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RE: Rejecting HF21 in its current state

in #steem2 years ago

While nobody really knows the outcome of these changes, I remain optimistic that these changes may move things towards positive results.

Changing rewards split to 50/50 is the only thing that makes sense to me. The other two components of the proposal I don't care much about, however, if the whole bundle is what it takes to get 50/50 I am for it.

Honestly, I am surprised that you are opposing 50/50 rewards split. I might be completely wrong, but here is my attempt to convince you that 50/50 split will have positive benefits for participants:

  1. Organic voting vs vote selling. Over the years more and more SP moved to passive income that is generated via SP delegation and vote selling. Reasons are obvious, it is a choice of 25% in curation rewards or 4 times more than that. At the current state, SP will keep moving to delegating and selling rather than upvoting authors for free. 50% curation rewards will give organic voters a fair chance to compete. Moreover, it will bring some of the SP back to organic voting.

  2. Rewarding those who have been rewarding/supporting authors. While some chose to delegate and sell SP, some remained true to organic upvoting and continued supporting authors. They didn't have to. They could have gone a full return passive income route. But they didn't, because they have a long term vision. So these stakeholders, I think, deserve better rewards on their curation. I will be glad to have less rewards on my posts if that means those who have been upvoting my content get more. More SP these folks have better for authors.

  3. Will encourage authors to engage with their audience. Authors are also upvoters. They don't have to solely rely on the author rewards. They can meaningfully reward those who engage with their content, and receive 50% curation rewards. Many authors do anyway. While they may be losing on authors percentage, they will be gaining in curation rewards.
    This also will encourage authors to power up more SP.

  4. Will make Steem a more attractive investment. At its current state those who buy Steem, do so for speculative reasons, passive income via delegation or vote selling. Rarely you would see people buying Steem and powering up because they want to reward authors. 50% curation rewards will make Steem more attractive to buy and power up. If more people are interested to buy Steem, prices will go up. Authors will see increasing value in their rewards, stakeholders will see the value of their stakes go up.

  5. Majority of social media users are content consumers, not content creators. The way Steem works is, it heavily rewards authors and not content consumers. This in return turns content consumers into creating content to take some share of rewards. 50% curation rewards will let content consumers just focus on what they do best, consume content. This will encourage content consumers to buy more Steem and be rewarded for consuming content. I know quality authors put in a lot of time and effort to create content. But those who buy Steem, also put in a lot of time and effort to earn their money elsewhere and then invest in Steem/SP. Steem needs more people interested in putting their hard earned money into Steem.

In conclusion, I think 50/50 split will encourage more organic voting, divert SP from vote selling back to upvoting for free, improve content discovery, increase interest in buying Steem, increase interest for authors to power up instead of selling earnings, and give Steem a better chance to succeed.

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I've explained this in the comment linked above. You're ignoring that bidbots will also see 50% curation rewards. Similarly, to self-voters, it doesn't matter, they'll get a 100% split every time anyway. That said, I agree it'll likely see a marginal gain with greater incentive for curation. It's just not enough - Steem has fundamental misalignments that need to be addressed. I'm sure I told you about this first in 2017, and through the years, and nothing has changed since; so I'll avoid beating the dead horse.

After reading your linked comment, I am not sure now. Your assessment and arguments are convincing. That also makes me think what will all the projects that are receiving @misterdelegation delegation do with extra curation rewards.

They will get 100% richer than they were before.