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RE: Understanding Steem's Economic Flaw, Its Effects on the Network, and How to Fix It.

in #steem6 years ago

So many bloggers will be totally pisst, changing to 50% Curation would mean that authors get less money per article.

A very drastic and unnecessary move. I remember those days, and we did not have any quality articles. With few exceptions, it was for the most part "circle jerking" going on back then.

We want the people to thrive here, not so fun watching you $8 post, knowing you only going to get $4.

Let's forget about going back and instead speed up these account creation. That system works way too slow, rather fix that because we do want people to come here.

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First, I disagree with your assessment of quality "now" vs "then", especially if we're talking about the trending page.

I think you're missing the key point of Kevin's post and my earlier one: the current 75/25 split encourages self-voting of nearly contentless posts over voting for quality posts written by others. The idea behind increasing rewards for curation is to reward voters who vote on quality posts (by which they gain curation rewards) rather than just voting for their own posts or their socket puppet posts (by which they gain author rewards).

The idea is to change the economic incentives to cause voters to behave in a way that better content rises to the top. At 75/25 the economics are totally weighted in favor of self-voters. If you follow that out to its long-term end, the self-voters end up with all the coin.

As far as upsetting bloggers, I believe the final result will be to make them happier (especially if they are good bloggers, as the change in voting will reward "better" content more than "crap" content). The primary driver for higher rewards for both authors and curators is a higher Steem price. Anything we can do that moves the price of Steem higher benefits everyone in the Steem community. Having Steem work properly as a efficient content curator will make the coin more attractive. The current self-voting issues are a big black eye for the coin.

I would be quite happy with that. Getting $4 from $8 is better than getting $3 from $4. However, I imagine it might create a little problem for bot owners.