Is our shitpost reward system sustainable? Ehh. I'd argue no.
5 years later it's still going though somehow.. Could it run for 100 years though? Unlikely.
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Is our shitpost reward system sustainable? Ehh. I'd argue no.
5 years later it's still going though somehow.. Could it run for 100 years though? Unlikely.
There is a big difference between a premine and then giving out tokens in almost a manual way from one entity to a autonomous decentralised release via a decreasing inflation model. We need more sinks, I agree. But you can't compare a premine vs. a inflation model. Inflation models have gotten a bad rap, but they can be very powerful with a proper sink.
To paint a pic, this would be like back when ned had 80% of the steem. He then manually handed out that steem to people who used steemit.com. That is pretty much the setup. I'm not trying to knock them. They have amazing tech. While being on a blockchain, we prefer IPFS. We like their creative thought process and will look to implement the best of what they came up with on a open standard such as IPFS. Since Hive is here, no need to make a new blockchain.
Valid points here.
You've got the same general though or angle I do for the most part.
As for sinks.. I'll see if I can come up with something that isn't viewed as a tax that people are happy to pay for, that serve the purpose. Appreciate your reply and share of general idea here, it's given me some stuff to think about and problems to come up with solutions for.
ETH did a new BIP that burns a portion of transaction fees. We don't have fees. So it's up to the community to come up with some true DAPPs, that solely benefit Hive as a sink. We are doing this with the spk network. When you use any service such as buy a miner or ad rights, it cost Hive, and that Hive is locked away forever. We need more of this type of thinking, ways to take Hive off the market. If we get to a point of deflation, that's when the magic starts.
You'd argue no because you see it without consumer demand applying buy pressure. You only see the surface and how it's always been, without applying the consumer element to the equation. Maybe you see shit posts and money flying out the door. What's under that is a revolutionary business model, and that's where the value lives. Put all the money you spent on entertainment these past five years on the table in front of you. You can't see it because it's gone. Now take all that money and lock it in here, enjoy yourself, support actual quality acts. Oh look. You're left with more money than you started with, yet you've been tipping with votes consistently for years. And there's always more money coming in the door, because you're not the only consumer. Now people are spending money on entertainment, as they do all over the internet, but being rewarded, slowly, and sustainably. Yes I've left out many details. Does it click yet or no?
To assume buy pressure is to assume success. I try and base my thoughts on the matter from a point where perhaps nobody wants to buy this shit and thus the pool used to pay shitpost rewards would eventually, if given enough time, all but entirely erode the market cap.
I realize it's a fraction of the total market cap, but if it was left to perform that on it's own and no more capital came in, it wouldn't be perpetual or feasible.
The money I spent on entertainment mostly resides as video games I still have and can access at any time, the money isn't gone per say, it's just been used to pay game publishers to gain access to their code and work.
You're not wrong man, just approaching this from an idealists standpoint rather than the pessimist. I do really appreciate that though, it's refreshing to see a counter to my sometimes abysmal take on things. Thank you.
I think what pains me the most is I don't have access to a large market/following like some here do. If I did, I'd simply demonstrate.
The craziest part is you're one of the popular ones on here too. XD
Yeah. I read all the 'how to Hive' tutorials...
chuckle