Re:A Social Network Doling Out Millions in Ephemeral Money
by Kiro on Friday October 06, 2017 @09:51AM
(#15416743)
You make it sound like it's some random social network with an unrelated token connected to it. That's not how it works.
1. Reward from blocks mined are distributed to the highest voted posts. This is all part of the Steem protocol. Only a small percentage goes to the actual miner.
2. The whole database sits on the blockchain. It's completely decentralised.
3. The incentive to have more Steem on your account is that your upvotes are worth more. This is both the blessing and the curse since whales become powerful curators. On the other hand it gives an incentive to hold Steem unrelated to the monetary value. That's why I don't see any dumping happening any time soon unless Steem skyrockets in value.
I simply don't agree that this has been tried before. It's a different story, even if it turns out to be a failure in the end.
1. Reward from blocks mined are distributed to the highest voted posts. This is all part of the Steem protocol. Only a small percentage goes to the actual miner.
2. The whole database sits on the blockchain. It's completely decentralised.
3. The incentive to have more Steem on your account is that your upvotes are worth more. This is both the blessing and the curse since whales become powerful curators. On the other hand it gives an incentive to hold Steem unrelated to the monetary value. That's why I don't see any dumping happening any time soon unless Steem skyrockets in value.
I simply don't agree that this has been tried before. It's a different story, even if it turns out to be a failure in the end.