2/ This was done during the early days of Steemit, the project Dan left for EOS. Dan's thesis was that you can use "cryptoeconomic" incentives to get users to create and curate good content.
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3/ The was done by tallying upvotes & rewarding content creators/curators with native Steemit tokens (SP, SBD), which were printed out of thin air. The more SP you earned & staked, the more upvote power you had, & the more "theoretical" incentive you had to curate good content.
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4/ Based on my first hand experience with the Wells Fargo fake account scandal, I know how easy it is to game overly complex financial incentives. So I decided to stress test these assumptions.
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5/ I did this by publishing bullish Steemit articles centered around the following: 1) Celebrity VC's endorsing the platform. 2) Users switching from traditional social media to Steemit.
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6/ And my hypothesis that Steemit users only cared about pumping the token was validated and I was rewarded handsomely for it:pic.twitter.com/V4uQ2l06GR
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7/ Turns out Dan Larimer wasn't a very good curator of quality content. However, he was good at curating content that potentially benefitted him financially.pic.twitter.com/22yvNllpaW
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8/ I kept on trying to bait Dan into upvoting my pump pieces until he wised up to what I was doing and stopped. So other users starting posting content based on what they thought he thought was good content. For example this $30,0000 makeup tutoria aimed at women in blockchain:pic.twitter.com/DAfmY9EVem
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9/ Here are the lessons I learned from this experience.
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10/ Rockstar blockchain engineers like Dan &
@VitalikButerin aren't that smart. Their expertise I very narrow and their understanding of human nature is woefully lacking which is usually the fatal flaw with their blockchain implementations.এই থ্রেডটি দেখান -
11/ VCs like Fred Wilson & Naval are out of their depth here. They have no better ability to evaluate these blockchain protocols than any random Crypto Twitter shitposter. Crypto's open source nature neutralizes the information assymetry they gain from proprietary dealflow.
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12/ Because crypto is young & emerging, the community is desperate for validation by influencers from tech/finance establishment. When in reality anyone that's been in the space since 2013 is probably more well versed in cryptocurrency than the establishment.
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13/ Utility tokens are snakeoil. There's no historical precedent for token based business models. Users will just focus on pumping the price of the token, not increasing the utility of the application.
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14/ There's a BIG DIFFERENCE between: Extrinsic Rewards (money, financial gain) & Intrinsic Rewards (feeling you get from doing things that are innately gratifying, like creating content). You don't need to use the former to get people to do the latter.
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15/ You use extrinsic rewards (money, financial incentives) to get people to do things that aren't innately gratifying that the market demands , Like Uber driving or mining Bitcoin trasactions.
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16/ Conclusion: The crypto community needs to stop trying to reinvent the economic wheel. The equity/revenue/profit model doesn't need reinventing. Money needs reinventing. Which is what Bitcoin is here for.
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oh yeah. cc
@fredwilson@usv@certainassets@bytemaster7@maxkeiser (@KevinPhamCash can you tag Naval for me?)এই থ্রেডটি দেখান
কথা-বার্তা শেষ
নতুন কথা-বার্তা -
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Isnt the fact some users recognized your dishonesty and upvote baiting and stopped upvoting you showing the mechanism works long term?
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Well done in pulling this off, while keeping integrity and coming out the other side clean. Mad respect
কথা-বার্তা শেষ
নতুন কথা-বার্তা -
লোড হতে বেশ কিছুক্ষণ সময় নিচ্ছে।
টুইটার তার ক্ষমতার বাইরে চলে গেছে বা কোনো সাময়িক সমস্যার সম্মুখীন হয়েছে আবার চেষ্টা করুন বা আরও তথ্যের জন্য টুইটারের স্থিতি দেখুন।