I've done a lot of thought on the distribution of Steem and the current system.
In the end, there are a lot of conflicting thoughts. I am going to just dump my thoughts in no certain order and without any specific agenda. This was originally a response to @whatsup's post but it morphed into something more.
Would Steem survive or have a purpose if everyone just upvoted themselves 100%? Might as well be proof of work like BTC at that point.
If you boil the system down, Steem DPOS is basically another form of POW mining. Everyone uses their resources to get their share that their hashing power allows, this is basically how Steem is working these days, mostly.
How do you ask someone to power up $1M worth of Steem (a high-risk investment) and then expect them to give almost all their rewards away.
Is creating a five-minute post about what you had for lunch harder than owning $1M worth of Steem?
Our problem isn't authors are not being paid enough, in fact, I think they are getting paid way too much, the problem is it is the wrong authors and quality is rarely if ever factored in.
Proof of brain is dead, long live proof of brain!
It's really damn hard to convince someone to organically curate altruistically when the system is so flawed and abused right in your face. People have developed the mindset of protecting what is left so they can be assured of their fair share (in their minds).
Just because you did something, it does not mean you are owed anything. Someone has to want it and see value in it.
Does any of this matter if we are just hemorrhaging our best users and not acquiring new ones?
Who is going to pay the bill? We are distributing large amounts of Steem but don't have people lining up to buy large amounts of Steem. Someone needs to pay the bill or the price will continue to fall. We need to have an irresistible reason to buy Steem, the more the better!
Just because the code allows it doesn't make it right, good, or fair.
Steem mimics society.
Would your mother understand how to use Steem and not lose their tokens? How do we make that possible?
How do you explain to someone who never used cryptocurrency what Steem is in less than 20 seconds?
How do we get the next PewDiePie on Steem?
True altruism is not sustainable unless you have so much money it has no value to you, there needs to be altruism and greed, preferably at least 51% altruism.
Just because you voted for something, doesn't mean you have to agree with it. Sometimes you just appreciate the effort put into it.
If Steem went to $0.07 would you be selling or buying?
Why you should vote me as witness
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
The term.. give awards away is hysterical.
The stakeholders are entrusted with allocating the inflation to that which brings value. Not to use it as payment to themselves.
Would you mine (POW) a token that let those who mined the most previously get all the future mining.... :) Our DPOS is like a Democracy gone bad. Once the masses realize they can vote themselves a raise... it's all over but the crashing.
It is, but that's how people see it.
Oh I agree, it is viewed as their rewards.:) Not arguing just saying, that's so painfully frustrating and short sighted... Sigh.
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
7c steem? buying, but not based on games, smts, etc taking off. If they do cool, added bonus. Based on what we have, can have, right in front of us.
{reason to buy steem} i thought this would come from wanting to decide which authors blog made it to trending. Your voice / steem power to push them to the top, plus the fact that your making bank curating.
The problem with steem is that the incentives are not aligned. What I mean by this is that SP holders can allocate resources to themselves. Ideally SP holders should increase their holdings only if content creators do it at the same time. To get to that "ideal" situation we would need two things to happen:
I have thought about this alot and I can't find a way to solve it. There are always ways to circumvent whatever measures we come up with. For instance, if we are able to identify who owns each account to prevent self voting via alts then the parasitic actors can resort to backroom dealings to bypass the system (for those who were not around this type of behaviour created some drama in the early days of the platform).
The next best thing would be to penalize alt account usage with a non-linear rewards distribution curve coupled with the possibility to negate rewards to those who insist on leeching from the reward pool. In other words the EIP is the next best thing.
Unfortunately a non linear curve has some dowsides, mainly that the bigger the wallet the bigger your influence will be. That's way the shape of proposed curve is very important.
Another measure that could be taken is to reduce the portion of the inflation that goes to the reward pool but that would hamper the token distribution which is anoher goal that we should also focus on.
500mv influence cap, n2 to encourage max account value, flags for abuse, and we can get back to where we were before stinc, et al, hijacked pob to give us powallet.
For someone with your political stance it strikes me as odd that you would be in favor of and n^2 curve which only encourages an oligarchy to entrench itself. Why would you want to go back to the old days? Back then if you invested 10k USD your vote was worth a whopping 0.001...pathetic.
Putting a cap on the stake doesn't help, it just creates a point of equilibrium where whales start to power down and does not encourage further investment.
^flag @themarkymark
^flag @themarkymark
^flag
@themarkymark
^flag @themarkymark
^flag @themarkymark
^flag
@themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag
@themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark
^flag @themarkymark