RE: Hardfork 21 - Steem Proposal System (SPS) + Economic Improvement Proposal (EIP)

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RE: Hardfork 21 - Steem Proposal System (SPS) + Economic Improvement Proposal (EIP)

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travellit in #hf21 • 6 years ago

First of all, thanks for explaining this in Layman's terms - helped me a lot, cuz I've been hearing a lot about SPS and HF21. The technical side of this seems well reasoned and I do see how those involved to put this forward expect price - thus, investor, increase. But I would assume that you have a step-by-step plan in mind to attract new and retain old content creators. If so would you mind sharing this? As this will have a massive impact once the new EIP is in place. As this was left a bit unclear from the above.
Also believe that this will be very time-sensitive as this blockchain cannot sustain its purpose without content creators. Because as a content creator I see it like this - if now I make 2 STEEM from my post - with the new EIP system ("more than 50% reduction") the price of STEEM must increase 100% (or more) just to make the same value as I did with the old system. And all this would be fine if we would know how do you plan to achieve this? What are the steps that you are going to take in order not to lose quality content creators (and attract new)?
Cuz if there is no plan in place - this might hold a high level of risk.

FYI - We actually truly support this, cuz this shows that there is someone who cares enough to change something. These are just some questions that we would like to hear more about.

6 years ago in #hf21 by travellit

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gtg 6 years ago

what appears to be a more than 50% reduction in their rewards

It appears to be. It isn't. It will be less.
Curators will be more incentivized to search for a good content and upvote it.

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travellit 6 years ago

Precise math behind this is actually not that important. What interest us more is what are the precise procedures that will be implemented after the HF21 to keep the current content creators and attract more new content creators? I do get the more appealing look on the EIP with convergent reward curve from curators point of view. But how are you planning to resolve the other (more important part) part of this equation - content creator? I do not believe that you have this foolish excuse of - let's "hope" for a price increase?

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gtg 6 years ago (edited)

Not after HF21, it is within HF21. That very change that empowers curators is good for the authors. Or at least good for those authors who create valuable content.

Currently SP holders are lured by profits from paid voting services. Content is irrelevant. With new model if you decide to curate good content instead of selling your vote you won't be on a losing position.

That increase the chance for content creators to be upvoted without paying for votes.

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timcliff 6 years ago

More than anything, the hope is that more votes will go towards actual contributions after the incentives are changed. While authors may be getting less of the overall percentage, more could go towards content that is actually consumed by curators. To say that we have a "plan" is probably a bit of an overstatement. It largely depends on how the human behavior changes after new incentives are in place. There isn't really any way to know how it will work out unless/until we try.

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travellit 6 years ago

yea that's more or less clear. I've been reading around this topic and what picked my attention was how @theycallmedan gave a very well explained his plan of action after EIP. Which was actually something that we were looking for. Basically that it makes more sense for him and other large SP stakeholders to withdraw their delegation from bid bots and curate in a sustainable way.
Idk if you have done this already or not. But it would be a good idea to discuss the same with the large SP stakeholders this approach. Just to see who and in what kind of stake they will support this EIP. I truly see how this new equalized reward system can be the first step towards something truly great.
Because it would give peace of mind for some content creators (at least in some level) if they would know that "whales" of this platform have their back in a way. I guess.

But once again, thanks for what you are trying to accomplish.

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lordnigel 6 years ago

Your an honest man, and know what is needed - a proper strategic plan will help;

You have a plan, its a bit loose, you just need to demonstrate its well considered by setting and sharing your measurable objectives, implement and then report how far off the target we got.

If you do this alone and make it transparent and seek feedback for each from the wider public, prior to implementation, sentiment & engagement will improve measurably.

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mitrado (1) 6 years ago

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iflagtrash 6 years ago

I flag trash (and morons). You have received a flag.

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