You are viewing a single comment's thread from:
RE: A Radically Updated Steem Whitepaper
The escrow feature is supported on the blockchain and works fine as far as I know (though no primary UI support; I believe there was a third party app announced once that did support it). It probably should have been added to the white paper if it is missing.
Driving features that are available in the backend, shall be done be introducing and launching relevant services. When STINC is trying to bootstrap a coin, and STINC owns the UI to the Steem blockchain used by 90%+ of the Steemians, it shall be STINC who shall lead to way to launch marketplace + inbuild escrow. That will drive the usage of it, and that will drive others to invest time and money in creating such services using the Steem blockchain. I really do not understand the way STINC is trying to bootstrap Steem. They invented the idea of a social network, but dont execute on it in ways they should do; Making Steem yet another of those 100s and soon 1.000s of crypto coins in the market; That is hell of competition! Personally I see a tremendous lack of (commercial) product management, a real lack of good propositions, a lack of building the wide bridges between the existing commercial worlds (businesses) and the cryptoworld (Steem in our case). Where is the money? At brands and businesses! How can they be moved into cryptospace? Make the inclusion of cyptospace and coins seamless to their current operations and technical implementation. What is required for that? Solid and well thought through features, interfaces, adapters very likely different form vertical to vertical AND active marketing and sales approach to those commercial business.
yeah, it works... https://steemit.com/@sigmajin/transfers i tried it out two months back, and even got it working with steem-js.
this is the gui... https://steemit.com/escrow/@xtar/update-on-escrow-gui-service-bulletin-board it was actually developed for golos i think, and just happens to work with steem.
In your opinion, why do you think there is no escrow UI implementation or support by Steemit, Busy.org, ChainBB, eSteem etc.?
Escrow could easily add use cases for the Steem blockchain:
https://steemit.com/steem/@mkdouglas/proposal-how-steem-escrow-transactions-would-facilitate-trade-currency-exchange-and-lending-using-only-fiat-currencies-and-the-steem-blockchain-so-as-to-bypass-bitcoin-as-a-gateway-cryptocurrency-increase-the-number-of-active-steem-users-and-increase-the-
I don't have a good answer. I guess lack of critical mass in terms of community size and some subset of that community being focused on building commerce apps.
Simple reason: opportunity cost.
From an economic standpoint, this can be simply summarized as “opportunity cost”, i.e. we do not pick the fruit from the top of the tree first. Everyone has an economic incentive to pick the lowest hanging fruit.
@smooth, just stating the obvious which you already know … my guess is everyone is too busy making money in other ways that have higher economies-of-scale or are easier. The “problem” for those in the crypto industry is they are making too much money without needing to produce the best software. Many of those who invested in crypto early such as yourself, no longer need to work as programmers. For most that happened by mid-2017, yet I remember even in 2015 your opportunity cost was already very high. Those who continue to do so must have some other form of motivation.
Luckily I was too ill (thus depleted of capital) to make a lot of money investing in the first wave of crypto, so I am still hungry. Plus I have multiple “other forms of motivation” as well. Gut tuberculosis was the best thing that has ever happened in my life!
Good answer