RE: More than 1 million STEEM was withdrawn from Poloniex yesterday! by ats-david

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Viewing a response to: @ocrdu/re-ats-david-re-penguinpablo-re-ats-david-re-penguinpablo-more-than-1-million-steem-was-withdrawn-from-poloniex-yesterday-20170922t180708096z

· @ats-david · (edited)
$0.15
>Some expectation management (you mentioned elsewhere)

Yes - I have been mentioning this since last fall. The expectations of new users and many older users are absurdly high, especially for those who have never run a blog before or don't (maybe don't know how to) put in the necessary work to make their blog "successful." These expectations of large rewards (assuming that everyone has an equal chance of being a regular trending author) or expectations that there shouldn't be such a gap between popular/trending posts and the average user's posts, are quite ridiculous. 

I get that a lot of the "trending" content on Steemit is garbage - there's certainly a lot of Steem/Steemit-centric circle-jerking being done and there's plenty of collusion by many users who were able to take advantage of some pretty messed up protocols and abuses last summer and through the winter. But even acknowledging that, the notion that some user from Thailand who knows nobody here and doesn't understand English *ought* to be earning some arbitrary amount of rewards just isn't practical. 

The problem with advertising Steem/Steemit as almost exclusively a money-making platform is that users come in *expecting* that they'll make money. Instead of feeding this false hope, it would do a lot of good if there was a coherent explanation of how the stake-based system works and what the average user could expect - not just now, but in the future when "mass adoption" might occur.

And I'm not talking about what the average *trending* author could expect...I'm talking about the average person who joins Steemit, has no large following outside of the platform, and doesn't have the time/motivation to put in the necessary networking in order to increase their following/earnings. 

There should be a hell of a lot more focus on *managing* expectations and ensuring that they are *reasonable* for new users. This is a place where you can *potentially* earn some money if you're willing and able to put in the time and effort, as little as that might be.

>...a more flat income distribution where eventual income is less dependent on how much you already have...

I think that calling it "income" is part of the expectation issue. But I don't think there needs to be flatter distribution. What I think is wrong with your statement though, is that it ignores the entire concept of stake/investment. If you have bought or earned a larger share in the system, then your "ROI" should be higher than someone who has bought/earned very little to nothing, all else being equal. Of course, if you're hustling to create content and network with people to gain a larger audience, you might out-earn the larger stakeholder who simply votes on content and collects the "interest" on their holdings. 

In my opinion, that's actually one of the great things about this platform. And it's the larger stakeholders who can make that kind of growth possible for previously unknown users.

>...a cap on maximum pay per post...

I actually agree that this might be a good idea. Maybe make it a certain percentage of the overall pool that can be allocated at the time. However, I don't think it needs to be ridiculously low. 

On that subject of caps, I was not in favor of eliminating the four post rewards limit. I've heard the arguments against it, but I don't think they're very compelling, especially with the ability to see everything that happens on the blockchain. There's no reason why a user should be able to post 25 times per day and receive a large portion of the daily pool simply because of auto-voting. Yes, we want people to be free to post as much as they want, but that doesn't mean that they have to be able to earn 100% of the rewards allocated to them by the same user accounts all day long. 

If you look at the top trending authors over the last 30 days, you'll see that a lot of them are doing this very thing. Instead of publishing a couple of good posts per day, they simply vomit 5-10 or more per day and rely on their auto-voters to give them $10 - $20 or more per post. 

Perhaps more attention should be given to the voting side of the equation and some diminishing returns for allocation can be applied...and maybe some reduced returns for curators.
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vote details (3)
@ocrdu · (edited)
$0.04
Just a quick ramble, bit tired.

> What I think is wrong with your statement though, is that it ignores the entire concept of stake/investment. If you have bought or earned a larger share in the system, then your "ROI" should be higher than someone who has bought/earned very little to nothing, all else being equal.

Yes, but how much higher? A part could go towards the community, which would make Steemit grow and benefit the *long-term* investor. After all, we want a community that functions well and shows growing activity, not a quick financial fix for the heavily "invested".

But that is not what I meant. What I meant is that the number of votes you get (from sycophants after counter-votes), and the circle-jerks and other schemes you can set up, and the general popularity you enjoy, are all also a function of the size of your wallet and not of what you do on and for Steemit. This causes voting to concentrate the money where it already is, instead of seeing real curation of content people like. This goes beyond getting a certain return; it could potentially be a self-reinforcing effect that concentrates far more than a fair ROI at the top. The community is largely to blame for this effect, it is not the fault of the big stakeholders, but it is noticable.

And, let's face it, many of the big stakeholders don't seem to care much about the long term success of Steemit; I would hesitate to call them investors; speculators seems more appropriate.

And just as I have no *right* to big upvotes, nor do speculators have a *right* to a big ROI, or any ROI, for that matter, specially not without making some effort beyond buying Steem and an automated set-up. You buy Steem at your own risk; go do some curating of content you like if you are interested in long-term growth. Having said that, I have nothing against the stake-based system, but some tweaks should be made.

> And it's the larger stakeholders who can make that kind of growth possible for previously unknown users.

But how many of them do? I know a few, bless them, but how many? I see much behaviour by large stakeholders that is most certainly not in the long-term interest of Steemit.

Four-post payout max and pay-out cap per post, let's do it.

Follow you longtime, follow my back?

And now, beer.
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vote details (1)
@solarsherpa ·
I've been seeing several comments in threads with themes that are somewhat similar to yours.

These are comments from a post asking if Steem is a good investment now:  

The  comments were:

UI/UX needs some help

They have to clean up the bots, and the auto-voting features, or it will never take off with normal's, and will be permanently classified as a pay-to-win platform.

I think they should do away with self-voting, it discourages whales from branching out, and seeing new things.

Simplifying account setup and entry level for new users.

The current amount of new accounts being created is in a downtrend from it's peak in June. 

Current active users is only around 28k out of the 375k plus accounts. Not the best retention rate. 

The number of unique visitors to the site has dropped significantly. 

- Can Steemit break thru to create a compelling user experience that you would go use even if there was no $$ available?   If Reddit can draw in so many millions of users with becuase of content that is well-curated (via upvotes & karma), then what are the secret sauces that could make Steemit more than just a place to put in my Golf / NFL / Baseball picks (which I love doing) and hope to make some scratch?
👍  
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vote details (1)
@mdf-365 ·
You all are making some great points. I think that if Steemit has a community-focused content display-centric design then retention will increase. Clearly people come because of the incentives but I think the best content (in terms of quality not $ value) is generating strong network effect and tying together folks that would otherwise be strangers.

Honestly, Steemit is a very refreshing social network for me to go right now because I'm able to engage with content I'm topically interested in that doesn't have ads attached to it currently and also that isn't mixed in with mundane posts from people I do know.

Thanks for sharing and getting the conversation rolling
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