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RE: My Controversial idea for Steem Power- by Charlie Shrem
In many ways that is what the "reputation number" next to each individual's name is currently a proxy for. It can be earned but not bought. It is directly proportional to the total earned on the site.
The reputation system - even if not perfect - is mostly an adequate measure of one's "social capital," even if not directly monetized. The problem with using SP as social capital is parsing that SP.
Currently, you can earn SP from posting, commenting, and curating - or you can buy Steem and power it up into SP. Posting rewards can be split 50/50 between SP and liquid Steem. Commenting is split 50/50. Unless you have chosen the 100% SP option since you began creating content on Steemit (which wasn't even possible for users in the first few months, I don't believe), you won't receive that "social capital" under this proposed system. Anyone who had received the 50/50 payout and then powered up the other half - or any portion of it - will essentially be penalized. Even though they earned the "social capital" as a reward for their content, it wouldn't be recognized as such. Comment rewards and powering that up would be the same.
It all gets a little messy and I really don't think it's necessary. As stated in a comment below - we need to have additional/better incentives for holding SP. We don't need to further complicate the system. It's already complex enough for the average user. Finding more ways to use the different tokens and to encourage people to want to buy, sell, and hold them should be the priority for development.
I like that we're discussing new and different ideas. I just don't think this is a particularly good one. It doesn't solve a problem and it doesn't increase the desire to hold or use the currency.
I like the way you think, thanks for commenting and providing further insight !
Agreed. @charlieshrem's idea is to explicitly monetize reputation. This is a neat idea, but it would then suffer from all the usual problems of reputation systems (sybils etc), but the money would include an additional incentive for people to find ways to game it.
Your metric favors the rich, and their close associates.
Monetary rewards here have hinged on popularity far more than content.
That's probably not all bad,....
only mostly
Lol,...
Very good point. The idea would be that this could become another currency that can be powered down, at the same time have weight for voting.
Saying that steem power should be something that can only be earned is very easy to say and accept by someone who has no problem earning it, like from your point of view that almost every blog post by charlieshrem has hit the #1 spot on the trending page. Another user who has a very hard time earning rewards would feel even more crushed by not having the option to buy steem power while not being able to earn rewards, and that's not good for user retention
Man the voice of reasoning has spoken...Great Comment Mr.Grant!!!
Very reasonable! Not only that but Steem Power in my opinion is the center weight of the Steem platform. It is the utility which can be used as a measure in the attention economy.
For example if I want to contact you maybe you can set it where either I have X amount of Steem Power, Y Reputation, or I pay you Z amount in Steem for your time. This could allow us to set up consulting networks and people can begin to barter, and offer services, where Steem Power and Reputation would signify how important a person is to the social network.
If a person has little to no Steem Power and has a low Reputation, maybe no one will want to add them as a friend until they either buy the Steem Power or earn it, and or build a Reputation.
Good point.
So if I understand you correctly:
you want your reputation-shares to be tokenized so they can be converted to steem and sold?
You currently have:
120,870,541,768,298Reputation-shares in the system according to: https://steemd.com/@charlieshremI personally and professionally don´t see how another "power-down" suggestion will bring any value to steemit. So I will have to vote NO on this suggestion for now.
Sincerely, and in all friendliness
@fyrstikken
Nope, thats not what I'm suggesting. In fact, Im not suggesting anything.
No need for a vote, this is a social thought experiment. For discussion and mental exercise :)
I think any change should be short of creating another token or making SP blog to earn only. Like allowing Rep to have vote weight might be something that doesn't scare away investors. Stability is an important factor in any investment. If we throw too many new bells and whistles on without focusing on the meat and potatoes like scaling and user retention we could lose focus
Yes
But I could buy someones account that has reputation can't I?
Right, Reputation serves that purpose but I do think we can make Steem Power have greater social utility. For example no one below a certain Steem Power can private message you, and you set the threshold, or no one below a certain Steem Power and Reputation can add you as a friend, and so on.