RE: Downvote Pool Deep Dive

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RE: Downvote Pool Deep Dive

enforcer48 in #steem • 6 years ago

So in my eyes they were thinking to maximize their profits but did exactly the opposite …

Price of BTC has a bigger impact on Steem price than anything at this point in time.

So, the logical path in the current setup is to hoard as much as you can. Even if Steem only hits $7 when BTC reaches another ATH, that's 20x returns.

If I were a whale who is not confident about Steem's future, that is exactly what I would do: piling tokens. Shitcoin can still moon every now and then.

Hell, if I just sell 1000 Steem when the price reaches $1-2, I would profit.

The free 25% flags will hopefully drop some hammer on the bs on trending and massive self-voters. I'm pretty sure the whales will war with themselves first.

According to the stats I'm informed of: most people don't downvote.

https://steempeak.com/@lalala

You literally only have a handful of people downvoting more than the few times shown on the chart and most of those names are from anti-abuse initiatives of some sort. Or, they are people being flagged by the said groups putting out their retaliation flags.

Most whales seldom downvotes, they are more interested in stacking coins.

6 years ago in #steem by enforcer48

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jaki01 6 years ago

Price of BTC has a bigger impact on Steem price than anything at this point in time.

Right, but nevertheless other altcoins, whose prices also denpend on the price of BTC, overtook STEEM, which is only ranked 60th at CoinMarketCap nowadays.

According to the stats I'm informed of: most people don't downvote.

They just don't dare to downvote, even if in future downvotes will be theoretically free. The threat of retaliation is too strong.

Look at the comments under this article for example: a whale upvoted his own comment to the top and flagged another comment which actually got way more upvotes. Even if downvoting would bring some curation rewards and even if they don't like his behavior, I doubt that people would flag the whale comment ...

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enforcer48 6 years ago

Right, but nevertheless other altcoins, whose prices also denpend on the price of BTC, overtook STEEM, which is only ranked 60th at CoinMarketCap nowadays.

Doesn't matter. Profit is profit. If you think most people are here for the ideals, you are sadly mistaken. The reason why downvoting is so painful on this platform is because everyone views that Steem token as potentially the ticket to massive gains.

Then again, there's also psychology. People complain about being downvoted by tiny votes from @camillesteemer and their hundreds of alts that literally amount to nothing.

That, and also the unrealistic mindset that this is the place to supplement their income. It can be, but it's impossible to be that way for everyone. People like @baah are on the rare side of the spectrum where "Que Será, Será" is the mantra when it comes to rewards. Ideally, only serious content creators and large stakeholders should care about the rewards.

Look at the comments under this article for example: a whale upvoted his own comment to the top and flagged another comment which actually got way more upvotes.

Because @transisto has been one of the most vocal large stakeholders about this issue. The "more votes" you see simply come from people looking to counter his downvote.

It's hard to make a judgement call on the proposal when I do see the positive and negative side of things, but I do know that status quo is not good.

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jaki01 6 years ago (edited)

Doesn't matter. Profit is profit.

There is no profit, if the STEEM price always decreases, which it does since a long time. There is especially no profit for big stakeholders.
It doesn't matter to get a bigger piece of a cake, if the cake is getting smaller and smaller.

And I see no reason why smaller accounts shouldn't be here to earn something, even if of course there is no 'right' to earn.

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enforcer48 6 years ago (edited)

There is no profit, if the STEEM price always decreases, which it does since a long time. There is especially no profit for big stakeholders.

You do realize that a number of big accounts didn't buy their stakes, right? Also, BTC going up always affect the prices. If you can't sell higher than you acquired (in this case, click of a button), then you are doing something seriously wrong.

Why are you so focused on small accounts not being able to earn? They will be fine. The proposal here is more geared towards bigger stakeholders. If there are no stakeholders, nobody earns.

Let's just wait and see.

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jaki01 6 years ago

You do realize that a number of big accounts didn't buy their stakes, right?

Sure, but nevertheless they would be eager to see its value raise again.

I think BTC and trading is not really the topic here (even if it's interesting). Of course every trader tries to sell more expensive than he has bought ...

Why are you so focused on small accounts ...

As I wrote in "My STEEM Vision.", the value of a (social) network is measured among others by the number of its users.
A rich pool of satisfied users would also make STEEM much more interesting for larger investors in the long run than it still is today, interesting to place advertisements read by many, to market products, to disseminate information.
The value of Facebook is also due to its large amount of users not because of - for example - superior technology.

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enforcer48 6 years ago

A rich pool of satisfied users

And what do you think drive people away more? Seeing crap earning lots on trending or the occasional dang I pissed off a whale scenario? Or maybe it's because this platform has less functions than any other mainstream options?

Sure, I can only offer my opinion based on the people I have talked to. I know some content creators become discouraged because they feel they are better than those who earn much more for less. For me, it's frustrating seeing people would spam and use either large stake or bid bots to create more inflation.

50/50 may be able to curb the shitposting from big accounts somewhat, but I kind of doubt it.

We are going off topic.

If whales actually start flagging stuff on trending, etc. I think it could embolden other users to drop their votes of disapproval as well. No matter the account size, what is the downvoted person going to do? Flag everyone back? Or perhaps, they would just bully the smaller downvoters a bit, but that does not make the big flags go away.

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jaki01 6 years ago

I partly agree with you.

Used in an appropriate way flags are essential for the success of the community.
'Cheap' posts with huge rewards on tranding are a problem.

However, I also know that many users have suffered under unjustified whale flaggs, left (or will leave) the platform and spread that information.
In my opinion flag abuse is a real problem, as well.

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