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RE: Steemit Update: HF21 Testnet, SPS, EIP, Rewards API, SMTs!

in #steemit2 years ago (edited)

My only question at this point is: what are the specific, measurable, and timely goalposts by which we can judge whether the EIP has performed the black magic to make everything shiny that its proponents claim, and are we prepared to commit to giving up on it when it inevitably fails them?

It's pretty clear by now that this is going to have to be tried and fail dramatically before anyone thinks about doing anything actually productive, and I just hope someone's thinking about how to identify when that failure has happened.

#sbi-skip

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Yes exactly. We need some defined goals so we know when this has failed. Downvote wars that drive users away? More people powering down than they are currently? Less new users coming aboard? What are the metrics? We likely can't just use the price of steem because it will probably ride a random crypto wide pump at some point.

If they had run some simple simulations with a few weeks of data, this would be crystal clear for everyone. The EIP is going to create incentives that favor the bid bot economy.

  • There should be a factor of about 3x in total influence needed to get a post or comment past dust level, incentifying more medium sized accounts to use bid bots.
  • The ROI for bid bot users will decrease while the ROI for bid bot owners will increase, incentifying a drop in price for bid bot usage.
  • The drop in price for bid bot usage will free up money currently being pumped around, creating a demand for new stake delegated to bid bots.
  • The flag pool will make self up voters (who hardly do harm to the content economy) more vulnerable to getting flagged, creating new insentive to delegate to bid bots.

I think there are a few simple fixes possible for this part:

  • Drop dust level from 0.02 to 0.005
  • Curator/Author buckets as described here

There are other issues with the EIP, that make it very likely to backfire even worse. The other type of backfire isn't that easy to simulate or measure after the fact though as it involves new accounts, platform growth and onboarding.

It is really interesting how Steemit believes it can grow its economy while not adressing inflation in any way and while not adressing the fact that STEEM is losing the battle for top content creators. For a real EIP we desperately need usefull features that burn STEEM and we need STEEM to truly compete with add revenue platforms and pull in those top content creators and their follower base from other platforms.

The EIP is going to backfire in more ways than one. The bid bot economy growth clearly being the most predictable and visible. Lets hope that lacking proper simulations (they wouldn't have gone through with the EIP in its current form if they had actually simulated the effects on the bid bot economy), they at least set evaluation parameters for success and failure for the EIP, so we can look forward to a HF22 in a few months that either reverts or fixes the current EIP implementation.

You were pointed out with utmost brevity by @smooth previously that Garbage in = Garbage out.

So asking for simulations based on trash, what do you expect to discover, or you really think Anything meaningful can be ascertained from trash curation, trash Posting and trash engagement?

what are the specific, measurable, and timely goalposts by which we can judge whether the EIP has performed the black magic to make everything shiny that its proponents claim,

Uhm, there is no one here who also understands Spanish?

Pft dudes! just click on this green text 'spanish' link above to find out a pretty insightful video inside of what was meant as a jolly Carnival post three months ago. And you all will have a pretty close idea about how EIP will perform.

PS. Don't worry!! if you don't speak spanish, there are also subtitles in english & portuguese to get the sobering spanks quite right. };)

what are the specific, measurable, and timely goalposts by which we can judge whether the EIP has performed

@trafalgar is probably the best one to answer this or perhaps he can point to some existing posts to answer it.

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