Steem Hardfork 21: Will it Stop the Bleed?
It Has Been Three Years Since I Joined Steemit!
Tomorrow the team is implementing Hardfork 21 which will make big changes to the way we do things on the Steem blockchain. If you have never used Steemit I have a guide you can check out here, “The CryptoDailyUK Definitive Guide To Steemit”.
Now the Steem blockchain has afforded its user's many opportunities over the last three years. Also, many people made a great living from creating content on the Steem Blockchain. Although we don’t make the amazing income that we used to make we still support the project. Anabell and I are also grateful for the opportunity to be the social team during the first year.
On Tue, 27 August 2019 15:00:00 UTC, the Steem blockchain will undergo a network upgrade in the form of a hardfork. This is Steem Hardfork 21 or Steem HF21.
Hardfork 21 And What It Means To Steem Blockchain Users.
-The pool of Steem given out daily to content creators will be lowered by 10% in order to accommodate a new DAO (Decentralized Autonomous Organization). This will be a new Steem Proposal System for the community.
-The rewards for content creators will decrease by 25% to 50% of the total reward.
-Content curator rewards will increase by 25% to 50% of the total reward.
-A new downvote pool that will allow users to downvote without draining their voting power.
How I Feel About Steem Hardfork 21.
I have been a vocal critic of the direction Steemit Inc has taken the Steem blockchain over the last few years. We were pretty vocal even when we were on the team and it probably was one of the reasons we were let go.
Now over two years since we left the team we have watched as the platform stagnated. The energy and excitement that we used to feel have largely dissipated. Now with Hardfork 21 I get a sense that the team is finally serious about making this platform successful.
As a content creator only time will tell if the changes can help us make a good amount of Steem again or it could be another way the big hitters on the platform will take advantage and exploit the rewards system.
If I understand everything correctly. The pool of rewards is now 10% smaller and the content creator will be giving up 25% of their reward. I will tell you one thing it will discourage. People won’t be buying any votes, as the 25% loss in rewards will negate any possible profit from buying votes. Now the only reason I see to buy a vote would be to make sure your content makes it to the trending page.
This change will bode well for curation groups. Personally, I have no time for that. I will continue to upvote content I deem quality and will continue to avoid using the downvote.
Steem was a victim of a popped bubble just the same way everything else has been. The lack of enthusiasm and FUD is actually a great investment indicator. The excitement will return when it all kicks off again and everything will go up at some point. Last time i hoped Steem would hit 1 dollar. This time im hoping for 10 dollars.
Wouldn't that be amazing?! Well, I have mine primed and ready for the ride.
Its likely to overshoot all our wildest dreams.
I want the excitement of the 24 hours just after HF19 back... :D
I think many people are concerned, which is normal when big changes like this happen. I am, too. Let's see how it plays out.
I received my very first downvotes last weeks, several in a day, for different posts. It was like someone was practicing and getting prepared... From an author's point of view, I don't see anything positive atm. We're losing 25% of the post rewards and we risk losing even more because of free down votes. And if your post earns less than 20 STEEM you're losing even more.
A higher rewards for curators may not be a bad idea and maybe inspire more engagement - but will it really be noticeable, when it's split by hundreds of people? We shall see... :)
I will definitely test it and see whether I notice a big difference.
Really? How people dare to downvote you when you are one of the few that still write great content here? Some users are so weird. @connecteconomy Hugs from Panama :)
Thanks, Ana! :) Well, most of the times flags are not about content :) (Neither are upvotes, sadly).
Let's see! Today's the big day... ;)
I agree on the time thing, mostly. And I try to upvote all the quality posts I read and what that downvote is concerned. I will downvote utter crap but will not get involved in flag wars
Yes that downvote thing is the biggest concern of me. No social media added that kind of features. People doesn't want to be downvoted, else a physiological effect of jumping out.
How about youtube and/or reddit?
I think he means downvote as a way to hurt the monetary value of the post. Many platforms have dislike or downvote.
yes, thanks for further explanation.
I fear with HF21 on the horizon, Steemit will become even more desolate. More bots fighting to split the reward pool and less good content as authors move to other sites that actually reward them (Uptrennd, PublishOx, BitTube/BitTubers, etc.)
I hope I am wrong....
I do not believe that this is dead or becomes dust and even more knowing that SMTs are closer than we think, we simply have to adapt to the new system and be able to grow steem either with investment or good content and thus be able to attract More people to join.
I use Uptrennd and a few others. There are great things happening in the Crypto Social Media space and Steem could be left in the dust. This is one of the reasons we are not powering up more.
In my opinion this is a way for the team to develop steemit platforms. But for me the reduction in prizes for content creators will make content creators disappointed. We should see what will happen later. Enjoy your day, sir.
Steem is deserted at the moment, even the bidbot activity was affected.
hopefully it continues to grow, without stopping the bleeding
its gonna be great for the future lets hope for the best for steem
Hard to predict how users will react. Would it just reward bad curation twice as well? Keeping an open mind to see this unfolds.
Absolutely, if I was more confident I would power up more but I am way more cautious than I was in the past.
Steem will make it no matter you have a disagreement in the past with the Steemit team. ;)
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Bold, so Steem has a 100% chance of success? I am not that confident. I give it a 30% chance of success over the next 5 years.
It will keep faith! Even you don't know what is going to happen.
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The problem is that when you exclude all the accounts that are below minnow (less than 500 SP) you only have around 11,000 total active users that own SP and influence the reward pool when voting.
After realizing this, I came to the conclusion that Steem is indeed dying. Look at the behavior of those with considerable SP, they keep upvoting the same people, which leads to keeping the number of truly invested members small. The circle voting behavior on here is not sustainable, and it is killing the platform.
Rather than fix this, they created HF21 that makes the clique voting behavior worse than ever before and prevents newcomers from gaining exposure of their content or projects through curation services.
Say what you will about bidbots, but they provided an avenue for new members to build community awareness about their content or projects at low or no cost, occasionally even at small profit, which was revolutionary. On Steem it is all about who you know, well known members write absolute trash and get on the "Hot" list, while unknown members pump out quality for nothing. HF21 did not make this less of a problem but made it worse.