This answer is easy and not subjective.
No, Steem the blockchain is not broken, it keeps moving forward every 3 seconds, it is allocating new Steem exactly the way it is programmed, based on the reward pool calculations and our votes.
It is actually functioning beautifully and we still have plenty of witnesses willing to run it. SteemIt Inc is working on reducing the amount of resources it takes to run it as well.
Everything after this point is opinion and open to discussion
Steem is fine.
What I think might be broken is our Story and our Vision. That is a nice problem to have because it can be fixed.
It is as simple as what we tell ourselves and others Steem is supposed to do.
We tell ourselves we are a Content Platform, but that is no longer all we do.
We tell ourselves the reward pool should be allocated to reward content, but much of the time it isn't used that way.
We tell ourselves we need new users, but do we? Some might say what we need is new buyers/investors. I would say I was viewing users as a way to get to investors, but I will not go into that here.
The point is we are setting poor expectations for ourselves and others, and creating a constant sense of disappointment experienced by nearly everyone involved in the project.
We are doing that because our branding and messaging is wrong, not because the blockchain has problems.
People are starting to see that we need to regroup and restructure what Steem is about so that we can more accurately find our value and learn to express it.
I'm not going to go into my thoughts on the specifics of what I think we should say in this post.
Nor am I pretending all is fine. I do want to remind everyone we are operating in what would be considered a Depression in any other economic structure which of course is going to highlight any and all weaknesses and create a survival of the fittest situation.
It is my opinion that we need to work on what the real value of Steem is. Businesses restructure and rebrand all of the time.
In 2019 we should focus on redefining what we do and what methods we can use to define it. This is done in large long-lasting businesses all the time.
Many are already thinking about this and working on it.
We can try to make an educated guess on how much of the reward pool is going to non-content, double that (maybe) and instead, budget that part of the rewards to apps. Then, in say, HF23, we create worker proposal budgets from that amount and formally reduce the reward pool.
Apps can then apply for funding and get approval by stakeholders.
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I've been thinking about this as well. It is also a way for SteemIt, Inc and other development companies to become competitive.
Deliver a worker proposal and get paid! It also brings us in line with how other blockchains operate.
We have a perfect chain for finding stake-based consensus on what projects should be focused on.
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Worker proposals are also nice because they expire. You propose what you think will help the platform grow, implement it, get paid, and go away (or start a new proposal or whatever).
You don't use proposals for perpetual funding. If you want that, bake that feature into your app.
I would also like to see voting for worker proposals only if you've powered up your STEEM Power into a 104 week power-down pool. Meaning, you can vote for proposals only if your stake will be with the platform for at least 2 years after voting for the proposal. You have to stick around if you approve stuff.
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This is good, but power downs currently are reversible and adjustable.
I totally buy into the intent.
Also like the point about perpetual funding.
Actually, I think most delegations should have a time limit or funding goal to cover and then be removed. If you require delegation forever, something isn't working.
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To the point of reverse/adjusted power downs, I would think if you've staked a proposal, that SP is locked until you cancel your approval. So yeah, when a proposal issues a periodic payment, the SP can then be unlocked and the individual payment would be paid and nothing keeps the SP on the platform at that point.
I'm not sure how bitshares does it, but I can see payments being regularly timed regardless of staking, once initially approved. But if there's not enough stake remaining after approval, it's just regularly burned.
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Is not delegating SPs to DApps the responsibility of STINC which has 50 millions SP to do so? However, selection can be done by stakeholders.
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When the ninjamined stake delegates it takes the subsidy handed out from every vote on the platform.
The reward pool is zero sum.
When whales vote, or delegate, every other vote on the platform is diminished to make room for the whale.
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good not many whales are voting...
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If they stopped voting in excess of 500mv a day this place would find its equalibrium, maybe at a place that interests new users.
As it is, only the bid bot owners are getting richer at a higher than average rate.
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While that is one way to look at it. There are different perspectives on that.
For instance, when whales give out free votes, they are literally handing money to people who for the most part were not buying and in many cases not even holding.
Since we weren't going to do ads, the idea of giving away stake to users doesn't sit well with stakeholders who bought or even mined.
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I'm mining now, and no, those handouts that went to folks that didnt need them, nor call them handouts, are appreciated.
I get if you need to eat, but that isnt where most of those went.
Stinc, et al, hung on to the personal piggy bank attitude much longer than prudent, imo.
We wont need ads if we get the incentives right.
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No.
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@whatsup,
There is no way to break a blockchain! That's what I heard at the first sight of them! So STEEM never will be! But forks could be happened!
Cheers~
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Steem price is broken. lol
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STEEM has evolved so much since I joined. Its become many things to many people. I think STEEM is by far from broke. For me STEEM is an asset that can propel a business if used right.
As for the depression, yes I agree. how this all plays out will be interesting as the depression filters further around.
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Yeah, I think people forget our sub-economy (crypto) is down 80 to 90 percent. How many mainstream businesses would survive such a dip in their respective currency? My guess is not many.
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I think Steemit should include some kind of mining feature, like you browse a post for 2 minutes and get 0.001 SP (or whatever numbers you wanna use).
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Easily gamable.
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Hi @whatsup!
Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your UA account score is currently 6.326 which ranks you at #198 across all Steem accounts.
Your rank has improved 2 places in the last three days (old rank 200).
In our last Algorithmic Curation Round, consisting of 215 contributions, your post is ranked at #3. Congratulations!
Evaluation of your UA score:
Feel free to join our @steem-ua Discord server
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Happy New Year !!!
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Great discussion here. I think sooner or later we got to have some institutional investors to plop some big bucks in here. Then we use that as leverage to get new users in here that actually want to utilize the apps and the blockchain and be a part of the growing ecosystem
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If we all work towards a bigger picture this is most likely going to work! But we all have to work together and punish those who aspire a different agenda. Punish those with a fake Agenda. I guess we're all here because we all agree that the current social-media is failing and the money system is broken?
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I would lean towards social media alone, or content creation alone is not enough, but that doesn't mean it isn't an important part of the path forward.
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This post has been included in today's SOS Daily News - a digest of all you need to know about the State of Steem.
Promoter of The SOS Forums : Weekly Discussion Forums on the State of Steem.
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There's definitely an issue with expectations. Some seem to treat it like some kind of faucet and feel entitled to rewards for any of crap. I still don't know what people are making from the buying of votes, but we can be sure that those selling them are doing okay.
There are other sites that have gained some reputation as sources of good information and other contentwhilst not rewarding all their users. Can Steem attract creators on the same way? Does it take a strategic effort by STINC? Or can it happen organically with community activities? I can't say I know.
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I know we disagree on this point, but I actually see the voting bots as a beginning of us creating an economy.
I do not see quality content creating an economy, not saying it can't, but there is no sign of it happening.
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I'm not against people running businesses on Steem, but as things stand the vote sellers have skewed what some believe it is. We can have our own little games here moving Steem around, but to get the masses here takes attractive content. It may just take a few influencers, but there's the chicken / egg problem of not having the audience they would want.
I'm along for the ride. I don't have all the answers.
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I don't pretend to have all the answers either! :) I enjoy talking about them, but I do not have any ability to implement them. :)
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It's good to keep the tool and how it is used somewhat separate.
Things grow and change. Groups morph and ideals differ, do the direction veers.
One thing I know from years of working as a BA and PM. People always change their actions based on what they are measured against (at least in the work world) and always always there are people who learn how to game the numbers..
Chasing those people can be a game of diminishing returns.
Anyhooo. Some great stuff to chew on!
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It's true and many things get invented for one thing and their primary use becomes another thing.
The only reason people are feeling it is broken is because it doesn't currently match the expectations that were set. Expectations can be changed.
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Well said @whatsup.
And as you allude to, it is up to the users to make the change by doing it
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Who can capture what type of value through what type of approach?
My Opinion: We are on the right track.
The short-term value will be found primarily in reducing cost before creating trans-formative business models.
My Opinion:
The steem block-chain is three to five years away from feasibility at scale, with the right strategic approach, all kind of use-cases, companies and businesses can start extracting value in the short term.
Success factors lay in the public, financial, retail, technology, media sectors.
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I think we are not what we started out to be. We are turning more into a blockchain of apps instead of a content platform.
If that is the case shouldn't we be utilizing our assets to attract apps instead of users? (it's just a question, I don't have all the answers)
Breaking it down to Who we are trying to attract and why is usually a good starting place.
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The valuable asset is primary the community, us, the users/investors. Secondary it is the steempower and resource credits we own. Thirdly our steem and sbd balances.
We should make it possible to delegate resource credits like we can delegate steempower today. I already heard many voices asking for that.
There will be a demand for resource credits or steempower depending on what kind of use case they want to implement. They will launch their own token paired against steem. They can choose for a traditional ICO, and airdrop their tokens to the community as incentive to delegate resource credits or steempower to them. Or they come up with totally different new ways to gather support from the community. Like selling products, and give out rewards, or bonus points.
Remember,
We are swimming in this ocean the steem block-chain, as Plankton, Minnow, Dolphin, Orca or Whale. They are after us as user or/and investor but they need to realize that fishing the ocean empty is not the right strategy, they also need to sustain the ecosystem, take care of the community, us, the users/investors. The more fish, the more potential users. The more fish, the more potential investors.
So we have a shared interest, bringing on adoption is our main objective, we need to scale, make the ocean bigger, cleaner, etc, go for a durable, sustainable ecosystem, create opportunities, for all of us, so that a little plankton can grow to a whale, before the whales die of old age.
It' s a win/win situation ...
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The valuable asset is primary the community, us, the users/investors. Secondary it is the steempower and resource credits we own. Thirdly our steem and sbd balances.
Agreed the community is our biggest asset regardless of where we head.
There will be a demand for resource credits or steempower depending on what kind of use case they want to implement. They will launch their own token paired against steem. They can choose for a traditional ICO, and airdrop their tokens to the community as incentive to delegate resource credits or steempower to them. Or they come up with totally different new ways to gather support from the community. Like selling products, and give out rewards, or bonus points.
Interesting way to look at it, I like it.
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We are a blockchain of apps, but not to the exclusion of users. What is an app with no users and how could it have any value? As far as I know there is no scenario where you can have one and not the other, you need both in every case. So our attack will always be on at least these two fronts. I actually think there's more than these two, but yea, you probably get what I'm saying.
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totally agree. Have you ever seen the joke where the asshole and the brain are fighting about who is most important.
Our community and our people might be the most valuable asset that we have.
In no way am I trying to devalue that. What I am saying is move the responsibility for marketing onboarding and retention to the apps.
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Just wait until the depression hits the global economies and suddenly crypto looks pretty darn good. any day now...
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Whoops, commented in the wrong place I think... Too fast and too confused
You make a depression sound like something to look forward to!
So far as I can see locally (New Zealand) we have already moved into one in the past three months. And America and England look worse. But people who can't afford their groceries don't buy cryptos!
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No, but they might join up at platforms that distribute them. They might cancel their subscriptions to netflix and spotify but still want entertainment and, being able to earn on it becomes even more attractive.
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Yep, it is as simple as that. No money to spend on crypto.
One argument I could make is big money might move into it is a shelter, but I kind of doubt it.
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I know many think this is how it will work, and it might.
I think that when people have more money they invest more. When people have less money, they spend it on "survival items" and based on other financial meltdowns that will only come into play if currencies begin to fail.
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Yeah he makes a depression sound like something to look forward to!
So far as I can see locally (New Zealand) we have already moved into one in the past three months. And America and England look worse. But people who can't afford their groceries don't buy cryptos!
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The system is broken and the recessions are going to get harder and closer together the more we deny it. Eventually they will break so badly that people will have to admit that a new system is a must and will look for alternatives. We are an alternative and one that the people might soon trust more than the bankers that get bailed out time and time again to return to their yachts and penthouses.
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I suspect that the system is being broken down deliberately and the same people who own the banks now own the cryptos as well - the zionists headed by the rotchilds...
Sorry to be a depressing bastard, but nobody has ever really managed to come up with solid evidence that cryptos are not part of their plan
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I have little doubt that there are many
wbankers in the system but, plans can also go awry. Change always brings in a higher degree of random and unexpected and not everything is controllable. This means that there is a chance for cockups and opportunity. What we do know is that what we have isn't working and trying to maintain it isn't either.Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
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These are interesting times - two years ago I started the year believing fully in cryptos - but for 2019 I have the attitude that there are profits to be made, but after getting dealt to all year, now I don't trust them an inch and will be light on my feet.
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Trust nothing.
Other than that, there are definitely going to be profits to be made, trust me.
When it comes to the complete global paradigm shift to really benefit everyone, we might not live to see it but, we might very well be an important link in the chain.
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so my thoughts on this is they can control parts of some projects or even an entire project, but they cannot control all the projects all the time.
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people yes, but the banks and investment firms might think differently about it.
The people however will be looking for alternate sources of potential income that they can do from home when there is no work out there. know of any?
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Yep, this is an excellent point and something to consider.
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I think that if current steemit users started posting the same types of content that redditors did we would be in a much better spot. I'm still trying to find quality users to follow.
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A much better spot for whom? What is reddit's revenue structure? They do not pay for content. What is the business value?
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Medium does pay for content. And charge readers for a subscription. I personally do not like the model, I would much prefer the initial vision for steem, but it shows there is money to be made from quality content.
However I do agree that maybe the "quality content" model may not be the future of Steem.
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With the exception of the repost moderation that I've heard steem prides itself on, the two are almost identical platforms. The only true difference is that steem is worth a value in real world currency, whereas reddit karma is virtually worthless.
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The blockchain has proven to do its job and many could even argue it has done much more considering the great growth from DApps like @actifit and @steemhunt in addition to @steeemmonsters. Steem is definitely not what it was but it does continue to be a community based projects which needs to foster to improve the value creation via engagement.
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In my opinion, every crypto is flawed. We are just in the early stages of blockchain. 😬
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I totally agree and have written about it also.
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I’m with you stack!
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Steem calculations are perfect ;)
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