Reward the ecosystem to bring in 10million accounts
Have a compulsory (can be interpreted many ways) referral link for signup (in blockchain), create an internal top 100 (weekly, monthly, quarterly) recruiter ranking of new signup and also top 100 recruiter new account's total 1week, 1month, 1quarter accumulated highest earning (or invested SP) / per account to reward top talent & investor recruitment.
Then payout 1% (really it's kinda like a blockproducer finders' fee) of all BP at current 8.85% annual inflation to be shared by these top 100x6 💯 recruiters, or about 3800+ Steem paid out to over >100 people (really 100-600 individual, but most will be duplicate so more like 150 is an average estimate), that's 100 Steem/month bounty for finding new signups per top recruiter (honestly, that's slightly better payout than a Witness at Rank 90 today)
Then watch how suddenly it's in fashion for every Steemian and their dog to recruit every living soul with a phone number and email to signup via Steemit! And even better signup folks who might have some real talent to actually produce proof of brains to get double payout!
Update: this was written 2am in the morning after taking some liberties with alcoholic awesomeness, please scroll below and see the even better idea proposed by @roelandp below
also sorry @themarkymark, i did not fully read your post i was told about @trumpman's funny reply and I originally came to read it to get some entertainment an ended up commenting, not here to win any prize am sure many more suggessions are way more worthy
Retention far more important than recruitment. Also I suspect that the platform would creak if we had more than 200k simultaneous or concurrent users.
as a community builder I can't emphasize what you just said any more, it's paramount
nevertheless, if you're talking about retention in general (theoretically how would we retain 0), it's a balance, we must have constant growth and promote new means of retention as our spectrum of demographics expands
if you're talking about retention of what we have now then it won't solve our valuation issue, have to increase grow to have more rewards (during boom cycles) and we need more rewards to sustain retention, there is no economic middle ground, positive change is the only safe margin of error we are allowed to be competitive
BTW. actually i got that same feeling about the creaking, everytime i hear @sneak or @ned say they want us to be ready to handle the masses, it seems like behind those words perhaps they are not generalizing and they have done some secret benchmark testing on the steem testnet and there are issues with existing performance we have not been told about yet....hence the hf19.4 & hf19.10 multithread implementation, etc.
still at our current snail pace onboarding rate, 200k is over 3.5 fold more than 60k right now which feels like a leap year away in achieving.
at 60K/1.1mil, if we can sustain that ratio of about 6%, then we have room to scale till 3 mil accounts and we should take advantage of this
100% upvoted, 2nd best reply I've seen all day and revealing of what's needed and what's to come
you may think it's funny BUT my reply is probably the only that will actually moon the price imo... and it's quite easy to implement...
remove ned and his glorious hair? it's probably easier to spot big-foot and get that awesome bi-paddle to tap dance
Take away that 1% from top 20 witness since almost all are no longer focusing on actively growing Steem user based.
I bet none of the top20 witnesses will upvote This comment or even reply
i like the introduction of referral system too. but i think the rewards should come out of the rewards the people who got referred in (the new users). this way you prevent the blatant account creation of fake users for the sake of getting rewards.
by getting partial rewards (up to an amount) of brought in users’ before they are “unleashed” you insure only referral rewards are being created from active and real users.
New users have no real rewards to speak of, busy has (had) a 10% referral program for people you referred to it.
btw. that a dap only 30days 10% marky, worst on a pay to create account
which can be bypassed by:
it does not
For Further Details Go See My Respond to Roe
update:
heheh....i just realize, this is so true....i wonder if anyone told busy.org about this problem?
That's where the incentive comes in where your rank is also determined by the new recruits stake in SP. if all they have is the standard 0.1 then it's a minimal rank. if they're an investor and buy 10,000SP you get placed a lot higher in the ranks.
and you scale it so that 100 people buying 100Steem is more valuable than 1 person buying 10,000Steem.
That actually makes a lot of sense to me too, if not the exploit becomes quite simple to distinguish.
That being said, we can't dismiss the hot cognition of attempting a marketing campaign based on referrals. So in my opinion, since Steem has enough FUD as it is adopting anything that comes even remotely close to the likes of bitconnect and Co, should probably be best avoided.
Not because it would actually be a scam, but because popular sentiment is what drives the markets and not so much technical specs.
After all, as a blockchain steem is leap years ahead of competitors with much higher valuation. But those details are missed by 99% of it's potential users.
My two cents, for whatever they are worth.
good reminder,
yeah i feel we might be leap years, but in crpyto time a leap year is less 4 years and more like 14 months, i feel like serious competition is going to start launching later in 2018 and we need to discuss, design, implement and start stepping up our game
how about a marketing campaign based on mentoring? that's more of what I'm thinking, and i think such a concept would be a beautiful baby we can sell to the world and get good karma in both sentiment and organic growth
and yes does it make sense to me too....whole ton of sense, go see the new improve recruitment in reply to Roe
now that! i like a lot
I do like the idea of a referral system, but ONLY one in which any rewards are paid once someone is an actual active and participating member. Otherwise it will just be gamed and abused.
That said... part of a referral system would have to include the ability to actually tell WHO signed up as our referrals. Not for money's sake, but so we could make the effort to encourage and follow those we talked into joining Steemit.
see the rewarding recruitment via active mentor method in my reply to Roe
If the blockchain itself is not ready for mass adoption (needs appbase, hivemind, HF20, and (some argue) SMTs), does it make sense to push to grow the user base at this time or to continue working on obtaining consensus on things which are still outstanding and haven't been resolved (SBD peg, rewards curve/linear, curation percentage vs. author percentage, downvote vs. flag, etc)? I think we need education about what we already have in a way that's easy to understand and digest before we focus too much on bringing in more people who will just end up being confused.
firstly thank you for responding Luke, i really appreciate it when good witnesses like yourself take the time to educate and help everyone see that we need to continually educate especially since we are always evolving this steem blockchain
i'm not arguing the merits of mass adoption, critical mass for Steem will come way past 10million (even Facebroke model came at the 80-100 million mark)
Thought Experiment: if such a reward system is launched in a super near future hardfork it will greatly boost adoption and on-boarding, (this i have no doubt), perhaps even repeating that 500K growth from Dec17 to April18, so think about it this way, to get from 1.1 million to 10 million will take minimal of 20.1 months or in 1.83 years. (about 1.5M to power of 5.7 quarters)
now i expect these things to be launched by then (in 1.83 years), hivemind, HF20, appbase (just look tasteem is here, steemhunt is here, almost every 2 months i see a new appbase....and these fcukers gonna need fresh blood i tell you)
now i wont' speak much about changing rewards (that in somecases can be done in 1 patch or hardfork as long as top 20 witness agree to implements that patch), nor will i address much SBD peg to USD because in my opinion having a forced max 5% liquid pool of Steem (aka Steem dollar) is in reality more a peg to Steem than the greenback, I've tried to explain the economic math is some ill forgotten reply some yonker months ago.
(Honestly: how an we set a generation of 5% limit, that scales from 2-5% by generating Steem equivalent to replace SBD in payout and expect that to ever not be peg to Steem, i forsee the use case for SBD to keep growing not slowing......especially with 10million accounts, then we'll see witnesses proposing raising the limit from 5% to 10% ....which just slows that the inevitable)
ok...micro rant over, but technicality aside, growth speaks loud, 1 great way to show the crypto world that Steem is worthy and serious is continual small but accelerated growth .....price will follow adoption, that is proven by economics already.
thanks again for bringing up these points, awesome to address them!
Maybe, but I think mostly adoption follows price. If people are making a lot of money on Steemit through their posts, their friends will notice and want to join. I'm not sure viral growth math works the way you outlined it, but maybe. And I do agree, some things we should start now because they will take some time to get going, but I also think we have to be patient and think about what the big challenges will be once a viral signup growth happens. Mostly, I think, our challenge as a community will be education and helping people understand blockchains and cryptocurrency (I did some videos a while back with http://understandingblockchainfreedom.com/ for that reason).
SBD is a peg to Steem only if there is no reverse conversion. It's a broken peg. If we add a reverse conversion it should work well. There's already a PR to change the print rate.
When you say it slows the inevitable, what do you mean?
I'm not sure price will follow adoption if investors just see more users on Steem as more users coming to extract value and dump on the markets. That said, I do agree the network effect is what gives any currency value. It's a shared story. A belief. That's where all this value comes from.
We also have to retain the users we already have, this is critical when the bucket has so many holes that 95% of the water leaks out.
I'll take your bait anyway and remind you that the witnesses of the blockchain are responsible for running the network and the multitude of us keeps it decentralized. If that's not worth a small minority cut of the network's inflation, I don't know what to tell you except I hope you come to understand why a cryptocurrency and its network have value.
haha you honor all of us with the bait bite, my apologies for that wording above, (in hindsight it was a bit clickbaity even for my taste) in my defense, it happened in the wee hours into the night and due to some excess alcohol intake after festivities (i think i typed out my thoughts w/o realization it was unfiltered)
firstly i do agree with you block producers are the backbone of all blockchains
I think a 10% network inflation cut in this steem blockchain (>$1 Steem price) is a more than worthy reward for block producers in the top 20 position, this i hope you agree
now considering that we are primarily a social media blockchain, our roles as witnesses needs to be inclusive (at some minimal value) of the social aspect of growth in addition to the technical function of blockchain production, hence the modest 1% contribution
now considering that a witness reward is more directly tied to Steem price appreciation than any other direct method of earning steem
at about current 24,800,00 Steem produce annually, and 2.5 million going to witnesses (not including other fringe benefits of steem stardom that comes with being top20) which can only be matched by a mega-whale with say 7 Million SP self upvoting, or just to note that from a ROI perspective a steem witness earning is unmatched by any other means
it's the old paradigm of where to invest resources. i admit i am proposing do we take a cut 1% cut of the politician or CEO/executive income to expand innovation and bring in new talent, but honestly, i think it's equally if not more important than just the numerous proposal to optimized the existing system (which btw i think is really a moving target)
then again there is no point to reduce executive income if they don't already have a significant stake of Steem (ideally in SP), you don't see the elon musk earning $1 /year or warren buffet capping his pay to $100K without being a major share holder (now I'm wondering if there is any top 20witness with say at less than 100,000 Steem?....so at $10 they will have the minimal million)
i do seriously think we have to address growth continually, and to make it measurable, auditable, and rewarded .... the ways we achieve, that's upto to the proof of community and the witnesses to guide us all there
The plan isn't to take away earning from the top20. But to take 1% from what they earn and distribute it to to recruitment. Recruitment is a function that witnesses should be doing anyway, and some people are just better at recruiting than others.
This would provide an opportunity for witnesses to keep working on keeping the blockchain working as is and allow for an incentive for others to go out and recruit new talent. And we open the doors to more people, so instead of 20 witnesses recruiting, you have 1000+ people recruiting which would be far more effective.
Ah, I misread what you* said. I thought you were talking about the (roughly) 1% of annual network inflation going to witnesses.
*Using two accounts I guess?
No, we're two separate people. That's just my interpretation of dj's view.
DJ tends to take a reasonable approach, I think it's more reasonable to expect people to give up 1% of the rewards than 1% of inflation. Unless he's refering to 1% of inflation from witness rewards, but then you need like 2 different classes of steem which just makes this place even more complicated.
@themarkymark You know shit's real when numbers are involved; hire him!
I like this idea, recruitment = proof of social skills.
see reply to @roelandp even better idea, recruitment = proof of community
This won't do anything if there's no incentive for these new people to stay. There's already too many people fighting over a minuscule slice of the rewards pool.
100% agree
growth is not mutually exclusive to retention, as we go from 1.1mil to 10mil accounts we need to ramp up support that directly builds encompassing and inclusive retention like @Curie, @ComedyOpenMic, @CurationCollective, @OCD, @helpie and hundreds of other communities and also individual initiatives like that dolphine thingo that @tcpolymath is doing, and we cannot keep rewarding those who do not support retention and do not support new ways to encourage proof of brain to allow mass wealth creation in our growing user base
basically i believe in balance, all cylinders has to be pumping to reach higher valuation as well as continual retention (believe it or not even 10% active posting retention is already super fantastic, very few adoption model exceeds that....meaning 1 million daily active users when we reach 10million account would be close to perfection), but not letting a lagging factor hold back growth of others is also a case that needs to be made....TL'DR (but we can keep discussing ...also competition are launching later this year in 2018 so we really need to step up our game)
also the cause of the minuscule slice is ironically a big part of the solution, talent comes with numbers, investors comes with numbers, and increasing the reward pool comes with valuation, there is no running away from that reality, our numbers and possible FOMO from that will determine if we moon only upto $6-$9 in the next bull run or >$10 to say $16 to $19 (or much higher)...so i conclude again...
100% agreed.....would you mind giving comedyopenmic a witness vote to support retention?
Voting @comedyopenmic as a witness means you don't just supports retention through growing one of the most rare and valuable content that naturally helps retention on any platform aka comedy and humor, but it also supports Charities.....go see:
ComedyOpenMic Proudly Sponsor of ProjectGiving
Luckily I already vote for comedyopenmic, curie, and ocd-witness! Just don't have that much SP for now.
good man...now next questions...why have i not see you drop by in COM Discord?
take a peak insdie....i promise no nudes (I'm probably lying but who knows what goes on in that mad palace): https://discord.gg/MGqKHyK
So, we need more Jerry Banfields? Is that what you're proposing? Hmm...
yes and no, don't throw out the baby with the bathwater, we take Jerry's optics, marketing, and momentum garnering skills but share the reward of that with thousands of minnow instead of just 1 whale/orca, and it also helps if we try to leave out any self-cocksucking
bw. thank for saying this, i was going to ad this too...but didn't