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RE: Open Letter to all Steemians - Hardfork 21: Culture Change

in #steem2 years ago

Hey @timcliff, could you explain to me how you see the new 50/50 reward split is going to encourage whales to manually curate?

Dies the increase in curation rewards also benefit bidbots? Why wouldn't one just keep their steem going towards that, a lot easier to make profits no?

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It is going to depend on whether the new economic model results in a culture change.

That sounds... not very promising haha

I don't see how a change in code will result in a change of whale's minds.

Profit is profit, people will seek it above all else, always.

Would love to be proven wrong about this though 🙃

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Yes, the increase in curation rewards will inure to bidbots, and they will simply pass them on to delegators to maintain their profitability.

Whales will just make more Steem, although they'll make less money. The ninjaminers didn't invest to get their stake, and seem to have little grasp of how to encourage capital gains. Profiteering and capital gains are diametrically opposed, and considering the market and marketing department a drain on ROI is why user retention is horrible.

HF21 exacerbates all the things that chase off new users, reduces the price of Steem, and worst of all will be the downvote pool, because substantial stakeholders will use it to flag rewards back to the pool, where they can extract ~90% of it. More actually, after HF21 more than halves author rewards.

So I take it your excited for the 27th eh?

Lol, jk. See, all of what you just said seems, to me at least, be the most likely outcome of this upcoming HF.

That's why it's pretty upsetting to hear people who are on the otherside, promising #newsteem & better mechanics, to simply respond to these criticisms with "Don't worry, it'll be ok because people are going to just magically change."

Like, no. Code can't do that to people. Or, at the very least, this code won't.

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