N^2 is just for greed. With returns you can get nowhere else, ergo again the wrong type of investors.
People need to realize that when investing in platforms there’s no return for at least 2-3 years. When after that time it means you sell your stake (partially) otherwise you continue the ride to ever (hopefully) larger valuation with further funding rounds or a possible IPO.
No returns until earliest then.
Anything else is trading or hedge fund behavior. Not long term investing thinking, which the platform requires.
N^2 serves the 0.01% only.
The large, early investors here were told that they could make returns by curating.
Those returns werent high enough for them so they agitated to get vote selling.
Vote selling negates proof of brain.
The n2 puts pressure to keep all your stake in one account.
It incentivizes voting on content that others will vote on, too.
These two pressures ends the main problems now.
Selfvoting multiple accounts.
Buying your own trophies.
Yes, the rich benefit most, but with a cap of 800mv the minnows still have a chance to matter in the math.
The n2 doesnt solve all the problems greed creates, but what we have serves the most abusive.
The n2 would preclude some of that.
Making the math attractive to everybody, and not just those that want to circumvent proof of brain by buying/selling the rewards pool, holds the highest potential to attract enough people for the network effect to drive up the price.
At the time the n2 was voted off the island there was no evidence that steem would even be here two years later.
Now i think its safe to say that the die hards are willing to hang on until the abusers leave.
Once they move on to better returns from other scams we can fix what is wrong and build what couldve been all along.
The die-hards will stay because even the inflation rate alone is solid a dividend already.
Combined with even 25% curation as is now the returns are more than reasonable.
Additionally, the die-hards know that it isn’t about the daily, weekly, monthly returns. The real investors know that. It’s all about marketcap and actual valuation.
That’s what are investors. Those who invest with a long term x20-x40 target.
Everything else is called... greed. Simple as. And that behavior won’t attract new investors. Thus the vultures shoot themselves in the foot.
And also destabilize growth of the platform and marketcap because of their focus. 50% and n^2 are the worst possible things which could happen to Steem now.
Luckily Steemit Inc is focused on the long game and not on a get rich quick ponzi, as was reality on the platform before.
So, the plan is to allow proof of brain to remain broken and the math unattractive to the masses because long term gains?
We'd be on the way to the moon by now, imo, if the whale experiment had been allowed to play out.
If being attractive to the masses causes us to be adopted as a currency we can leave the pie in the sky, instead of remaining hopeful we'll ever see any.
I agree the greedy are cutting their own throats, but i dont see that allowing the status quo to continue helps.
You'll have to forgive my scepticism of any promises of a better tomorrow while we do nothing to change things.
I didn’t say I approve of what’s actually happening, did I?
In fact, I think it’s obvious I disagree with the ongoing. If you browse my archives you will find a recent post which links to my position on bidbots.
Too many people here on Steem seem to suffer from a lack of understanding of “not mutually exclusive”. There’s many shades of grey in between black and white, more than 50 too.
But... delegation has become a vital part and it should not be taken back. Delegation does power a lot of great initiatives, especially platform growth with dApps. That’s long-term thinking. But it should see some degree of regulation. If you think though that n^2 is the solution, then all you actually promote is an even faster, and thus unhealthier for the platform, get rich scheme.
Linear is much better, although I can live with n^1.3 (max - make it n^1.22 rather).
N^2 at its worst: large stake holders who trails curation upvotes like @tribesteemup and trail at minute 0, crushing the curation rewards for everyone else in that round. Is that what you want?
A get rich quick scheme? A scheme supporting ninja miners even more? A scheme supporting everyone who comes here because the returns are of an utopian level and not found elsewhere?
Then let’s first set powering down back to two years rather than 13 weeks, please.
Those aren’t the investors you’re looking for.
You’re trying to blame a healthier system for human behavior. Instead of opting for a the 0.01% system, build on the actual system and fix what is wrong.
n^2 isn’t the solution.
I can see less than n2, anything but linear is good with me.
My problem with delegations is when it excedes 800mv.
It gives entirely too much to the favored.
Adoption into curation guilds shouldnt be the only way to survive here.
When apps get~2500mv to play in a pool where most folks have >1mv it tends to take the fun out of the game for the little guys.
Add in bidbots and there is no game, just pay to play.
Im game with ten month power downs.
Your problem is that you think there should be an immediate return.
I’m sorry, that’s not how it works.
That’s just as vulture alike as the bot operators and delegators now.
Why do apps have large delegations? Because people invest lots of time, often also their credit cards and even mortgages, in building startups. In building long term. Delegations can both empower, grow, and subsequently become a great example of what can be done on the future.
Of what will eventually drive the value of Steem.
Your thinking? You highlight issues and at the same time you say you’re fine with anything which returns to a system which was developed for a platform without any certitude about longevity. It’s not the solution... no return should be expected definitely not immediately.
Investing is ALWAYS a risk.
We shouldn’t be scared that the vultures leave. Instead... it makes room, at a reasonable cost, for new and possibly better focused investors. People who don’t wallow the loss of anything n^+1.
That only feeds wrong behavior, wrong loudmouths and is also destructive for agile evolution of a platform.