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RE: Improving the Economics of Steem: A Community Proposal

in #steem5 years ago (edited)

What would appeal the most to investors is a functioning content discovery and rewards social media platform where there's actually an incentive for people to take part and engage in rather than one that forces stakeholders to defecate all over the front page if they wish to retain their stake.

Imagine how good SMTs or Communites would have to be in order to turn this place around if our economic incentives continue to force people to spam, self vote and sell votes. Realistically, what are the chances of Steem based SMTs taking off to the point where they're not just successful themselves but can carry the failure of the entire ecosystem when Steem is spirally down in CMC charts and Steemit is dropping Alexa ranks because there truly isn't any reason to be on a platform whose front page is a dumpster. SMTs and Communities would need to be impossibly, unfathomably good.

Now imagine how good a more reasonable economic system would only need to be to fix this. It just has to make an intelligent attempt at aligning better rewards with behavior we want, such as people to actually vote based on their subject opinion of a contents appeal. The answer is economic reform just has to be sensible. This is by far the most important and most cost effective change we can make.

It'll only be a small exaggeration to say that @Vandeberg could probably bash out a pretty sound economic system in an afternoon (maybe a week). Yet this would be the one change that would totally turn this place around. Not only that, a functioning content discovery and rewards system would greatly magnify the value of all the other initiatives. SMTs, Communities, Marketing. They won't get us far if our core value proposition is the one thing we're failing the hardest at.

For the record, no engineering efforts are being diverted. This is just the start of an important discussion

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"Imagine how good SMTs or Communites would have to be in order to turn this place around if our economic incentives continue to force people to spam, self vote and sell votes. Realistically, what are the chances of Steem based SMTs taking off to the point where they're not just successful themselves but can carry the failure of the entire ecosystem when Steem is spirally down in CMC charts and Steemit is dropping Alexa ranks because there truly isn't any reason to be on a platform whose front page is a dumpster. SMTs and Communities would need to be impossibly, unfathomably good."

Those words are gold. I actually starting to question whether Steem has to compete with other social networks. They do know blockchain exist and will do their best to stay in the trend. The worst part is that people don't really like being on all of those platforms. They fight for those that deliver the best features and unite people together to share unique and amazing content. Steemit was those things in the beginning, then it faded somehow but why? I'm still trying to figure it out. It seems like the level of hype is correlated with the number of quality posts which is weird and shouldn't be like that.

I believe Steemit as a website and company is missing very critical point and that is strategic marketing. I've never seen Steemit doing that and that could be a problem. People outside of crypto are not aware it exists unfortunately and that's not cool.

Those things are pretty obvious but were not addressed yet so decided to share. Thanks for starting this conversation. I know you create lots of cool posts so I know how you feel to produce great content and simply having 0 feedback because people are not on this platform. There are lots of people playing games built on Steem and that is an advantage. So maybe that what Steem in particular has to be focusing on? Your thoughts?

"It seems like the level of hype is correlated with the number of quality posts which is weird and shouldn't be like that."

"I believe Steemit as a website and company is missing very critical point and that is strategic marketing."

In fact it is quality posts that market Steem. Good content attracts eyeballs, and that attracts those eyeballs to the platform, where those that like it can invest in Steem. Curation and the rewards it delivers is intended to encourage creating good content, and is thus the strategic marketing mechanism for Steem.

More mechanisms besides blog posts are being created to market Steem, but like DLive and now Drugwars, they aren't loyal to the platform. Few mechanisms have proved to be as powerful at creating value as social media, and all that is necessary to grasp that fact is a look at the growth of the FAANGS in the last decade.

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Thank you @trafalgar. Im a steem newbie of just 16 months and I have earned every steem I have, rather than buying in. I curate manually for both @ecotrain & @freedomtribe. This EIP excites & encourages me - thank you! Im a single mom living in Chiang Mai, Thailand & MAKING SURE to get a flight to BKK for SF4. Hope to thank you in person for all you do.

"What would appeal the most to investors..."

Is reasonable development that imbues the investment vehicle with increased value, producing capital gains.

Content isn't their focus. ROI is. Presently ROI is able to be extracted immediately from rewards, and cash is king. That needs to end, and ROI enabled from funding development that improves and imbues value in the investment vehicle, Steem, needs to replace it.

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