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March 30, 2017, 01:23:35 AM |
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This is not a real ICO.
I have been doing a research spree on Steem (and therefore Steemit) of late and have come to the conclusion that its somewhat fundamentally flawed in its current state, but fixable.
The fundamental issue is that there is no need for anyone to buy steem ever to be able to use the site, to either read posts or to post. The only reason to buy Steem is basically to improve your steem power, which will give you more rewards when you curate posts well. This more or less amounts to a ponzie scheme, the only reason to buy Steem is in the hope to get even more Steem, Steem being something that is not required at any stage when using the service.
The way to fix it is very simple, allow posters to set a price on their post (after encrypting the blockchain, obviously) with an enforced minimum price worth virtually nothing, ie, someone could put $1 in their account and read 10,000 minimum price posts sort of virtually nothing.
That way just like a newspaper people need to buy Steem to use the service. It would also discourage users posting "spam" posts because noone is going to read (and therefore upvote) a post from someone with a history of posting rubbish.
The second issue is the fact you can upvote a post without even opening it. There are plenty of articles on Steemit with say 400 upvotes but 100 views. You should be required to open the post before upvoting it.
Requiring people to pay for a post and preventing them from upvoting a post without opening it would also get rid of the upvote robots.
I dont know why they think they needed Steem Dollars, I think the Steem and Steem Power pair is fine.
Anyway, I think that should improve the whole Steem concept and make it viable, because I dont believe it really is viable long term in its current state.
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