RE: Feeling Good About Steem Again! Here's My Side of the Story.

I was in the camp “wait for SMTs” but I now admit it’s not a practical solution. At the same time I am 100% certain that whatever changes will happen on Steem, most people won’t be happy because it’s not exactly what they wanted, and of course the economic model will have unforseen problems.

Figuring out an entire economic model simply doesn’t work. As crypto users, this is our critisism of the FED. They try to set interest rates and determin inflation in a centralized way. The interest should be left to market forces and set itself. The same as SMTs will help us figure out models by trial and error. But again it’s not practical so we are kind of stuck.

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Figuring out an entire economic model simply doesn’t work. As crypto users, this is our critisism of the FED. They try to set interest rates and determin inflation in a centralized way.

Seems like it's working for BTC and such? At least for now I guess.

Granted behavioral cryptoeconomics are harder to deal with than just machine cryptoeconomics, some models are conceivably better than others in increasing the likelihood of honest voters in a content discovery/rewards platform, and without too much of a social cost imposed by the measures. I suspect most SMTs that wants to achieve the same kind of effect would borrow similar design principles (as I think a lot of configurations, including what we have now likely wouldn't work over the long run) for their respective communities, and that's how we scale and sustain later. Imo, there first needs to be a core model to prove that content-centric POB / SMTs can indeed work. Or else there are other competitive options out there in the market if it doesn't rely on any kind of social or content front. Thanks for your input @marki99

edit: i would like to add that “closed” communities and “fixed” treasuries aren’t part of what i just said above.