Actually, the financial incentive will stay in Steemit. Instead of the system distributing investor money as rewards to the authors and curators, the investors themselves will distribute their own money to the authors and curators.
The investors have all the incentive to do so. They are the "owner" of Steemit and they are paying people to create content for "their website."
The amount of tips received by a post will also act as a rating mechanism. Those posts with spam content won't receive any tips and they won't be featured anywhere.
I explained this solution proposal in greater detail in a post with the title How to Solve the Reward Pool Abuse Problem Once and For All.
I see what you're saying, but the problem with it is "Lowest Common Denominator". Sadly people will still be attracted highly to content that's just crap to begin with, which is why short little quips or a reposted meme from Reddit gets up there so easily.
Do keep in mind that any cryptocurrency, while they do have investors, the investors aren't the sole people nor source that gives the currency any value. There's multitudes of factors at play in it's valuation, such as energy consumption for sake of example.
You could argue that I'm also an investor, since I have hardware in the IPFS system allocating 100 gigs of storage space. Then again Freenet Project has 150 gigs on my node as well. =\
It's just rather complicated how to resolve the abuse "once and for all" because those abusers will still come in with the hopes of getting noticed. It's just how greed works sadly. :(
[edit] Take for example, you still had spammers on Vid.me and they didn't have ads at the time and still had abuse in a similar regard. Even with Tipping like a competition with Patreon built into the system, it didn't stop the abuse.
What had to be done was verification and limiting those who aren't verified to prevent rampant abuse.
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If this is what brings in more eyeballs and increases the value of the system, so be it. As long as the content is legal of course.
Yep, I agree with that. That's why I'm advocating the abolishment of the rewards for the authors and curators only. Witness rewards will remain.
By "once and for all," I meant the reward pool abuse. Yes, people will find a way to abuse any system. Our goal is to minimize it or to solve the largest scale abuse that exists in this system at the moment.
Unfortunately, I can't verify this anymore, because appearantly Vid.me has stopped their operations. Steemit is already verifying their users, no?
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I'm not actually sure if Steemit verifies users or not =\ I don't recall going through any sort of verification process. I could easily create a new account and wait a week for it to get approved and spam the hell out of it and abuse the system.
I see where you're getting at though.
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I'm referring to that one week approval process. I had to verify my phone number in addition to my email and I was assuming that they were verifying me during that week.
I'm not sure, what their approval process consists of. I'd expect some verification process, but I could be wrong.
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Honestly I don't recall if they verified my cell or not, I recall them doing it but I completely forgot about it.
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I have been verified around ten days ago. My cell has been verified with an SMS code. It's not the best verification method, because cell numbers can be easily purchased, but it's better than nothing.
On the other hand, serious cryptoexchanges have better user verification processes, which include asking for the copy of your id card and so on. Steemit doesn't have that yet.
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