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RE: An Idiot's Guide To Committing Mass-Steemicide
Waiting for EOS fix the problems is certainly not going to help the large stakeholders on here, because it's a completely different platform and completely different token. It would be nice to have another option because, as a fiction writer, I really like the idea of having multiple cryptocurrency based blogging platforms. However, I do hope internally we can fix our problems here without having to rely on a separate platform that could possibly interfere with viability of this one.
There's an "old" saying in the computer industry: "Never be first."
My instincts, as a newbie, are that Steemit isn't going to survive:
(1) The incentives for whales is wrong. They make more money appropriating the rewards pool (by selling votes and then double dipping by collecting curation awards on those votes) than they would make by doing human curating. It's become a game of musical chairs. If I was a whale, I would "monetize" all of my voting power and milk the cow until she is dry. I would secretly fund mouthpieces to talk up craptocurrency, especially STEEM, to postpone the day of reckoning. I would have my exit strategy all ready, watching closely for rumors indicating that it was now the time to start the 13 week powerdown. During powerdown, STEEM will probably collapse, but that's a hit that I will take because I've made a TON of money by staying in the whale game. And if I have inside information so can push that button 8 weeks before everyone else figures it out, my own hit will be tiny.
(2) The data store layer is not scalable. The entire blockchain is stored as a single file entity on a single server. Without scalability, the price of STEEM is a bubble with no future. (The emperor has no clothes.)
OK, whales. The cat is now out of the bag. Your game has been exposed. Is that sweat on your forehead? Is your finger poised over the "power down" button?
Well, that could happen. However, that could simply be the change of power. Steem has a long road ahead of it. Many different social media sites will be based on SMTs. Appics and Onstellar plan to launch in the third quarter of 2018. Communities will also be built that will make Steemit more like Reddit, which may in fact be a more popular approach than the one we've currently got going on.
Now, Steemit is great.... but Steem itself is the main concern. Steem, in my opinion, is simply one of the best tokens on the market. There's so much that has to offer that it just doesn't make any sense for not to last for years to come even if Steemit gives way to another platfrom. Hopefully that platform will be based on SMTs.
My instincts agree with you. Also, don't place too much weight on my instincts. They are well trained, but I haven't given them very many facts to digest. Wonderful instincts are like wonderful computers: "Garbage In, Garbage Out".
Do you think Steem is better than EOS mate?
I think EOS will be great, but it's nothing right now. The token isn't even the main token, it's just some kind of placeholder until they release the real coin in a couple of months but everyone has already decided that it's going to be the king of the world.
I do think it's going to be good. Will it come out with a platform that competes with Steemit and attempt to destroy it? It might. That would a bad idea for everybody involved.
Now if they could come out with a complementary platform then that would be cool.
Do I currently think Steem is better than EOS, as of today? Definitely.
Idea, you make salient points on all accounts, lest one: Steemit isn't going to survive.
I do not know why, but ...I think if we are patient, its gonna work its way out of the mire of the vote greed and the self-adulation, the platform will be as big as Twitter. There are "true whales" aka sponsorship that will begin lurking, and this is the kind of platform that can and will reward in the way it was intended to be in the beginning; without manufactured "bot" hype for substandard content. That is what poisoned the well with Twitter. We just have to find that mind blowing content, and create it to bring the true whales to Steemit. I just know they are coming. Good Post sir.
I hope that you are right. The incentives for whales must be carefully crafted so that they make more money by individually behaving unselfishly (good for the platform, normal cells) rather than selfishly (bad for the platform, cancer cells).
Any system can be gamed. Economists call it "creative response". So incentives will never be enough. A real community mindedness must emerge in which unselfish people take ownership of the community and use "social coercion" to ostracize and otherwise punish those who act like cancer cells. "Evil prevails when those who are good do nothing."
Agreed Idea...following you now...I like how you think..this whale, dolphins, minnows is just too much....and we will need something when Twitter crashes... #justsaying
You won't be able to keep your intentions pure, @angelking. But if you resolve to do so, every once in a while you will forget your fear and, for a moment, be a channel through which God's love flows through you into the world. (Translate according to your beliefs.)
Wow...yes..yes...yes..thank you so much ...yes!
Your reply from the heart is worth more to me than a thousand replies from brilliant minds.
Well, the iPhone was the first smartphone of its type, and today about a decade later, its still the most iconic and profitable smartphone there is.
Touche. But the saying is true. It is a warning to entrepreneurs who have a brilliant idea: Make sure that you are not underfunded, because the big dogs will let you develop the market and will then come in and take it over. IOW, it's not enough to have a brilliant idea. Once you create something, you'll need to defend it. It will be war.
Agreed, if we could get enough of us large minnows and a few dolphins and whales together and organize our efforts to reward less self serving behavior and support each other we could make a dent, even if we can’t end the abuse. Thats what I’m about!
Of course not, when I said "us" I meant us as users, not as people with Steem holdings (big or small)
Steem has the first mover advantage, so that could help when the time comes to compete against others.