Steemit is a platform that pays people to spam. This economic model is not sustainable in the long term.
Perhaps the creator reward inflation should be reduced towards 0, and the rewards themselves be paid from the ad revenue generated by the author's posts?
The assumption here is that the content creators incentives would now be on writing content that people want to see, as well as investing in the discoverability of the posts (sharing, backlinking, etc) - a big shift from current incentives of finding the most efficient way to siphon the reward pool.
not the worst idea, there should be a decentralized pool so that other frontends could contribute and pool earnings...
Makes sense to me!
I hope Voice.com will be implementing a model like this, but I'm guessing that initially there will not be any dedicated place for placing ads and contributing content creators directly with advertisement.
Interesting. Though, why would steem even be needed for that kind of model? They could just pay USD.
Its not needed in current model either - hence the token value is going slowly towards 0.
Perhaps Google ads could be replaced by Steemit ads where ad campaigns are paid in STEEM.
It's needed in the sense they needed a currency to pay people for their interactions, which is why the reward pool was born. However, with your ideas, no reward pool, no reason for a coin? Just pay people a portion of the ad revenue generated in USD. I think your model is interesting but I do think with some tweaks steem could be usable as well.
Why does bitcoin, ether, ltc, and just about every other coin have value? There is no fundamental value there either... which is why I don't think your comment about steem going to 0 because it is not needed is accurate.
If you use a SQL database like Twitter/Medium/Reddit etc. there is no need for a blockchain or token or interaction fees. Having a blockchain is not a value add - to the contrary - its an expense, and as such it needs a real use case to be justified.
With USD its not viable to pay the long tail of content creation - you can't really wire someone $3. Its also a hassle to add support for new countries. And with FIAT payments you need to follow certain regulations and KYC requirements.
Ah yes the KYC and AML are a big deal for USD usage, though it sounds like it may not be long before platforms with cryptocurrencies must follow that as well...
That didn't go so well for JSEcoin...
I don't think they're actually interested in any revenue-sharing. Ned didn't care two years ago when I discussed it with him and recent comments like this just get ignored...
https://steemit.com/steemit/@ats-david/pscu45
They ask for suggestions and feedback and then do nothing...for years. If they wanted to improve the user experience and bring the masses in, they would have attempted to improve it. Do we remember when Steemit.com was supposed to be "just good enough?"
Well...it was never "just good enough." It still isn't. Communities, SMTs, and light accounts won't change that.
I fully agree that the stake-weighted reward pool needs to be eliminated. Instead, should consider a brand new system building social systems, advertising and gamification into blockchain protocols.
Yes! The blockchain should be paying people to grow the network. View count, ad clickthrough rate and bounce rate should be the measuring sticks for value. Create the ability for any app on the blockchain to run ads which pay out proportionally to content creators when clicked on. Then give stakeholders the ability to turn off ads or leave them on to get paid for viewing them. This would compete with the Brave Browser model, but I think Steem has a good head-start in terms of user-base. Then run marketing campaigns to the millions running blogs and trying to monetize with Google Adsense, as well as the millions who don't want to see ads and/or wouldn't mind if they got some compensation.
FINALLY other people saying this!!! Very, very important point here’s @furion