I like your idea but I would add a 60% penalty on self-votes -> you better use your votes on other people if you want to maximize your rewards.
I recently published another idea though. Quoting myself now:
I could imagine something like this as alternative system:
"Content that is actually being consumed is the most valuable":
-automatic rewards allocation based on reading time of individual mac-addresses (not IP-adresses or vitual machines)
-all posts get two new counters, number of individual mac-adresses reading the post and combined duration of reading of the post.
-the reward pool allocates resources automatically to all posts that have been written 7 days ago based on those metrics (maxed out at 5min of individual reading per mac-adress to avoid "reading bots").
-add in a small percentage on top, that increases the payout of written posts based on staked tokens of the author.
This system is hard to game, no votefarming, not easy for circle jerkers...
With this system you could also reduce the rewards-(pool) to authors by 20% and increase the staking rewards by 10% to encourage hodling, leading also to reduced inflation.
Also maybe think about "the longer the HODL (meaning no powerdown of the tokens, first in first out), the bigger the HODL rewards" (increase by 1-10% on top of your HODL rewards)
Sure, but often the biggest abusers also have the biggest number of different accounts ... Maybe something like 'diminishing returns' when upvoting the same accounts (also own one's) again and again would be more effective?
Interesting of course ... but wouldn't the maximizers start creating 'read bots'. That shouldn't be too difficult. You may oppose that long reading times only might benefit the author, not the reader ... but still: there could be 'read buying' or 'read trading': "I 'read' your posts all the day if you 'read' mine." :-)
The nightmare of a system like this is aggregating data from multiple sources. How would you pull and combine viewer & reader data from hive.blog, PeakD.com, eCency, Dapplr, 3Speak, Vimm, WordPress blogs using the SteemPress plugin, etc. etc. I just don’t think it’s feasible to automatically measure attention at the front end levels in a way that distributes blockchain level inflation.
Yeah, that's unfortunately true.
But we should come up with some clever way to distribute rewards differently, incentivising what we want and disincentivising what we don't want. I don't really see discussions about this anymore.
setting penalties for self-voting will never work due to sockpuppets
back in the day we had diminishing returns where your posts would earn less and less rewards from the votes on the 4th, 5th, 6th post etc and that was also obsolete as people would just create more alt accounts to vote on instead.