Will creators really lose between 1/2 and 2/3 of their rewards with HF21 like some are saying?
It has been a while since i talked much about Steem related things. I tried to focus on my content and let others think about Steem. But since everyone is talking about Hf21 i wanted to say a few words myself. :)
I have talked to a few people that are against HF21 and i have read a few things from those that are for HF21. While the supporters have seemed to have everyones best interest in mind i could not understand how it was all good for content creators.
First of all I dont want to sound greedy so i want to say something before anything else:
I am grateful for and respect every cent i get here because every cent i get could have gone to someone voting themselves or selling to bots. Every vote is a gift.
I think we sometimes forget that, all of us.
And because of that i can see one understandable reason behind the HF21.
Those that invest the most should get the most from Steem for the money they invested.
They should get as much as they can because its their generosity from voting others and their SP that fills the reward pool and their investment that gives Steem its value.
Big investors buying steem is much more important for Steem then someone like me singing a song or playing a violin. That is fact and it is completely understandable.
But i dont know how good it is for investors in longterm to increase their steem returns if it hurts creators? If creators that put in work into their content leave will only creators that put in low effort in content remain? I dont know.
I wont leave and im sure there are people here that put in much more work into their content then me, but even for me it takes a few hours to create a video.
I have to pick a song, learn it, set up where i will record, record the song, edit audio, then edit video, then make a thumbnail, then write the text for the video, then post on all platforms i post on. And all that with not counting the 20 years of practice so i can play like i play.
If those that put in more effort feel like it is not worth it and they leave it seems like those that dont put in much effort will be the ones that are left and content quality will drop.
This is something i wanted to share.
I have read this comment i will screenshot by a commenter called @miniature-tiger. I dont know how accurate this is or if he is just against the HF21 but it seems accurate what he is saying at least at first glance for me..
From this it seems like it will mean that creators will have their rewards reduced a lot. If i understand this correctly (please correct me if i get this wrong) those that get votes around 5$ and above will lose 54% and those that get around 1$ will lose 64% so if you are rewarded on average around, lets say a round number like 10$, you would need to get 54% or $5,4 more votes just to get rewarded the same.
+Plus creators on platforms like Dtube where i post almost everything i make give 10% beneficiary fees to the platform.
EDIT: seems that for the 10$ example the reduction would be around 40%. + beneficiary fees.
I would understand if bots and vote selling go away because of HF21 and all those votes go to curation but some are also saying that this wont change a lot with bots or with vote selling.
But if nothing changes with vote selling does it mean that creators just simply "lose" because there is no place for new votes to come from (like from vote sellers) that will challenge the 64%-54% creator rewards reduction with new votes?
Conclusion:
I will continue to create content even if i get rewarded less then now because i post to other platforms like Cent, Minds, Youtube and i am hoping to enter the beta on Voice soon to see if i can earn something there as well. I also owe Steem a lot because it helped me become a creator. Without Steem i would not have even started making videos.
But i dont know if this change will make me happy.
I can say i do not care about rewards but we all do at least a little bit. Example for me is Whaleshares where I used to crosspost to but since Wls isnt worth much anymore and because i dont have time to engage on all platforms (Steem has always been most important to me) i am on i just stopped posting there. I would probably still post if i could get rewarded there so rewards do mean something i think.
That is it. I hope i didnt bore you and i hope you didnt mind this little opinion piece of mine. :)
I just wanted to share some of what i think about this because everyone is talking about it.
I will see you soon with another video. :D
The EIP part of HF21 is focused on changing user behaviour. At the moment, Steem has a lot of content creators but not many curators of content. The users with more Steem Power are selling votes, self-voting, or involved in voting rings. This means that most content creators are making very little.
The likely reason why this is the case is because curating content rewards far less. 25% of an upvote vs. 75% to 100%. Increasing curation rewards to 50% closes that gap. A separate downvote pool can enable the community to punish those that continue to self-vote or buy votes.
If EIP works as intended, content creators that create popular content will be better off. If behaviour does not change at all, content creators will be worse off. Only time will tell what will happen.
So those that proposed this are betting with "my" 50% loss in rewards that i will be better off in time. I would prefer if we all had to put it on the line. I would be ok with that. I feel like its only creators putting it on the line. :(
I have said it 100 times, and blockchain remembers, if i could get my top supporters to have 100%curation efficiency (like on steemworld) i would be ecstatic. I would love if i could adjust how much my supporters get. (if i get big upvotes i can give them more etc.)
But it looks like it is that big players are "gambling with my chips".
I know its not my money and i say it many times here, but its only the creators that are up to lose if things go bad, it seems.. :(.
I think the content creators and the investors are exposed to slightly different risks. If the EIP experiment fails and behaviour does not change, content creators will be worse off in regards in tokens and this could result in some of the more talented content creators leaving. If Steem loses talented people or even those with average ability, that will hurt investors as less people will want to use the Steem. Less people using Steem will cause the price of Steem to fall in respect to other crytopcurrencies. As investors have the most Steem, they are hurt the most by a fall in price.
There is also advertising revenue to consider. Steem DApps will be more attractive to advertisers if there are more people using the DApps. So the success of the EIP should be impportant to investors. What is the point of holding more Steem if it can't be eventually sold at a good price?
Thing is that everyone is a creator and they can profit regardless of content quality.
Imagine
Bob
. Bob doesn't care about Steem as a platform.Bob
post some spamy content 10x / day.Bob don't need to compete with you with quality content. He doesn't have to sing. He doesn't have to do anything. He can just selfvote.
There's also
Charlie
, he has a lot of SP, and he wants to earn somehow. Easiest way? Upvote himself. But it's not really publicly acceptable. SoCharlie
can sell his votes to someone.Bob
will buy it and upvote himself.Dave
is a good guy,Dave
curates quality content, but can't earn as much asCharlie
orBob
.Dave
doesn't like spam, so he would downvoteBob
posts, but then,Dave
would have to spent his VP on that instead of curating quality contet. He would earn less on curation.Charlie
get his money anyway. IfBob
will be continuously downvoted, he will shift to some other accounts,after all he doesn't care about ontent or audience so using multiple accounts posting whatever doesn't change anything. He buy votes, he profits.Dave
can try to fight it but it's not easy to spot abuse, and fighting it means losing.Eve
creates quality content, sometimes curates quality content.Eve
has some friends that like her content but they already sold most of their SP to voting services. EvenCharlie
likes her content but it's far less profitable for him to vote than to just sell it toBob
.EIP is aimed at changing that sad image.
Bob
would no longer earn that easily, so will not buy fromCharlie
at that price, unless he promise to share with curation reward... but then it would have to be some others voting. But why would they vote forBob
's spamy content instead of looking for better curation opportunities?Dave
could downvote abuse without being forced to sacrifice his curation efforts.Charlie
would rather vote forEve
content because it's good, so there's pretty good chance for decent curation rewards.As I understand it, the curve would seem to exacerbate the vote selling / vote buying behavior.
After HF 21, there will be pressure for those that typically are rewarded under the cutoff for linear rewards to buy votes to get them above that threshold.
Those that are against the vote selling racket (like myself) will be disadvantaged by these changes.
Anybody that is able to consistently earn above the threshold will not have an issue with their payout.
Those that do not will now find the return on their time and effort (sweat equity) drastically reduced.
You should tag the Top 20 witnesses here to try and get them to explain it to you.
But i know what they will say and i dont think any of them will be showing up. Hehe.
Im just a musician. I record videos. I dont think im important enough to get witnesses to respond to me and i dont want to bother anyone. :)
The squeaky wheel gets the oil. I wrote a post about it and a few of them showed up. Their attitude is telling. If anything, I’d recommend removing your vote for any in the Top 20 if you’ve given it to them and find someone more worthy, careful and considerate to the creator community. You know... you.
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