When there are more users whales won't be able to get anyone near the front page.
Fact is if 80% of the stake votes together, they can influence which content goes on the front page. Sure. That's the nature of a stake weighted system. 80% is a huge supermajority, it can clearly vote anything it wants. The reduced number of winning posts change this to a degree, but ultimately 20% is not going to be able to outvote 80%. Period. If stake weighting is unworkable then we'll have to just accept that any system on the Internet must be either KYC-based or overrun with sock puppets. The answer to that experiment is not clear yet. (replies to the rest of your comment as well) |
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Whales will become totally irrelevant when the user base and posting volume increases by 10x or 100x or even 1000x. There just aren't that many whales and whales have the same voting power restrictions as anyone else. A rare whale sighting will be a big deal.
Whales will still have a huge amount of sway as far as deciding what content gets put on the front page. When there are 4 to 10 posts a minute, the "new" tab is useless and it is impossible to read all or even a majority of new posts. To show up on all the other tabs, you need to have a substantial amount of SP up voting your post. The dolphins, fish and minnows aren't able to see a post to be able to up vote it unless it already has some serious SP behind it. The most likely source is votes from whale(s). Enough dolphins, fish and minnows are not going to be able to find a post to give it enough up votes to outpace that of one or a few whale up votes. When there are more users whales won't be able to get anyone near the front page. If I vote on something new, it gets maybe to the 5th or 6th page of trending. Multiply the volume on the site by 10x and that becomes the 50th page. The really highly ranked posts will have many votes from non-whales, just a they do now, but by an even greater degree. This will be somewhat different if people follow tags where the competition isn't as great, but the more you divide things up into more pieces, the more likely it is that the number of whales present in any given segment will be zero. Also, as I understand it the front page is to be phased out in favor of seeing posts from those you follow. How you will find new people to follow I don't know, maybe via suggestions like Facebook or something? |
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That is total reward that is scheduled to be paid (assuming votes aren't changed, the market value doesn't change, other posts don't pull more or less from the reward pool, etc.) to both the author of the post as well as voters on the post. Most of it goes to the author. I don't understand the question about liquidating assets. |
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Whales will become totally irrelevant when the user base and posting volume increases by 10x or 100x or even 1000x. There just aren't that many whales and whales have the same voting power restrictions as anyone else. A rare whale sighting will be a big deal.
You presume all whales are benevolent. Stake will eventually end up in a power-law distribution, because perpetual 100% debasement is not sustainable (even the transactions fees of the entire earth could not support it). Also it is incorrect to say they play by the same rules. 3 x 3 = 9 is not 1/2 of 6 x 6 = 36. Any way, I have proposed a partial solution. By voting power I was referring to the declining weight according to frequency of votes placed. Just like anyone else, whales can only make about 40 votes per day without depleting their voting power. So with millions of posts and comments and a handful of whales making at most 40 votes per day each, do the math. |
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That frees up $95,040 a day. What would be a better use of this money?
Leave it unallocated at least until it is determined that some sort of replacement liquidity incentives aren't needed. Lack of liquidity is potentially a catastrophic problem in this system, with most of the supply locked up tight, and the pegged asset requiring high liquidity to serve its purpose (being convertible in practice at close to the pegged price). If replacement liquidity incentives are needed then my vote goes to elected liquidity providers at this point (who would be charged not only with providing general and useful liquidity but also explicitly spending their allocated funds to help maintain the peg). I don't know of a good structure for autonomous liquidity incentives. Pretend for a moment that it was determined that liquidity incentives are not necessary. Would the idea make content curation more fair for content creators? Or is the idea broken somehow? I think the idea of paid curators running around deciding what gets voted how detracts greatly from user engagement. Whales will become totally irrelevant when the user base and posting volume increases by 10x or 100x or even 1000x. There just aren't that many whales and whales have the same voting power restrictions as anyone else. A rare whale sighting will be a big deal. |
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I wrote about the password security issue upthread and this adds to the discussion: https://steemit.com/steemit/@steemitblog/steemit-to-update-password-policyDeferring to LastPass will not be popular and will radically increase the attrition rate of people who abandon at the signup stage. We don't want to be storing the user's private key(s) on the server, because the hackers will be incentivized to hack the server and get all the users' private keys. The best solution I can think of is to save the private key on the user's device and keep a copy in cold storage. If the user loses their copy of the private key file, they can then go through a process to get a copy out of cold storage. For example, they could pay something and provide KYC documentation perhaps both scanned and in videochat. Users with large balances would be encouraged to adopt a hardware wallet. Yeah it seems like they are on the wrong track. This is better: https://steemit.com/steemit/@arhag/a-response-to-steemit-to-update-password-policyThat frees up $95,040 a day. What would be a better use of this money?
Leave it unallocated at least until it is determined that some sort of replacement liquidity incentives aren't needed. Lack of liquidity is potentially a catastrophic problem in this system, with most of the supply locked up tight, and the pegged asset requiring high liquidity to serve its purpose (being convertible in practice at close to the pegged price). If replacement liquidity incentives are needed then my vote goes to elected liquidity providers at this point (who would be charged not only with providing general and useful liquidity but also explicitly spending their allocated funds to help maintain the peg). I don't know of a good structure for autonomous liquidity incentives. |
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I didn't say it is dead, i'm saying theres nothing special about it, no pump potential be it artificial or well deserved. No chance to be used alongside bitcoin, or after it dies, because it would have to wait in a really long waiting line. So, it's good only for speculation, but unless youre a day trader, i dont see why would you invest in it. It's like investing in trumpcoin, no real profit potential unless theres a blatant manipulation and you exit in time.
Of course there's something special about it. You can wire USD millions to any place on earth and no government is going to know about it. USD 20 millions at most (of course implausible), but it is a start. The market cap needs to grow for it to become more useful, and being more useful makes the market cap grow. |
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Olè, I miss this config.ini file.. ok, now I get this: 2328486ms th_a witness.cpp:426 on_applied_block ] hash rate: 1 hps target: 29 queue: 100 estimated time to produce: 8947848 minutes 2328486ms th_a witness.cpp:426 on_applied_block ] hash rate: 1 hps target: 29 queue: 100 estimated time to produce: 8947848 minutes 2328487ms th_a witness.cpp:426 on_applied_block ] hash rate: 1 hps target: 29 queue: 100 estimated time to produce: ...it's correct ?? so very fast speed messages as a list of directory files... and 1 hps  hash for second ? 1 hps means it is still syncing. Once it finishes syncing you will see a real hash rate. If you want the display a bit more sane, restart it without -t, let it sync completely (will update every 10k blocks) then restart with -t to start mining. none, without -t I get same messages.... and I see on first line an "Error parsing logging config from config file /home/max/steem/programs/steemd/witness_node_data_dir/config.ini, using default config" If you are still getting those messages without -t it means you specified mining threads in the config file. Take that out. The warning about logging config is okay. |
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Olè, I miss this config.ini file.. ok, now I get this: 2328486ms th_a witness.cpp:426 on_applied_block ] hash rate: 1 hps target: 29 queue: 100 estimated time to produce: 8947848 minutes 2328486ms th_a witness.cpp:426 on_applied_block ] hash rate: 1 hps target: 29 queue: 100 estimated time to produce: 8947848 minutes 2328487ms th_a witness.cpp:426 on_applied_block ] hash rate: 1 hps target: 29 queue: 100 estimated time to produce: ...it's correct ?? so very fast speed messages as a list of directory files... and 1 hps hash for second ? 1 hps means it is still syncing. Once it finishes syncing you will see a real hash rate. If you want the display a bit more sane, restart it without -t, let it sync completely (will update every 10k blocks) then restart with -t to start mining. |
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Hey Smooth,
I'd like a steemit account please. Please pm me details.
Thanks,
DocHouse
You or anyone else PM me. Mention the account name you want. |
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The developers mined 80% of what was the current supply at the time of the pure PoW period.
Of that, they had and have stated (and reasonably transparent) plan to sell 20%, give away 40% to new users (creating accounts on the platform requires funding), and keep 20%.
Not total supply, which doesn't exist since the coin has an inflationary supply model. Over time the initial distribution is essentially erased as stake share is continually redistributed to people who deliver the most value by creating highly-upvoted content (whether they are current coin owners or not).
Slight correction. Note that apparently due to the very high interest rate paid on STEEM POWER tokens during the first months (was much higher than the current 354%), and also being able to upvote their own posts with greatest voting power that 80% got further concentrated towards 90% or at least did not dilute much yet. I didn't suggest otherwise. The dilution (of SP, as opposed to STEEM) as I described above is never extreme but takes place over a period of years. The interest rate is somewhat illusory. The rate of inflation is also extremely high during the initial distribution (higher than the stated long term target of 110%); with >90% of Steem powered up, the SP was and is being diluted despite the high interest. Voting for your own posts helps a little, but the largest collectors of author rewards have not been the developers, but instead successful bloggers who came later. |
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need account on steemit.com for mining ?
No. Just follow one of the mining guide and you will be fine. ok, done, but miner stuck with these messages : 2672679ms th_a thread.cpp:95 thread ] name:ntp tid:140487625266944 2672680ms th_a thread.cpp:95 thread ] name:p2p tid:140487616874240 2672835ms ntp ntp.cpp:177 read_loop ] ntp_delta_time updated to -24406 us it's normal ? Looks like maybe you need to add seed nodes to your config.ini Try: seed-node = steemseed.dele-puppy.com:2001 seed-node = steem-seed1.abit-more.com:2001 seed-node = steem-id.altexplorer.xyz:2001 seed-node = steemd.pharesim.me:2001 seed-node = 213.167.243.223:2001 seed-node = 212.117.213.186:2016 seed-node = 185.82.203.92:2001 seed-node = 52.74.152.79:2001 seed-node = 104.236.82.250:2001 seed-node = seed.steemd.com:34191 seed-node = seed.steemed.net:2001 seed-node = steem.seeds.quisquis.de:2001 Also, specify -t followed by the number of threads when starting steemd e.g. steemd --rpc-endpoint -t4 |
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need account on steemit.com for mining ?
No. Just follow one of the mining guide and you will be fine. |
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The developers mined 80% of what was the current supply at the time of the pure PoW period.
Of that, they had and have a stated (and reasonably transparent) plan to sell 20%, give away 40% to new users (creating accounts on the platform requires funding), and keep 20%.
Not total supply, which doesn't exist since the coin has an inflationary supply model. Over time the initial distribution is essentially erased as stake share is continually redistributed to people who deliver the most value by creating highly-upvoted content (whether they are current coin owners or not).
BTW, I haven't bought any significant quantity (i.e. <1000 coins total) of Monero in the past year, so no I have nothing to do with the price rise, nor do I know who does.
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Hi,
My guild members were trying to create Steemit accounts and it was close. Does this mean it is closed to the FREE account creation only, or it is closed temporarily and will open again in the future? -east
Closed temporarily via free web signup. The offer here is still open (including free for ranked bitcointalk accounts). |
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Hey guys
Is this the official Steem OP?
Yes it is. Thread starter bytemaster aka Dan Larimer is the lead developer. |
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Interested in checking this out. Could you please PM me necessary details?
I don't think he can help you anymore. the steemit.com closed the registration of the social network site officialy. so OP can't create anymore accounts there. but he may give you a already and old created account. but now steemit accounts have so much value as the demand of steem increased so much in very short time. Anyway. If OP can still provide accounts I am also interested to get one. thank you. I can still create accounts for users here. PM me. |
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