Steemit's economy is fundamentally different from YouTube's, which relies on ad revenue (and perhaps user donation, like Patreon).
Steemit's reward money is produced by the coin's inflation. Every day there is a fixed allotment, or else the coin would have trouble holding value.
If everyone's content paid out indefinitely, the reward pool would be stretched thinner and thinner over time.
Steemit's economy is not well suited for certain types of compensation, like you mentioned. You're best earning from both YT and Steemit, as there are no downsides from doing so.
Hey gigafart, that actually makes a lot of sense to me. If everyone could earn indefinitely I see how it would turn into something like the Zimbabwe Dollar. What might be cool is if maybe there were some bonuses for benchmarks even if over time ie 100 upvotes gets something or 500 upvotes.
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Also, I would look at what @jerrybanfield is doing. He is new here, but has a great following on FB/YT, and publishes his long-form content to multiple platforms.
Looks like he's killing it.
The rest of us may have this opportunity when/if Steemit goes mainstream and the userbase + coin price take off.
Considering just how few active users are on this platform, and what the market cap is already valued at, I'm fairly optimistic we're headed for great things.
Regardless, I say stick around for the experiment...
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@jerrybanfield is a monster (in a positive way) ...I love his videos about cryptocurrencies
I think he is really cool
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I actually learned about Steemit from him. I wasn't even following his channel, he just popped up in my suggested videos.
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Totally correct 🙌🏼🙌🏼🙌🏼
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This is the reason. Permanent payouts would monopolize the whole reward pool for the big hitters. All the small fry would leave. It would be like creating a new legacy media. How could I compete from scratch with a guy who brings 180k followers from YT?
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exactly why it is impossible for anyone to succeed without having a huge following or lots of money. or big tits.
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So true! Steemit is supposed to be a community where everyone benefits. Yet in rewards, it seems to be the reasons you state. Of the steem/steem dollars available, a few are taking a huge amount of the available steem pool allocation each day.
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I get the point of having a limit, but 7 days still seems like a short payout time. What happens to the steem allocated by the upvotes made on a post after that 7 days? Does it count as a vote but the steem doesn't get allocated to the rewards pool? Maybe an extension to 30/60 days would be better. Thoughts?
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According to this post and its comments ---> (https://steemit.com/steemit/@shenanigator/the-ultimate-guide-to-steemit-payouts), upvotes made on a post after 7 days get no curation rewards and give no author rewards. However, the upvotes will positively affect your reputation score. If you make a comment on a post that is more than 7 days old, the comment can earn rewards for 7 days.
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It seems strange that there's a cutoff, I'd like to hear the rationale for making that decision. Because long term curation of posts is where the real value of this platform could come from. As in the highest payouts over the lifetime of the platform would go to the best pieces of content consistently being curated and added to. It would also be good to do the reddit thing where the highest upvoted comments rise to the top of the reply chain.
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Great reply thanks! I also read or hear lots about Dtube...is this like youtube just from steem or what is it with this one. I wonder if steem will find massadaption other than thru crypto. Would be awesome! :)
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"You're best earning from both YT and Steemit, as there are no downsides from doing so."
I'd have to disagree. A lot of us are here on Steemit/Dtube/dlive/dsound to escape the Youtubes and Facebooks. Posting on Youtube has the huge downside of supporting centralized platforms using datamined personal info to feed you ads.
I understand the inflation aspects of a 7 day period. But why lockout previous content from weekly curation rewards? Everyone's voting power is already limited by diminishing returns and daily recharges. So it's not going to thin out the prize pool overtime. This will only happen if everyone is using bots and not really reading/watching/listening to content and curating it.
I believe in the following solutions:
Ban voting bots like they are spammers. This is basically "lying" and is against the EOS constitution. Lying that you watched the video and found it useful, or read the article and found it informative. (Granted this is not EOS, but both platforms were worked on by Dan Larimer and were done in the same rebellious spirit).
Every 7 days the curation rewards start over. Previous content is not locked out of the curation rewards. A new up-vote will start a new 7 day curation period after the last one closed.
Keep the diminishing returns on multiple votes in a day, with daily power recharges.
Without these changes Steemit will be fraudulently curated with little incentive for long term content. It's more a replacement for twitter than long term platforms like Youtube and Facebook. I don't want whales choosing what's in my Feed anymore than I want Facebook datamining my personal info for that Feed.
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