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RE: Embracing Linear Equality on Steem: Unlearning the Sucker & Maximising the Arsehole in Me
You're right about curation rewards and I made many of these points not when HF19 was being deployed for linear rewards last year but way back in 2016 when curation rewards were first cut from 50% to 25%. It was clear to me this would give rise to massively increased amounts of vote buying and such, which it has.
None of these things really get at the core of the problem with voting for rewards (it probably cant really work well ever regardless of the curves, etc.) but it can be made worse by the system not recognizing that votes have a very real economic/monetary value and in ignoring that, encouraging people to circumvent the rules to realize that value. (The lack of incentive for downvotes suffers similar issues).
I think certain economic schemes can provide desirable behavior such as curation with enough of an edge to be competitive with behavior like vote selling or self voting without completely defeating the incentive to create content.
It's a difficult balance to strike, but it's probably possible to align selfish profit maximization behavior with effects that benefit the platform overall by tinkering around with the curve, curation and downvote incentives.
It's a good point. As you say 80%+ curation along with some skill in voting could easily exceed the value of vote selling. Unfortunately there is very little consensus for high curation like that (though a small core of stakeholders in favor of it) and not even all that much consensus to raise curation, say, back to the original 50%.
At least in the HF20 development branch a change was made to actually peg curation rewards at 25% overall instead of having them decline (to probably 10% or so) due to early votes. So that's a small bit of movement in a possibly-favorable direction.
Hi @smooth, thanks for clarifying the peg to 25% curation - that isn't overly obvious in the @steemitblog Velocity post.
Also, is there a place where the collective can view consensus to proposals like 80/20% curation?
Cheers.
@steemitblog posts and comments on those posts are probably the best place to see discussion of these proposals. Sometimes witnesses and major stakeholders post their opinions on their own blogs as well.
ok cheers.
Yeah I found looking through the older @steemitblog's comments section pretty interesting, particularly around the rewards curve proposals!
Hi @smooth, could you point me to that commit that pegs the curation rewards to 25%? I only found that one returning the reverse auction part to the pool instead of to the author, but that alone shouldn't make it 25% if I understand it correctly?
Ugh, I think you are right. In the original discussion it was intended to avoid shifting funds from curators to authors but I can see now that it obviously wouldn't do that. Instead of shifting funds from curators to authors as the current rule does, it shifts funds from curators to both future authors and curators (so at least 75% of this will still go to authors). It is an improvement to curation payout but only a small one.
Thanks for the confirmation!