Feeling Good About Steem Again! Here's My Side of the Story.

in #steem5 years ago (edited)


Finally, it's here. Check out the recent @steemitblog post in regards to Steem's EIP (Economic Improvement Proposal)

Like @trafalgar, the only thing that has been plaguing my Steem-related thoughts over the past year is solely about the misaligned economic incentives on this network. It's seriously agonizing living through this every single day.

I remember the time when I first got back from Greece in July 2017.

That was the onset of my deteriorating user experience on Steem. My joy for content creation on Steem slowly slipped away over the course the year. But I couldn't really explain why. It wasn't about the money I was getting on my posts, as I still had plenty of support. Near 100% of my SP was dedicated for curation activities as well since the beginning, but this time, something really feels off. Maybe futile is the right word for it.

So what the heck happened to my experience on Steem? Clueless, I went on to misdiagnose the whole situation and started blaming the symptoms instead of the actual problem: the overall economic changes caused by Hardfork 19, adding more to an already suboptimal design.

There had been a number of people writing about more or less the same thing way before, but maybe I was simply more in tune with @trafalgar's breadth of reasoning, which I only found out after having a chat about Steem with him back in April 2018. After taking the time to study and understand the situation, I was highly convinced about his take on it and proceeded to explore the topic by writing the few pieces I could muster up throughout the year, refining my thoughts along the way:-

I kept saying that I'll stop talking about this.

Funnily, I never did at all. Not even now. It remains to be the only thing that's killing me on the inside whenever I think about Steem. Watching 7 figures turning into 5 here isn't a great time too, but I'm just holding on thinking that I could play a bit of a part in taking the game to the next level.

There are various elements like marketing, account creation speed, scalability, user interfaces, and such, but I think that a broad, functional economy for content discovery is the most valuable of all when it comes to Steem. I find many users usually talk about UX (User Experience) without a serious consideration of economic modelling when in reality, it's likely the biggest factor when it comes to satisfying anyone who's deeply invested in Steem Power and wants to make the best use of it.

But the proposal was largely ignored and dismissed. Totally understandable though, as it's seemingly just one problem out of many that one can think of.

Suffice to say, I felt beaten, demotivated. Even started going through self-therapy for my depression. But I continued marching on, day after day, fighting for what I think is right.

Much like Kool & The Gang's Summer Madness, it was a long-drawn-out blur that I'll never forget.

Here's what I truly believe: good reason and logic will always be our best bet. But of course, what I'm talking about here is entirely under the context of a stake-based system and content-discovery platform. One may argue that we're much better off going for one person, one vote, or having zero curation, or focusing on improving culture instead without an economic reform, or just wait for SMTs to try everything under the sun. Not saying they're 100% the wrong solutions, but they're just simply beyond our mission statement here to bring about the greatest benefit for the network and at the lowest cost possible.

The 4x rewards gap between curating and self-voting / vote-selling is simply too large. We just need to fix this in order to have a platform that works.

The core idea is to frame and address the economic system in the right way. We believe the correct way to introduce a new system is to assume that most players are rational profit maximizers within reason, then to anticipate the economic equilibrium under the new economy and adjust it so that under that equilibrium we're effectively rewarding the behavior we want at the lowest cost.

We need to escape competition through authenticity first and foremost, instead of trying to be like everything to everyone else out there as a platform. Universality can be our focus later when it's actually possible to pull off. In the same vein, here's my recent response to the general "wait for SMTs" counter-argument:-

"Suggestions to experiment with loads of differently-configured SMTs / sidechains / testnets just to be certain of the economic proposal may seem somewhat reasonable at first. But will they genuinely reflect voting behavior? How long will everything take before we get to evaluate something realistic? We'd need to burn through more resources and getting enough people to take these side experiments seriously in the first place. Or we can zero in on Steem's problem, then make an educated guess to fix it just like what Traf has already done for us. Some economic models are just better than others in keeping voters honest."

"While SMTs can provide for other use-cases, it's difficult to see any other configurations (like linear rewards, low curation, expensive or non-existent downvotes) being conducive to a stake-based content discovery and rewards platform. Even if its possible, trying out loads of SMTs, including stuff like 1A1V will have their own fair share of challenges that will take plenty of time to sort out and gain market confidence. Focus on getting the stake-based voting economics in the right ballpark seems like the best kind of risk to take for the little R&D it costs. It's also conceivably the best way for Steem to escape competition, which has worked in the past when Steemit broke past the top 1000 webranking for a brief moment."

The last time I got so heated about something for so long was about 10 years ago in university, participating in a series of organised debates, fighting for the separation of church and state. Similarly, the entire premise of @trafalgar's economic proposal just makes complete sense in my opinion, so I've been trying to push it forward whenever I can.

I would like to take this chance to say that @trafalgar is a very brilliant guy. I'd consider him a clear thinker and great strategist. This platform is really lucky to have someone like him, in my opinion. The charges against him that can be seen in the comments section of that recent @steemitblog post is completely unwarranted. You'd have to put yourself in his shoes. Here's something he said recently in a chatroom somewhere in cyberspace that I think explains a lot of what's happening on Steem one way or another:-

"I want to say a word about my own voting habits. Like many, I feel compelled to take part in content indifferent voting behavior to retain my share of the stake. Even though I obviously understand that if all the larger stakers voted honestly, we'd all be better off, there are game theoretical reasons why this doesn't unfold in practice. In reality, the choices before me are a) self vote/sell votes and keep up in stake but contribute to a deteriorating platform or b) don't do it and surrender more stake to those who would and watch the system deteriorate anyway"

"It's not that I'm unwilling to forgo these mindless farmed rewards for the betterment of the platform, it's that I can't trust others not to either and I'll pay the price either way. I suspect many stakeholders are in that very same position. That's the difference between a broken and a sound economic system: a broken system forces good people to act badly to profit, while a sound system compels bad people to add value if they want to be profitable. We're here in a broken system, but I strongly believe it's fixable."

Even I've been doing the same thing on my alt-account now, albeit to a lesser degree most of the time. Note that this is no different than simply selling away our votes. It's economically the same thing, minus the headache. It's also easy to just sweep it under the rug and pretend there's nothing wrong with what's happening on Steem by selling out. But we want to remind ourselves about the silliness of the current system everyday.

This situation is also known as tragedy of the commons.

Don’t get me wrong, I think it’s good that it has opened up opportunities for more users. But our current approach simply causes far more negative side effects on the network, especially when it comes to user experience and public perception. With a new approach, better kinds of opportunities will arise.


Are you ready for a trillion dollar discussion?

(I don't really mean trillion dollar literally, it just rolls off the tongue nicely)

Anyway, moving forward, I hope everyone realizes that this is all part of an on-going conversation in the cryptosphere. What I've just talked about is definitely not the holy grail, but conceivably one of the best moves we can make now before evolving to something else in the future. All the capital pouring into this space is in my opinion, the world's biggest discussion taking place. Let it be on Steem. There's still plenty of potential untapped here and I do find joy in looking out for the best ideas, strategies, and technologies to improve it.

A friend recently said that I should promote myself more, so.. please check out my witness post.

Personally, I believe we might just be a simple economic reform and cryptomarket uptake away from getting Steem's flagship application Steemit.com beyond maybe, top 500 webranking. SMTs, if they ever come will get to work their magic later on in further sustaining the ecosystem.

So much resources has been wasted operating against the grain of our thoroughly dysfunctional economy. Let's not fumble around in the dark anymore. Our boat will just keep on leaking haphazardly without a proper and direct fix. Good news is that it's a relatively easy remedy. Please check out the EIP.

Thanks for reading!

Disclaimer: Not to be taken as financial advice.
Vote @kevinwong as witness today!


Thank you so much for writing this Kevin, I'm sorry I didn't get to this sooner as I was fielding comments in the other post

I first want to publicly thank you for all the help for all your help on making the Economic Improvement Proposal (EIP) possible. You've been instrumental in contributing your own ideas to the discussion to shape the EIP and tireless in pushing this agenda during times when I myself had lost all hope.

Throughout the last year I had reached out to numerous esteemed members of the platform, and until very recently, you were truly the only one who took on board my ideas with any level of seriousness. Even more serious than myself. It was tremendously frustrating and demotivating to feel that we had the right answer but were constantly ignored over the course of a year, but you never gave up when I had many times.

It's thanks predominantly to your efforts that Steemit Inc is viewing this as a serious issue today. This discussion is long overdue.

I entirely agree with your point that it's far too optimistic to believe SMTs and Communities are likely to rescue this broken economic system. How sound is it to build a second layer to do the exact job that the base layer failed to do and expect it to do so well it can revive the entire ecosystem?

Imagine how good SMTs and Communities would realistically have to be to carry the dumpster fire of a base system that undermines its own mission statement.

It's like the house is on fire and half of us are debating whether we should put it out or go buy a new couch to put in the lounge room that's burning down.

'aww but I've been looking forward to getting that couch for so long'
'aww we've saved up forever for that couch and now you want to spend a bit of that money on an increased water bill?'
'bah, how sure are you that putting out the fire is going to increase the resale value of the house more than a new couch?'

It's just insanity. There are many projects out there with over 10x our market cap, whose base economies don't require people to take a dump in public just to redundantly get their staking returns, who've had their secondary layer up for a while and have yet to give birth to a single valuable secondary token, yet we think our CMC rank 60 and dropping project can be rescued by a secondary layer in time? We can't afford to be that deluded!

It's far more likely that playing to our strengths by fixing a content discovery and rewards system to actually function would organically bring in users and engagement that can then be leveraged by projects built over SMTs. This in turn would be a positive cycle contributing to the value of the ecosystem as a whole.

In practice, the EIP takes relatively little dev efforts so they'd be next to no delay to SMTs and Communities anyway.

Thank you for all your friendship and help over the past year Kevin, really appreciate it, no matter how this plays out.

I hope you guys are right and this brings the change everyone wants to Steem :-D and let's hope these discussions (and eventual implementations?) come faster than SMT release dates lol.


It's just a simple service that converts your words to audio, nothing bad, actually used it as I was on the go and couldn't read, I listened instead...geez.

I see, i thought it was just some spam bot

Finally a positive post on steem that’s not all fluffy rainbow unicorn cheerleader crap. As a new student of steem I can say without a doubt that the dynamics of understanding the economics are not easily digestible to a layperson.

I’ve been forced into a self edification that has been overwhelming at times. Due to my intuitive belief that there’s really something marvelous here that must be grasped to be an active participant, I have studied and voluntarily thrust myself into the rabbit hole.

If we can get this on track new users wouldn’t be inclined to ask themselves wtf is wrong here after a week ? That along with an overall shift in the outlook of the current users will foster sentiments that this is in fact a progressive and positive place to devote time and energy to.

The any press is good press is not true for steem or the crypto sphere and a quick google search of steem will reveal a treasure trove of terrible press. When we can’t define what success is on steem how can we expect anyone on the outside looking in to do that for us ? Currently success is being the best bad actor in a broken stake based system. That is the number one issue without a doubt and I’m also pleased to see a light is being shone on this critical issue.

Well said Kevin, and it does feel like the tide might be turning. I haven’t been around for a HF but I’m doing all I can to be an informed an active player in this one, even as a lowly red fish. Which is proof there’s something happening here worth investing my efforts in and I’m positive others will feel the same way. Steem organic certified

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While I reckon your assessment of success is likely the most common, I don't think it's ubiquitous. It doesn't apply to me personally, for example, as I'm not here to focus on financial aggrandizement. I am deeply concerned about the flood of censorship and other totalitarian seizures of power ongoing globally right now, and consider the censorship resistance of Steem critical in the effort to retain freedom potentiating prosperity to the degree possible.

The emergence of novel mechanisms for censorship on Steemit of late has alarmed me, and I fear the window for discussion may be closing too quickly to enable us to develop nominal means of preserving our ability to interact even here openly and forthrightly. While we yet can, I agree with you that it's good we do.


I flag trash. You have received a flag.

I absolutely came here to be able to speak my dim witted mind without fear of having my musings deleted for not adhering to community standards.

I have what I feel are legitimate concerns that humans aren’t keeping up with technology and the premise of free speech is in jeopardy.

I’m not however concerned with what stinc does or doesn’t do as they have no final say in what’s immutable. It would take an unprecedented amount of collusion and conspiracy to censor any one account on all front ends. While steemit maybe the dominant landing site and most widely used steem blockchain platform for now does not really mean much as far as censorship goes.

The truth will always rear it’s ugly head in due time and I haven’t been able to find a more suitable place to prove this in our brave new world than this bc.

For now, yes we can say whatever to whomever and confidently believe that right
will be upheld. Not agreed upon or supported but that’s another matter entirely.


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In fact the novel mechanisms I referred to are in action now, censoring dozens of accounts on multiple front ends. There is a list of accounts on Github that are so censored now. No posts, comments, or even the names of the accounts casting votes are displayed on multiple front ends. While there seems to be good reason to do this, my position has been that accounts should have this authority to censor, and not front ends themselves. The public nodes provided by Steemit, Inc. seem to be the mechanism that prevents such content from being displayed by front ends, and that may be the only reason multiple front ends participate, as they use extant public nodes.

No good mechanism for centralized censorship has seemed to remain long unused, and I do not expect this mechanism to fail to be used for less savory purposes, against other accounts than those on the unreedemable list on Github.

This is bordering on making Steem useless right now, and there's little reason to expect that won't happen soon.

We're glad that there is actual progress being made in this regard. As you said its highly possible that Steem

might just be a simple economic reform and cryptomarket uptake away from getting Steem's flagship application Steemit.com beyond maybe, top 500 webranking.

We understand that Steem the blockchain at this point is still very experimental (the same can even be said of Bitcoin in fact).

We're interested to see what observation and lesson learned if this proposal does indeed gets pushed into future development.

Not good that Steem (or the rewards model) has been getting you down so much. Just today a recent blog from the dev discussing options - although not yours/trafalgar's explicitly:


Good to hear there is at least some discussion going on and that you are a little more upbeat about proceedings.

I still maintain that @steemitblog's post should be replaced with @vandeberg's. Hell, it should be pinned to our welcome page.

I think at the very least maybe graphs about covergent linear would have been nice in the main post

I have been reading the comments you have been putting out lately and i really don't understand most of it. I do know that i am sick of micro auto voting, vote swapping, and self voting. What you are doing gives me a glimmer of hope. Thank you @trafalgar

It's good to know that at least it's being looked at and thought about - gives hope of changes at some point.

Pinning posts to the welcome page is vastly preferable to trending as an exposure mechanism to content via that vector. I'm not sure that detailed discussion of Steemonomics isn't a bit dry or potentially too confusing for neophytes, but it's better than trending IMHO. @vandeberg's ability to clearly explain complex issues in layman's terms is well revealed in his latest post, and it's comforting to me that someone so intelligent and rational is filling his boots in development.

I flag trash. You have received a flag.

I still think it's a shame that so many people are engaging with vote buying and selling.

It seems like as long as the reward curve encourage buying+selling votes, there's not much hope of the curation energy going where it should go: to actually reward valuable content, content that helps to add to steem's momentum and energy.

We should have break-out "Steem Stars" the same way we have YouTube stars -- people who reach millions, who then inspire others to start their own steem blogs.

But right now the reward mechanism is in the way of that, because on the front page of Steemit you still don't see anything worth emulating. It's a lot inside baseball or awkward content that can't generate momentum on its own, propped up by vote buying.

People try to get votes in order to get attention -- it should be the other way around.

We're getting close, because a lot of people regularly share content on steem to talk about their lives. But the infrastructure is somehow not helping steem's content creators to iterate and improve on content -- most channels seem to stagnate before reaching an audience outside of steem.

If that kind of behavior is rewarded the most, people doing it is basically expected...

You just planted 0.10 tree(s)!

Thanks to @ucukertz

We have planted already
7878.31 trees
out of 1,000,000

Let's save and restore Abongphen Highland Forest
in Cameroonian village Kedjom-Keku!
Plant trees with @treeplanter and get paid for it!
My Steem Power = 21305.83
Thanks a lot!
@martin.mikes coordinator of @kedjom-keku

Hey Kevin, to be honest I got tired of posting even though I was making good money. I’ve been away for 6 months and only this week started to put up a few posts again. Things changed a lot in the time I was gone, hope things change for the better.

Hey good to see you!

to be honest I got tired of posting even though I was making good money

Sure does happen lol. Hope you've been well @beginningtoend

I also have come back to steemit after a 2 year break and the platform has changed so much, i had a okay sized fallowing of almost 300 and now most of those people no longer use the platform, shows the evolution over time

I was in the camp “wait for SMTs” but I now admit it’s not a practical solution. At the same time I am 100% certain that whatever changes will happen on Steem, most people won’t be happy because it’s not exactly what they wanted, and of course the economic model will have unforseen problems.

Figuring out an entire economic model simply doesn’t work. As crypto users, this is our critisism of the FED. They try to set interest rates and determin inflation in a centralized way. The interest should be left to market forces and set itself. The same as SMTs will help us figure out models by trial and error. But again it’s not practical so we are kind of stuck.

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Figuring out an entire economic model simply doesn’t work. As crypto users, this is our critisism of the FED. They try to set interest rates and determin inflation in a centralized way.

Seems like it's working for BTC and such? At least for now I guess.

Granted behavioral cryptoeconomics are harder to deal with than just machine cryptoeconomics, some models are conceivably better than others in increasing the likelihood of honest voters in a content discovery/rewards platform, and without too much of a social cost imposed by the measures. I suspect most SMTs that wants to achieve the same kind of effect would borrow similar design principles (as I think a lot of configurations, including what we have now likely wouldn't work over the long run) for their respective communities, and that's how we scale and sustain later. Imo, there first needs to be a core model to prove that content-centric POB / SMTs can indeed work. Or else there are other competitive options out there in the market if it doesn't rely on any kind of social or content front. Thanks for your input @marki99

edit: i would like to add that “closed” communities and “fixed” treasuries aren’t part of what i just said above.

When are SMTs expected to be here?

I read somewhere that the last quarter of this year is a target for their introduction. I may have seen it on @vandeberg's latest post, but do not specifically recall.

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No idea.. but it's something that has to be done to prove that SMTs work. There'll be loads of experiments, and I suspect plenty will be broken just like what we have at the moment. The economic reform proposal attempts to be a close approximation of an economic model that works for a content discovery and rewards platform. Other use cases (that's currently messing with the current system) can be SMT use-cases riding on what i hope to be a successful core platform, if the SMTs ever come.

I had such high hopes for steem 2 years ago, now it's like watching a sinking ships and it's crew trying to get the water out with a tea cup. The most concerning thing is that people are so polarized on the solutions that it won't be easy finding the best one. I really hope this blockchain will succeed but it's very possible some other crypto based social media site (with much better marketing) will steal steemit's place on the crypto stage, which will be very sad.

Very interesting publication and also all the conversations are interesting

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I've done a bit of reading on the links you posted above, @steemitblog's and @vandeberg's latest posts, and others, since we spoke last.

It seems your persistent efforts have born fruit, as your proposal is essentially what Steemit is bringing to the table.

However, like many tweaks to the rewards previously undertaken, I note that these are just tweaks that do not address the underlying causes of the basic problem. The problem is that the manipulation of curation for financial gain is the means of attaining ROI on stake.
This then impacts curation and degrades it's intended purpose as a means of encouraging creation of high quality content, which is basically advertisement for Steem and a means of attracting capital gains inducing investors, by introducing a stronger motivation to extract immediate ROI from rewards via financial manipulation.

These tweaks don't change that basic problem. Extracting rewards as ROI is contrary to investment purposes, as it reduces upwards price pressure and thus potential capital gains. Were this not afflicting Steem to date, I am confident we'd see considerably more capital gains, and not this gradual decline in market cap I've observed since my introduction to Steem.

You may not recall how I proposed to counter this basic issue, so I'll briefly recap here: create a mechanism using the SPS (SteemDAO) system to provide a dividend stream from delegating and funding basic development of Steem and it's ecosystem for substantial stakeholders. Presently the extraction of rewards via self-voting and bidbot delegations puts downwards pressure on Steem price, directly suppressing capital gains. This dividend stream reverses that effect on capital gains.

Secondly, remove the incentive to extract rewards by financial manipulation altogether by limiting rewards to a multiple of the median. Leaving no cap on rewards potentiates abuse by substantial stakeholders, and this demonstrably has occurred. Capping maximum rewards to a reasonable multiple of the median eliminates this by making it impossible to scale extractive financial manipulation nominal to interest substantial stakeholders. I've proposed a model suggested by Huey Long: 3% minimum and 300% maximum of median rewards as lower and upper limits, since this leaves two orders of magnitude for differentially rewarding content per it's quality as judged by curators, yet also makes it worthwhile to even new users to post. Many new users receive literally nothing in rewards for their early posts (since they haven't yet created a network) and quickly get discouraged and leave. Many, many mechanisms seek to address this problem, from a significant number of established accounts, and this would aid all their efforts in attracting and retaining new users.

These changes directly address the fundamental problem, rather than merely tweak it. Please give it thought.


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Hi sorry I didn't get back to you previously, forgot about it because honestly it's not easy to process what you're writing. Maybe try trimming down some of the loaded or redundant terms/statements like "extract rewards" etc, and perhaps elaborate them in a clearer manner. As far as I can understand what you're trying to say, the 3% to 300% limits do seem pretty arbitrary and it would've been equally solved by a self-regulating economy with proper checks and balances, in which the EIP has already done for the upper limit without putting a number to it. As for the 3% minimum, that seems like it'll open up an unnecessary vector to allow for microspam, etc. But maybe I'm misunderstanding here as I think you might need to write something more comprehensible.

Just read @baah's response below and I'd tend to agree that you might've missed the mark (of the problem).

Thanks for writing in @valued-customer


Yep. judging by the amount of comments sofar maybe some self promotion couldn't hurt :) Sounds like might have another 12 months of discussions though

Hopefully not.. lol

I realized long ago that what I think should or should not happen with Hard Fork X is going to have zero influence on what does happen with Hard Fork X. Bigger fishies decide.

But tangentially related in this case, my vote is for @trafalgar to post as @trafalgar again because he was really, really good at that. Here’s to hoping that @traf was just a phase he was going through. 🍻

It's time to have this discussion and hopefully steer the ship into the right direction!

Finally great to see the positive coming out of steemit

I'm glad they're back on track

Thanks for sharing! I hope things are as they should be!

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My friend, My friend, My friend what an amazing post is this??? you know every steemians effort in the platform should not be just for collecting own benefit (steem rewards) rather must targets to bring and add value that improve steem as a platform and in cryptocurrency market.
especially with regard to;
Stake maximization
maintaining equitable distribution of income
enhancing return on investment
Rewarding/voting model and system
User and stakeholder satisfaction

we need to put our maximum effort to shape strategies and change existing realities as an individual and as professional. yet I did not see any the posts of the one you call brilliant guy but now onwards i will follow and review posts by @Trafalgar.
Please Keep in touch. Thanks @kevinwong

Unfortunately I expect developers to do nothing or near nothing about this. This is why I'm not posting very often anymore nor participating much on Steem except to play DrugWars because if I can't earn at least I can have fun playing the occasional game.

That said I hope they fix the economics.

Good informative post. I read the whole text, I liked it. There is something to think about. Thank you very much

I am among those who survive and will remain in Steemit, in the midst of the temptations of other forms and increasingly economic benefits. Some people in Steemit like @donkeypong, @kevinwong, including @trafalgar, are people who are a reference to keep the spirit to survive.

Right way

I agree, we need a total new re-shape of the functioning of Steem the base layer Token, its Reward Pool and the relation to the upcoming SMT projects. Here is my take on this.

I would like to see, that the Coin "Steem" and its "Reward Pool" will be designed more towards an infrastructure Coin instead of using it primary for POB content discovery. The reason for that is, that with the introduction of communities and SMT the Steem Ecosystem is not only more about "Content creation" and discovery.
No, we have a bunch of financial dapps, gaming dapps, services etc... which don't have anything to do with content discovery. All those Dapps should have more or less "equal" chances to receive Support from the underlying Steem Reward Pool mechanism to earn and empower their communities.
I think Steem is good with Steempower for Voting on Witnesses and Proposals (plus a new feature in the future Voting for Communities and Dapps) and as a source of Ressource Credits. For me that should be enough, on the level what Steem is doing to support its Ecosystem and for the use of the POB mechanism...only vote for Witnesses, Proposals and SMT or Communities.
No, more voting and abusing the reward pool by creating and discovering or gaming the content creation part.
All this POB content creation and discovery mechanism should be happening on the level of SMTs, and its communities, because these groups will have Admins who are able to set in rules how each community handles its users and the way they value content creation.
If Steem gets understood as a infrastructure Token and SMTs are understood as a empowering Community Token, than we have a clear Vision for all participants Investors, Users and Creators alike.
I don't like the idea that we are aiming for a SMT Ecosystem where all these project fight for attention but the real mining of Steem only happens on the content side of things...somehow that doesn't make sense.
Why should other Dapps or Communities suffer from miss management of the Steem Reward Pool which is only used for content creation and discovery?

Love it when people truly understand what we have here! You are spot on. STEEM is an Application/dApp platform.

True, I hope that the new Steem Foundation and the Steemit Team are taking the right steps to make that happen.

welcome sir @kevinwong thank you so much.

@kevinwong purchased a 94.12% vote from @promobot on this post.

*If you disagree with the reward or content of this post you can purchase a reversal of this vote by using our curation interface http://promovotes.com

One of my wish now is just to wake up and see steem hit 10$

Congratulations @kevinwong!
Your post was mentioned in the Steem Hit Parade in the following category:

  • Pending payout - Ranked 6 with $ 114,76

If you like to write.. no problem... It's a interesting post, steemit help more people too, although the issues are free and coming back after very long time is good, it means that you enjoy to be here.

I hope the digital world will progress for the future, as well as Steem, us and everything ...

You got a 32.61% upvote from @ocdb courtesy of @kevinwong! :)

@ocdb is a non-profit bidbot for whitelisted Steemians, current max bid is 20 SBD and the equivalent amount in STEEM.
Check our website https://thegoodwhales.io/ for the whitelist, queue and delegation info. Join our Discord channel for more information.

If you like what @ocd does, consider voting for ocd-witness through SteemConnect or on the Steemit Witnesses page. :)

I just hope they announce it 3 months in advance if they decide for the change so i can get the fuck out.

I agree that content discovery is fundamental and crucial for the growth of Steem. We should copy a bit from whatever made Twitter a success. Steem should add Twitter features in resteeming, in being able to add comments to what you resteem, AKA share, reblog, retweet. That might be more an app thing that could be done in Steemit, Busy.org, and/or the other platforms that stem from the Steem root, the Steem blockchain.

More Options

Likewise, I would love to see Steem Site, AKA a Steem platform that lets you customize your own home page with links to some of your Steem posts, or posts from others, and other websites, etc. Or at least customizable sidebars like they have with Wordpress, Blogspot, with widgets, addons, links, videos, pictures, etc. Please tell me there is something like that already. There is so much I want to say about many things. I believe in the separation of church and state. I believe in shrinking the size of government, tyranny.


I love Steem. I love Steemit. I'm against excessive centralization, tyranny, centralized banks, Rothschild, the Not-Federal Federal Reserve, etc. I believe in long-term investments. Cryptocurrencies are the future. So, I'm trying to invest in cryptocurrencies, like Steem, Bitcoin, Ethereum, etc. It may take ten years or more for these alt coins to rise enough to be something you can rely on. Fiat currencies has been dying and can die out to an extent and cryptocurrencies are helping us in this transition out of the fiat tyrannies and towards more free market competition in money currencies like cryptocurrencies, gold, silver, natural resources, salt, local bank notes, etc. Upvoted. Resteemed. Keep up the good work.

I admire your optimism and perseverance, but this reads very much like you're in an abusive relationship.

Hey @kevinwong, I have read many of your posts highlighting the flaws in the Steem Economic system. I think you are pretty close to spot on. I think the solutions you and @trafalgar have proposed will improve the current system. I have done my own analysis and arrived at similair conclusions. However, I am less confident in the changes proposed regarding the rewards curve. Downvote pool and increased curation rewards will improve things. The curation rewards should at least be 50% possibly higher. Changing behaviour needs a bigger kick than maintaining it.

I don't agree with what you and @trafalgar have been doing with your alt accounts but I can understand why you are doing it. I sell votes through SmartMarket once my Voting Power reaches 90%. I try to make myself feel better by including a nice long black list of accounts I do not sell votes too. I would love to dedicate more SP to curating but it feels like I am working so others who do nothing get a bigger share of the pie.

A very deep and insightful post- much appreciated.

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It feels good to come back to writing every now and again :)

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Hi Kevin,

Hope you are still around here.

Reading this post after months – and coming back here after years...

I am very surprised to see how the events unfolded.

This also makes me eager to explore the economic model of Hive. Any personal thoughts on this?

Hi, thanks for dropping by. I'm still around, just don't have time to engage around for the past couple of months and frankly I don't have much hopes for the leadership on Hive/Steem, esp after the fallout. Afaik, the economic model is still the same I think. What do you mean by that? Steem might've changed, I don't know, haven't looked into it. But Hive is still the same.

Hi Kevin, you know it better. Been wondering about the model as well. We might be pushing the same story with a different name... even though I feel there is an untapped opportunity waiting on the sidelines.

Truth, as you know, nothing has changed -- with the same set of events repeating. Issues surfacing. Price fluctuating.

Just riding it along with a smile. Hope and wish you are enjoying your time. :)

Really educational, sad i’m seeing it late though, but glad

In practice, the EIP takes relatively little dev efforts so they'd be next to no delay to SMTs and Communities anyway.

Thank you for all your friendship and help over the past year Kevin, really appreciate it, no matter how this plays out.