool feature, but comes with a price tag. A few hours back it required 78 Steem Dollars to make it to the top of the promote page. Thanks for all the advice - I created a step by step visual help guide. Hope this helps. 😀 How to Promote Your Post with Success on Steemit - Visual Quick Step by Step Help Card 🐳!
@steempowerwhale
🌞 Visual Quick Help Cards for Beginner Success on Steemit – Volume 1 🐳!
@sebastien, props on creating a really good post about the new feature right away! :)
Here's a link to the post that Steemit made using their blog account a little earlier: https://steemit.com/steemit/@steemitblog/introducing-promoted-content
Interesting...but if I promote my post (or someone elses) who does it get promoted to?
For example...if I spend say...$1000 on promoting a post, does it just sit at the top of the promoted feed?
For how long?
And if we all know that the promoted feed is full of self promoters then wouldn't we all know that the quality of content there might not be quite so high?
The promoted feed is then basically like watching paid advertisements on TV?
Some answers in @steemitblog article
Awesome feature! Turns things around for the better!
So I Can Promote My Own
Content?
and The $ Goes TO The Share Holders?
I am Not A Shareholder Tho
The Steem Power in your wallet means that you are a shareholder @anns.