Topic: Steemit how can this thing be workable long term? - page 18. (Read 32368 times)

What a great guy. Sean-king upvoted my post above. Note I had added to the end of that comment post. I think I made a very important point there about voting not being free of mental computational cost.

Edit: I added even more to the end of that comment post:

Can anyone answer this question (here or there)?

https://steemit.com/gametheory/@biophil/what-s-a-minnow-to-do-the-game-theory-of-steem-part-4#@anonymint/re-sean-king-re-biophil-what-s-a-minnow-to-do-the-game-theory-of-steem-part-4-20160719t180718215z

been using it for few days, I still don't understand how it's gonna run in long term. You post 1000 words article with images,  if whale is impressed you get paid. Good for you BUT how does that help to create a strong big community like facebook or reddit where people can communicate with each other and there is no pressure to post "1000 word post" on everyone.

Most of the content I've gone through doesn't interest me at all. It's not new, it's just summary of all other online articles that are easily available with one google search. So, why steemit?

New users find out about Steemit, they create an account and now they're on the mercy of "whales" to earn steemit. Few attempts don't earn them money and they leave in frustration. Keep in mind, not everyone has ability to create great article or post. May be if there was incentive to award users weekly for posting or something it could attract more attention.

So lets say you pay $10/week just for showing their face and creating 100 posts every week (just like signature campaign). It'll get the ball rolling and everyone will have fair amount of steem power which they can use.

Another thing is, if your post is old it stops getting upvoted unless it's in "hot" or "trend" section and it's because content is being created too fast with no way to sort through them.


Unfair wealth distribution leaves society in chaos and that's exactly what's happening on steemit, it'll impact its growth.

https://steemit.com/news/@kevinpham20/huge-news-famous-vc-investor-fred-wilson-is-rooting-for-steemit

$15k for posting a link?

Are you fcking kidding me?

But a salient point is the STEEM is debased 9X more than the STEEM POWER tokens. And transactions must occur in STEEM tokens. So the cost of debasement will fall predominantly on transactions if they ever scale up.

So in essence "transaction fees" (issued as debasement) would be paying for the content rewards. A big "if" is whether they can scale of transactions sufficiently.

I actually deduced their business plan upthread on my own, and then CoinHoarder confirmed it.

Thanks for your review. 

That was my first silly (yet still kind of serious) post. All of my other posts have been geeky proposals. I am finding out geeky proposals don't pay very well unless your name is Anonymint (), so I thought I'd change it up.

It comes from new coin supply. Every day new steem tokens are issued and some of it go to content creation.

Hopefully my reply there will hint to you that I think you picked a great topic to write about and even some of your prose was catchy and clever, but I think you missed the opportunity to make the key point. IMHO, you've got to resonate with the reader on a key point(s), else the follow through on votes won't be driven.

IMO, you lost the punch line when you delivered conflicting definitions at the end.

Also I think the "BITCH PLEASE" superimposed on Obummer's likeness appeals here on BCT (I make those sort of comments on BCT as well  ), but probably isn't going to work well for an international site targeted to the masses. Obummer is highly respected here in Asia. I noticed Asians joining Steemit. I think whales are unlikely to vote up a post that has that, because they want to encourage mainstream appeal. Although there might exist also the type of male sarcastic crowd that was on Dogecoin, they aren't likely whales.

In the future it is hoped it would come from demand for the STEEM tokens for transacting. We were upthread discussing how likely or unlikely they can scale up transactions. I intend to do some more analysis of that soon.

I don't understand why they don't have some mirrors up either. I am not having any issues this morning though.

Shameless plug... my post for today: https://steemit.com/rant/@coinhoarder/society-is-abusing-this-word

Incentives are paid out of a pool created by 12% annual inflation.

I have a question and need some clarification:

Where does the reward money from upvoting come from?
Is it solely based on speculators money on the exchanges?

The downtime is becoming quite severe. Seems they might be using CloudFlare? In which case I am not sure if they know what they are doing w.r.t. anti-DDoS. I am not an expert on anti-DDoS, but from some research I had done, it seemed unlikely that CloudFlare could filter the most serious attacks. My gut and some datums seemed to suggest to me they are the popular but lower technology provider.

If they aren't earning money specifically on Steemit.com, why should they not offer others to mirror the site? Is there a private database and not everything on the blockchain?

And shouldn't they putting mirrors of their servers in different locations around the globe?

Edit: some pages are down but apparently not all:

https://steemit.com/steemit/@anonymint/improving-steem-s-rankings-to-cater-to-diverse-content-preferences

https://steemit.com/steemit/@gavvet/where-steemit-adoption-is-going-to-the-mooooon

If I force an uncached reload (Ctrl+F5 in FF) the first link above, it loads. But if I click either of those links above, I get a 503 Service Unavailable error.

Edit#2: apparently this was some issue on my client end. It is resolved now.

Yes, but did not let others know about it.

Don't use "convert" it will use a one-week future price feed which will probably be lower than present (although you could indeed gamble that the future premium on SD expands). Buy and sell is likely better.

Ah the $1.46 SD valuation threw off my calculation. And the UI is reporting it as $1 per SD apparently. Thanks. Now I need to convert my SD asap.

Do I convert my SD to STEEM in order to next convert them to SP? Will I receive that $1.46 market value if I convert SD to STEEM, or do I need to click "Buy or Sell" instead?

Your wallet shows:
834.008 SP
2,689.197 SD

STEEM is $3.87 according to Coin Market Cap.
SD is $1.46032690671 according to http://www.steemdollar.com/

SP value: $3262.44
SD value: $3927.10
Total value: $7189.54

SD is up a ton because idiots are running up the price on Polo at the moment- there was/is a huge arbitrage opportunity this morning. Poloniex just added STEEM and SD, so traders may not yet understand SD is supposed to stay around $1 USD.

Realistically, SD will probably go back towards $1 after the crazyness dies down, so you are looking at somewhere around $5951.64

Then again, STEEM going on Polo is huge... I expect a new all time high shortly. There is already almost 2500 BTC worth of volume on Polo across the SD and STEEM markets in only 9 hours of trading. So, perhaps the ~$7k+ valuation may stick for a while.

Morals are subjective. They are derived from religion and one's upbringing, and everyone forms their own version of morals as they experience life.

To some a "sneaky mine" is immoral. Others may liken it to starting a business, and equate it to the developers/organizers of a start up obtaining equity in their project. Are all start ups and corporations immoral? Is capitalism immoral? That is subjective...

To some 12% annual inflation is an unsustainable pyramid scheme. Others may liken it as a good way to gain a huge userbase quickly, then leverage that userbase in the form of profitable features that are yet to be implemented. Can a business not change its business plan, or never expand into other markets? To judge something based on exactly how it exists today instead of where it is headed in the future may be a mistake.

Somehow where my total rewards were approximately $7100 (for two blog posts and one high reward comment) at the peak when price was approximated $2.97 before the price started decline, I ended up only receiving $5378 which was paid out (50% in SD and 50% in SP) when the STEEM price was computed to be approximately $3.26. So somehow even though the price rose while I was sleeping and my votes did not decrease, my reward was diluted (by ongoing voting) during the time my blog post was locked preventing additional votes until the time the reward was computed.

I think it is a bug to lock the post from additional voting before the time to compute the rewards.

smooth et al, any comment about this?

(I am not complaining about earning $5000 bucks. Thanks!)

Of what benefit are morals? Which morals are objectively better than others? Btw, CoinCube has written about the objective purpose of morals.

I can't speak for smooth, but in my case I am trying to remember that my successes in life came from being pragmatic, action trumps words, and dogma was for bystanders and arm chair "experts".

What seems to matter is can we make something big that brings in the masses to blockchains. Steemit is using some gimmicks to try to go viral and then hoping to fill in the missing parts of the ecosystem.

Remember since 2013 I have been saying that I didn't think the Linux development model applied well to popularizing blockchains and this was one of my complaints against the model of Monero. Monero, Ethereum, Steemit are all experiments in how to organize a blockchain project. Personally I am much more motivated to improve Steemit than I am for Monero, because the former can probably pay me well (I'm not assuming that will happen nor that they need me).

I am still in the process of analyzing Steemit, to make my determination of its prognosis and how I align with it.

It doesn't mean I won't find problems in Steemit. I have not yet determined if the concentration of tokens with initial whales is debilitating or a net positive. So many facets remain to be analyzed and pondered.

It is normal to have a negative reaction if we are invested in another project, then another one comes along that has a different set of parameters (especially if some might even think some of those attributes are immoral, selfish, or catastrophe-in-the-making).

I am still trying to wrap my head around all of this.

I did not admire the technology of Dash (and that is not to say there wasn't some serious programming done). I felt they had hyped and not actually produced anything significant (e.g. 10 minute mixing times, etc). Although there were some new ideas especially in Evolution. Steemit has some serious technology. I am not saying it is the best technology we can do. But I also acknowledge it is already a reasonably sophisticated technical accomplishment. And they will be gaining technological momentum if they utilize their resources well.

I am not clear yet they needed a blockchain for this. But I guess the argument is that anyone can go write an alternative UI on top of the blockchain. I need to study and think about the details of this more.

I was criticizing the project heavily and it is possible I might still find insoluble issues, but I also have to make sure I am in touch with reality.

Reality is 100s if not 1000s of people are signing up and actually producing content. It is not a mirage. I am studying the site metrics now to determine the attrition rate.

I have in the past thought Dan's designs were out-of-touch with reality and too collectivist (as if the government can ever do anything efficiently ... appears perhaps Dan learned a lesson with DPoS governance with Bitshares). Now he joined with Ned Scott and produced something that may be a balance of ideas from several smart people. And maybe they need another few smart people to help them refine it. I am not sure yet. I need to study it more.

Dash and bytecoin was very legit too because it was exactly mined as intended by the dev team

(Sry for the sarcasm)

I didn't read whole thread.  But many times did parts and i dont see if anyone defend and shill anything.  Developers decided how will mining went and announced in advance. And it went exactly as they planed. They have right to do it.

For me it was strange, but it seems it worked for them. Lets see how will go next. They have quite soem troubles with security.