When I got here I didn't understand anything crypto. I knew it had something to do with digital cash, privacy, freedom and self-governing. Over time some of the alphabet soup started to make sense to me.
Many cryptocurrencies use inflation as a method of distribution and those acronyms are just the various ways that inflation is allocated.
Here are a few examples of how cryptocurrency inflation is handled.
POW, POS, DPOS
POW, Proof of Work - In currencies modeled after Bitcoin the Inflation is allocated to the miner that solves and signs the block.
POS, Proof of Stake - In cryptocurrencies, such as Steem in the beginning, the stakeholders decide who will receive the new tokens created from inflation.
DPOS, Delegated Proof of Stake - It just means Stakeholders can make the decision to delegate the responsibility of allocating new inflationary Steem to someone else. On Steem we do this using our votes. Each time we vote we are just allocating new Steem. Each of us controls exactly the percentage of Steem that we hold.
Right from the start coming from a world where skills and performance mattered, I couldn't understand how Stake was going to select the right people for the right jobs.
I do understand incentives though and it made sense to me that those with the most stake should have the most influence as they have the largest incentive to make good decisions. That sounds very logical and intelligent and it made sense to me.
This is what it looks like
credit for image @arcange This illustrates the number of people who hold what level of influence on Steem.
Image credit to @arcange
As you can clearly see our largest stakeholders a grand sum of 35 accounts can still make the vast majority of the decisions and due to their Investment being so much larger I fully agree it is their right to do so.
That does not mean they make good choices or do the right things. Motive and Ability are two very different things.
In most cases, (not all) our largest stakeholders are miners and cryptocurrency enthuseiests . They mined their Stake. From my interactions with them over the past three years they are intelligent, highly knowledgable people.
As far as I can tell nearly none of them have any experience in building websites, attracting and retaining users, Vision, Marketing, Understanding human motives, etc. These things are all well understood and have models. Adding Cryptocurrency doesn't change the things that work, it just gives you more options on how to give people incentives. Apparently, it hasn't occurred to any of them to consult or hire people who are good at these things.
I am completely confused by where we are headed. One day after announcing we are coming out of beta SteemIt, Inc reopened the debate of changing the math for better financial incentives (for our current stakeholders). I consider all of that INTERNAL marketing. While I hope it provides some closure one way or the other for our stakeholders it does nothing to further investment, front-ends, attracting and retaining users, etc.
Cryptocurrency is getting ready to see mainstream adoption the signs are everywhere. 2 billion people use social media applications daily. Yet most of our conversations and discussions make no sense to anyone who isn't already fully into crypto. We have no vision, no hype, and no momentum.
We do have Steem-Engine.com, and Freedomex and great things coming up. However, those things have no volume and very few people hold enough Steem to create any volume. Big businesses enter the arena they will have teams, teams that have web designers, product managers, marketing teams and the competition is going to get more intense.
I also have to express my disappointment in having both the DAO and the foundation launching as unfunded entities.
It's been my opinion that everyone here should use their skill set to help build the site. I figured engagement and interaction on the site were the best way to contribute. Now it feels less fun and more like work. The social experiment has moved to discord, twitter and other places where the people I interact with the most spend more time. So ironic.
Sometimes you have to say it... I have burnout and it could very well be impacting my view on the situation, this isn't financial advice or really anything else, I guess I just needed to get it off my chest.
OUR BLOCKCHAIN FUNCTIONS PERFECTLY. Our humans might be misdirected.
Great post and I'm convinced were finished. Nobody is promoting Steem, just all this token bullshit. In my opinion, when I first came her over a year ago, I thought the Steemit.com potentially with the rest of the community would be the Facebook, YouTube, Instagram etc, killer.... I was definitely wrong now and this is a losing battle due to the wealthier taking us thru a Centralized platform.... Can we save it or is it a Wrap?????
@Steemit can literally take over Facebook, @dtube could take over YouTube etc.......
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
!dramatoken
Posted using Partiko Android
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
We're only finished if everyone gives up and moves elsewhere. As long as people are building and doing great things, Steem will carry on. It might falter, it might have issues keeping up, but it won't be finished. Focus on building, focus on growing, and focus on the making the Steem economy better.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
At some point, the hope is gone but I do understand what your saying.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I said this too, basically for 3 years.
Suddenly I wonder why I am putting more time and energy into this than those 35 whales. :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Because if you believe in what you're doing, it doesn't matter what everyone else thinks.
Hell, I've carved out my niche here, made some awesome friends, and we're off doing our own thing without getting bogged down in the mire of blockchain politics.
Posted using Partiko Android
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That's great. If it is bringing you pleasure and that pleasure is worth your time, I recommend keeping on with that.
I may find that again as well, who knows.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I hope you find that happiness, too. You seem like a decent enough person, even if you feel jaded by what has happened on here recently.
Posted using Partiko Android
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You have
DRAMA!To view or trade
DRAMAgo to steem-engine.com.Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@whatsup,
One day we wish to be at that Whales list! If we sold my STEEM at it's last peak, probably we could be there now!
Cheers~
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I'm gonna offer a rather unpopular opinion here that may not go over well (but hey, maybe I'll get a bit of dRama for it! :) ), but I honestly think Steem would have been better off if Steemit, the front-end interface, went away and made people choose other platforms to access Steem on, whether it be via Busy, Partiko, eSteem, Steempeak, or something else. I think that far too many resources have been allocated to a site/application that is so woefully behind others in its class, that it is truly embarrassing. This hasn't improved over the past months either, as they split between the social side and the Steem wallet on Steemit only further lead to the site seeming disjointed and awkward to use. Because of this change, sites like Steempeak now hold a superior advantage over Steemit in terms of even basic features, such as unified wallet access, voting power control (for those under 500 SP), decent stats for activity, better blog post editing tools, drafts, snippets, and much more. The fact that Steemit declared they are "leaving beta" now is just embarrassing and shows how little the front-end crew understand about decent website creation, content management and creation, and usage statistics. Steemit is ultimately a drag on the Steem community as many others don't fully realize what they could get by switching to another user interface to access Steem, and Steemit has not made it clear that you can do this either, probably on purpose.
So here comes the TL;DR of my unpopular opinion... Steemit, the front-end user-interface for accessing the Steem network is out dated, under-featured, unattractive, disjointed, and an embarrassment for the Steem community to have representing it as the first place most people find Steem. For the Steem community to continue to grow, and the Steem network to be better developed and expanded, the front-end part of Steemit needs to be done away with, and in turn users seeking to access Steem need to be directed to the other applications for accessing it. After this, all resources possible need to be dedicated to launching SMT's to enable token creation natively on the network, as to bring Steem up to the current standards used by other, larger and more well-regarded blockchain networks. Taking these steps would be a massive improvement on how Steem operates, where its resources are allocated, and how the network can continue to grow in the future.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
well hate to burst you little bubble ... but doing away with steemit.com would be hugely foolish.
you might not like the site that is sitting on it.. but the domain has history and search engine ranking and that gives it value
there still needs to be a front door to the platform... ugly is better than none. Although, I use steemit.com and really don't find it that big a deal or a problem.
If you've been watching the communications both on chain and on discord, you'd know that Steemit Inc has been putting their focus on the cost cutting they need to move forward. Now they are moving into thrive mode, they are planning upgrades to the site.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
One of the things I "got yelled at for" in the early going was that I "dared" suggest that just because we are on the blockchain doesn't mean we are suddenly exempt from human nature.
There are really good reasons why developers generally don't run software enterprises... instead, they are locked in little windowless rooms where they do what they are best at — and typically LOVE doing — which is to create code that does cool stuff.
Then marketing and management "types" figure out how to tweak and present it all so it appeals to a large number of people, and then you become Microsoft, or Adobe, or Oracle or something...
The problem with having developers and blockchainiacs running the show is the psychological fallacy that the way use the system is even remotely similar to how the general public uses the web, or an app. Newsflash: Mrs. E.B. Fotheringham-Piddlewater, a housewife from Topeka, KS, doesn't care the slightest about "how brilliant" blockchains are... she just wants to know if it's cool and easy to share her county fair winning pie recipes with her friends.
Yes, I'm stereotyping, but it's just to make a point.
Now, here we're decentralized, so things are little different. That said... the people who could kick the next generation of Steem(it) into life are the almost 12,000 minnows and dolphins who mostly got where they are by using the system.
Go forth, and tell your friends about this. NOT that it's "just a place to make money," but that it's a multi-faceted and censorship resistant social content creation venue... for ALL those people who are tired of Facebook, twitter, Instagram, YouTube and LinkedIn shenanigans and limitations.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I also joked about how adopting cryptocurrency doesn't change human nature and I also found that pointing that out didn't go over very well. lol
Well here we are a handful of survivors of the 3 years. I don't regret anything, I loved the social experiment and I learned a ton, made some friends, etc. Recently I find I've been talking about it in the past tense without really ever making a conscious decision.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Well, I'm not quite in the past tense yet... but I am doing somewhat on a re-org on how I am going to be using this. This will include giving a lot more effort to my "alts", one for my artwork, one for my wife's non-profit organization... and they'll simply be one part of a broader social media mix.
Don't get me wrong, I still love blogging... but in another 45 days or so (when our store closes), I will simply not be able to afford spending time doing this.
The analogy I used to use a lot (about the Steemit "establishment") is that they built a Ferrari in their garage... but they are living in a small town in Alaska with no paved roads... and they keep fine tuning and rebuilding the engine... while belittling and ridiculing anyone who suggests we should call a transport company to get the wretched thing down somewhere with some ROADS.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
OMG this is a great analogy for what is going on here! I might modify it by saying they built a Ferrari engine, but didn't bother making the body look nice, and haven't spent any time making sure driving it is actually a good experience. They just know it's fast and powerful as hell and keep tweaking it to make it even better in those areas while ignoring the fact that it's incredibly hard to drive.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I love the analogy! 100 percent just for that alone. :)
I don't code and I've never considered myself a blogger, so I just don't see the path forward yet. I'm not fully crossing it off my list, but I will just see what draws me. Or... Doesn't.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It's going to take some effort and an ethos that transcends personal greed I think...I could be wrong though. Probably not though.
Posted using Partiko Android
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I'm hearing a lot of this sentiment going around and this is pretty nice compared to others who are straight up rage quitting. My honest opinion is that we have a long way to go and it's going to be a while before we can even think about anything that looks like mass adoption.(as in years) Although I think we'll see normal price volatility following the market for the most part which will be a fun ride.
We're still just building infrastructure and tools. These aren't the products for users, they're the tools for businesses to be able to build their businesses. A lot of the "exciting" products people are building are probably going to fail, which is normal for new industries. Once these things are out, lots of people will take their shot and most of them will fail, but we only really need one to succeed, and for the platform to be extremely resilient which looks like the direction we're going.
I honestly don't care much about all the economics conversations. I agree with you that it's an internal thing and I'd also say the vast majority of users don't care/know anything about it, so whatever on that. Anyway.
Just keep postiiiiiiing, just keep postiiiing 😊
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Isn't it possible that if EOS adds a social layer on the June 1st announcement that much of this might be moot? Maybe I am too pessimistic?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yeah, I am not sure that their approach is going to hold a lot more appeal.
Dan is good at Engineering, not people. :)
I guess time will tell, but I see it as a non-threat. In fact I think it is likely we get some of their rage quitters.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Wow! I would take that action!! I think Dan has the vision and the money to get it right. I may be wrong, but I think it sounds pretty good.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I'm just basing my opinion on his previous projects. He is good at an idea, but not good at understanding most people are emotion based not logically based. Large companies understand this.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@whatsup EOS needs to address their resource allocation with RAM and CPU before I'd have hope of a social network forming. Last I heard EOS was having bandwidth issues and I cannot see how 40k active users can live on that blockchain with such issues. Steem does not have these issues.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
yeah... i would love to know how much running a full node for eos costs... if you are not a witness... should be impossible to pay for... steem with MIRA will be a lot cheaper...
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yeah, I think EOS and Dan talking about Steem is a win, as at this point they have more visibility.
I think their new social media product might appeal to some, it certainly doesn't sound like a Steem Killer. :) Let's hope they keep calling it that though.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hello!
This post has been manually curated, resteemed
and gifted with some virtually delicious cake
from the @helpiecake curation team!
Much love to you from all of us at @helpie!
Keep up the great work!
Manually curated by @solominer.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Internal marketing DING DING DING!!! Plus, these stakeholders don't necessarily have the skills to handle the growth here. Money doesn't correlate to talent or abilities. I'll add that the behavior of many, and their bid-bot "internal businesses," are greedy as all hell.
Well said.
Ahhh, thank you for speaking openly and practically here. The rah rah stuff (often fueled to get investor votes) feels like manipulation to keep people hanging on and buy/hold, but the best way to keep the right people around is to make them feel like they're not alone/crazy for having these rational thoughts. Sticking together/staying on board is easier when there are posts like these that speak the truth, not cheerleading fluff. Thanks for making the effort to be a voice of reason.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Haha. What if i told you i knew this post was coming when you made the "joke burnout post".
Im going to be honest with you. If you think you have overextended yourself and have invested too much into STEEM, simply powerdown.
Take your "shit" and put it into BTT, EOS, BTS whatever it might be...
And keep posting.... Who cares.
See theres a difference between me and people like you, LLfarms, Taraz..
You guys think that people are generally decent, interested in the common good, interesting in everyone benefiting, interested in sustained growth, interested in a successful future for them and for everyone... bla bla bla.
This is where disappointment comes from.
Me.. I see it a bit differently. lol
I believe that people are generally assholes and idiots and that they need to be saved from themselves.
Because i see it like that i can appreciate those that are not assholes and idiots and i can keep myself from burning out while not taking part of the exploitative and greedy behavior some are taking part in.
Isnt that amazing. You should try adopting this approach. It fixes everything:)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
!dramatoken
I"ve got you justine!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I guess it also helps to not really do much, while pretending to be multiple accounts for optimal return as well. 🙂
For not caring much, you sure are opinionated on what other people do...
!dramatoken
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Sorry, you don't have enough
DRAMA.You need
9.00000 DRAMAmore for a chance to make it happen.To view or trade
DRAMAgo to steem-engine.com.Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Now that is embarrassing 😂 ... sheesh whatsup.. you don’t have multi account drama transfers!?!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes she does. Its called: "sending tokens from one account to another."
sick burn.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yeah, that one really hurt dude.. not sure I’ll recover..
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
why do you have so much comment diarrhea that follows you around lol
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Because people don’t like me, so they mention me, read all my posts, and need to tell me they don’t like me 😜
I really am a pain in the ass though, so it’s understandable. ❤️
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
What are you talking about?
Im opinionated on what other people do?
I have an opinion on what people do? Is that what you tried to say because ofc i do. I have an opinion on everything. Ask me if i think Real Madrid should buy Paul Pogba.
I have an opinion on that as well. haha.
Ask me if your choice of AI post topic surprised me. haha
Want to hear my opinion on that? rofl.
I care for people. People i like ill "stand up" for, people i dont care much for ill ignore and people i dont like ill call .......... Justine. 😘
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Such drama, you've earned a DRAMA!
To view or trade
DRAMAgo to steem-engine.com.Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I understood Delegated proof of stake. refers to our voting for witnesses.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
no
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Out of curiosity, what does the whale stake look like sans steemit accounts?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I am learning this and you explanation of POW, POS, and DPOS was simple and great.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@whatsup as much as steemit inc has been having troubles and drama. They seem to be moving in a positive and upward direction now listening into the discord shows with Steemits PR rep.
A few years back I was alot more worried about steem failing, in 2016 and early 2017 Facebook, Twitter, and other mainstream sites were thriving and with little to no censorship. Fast forward to 2019 and everyone is talking about censorship on the those platforms.
Steem has always been censorship resistant. though in 2016 there was not much worries about getting censored on mainstream platforms so why bother with something new like steem. Now it's a very big possibility and I see Steem getting more decentralized with dapps and @shadowpub's proposal. Over time I think there will be an exodus from mainstream platforms and they will go where the next strongest one is.. which is steem with over 1.3m users currently.
I'm more bullish on steem than ever, and looking over the wall at FB, Twitter or others I just cringe and go right back to Steem.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I'm glad you feel optimistic.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Congratulations @whatsup! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPVote for @Steemitboard as a witness to get one more award and increased upvotes!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It's all part of "The Process" it started at the beginning...
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Exactly why we should not out more than we are willing to lose as in the end it is really an experiment that can really go either way.
Posted using Partiko iOS
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
absolutely and also time is an invest of risk as well.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I fully agree with you, our blockchain may always be improved but this is not the priority anymore...now we need ADOPTION and to do so we need leadership and Business plan.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Upcoming hardfork is for a unfunded worker proposal system. If they decide to make these changes the one after that will be focused on Internal rewards. We know they don't move quickly. So aggravating
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I appreciate your candor. I am a recent Steemian and hang out mostly for the community and engagement. I would like to have the whales invest more in helping us little people and dapp developers as that will enable growth. I know some people got burned when one of the dxxx groups built a community and then they left. But those who delegated got there SP plus interest back. Maybe not as large a payout as self voting, but it still helped build community. Try again next one might be the killer dapp than takes STEEM to the moon. What have they got to lose a bit of income, but imagine if STEEM goes on a run and stays up because we takedown FB or some other major centralized platform. Is that not the basic goal?
Just my 2 cents worth. Hope I don't anger any whales😁. I am here to engage and learn.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks for the explanation on POW POS and DPOS..its very new to me and confusing.
Posted using Partiko Android
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hi, @whatsup!
You just got a 0.31% upvote from SteemPlus!
To get higher upvotes, earn more SteemPlus Points (SPP). On your Steemit wallet, check your SPP balance and click on "How to earn SPP?" to find out all the ways to earn.
If you're not using SteemPlus yet, please check our last posts in here to see the many ways in which SteemPlus can improve your Steem experience on Steemit and Busy.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
If only there was a way to become more meaningful, like buying Steem while it's low and powering it up...
Posted using Partiko Android
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I have steem, some of it bought and some of it earned.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
The number of whales is actually a bit higher than this leads on and the number of smaller accounts is much lower due to many people splitting their stake.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Agreed
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Let the whales pay... Absolutely and for me that means that I quit doing anything that feels like work. :) It's fun or nothing and I guess I am not sure what the fun parts are anymore. I have about 5 people in my circle that still post. :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
yap we lack people. year ago i was earning shit like i do now but it was more fun.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit