I hadn't thought of that, but if you're correct, engagement will collapse. The more I give it thought, the more HF21 seems designed to destroy the social aspect of Steem. I am liking it less and less going forward. Sadly, I'm probably underestimating how bad it's going to be. I'm kind of an optimist.
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Yeah, I haven't thought of it, really. I read it somewhere in a source I trust (don't remember where though), then I thought of it by myself and it seems the most likely way things are going to be afterwards.
With the low price of STEEM, thus a significant dust vote threshold, and the reward curve in HF21, the cumulative effects will be a hard blow to engagement on blog posts, unless performed purely for altruistic reasons and for the sake of engagement.
Frankly, I am uninterested in interaction otherwise motivated. Why would I care about content that is only posted to earn money? Am I a cow producing that sweet, sweet milk?
No, I am not.
Well, this is how Steem / SCOT work. Based on a reward pool that is distributed, among others, to those who are upvoted for their engagement. So in a way the intent of the engagement is a little blurry, except in obvious cases. Even some good engagement may drop, if there is no reward involved.
On Steem, maybe this is not wanted anymore, going forward. Possibly the STEEM / SP rewards will be replaced in time by SMT rewards, so maybe HF21 is only the beginning that prepares the terrain for what's next.