I think Clayop is correct and that's my general conclusion as well. SMTs will give the opportunity to experiment. I happen to believe that stake-based voting has been proven a failure when it comes to content discovery. Trafalgar's well-intentioned proposal will make Steem/it a bit better, but in the end it will simply last slightly longer than what we have now. People want money more than they want to vote for good content. Eventually, downvoting will be abused also and all of those mechanisms the proposal creates will still end with the same outcome. Therefore, let STEEM be the investors' reward layer and create some SMTs that try to do a better job of creating a reward system.
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Totally areed.
First of all, Steem's inflation should be removed for rewarding the content creators and rewarding should be delegated to front-end DApps. DApps can launch their own TOKEN and reward algorithm to discover contents. Current inflation is not keeping up with low demand. If Steem did not have relative high inflation, it would easily sit at top 30 in CMC.
Steem's Inflation should go to protocol developments, witness compensation and PoS interest (2-3% vs current 8.5%). Rewarding content creators should be done with SMTs. STINC can launch their own SMT and share profit from ads with celebrity creators by SMTs.
Steem Investors can earn TOKENs through RC/SP delegations. @steemhunt is already showing a good example. Creators and DApps will figure out optimum synergy with a token.
Bidbots are not evils. They have their own business model. They can host in a front-end DApp where they can succeed or thrive. Competition within front-ends with SMTs will spur innovations.
All the front-end DApps can try their own SMTs with different distribution technique. Finding a sweet algorithms to rewarding the best content is more than rocket science. A former founder, @dan is bragging that he can fix it, I totally disagree. It needs lots of trials and errors and should be the realm of DApps.
DApps with SMTs can try different algos. @steemhunt, @actifit, @dlike and others are already experimenting. Steem's inflation and broken rewarding is helping its price.
here here!
The entire idea here is to align making more money with content discovery and making it more expensive to behave in a way that contradicts that (eg self voting or vote selling)
It's not inconceivable that with the right economic incentives, we'll reach a equilibrium of relatively good behavior that'll continue to serve the entire platform well over time. Behavior that deteriorates over time isn't necessarily an inevitable product of stake based voting. It all depends on how well we align individual profit maximization behavior with honest curation.
It's hard to abuse a modest level of free downvotes in the sense of profiting from them. They can be abused in the general sense to bully and harass people, sure, it's one of the downsides. The idea is to limit them as much as possible while still have a sufficient amount of them to turn this place around.
Just came across this reply and I fully agree with it. I can't believe just how disillusioned large holders including witnesses have become. We have been struggling to onboard people now, expect that to be 10 times harder when minnows see half their post rewards vanish. Reverse robinhoood.