Why Steemit isn't the Killer App.... YET by pieter

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steemit · @pieter · Jul 20 '16

$0.45

Why Steemit isn't the Killer App.... YET

<html>
<p>Face it, most people are here because they are getting paid for votes and curating posts. We're all whale-hunting, like Internet Age Ahabs hunting Moby Dicks like @dan and @ned.&nbsp;</p>
<p><img src="https://d3k9gxxxyh3lif.cloudfront.net/wp-content/uploads/Screen-Shot-2012-10-26-at-11.38.30-AM.png" width="320" height="312"/></p>
<p>This poses a problem. As long as most of the SteemPower is held by early adopters, the posts that get rewarded are those that conform most to their particular worldview. This has a few consequences:</p>
<ul>
  <li>Posts in any other language than English have a very small chance of earning a decent reward.&nbsp;</li>
  <li>Posts about steemit, how steemit made people rich, how steemit will change the world, etc. are rewarded relatively more than other posts.</li>
  <li>People who are interested in writing about other things will lose interest, as their well thought-out posts are not rewarded and they see MakeUp Vids getting 10s of 1000s of SteemDollars.</li>
  <li>What you get is a filter bubble/circlejerk-situation. Some people will try to play along for some time and some of them might be succesfull, but user retention will drop.&nbsp;</li>
</ul>
<p>In the long term, this has some serious negative consequences for the community, including the whales (unless this was all part of the plan, and they are cashing out as we speak). The value of a currency is based on the trust people place in it AND the amount of people using it. As users lose interest when their posts aren't noticed, the price of Steem will go down over time and we are back at square one. Of course it isn't as black and white as I state here, but this seems to be the trend from where I stand.&nbsp;</p>
<p><strong>So now what?</strong></p>
<p>What would be a healthy development for steemit? I think it would be good if SteemPower were to be divided more evenly, we need an ecosystem that has more ranks than minnows, dolphins and whales.&nbsp;</p>
<ul>
  <li>One idea could be that not using your SteemPower to vote/curate and not writing posts would actually cost you something. Kind of like a <em>negative interest</em>. This will give a big boost to liquidity.&nbsp;</li>
  <li>Another idea might be that the reward for a post can be<em> inversely related to the difference in SteemPower</em>. When a whale votes on a post of some minnow, the reward will be big. When a whale votes on a post of another whale, rewards will be smaller. This will elevate more people to the level of dolphins, as the trending topics will be from the up-and-comers instead of the usual suspects.&nbsp;</li>
  <li>There might be some technical advances that will improve things. Right now, steemit is a site for curated content. It isn't, like many assert, a social network. There is nothing social about it, as there are no network links binding people together. In other words: we haven't unlocked the <em>value of social ties</em>, something that makes Facebook billions of dollars. When someone would be rewarded SteemPower/Dollars for bringing people together, or for bringing more people to Steemit, we will see a rise in value.&nbsp;</li>
  <li>Similarly, when there will be a feed of the people you are 'friends' with, this will tie the bounds of people and instead of a collection of people, we let people make <em>connections</em>, increasing user retention.&nbsp;</li>
</ul>
<p>I think Steemit either has to evolve into something more democratic or it will be taken over by the next big thing, which will value the content and connections that new users will bring and the time they put in.&nbsp;</p>
</html>

👍 alexc, allmt, jamessmith, pieter, inertia, mazainderan, amor, artem-sokoloff, beowulf, arrowj, cryptosage, kapets123, gfxmotion, truthnews-de

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@allmt · Jul 20 '16 (edited)

$0.02

I agree about the social tie aspect. YouTube, Facebook, Twitter, etc. are all big because they foster community directly or indirectly as friends or followers.
If Steemit plans to retain users there needs to be a social incentive on top of the monetary incentive!
Users need to be able to associate visibly/transparently with each other, and to show others who they vote for and what kind of content they vote for. Maybe like individual public Upvote statistics represented in infographics.

👍 allmt, pieter

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@amor · Jul 20 '16

You are smart and agree with you, skipped some parts because here is 3:14am, last post to read and get into bed! as a new user, it is true, we need a user-friend network too, to feed from channels we are interested in, friends, etc... and not only for the one who has more votes: worldwide

👍 amor

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@arrowj · Jul 20 '16

I do not know the solutions, and I do not know enough about this yet to speak with authority. However, you have put into words some ideas that have been nagging at me all day. There is something inherently "fixed" about the system. IF the goal is to generate tangible rewards AND quality content this will have to be addressed. IF however, "quality content" is defined as content a few people find ammusing and many people know they will find ammusing then the system works as designed. Another problem: right now I am nervous about posting this because theoretically it could discourage certain whales from up voting my future content if they disagree with me!

👍 pieter, inertia, truthnews-de

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@pieter · Jul 20 '16

We already have a system where the elite owns everything, so why would I switch to another one? <- That's the basic sentiment. On paper steemit can be something beautiful, but we have to make it happen.

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@beowulf · Jul 24 '16

Yes! You nailed it. The Captain Ahab (whaler) analogy is the best one yet. I'm really concerned that this social media ecosystem is unsustainable in its current state. Thank you for the thought provoking post.

Upvoted...

👍 pound

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@marsresident · Jul 22 '16

Here is an Archive of Cryptocurrency App building Code on Github for anyone creating a Steemit app
https://steemit.com/steem/@marsresident/github-cryptocurrency-app-creation-archive

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@positive · Jul 20 '16 (edited)

No! Heresy! FUD! 

The system is perfect and your just mad because you haven't made $10,000 in one post. Ha! #cuck

http://static.gamespot.com/uploads/original/1510/15104833/2374982-8895337183-yo-da.jpg

👍 positive, pieter

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@pieter · Jul 20 '16

Hahaha!!! UPVOTE!!!

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@weenis · Jul 20 '16

:D 
 Upvoted 
 ###### *(Upvote me and I will auto follow you and upvote you!)*

👍 amor

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