The State of Steem - Let's Talk About It
THIS IS NOT FINANCIAL ADVICE; THIS IS MY JOURNEY. YOU ARE RESPONSIBLE FOR YOUR MONEY.
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Cliff Notes:
Right spot right time: SMTs, RC delegation, Steem-engine, thinking of ways to scale steem for all. Steem is like WordPress with built-in curation incentives.
Steem inflation is a little over 8% and reducing by .5% each year until .95 is reached. little less than 20 years; 75% of inflation going to the reward pool.
Smart Media Token break down:
SMT won't replace the reward pool anytime soon as the dominant form of PoB rewards in $. (IMO)
Steem will always be the most decentralized, liquid cryptocurrency
The reward pool is shrinking, regardless. SMTs will be forced to play an increasing role, that is how the system is designed. But it isn't knee jerk, it is gradual. When people rather earn SMTs then Steem rewards, because either the reward pool has shrunk and SMTs can offer higher ROI through various niche tags, or SMTs have had the time to mature and become liquid. - This is a free-market choice though, let the market decide which they rather have.
Keep in mind, there is a very small portion of the population that can even be steem whales, that's why we have SMTs to further decentralize the Proof of Brain process.
The same issues on Steem will happen on SMTs, some issues even worse. SMTs will be created by people, just like tribes. those people will set the rules. not everyone will like those rules, so those people leave and make their own community with their own rules. some people don't like those rules so they...
So, in the need to have perfection, you end up chasing your tail.
Steem inflation is good for onboarding, decentralizing governance.
5% (and shrinking) inflation isn't why steem price is down. Having a shit
economy for so long is what hurt steems price. its the lack of commitment to the vision of merging social media with crypto rewards. The same vision big guns like Vitalik and Larimer are currently pursuing full throttle.
Trying to make something perfect will strangle it with love and cuddles. FB and Youtube are savage, go read the comments. they even debated removing comments because ppl were purposely saying crazy shit in large profile YouTuber’s comment section trying to get them banned from adverting.
Referring to the Steem Whitepaper:
Page 15 steem WP:
Eliminating “abuse” is not possible and shouldn’t be the goal. Even those who are attempting to “abuse”
the system is still doing work. Any compensation they get for their successful attempts at abuse or
collusion is at least as valuable for the purpose of distributing the currency as the make-work system
employed by traditional Bitcoin mining or the collusive mining done via mining pools. All that is
necessary is to ensure that abuse isn’t so rampant that it undermines the incentive to do real work in support of the community and its currency.
The goal of building a community currency is to get more “crabs in the bucket”. Going to extreme
measures to eliminate all abuse is like attempting to put a lid on the bucket to prevent a few crabs from
escaping and comes at the expense of making it harder to add new crabs to the bucket. It is sufficient to
make the walls slippery and give the other crabs sufficient power to prevent others from escaping"
page 29:
A social network can maximize the value extracted from a set of content by maximizing the quantity and
quality of connections. Curating content is expensive and time-consuming while being near impossible for
computers to perform in the absence of links. Steem rewards users who are among the first to find and
identify new content.
By incentivizing curation the Steem network is able to use automated algorithms to extract the most
valuable information from a massive amount of content.
▶️ 3Speak
@theycallmedan, have you heard of @freezepeach? It's a great initiative run by @r0nd0n. Their whole mission is to help heal retaliatory downvotes. You simply go to their discord, submit the post that was retaliated on, and they upvote it and resteem it. They have existed since before the HF, but they currently only have a small upvote. It would great if this program was beefed up, because I feel as though this service is needed more now than ever, particularly in the case of accounts punching down. In the current environment, this is something I think would be worthy of a steemit delegation. What do you think?
Their Discord link:
https://discord.gg/fmE7Q9q
Thanks!
-J
Once we hide most of the crypto features and make websites that people just want to use and which resemble what they're used to we are in for some extreme growth.
The trick will be revealing the underlying crypto in a subtle way that lets the audience go at their own pace. Some will always just be consumers but even they will be doing the curation. Those few who convert to active members will be shocked that they wasted so much time for so long on sites that stole their attention, data and work.
I think the that we all realise now that even with a small community in steem now, it can't be everything to everyone and tribes proved that with one iteration and I think STM will allow for even more customisation so people can create all sorts of models that work for their community.
Sites like Wikipedia, Facebook, Instagram, Reddit were all built with no monetary rewards to contribute but people did it anyway. I think bringing money into the equation stil throws off a lot of people but they will get used to it with time.
We've built something that is a bit over the heads for the average user but with time, education and customisation we will be able to welcome more people and make it easier to use.I'm glad I got in "early" in relative terms and can be part of the growth and learning more about these new processes
Great post @theycallmedan, A social media platform which rewards it's users is the only kind of platform needed to eliminate suffering and poverty in the world today. Facebook drains both time and money from people and gives almost nothing back to the average user. Everyone cannot be a whale on steem though, but everyone can benefit in some other ways entirely absent on Facebook and YouTube.
Posted using Partiko Android
I agree with you on the SMT issues, it's very obvious there would standards and rules in each SMT but it's for the best of all users. FB and YouTube are more than Savage if you ask me. I don't think anyone really has freedom of speech on these platforms. I enjoy your videos on @threespeak and blogs. Please don't stop what you're doing. Best regards 👍
Posted using Partiko Android
I highly respect you and for what you all do for the blockchain. I do agree with your point reward pool be finite.
Can you kindly look into @threespeak VP being used wrongly by users to upvote just lame or normal comments because that is also somewhat mis-use of reward pool.
Below is one example:
Thanks, will look into this.
Thank you Sir Dan!, my regards to you! steem is now becoming stable, now all the bots are trying curating and I see the future of steem being bright. I am waiting for your AMA( Ask me anything) very nice programme I do enjoy it.
The new dimensions that keep on adding in steem blockchain is evolving making it the best one
in some years we can look back and say " wow, steem in now everywhere, i remember the old times".