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RE: How should Steemit Inc decentralize their stake?
Curation rewards as currently implemented are a joke. You have to upvote that content within 30 minutes, and they want to further reduce that to 15 minutes in the next fork.
So, you have to be continuously glued to the screen to curate and reap a curation reward. Or use bot farms.
If curation rewards didn't have a time window it would work better. But then ofcourse, every bot and user will try to maximise gains by upvoting as many posts as possible. This points to another problem with Steem.. there is nothing to lose for the upvoters. There needs to be some negative feedback to the voters (they need to lose something in the present in order to gain something in the future).
You're incentivized to vote after 30 minutes. Within the first 30 minutes you pay a penalty, but after 30 minutes you keep all of your curation rewards.
You can't just vote anything, as you have very limited voting power. And you'll only earn good curation rewards on discovering good content and voting before larger stakeholders do.
Oops; I stand corrected! I had understood it when I joined Steem, then got confused by some discussions last week. Thanks for correcting me.
No, at any given moment, there will be some new good posts that have just been published. You don't have to curate all to curate some.
A bigger issue in my mind is the fact that curation rewards, intended to reward manual and intelligent curation showing "proof of brain", can be reliably beaten by just automatically front-running vote selling bots.
Agreed partly, because for some timezones that are not very active, the good posts are usually only visible the next day.
Totally agreed. This and a lot of other problems are the typical "tragedy of the commons". They could be solved by removing the concept of a common reward pool and tying votes to actual transfer of currency.
Steem is still in it's early stages.
We have to implement changes to better the system. (Apparently that includes halving the curation reward window).