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RE: HF 21 - More Steem Power More Fun!

in #witness-update2 years ago

Your explanation of how curation worked is incorrect. @miniature-tiger has a series about curation worth reading. Dunno if you were simplifying intentionally or didn't know. Order matters. In the old system, I regularly received more than double my upvote value in curation rewards.

My greatest regret about the new system is the curve. Rewarding good content will not be encouraged. It's rewarding popular content that's theoretically rewarded, but I suspect that there will be much more significant reasons for content to be well rewarded, namely its author's willingness to pay for votes.

But that's besides the point because the real thing we're losing, even if everything goes well, is an incentive to like comments and niche content, which is what drives engagement in social media.

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It isn't incorrect, it just simplifies it and doesn't go into the technical parts of frontrunning other voters for a greater share of rewards, the point was to explain the new split as basically as possible. I'm not 100% sold on the new curve either, but if it encourages people to purchase more Steem Power to keep above the threshold then it will be good for Steem. Remember we have the SMT hard fork coming up at the end of the year so we can always revert back if this is a disaster.

That reversion is what I'm pinning my hopes on if things go poorly, but no witness seems willing to acknowledge that we could go back.

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Count me in as the first, there has been some internal witness discussion that we can always change what doesn't work, we are always open to iterating.

Well good. Every witness seems nervous about the curve. Why, if it's the nerve-wracking part, must it be included?

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I think only a handful are nervous about it, a majority really want the curve. But in the end everyone is reasonable, if it doesn't work I'm sure it will be tweaked for the next HF.

Everything is a matter of balancing tradeoffs. Risks and costs versus benefits. Many are nervous about the curve because it has potential costs and risks but also benefits. On balance, the potential benefits carried the argument for now. That can be revisited or adjusted later with experience.