My intention in posting this is to point out why I think so, so that Steemit can be improved.
From the WhitePaper:
The economic effect of this is similar to a lottery where people over-estimate their probability of getting votes and thus do more work than the expected value of their reward and thereby maximize the total amount of work performed in service of the community.
The fact that everyone “wins something” plays on the same psychology that casinos use to keep people gambling._In other words, small rewards help reinforce the idea that it is possible to earn bigger rewards.
The wide gap between rewards is intentional?!
I am new to Steemit, and I find it considerably hard to understand how things work.
There is no official FAQ I can find, and I am not sure if the payout structure given in the whitepaper is still the same or was changed. Some of the basic stuff is covered often like what is Steem, Steemit and Steem Power but there is a lot missing. Like, if someone votes up (is it possible to vote in the first place?) after a couple of months will there be a payout? After how many hours of creating post (or last edit?) will I be able to edit it? Will the replies be disabled after a period?Because of 1, curators (voters) vote very ineffectively.
Over stressing network effect. Voting increases visibility (far more than I would like), and payouts
Thanks to 1 and 3, whales decide what happens.
Encourages biased content. bikinis, trips, makeups, 'my other post got 1k's?! Actual useful content is hidden!
Money. Money. Money. Content is posted solely for the monetary rewards.
Just read here
This awesome addition will allow users who's posts were not initially noticed but became much more notable after the initial 12 hours to still obtain a payout.
We've all been there. You search and find a great post that was exactly what you were looking for. Unfortunately you cant give the author the thanks they deserve. Well now all users will be able to still vote on comments for the post even after the post has been "Frozen" after the second payout. The best part is that no voting power is lost as part of the comment voting
Is Steemit so shortsighted? It was a hit and miss all along!
I hope they are in control of what's going on and ready to correct mechanics when it's necessary.
Yes they are else I hope so.
What I mean is, among other things, the rewards are intentionally disproportional. Some get way more than what they should (the lure), while others get less.
Also even with the update, the author or anyone else gets nothing from a month olds post (suppose if gets extremely popular after a month) doesn't sound very encouraging to me.
I will try to come up with suggestions that will take care of these issues as I see it.
Nice post, i just posted a similar post before i seen this.
Thanks for the good article