Over-hyped about the posibilities

alanc (45) · 8 years ago

This is hilarious.

For me, I can't seem to get over how everything is monetized, it seems like a game yet it's supposed to be social. Our brains work on different systems if there is money involved, market norms vs. a social norm. The latter we act more altruistically and for the good of the group, the former instance we act more like selfish rational economic actors. (Dan Ariely gives the example of, after a Thanksgiving meal, you give your mother in law $300 for her service, it's a fair price, unexpected and nice, but it will be offensive and sour the whole day.)

Maybe as the system ages the mechanism itself will move to the background and we can act entirely socially and without awareness of the system. But right now the system itself and the game it's created carries the weight over socializing and being genuine.

This is crypto's first foray into social engineering, I'm glad I get to be part of the experiment!

$0.59

9 votes

anduweb (61) · 8 years ago

I up you on 'This is crypto's first foray into social engineering'. It's a very new concept that will sink in with time and we'll move it to the background of our thoughts to focus on the Social Contribution aspect more.

Two other points:

As the community grows the rewards will be shared among more and more content so the actual financial gain based on upvotes will be very small even if 10k people vote.
Steemit and Steem has the opportunity to resolve one of the world's most acute problems. Wealth distribution. Not having to input money yet still be able to output them could lead to more financial equality world wide.

$0.56

5 votes

dana-edwards (74) · 8 years ago

Not necessarily true. Too many assumptions. If you don't know the future market cap you cannot say the rewards will be small. If you don't know what currency the receivers have in their home countries you again cannot say the rewards will be small.

The cost of living in Silicon Valley is just extremely high and most people assume small for themselves is small for the majority of the world. At the same time Facebook has a market cap of over 200 billion? If Steemit has a market cap of 50 billion and there are 5 million users then how much in payouts would there be per day?

$0.56

4 votes

anduweb (61) · 8 years ago

I would say yes you are right but there are also some aspects that can't be denied.

As Steemit grows and is adopted more and more its market cap will also naturally grow and Steem will be more valuable hence the daily payouts will be higher. But realistically speaking we can't expect it to grow forever and will hit a cap. Once it hits that cap, with the natural expansion of the user base the rewards will inevitably lower.

Another point to be considered is the user base distribution. Yes there will be some to whom 1 SBD will have more buying power than to others but if you look at the current reality: current user distribution of platforms, population per country (considering the development of the country), internet connection availability, education, society influence etc. I believe the majority of users will not have a big advantage between the USD (which is the parity the SBD is keeping at) and the local currency. Yes, there will be a minority of users for which a post's reward is the equivalent of a month's salary but they will be a minority and it is because of the reasons I mentioned before: these type of users don't have access to all the things the others have so they will have less chances of benefiting from this high conversion rate to local currency.

I hope I'm not wrongfully understood. I strongly want everyone in the world to benefit from the Steemit ecosystem and Steem would end world hunger and other issues if possible. But we also need to be realistic and analyse the facts. The world is not going to change in one day.

$0.47

mguy808 (50) · 8 years ago

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anjoke (53) · 8 years ago

...or as Karl Marx would say: the end of the High Capitalism Era.

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kevinwong (76) · 8 years ago (edited)

Haha nice.. it's actually quite weird. I have a friend who told me that I'm gonna waste her time if she doesn't score much in her introduction post. Didn't know what to say. Anyway.. thanks for following! Will be looking out for your stuff.

$0.58

13 votes

blakemiles84 (67) · 8 years ago

Maybe Steem will end up being an excellent personality profiling tool as well.

Work ethic becomes rather apparent in this space.

$12.51

17 votes

kevinwong (76) · 8 years ago

Yup! Which is why I kinda foresee this place working rather well as some kinda of open-freelancing platform sometime in the future..

$0.53

6 votes

aimeeathome (57) · 8 years ago (edited)

Thanks for your post, Kevin. And, to add to your response above, the majority of users down the line may be in it for the long haul, posting quality content and generally just people you want to hang out with in the cryptocurrency community. Go Steemit!

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hrottie (54) · 8 years ago

This is the great thing about this community.
There are so many friendly people,who are willing to help over here, with just a click.
Like in this one's post, it is not mine but i think that this guy got a lot of help from our community and steemit !
https://steemit.com/homeless/@brookdemar/i-m-homeless-but-not-forgotten

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anduweb (61) · 8 years ago (edited)

Spot on Kevin. Everyone should just stop complaining and try to do something to add value here. Not working, try again and again. Until it works.

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willytothej (40) · 8 years ago

Very true, become engaged in something you love and share it! You will be rewarded (: and if not you still used your time on something that interests yourself. Win win.

$0.49

4 votes

kevinwong (76) · 8 years ago

Yes well said brother :) thanks for dropping by a comment :)

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anduweb (61) · 8 years ago

Win win indeed :) Thanks for being a true steemer!

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nzoomed (54) · 8 years ago

I was in the same boat, but it does take time to make it pay off. Trying to be unique is good, but if your not popular, it can take a while to get known.

$0.49

thealexander (43) · 8 years ago

My approach is to comment as much as possible, not only does it get my name out there it is a good way to develop a fanbase (well hopefully).

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eric-boucher (68) · 8 years ago

What a great reply! Inspiring really to see and read. Thank you. Namaste :)

$0.14

cheftony (59) · 8 years ago

same for me.
I don't like something of this system, but I'm trying to help my italian community.
I'm feeling better now

$0.08

7 votes

madhatting (52) · 8 years ago (edited)

Is it true that you can live off of the interest given out by just a couple thousand dollars of SBD?

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thecryptofiend (74) · 8 years ago

Very funny and very true.

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elfkitchen (72) · 8 years ago

ha ha ha

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shla-rafia (68) · 8 years ago

Funny thanks!

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ang3l (25) · 8 years ago

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busser (64) · 8 years ago

Shit, I'm only at third stage. Doomo arigato, anduweb-san. (Going out, crying).

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blockchainbilly (51) · 8 years ago

LOL!!!!!!

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minion (56) · 8 years ago

I would appreciate if you would read this Post https://steemit.com/steemit/@minion/the-steemit-qr-code-making-this-world-a-better-place

I think it's a great idea and that It could be REVOLUTIONARY!

Thank you for reading and please comment!

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madhatting (52) · 8 years ago

LOL, that is my blog to the T

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fckmynamewontfi (25) · 8 years ago

That misuse of "skeptical third world kid" is ruining it for me.
Otherwise, nice response.

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anduweb (61) · 8 years ago (edited)

It was the best I could find along the line of reconsidering it. I added the comment rather quickly this morning before leaving for the office :)

It was rather easy to do it as it's mainly based on a post I did yesterday that got only a couple upvotes. Maybe it should have been a bit more streamlined like the comment I posted above :)
Thanks!

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vaansteam (68) · 7 years ago

Very true I’m sure most people get fed up but some with keep going.

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