"...pay users to purposefully do the opposite and take liquidity away from the market."
This was YOUR idea. I liked it because it enabled ROI to be predictable, and not dependent on curation, which is extremely difficult to undertake with substantial stake to attain nominal returns. A whale can't read 500 posts a day and upvote enough to generate ROI, and even if they could they couldn't do that without skewing content and imbalancing author rewards towards their biases. We need to let ordinary folk curate the content per their common biases to attract the biggest userbase thereby to grow Hive. Biases of extraordinary coders, or financial wizards, aren't biases the general market tends to share, and draws users from those limited corners of the market, preventing the broader growth of the Hive community. We need more cat pics and memes. We want Hive to corner the market on cat pics and memes, ayliums and conspiracy theories, foodie pics and travelogues, and financial advice and coding help, to actually grow. Fakebook, Youtool, Twatter, Plebbit, all these Web2 platforms are in trouble, reeling from dissatisfaction with their ever worsening censorship. Let's give those folks a home.
If we could move to AMM liquidity pools instead of curation for ROI on stake, I could get behind that. We need to be rid of curation rewards as THE mechanism for ROI, which is the main reason I was for the HBD savings accounts at a yield comparable to curation rewards (15% is too low for that). Now you say you're over it and want to move to AMM liquidity pools. I'm ok with that too, even if it's less predictable than savings accounts. We need to stop replacing curative intent with financial interest to do good content curation. You say we need liquidity instead of savings accounts. Ok, I'm game, but those liquidity pools need to prevent curation rewards like savings accounts did. Hopefully better.
Thanks!
Pretty sure that was my idea in 2019 before AMM even existed.
Time flies.
Yes. The nimble adapt.
Carving out a place for mainstream social media is fine by me... but I view Hive as far more than that considering the utility of an immutable text database. Does a cat video need censorship resistance? Does it need financial incentive to keep the party going? Maybe I guess. Maybe not. There's a lot of shit we need to do off chain on potentially centralized systems.
What I have really been saying for an age now is that inflation is an investment and we can print to infinity if the investments are good. We don't have to choose between savings accounts and AMM. We need to verify individually that savings accounts and AMM are independently profitable. As I already pointed out the savings yield can still be used wisely to create market elasticity. And AMM can pay for itself with trading fees which is the zero risk option.
I do agree with you generally, and often specifically.
The problem of centralization financializing the content of posters neglecting to share that financial return with the content creators was the basis for the creation of the chain we are on. It is an ENORMOUS opportunity to replace Web2 with Hive.
Hive needs to provide that financial incentive. Grandma seems to continue posting cat pics without it, but making it available to creators here will bring them here, because everyone likes money. I learned that from 'Idiocracy'. You like money. I like money. Everyone likes money. That's Hive's secret weapon to conquer the social media financial sector that has grown to become the largest financial sector in global markets in the last ten years - while this chain has failed to capitalize on that. We can do better. I hope we do.
The interesting thing is that Hive isn't earning any of these financial returns you're talking about. Social media financial return comes from collecting data and serving targeted ads to people. The value doesn't come from the cat video: it comes from the people paying attention to the cat video. Subtle details like this matter going forward. LEO tried to implement ad-revenue sharing and it was a complete disaster because the platform is small and there was no money to share in the first place. And also ads are annoying and crypto users are abnormally frugal on aggregate.
Lot's of things to unpack here... like how do we outsource some of this stuff to layer 2 but continue to reward it. How do we implement revenue-sharing when revenue-sharing is an inherently centralized business model?
That's my point. Hive isn't Web2 centralization milking content creators like the other platforms I named.
Hive doesn't need to share in the revenue from people sharing content, because Hive isn't a business. The community can upvote posts and enable the content to earn, while the inflation model enables funding the witnesses that make it all possible.
But, you know this.