Problem with knowing the solutions of Social Media: HOW MEOS or Steemit2.0 can be a failure?

When EOS followers or Steemit whiners think that @dan is God of Blockchain and his son EOS is messiah of cryptocurrency, also MEOS (Bible) will save all the STEEMians from their sins of joining STEEM, the fallen angel, they are simply delusional.

Large codebase of any blockchain is a group work where somebody implements some portion of the overall system. A single developer may be a proficient coder for that part of the project not the whole system.

There is no Single God for blockchain but numerous gods and demigods type coders who reside all over the world due to open source nature of the project.

Projects such as blockchains need dozens, in some cases, hundreds of developers. Some of these devs can work anonymously from anywhere in the world and still can contribute in big way. A visionary leader such as Satoshi Nakamoto or Vitalik Buterin is just an ambassador for the group of developers. In some cases, they are worse coders than other developers in the group. Consider, Steve Jobs's role versus Steve Wozniak's in the early stage of Apple.

Therefore, both @dan and Vitalik cannot make a great blockchain without a group of great developers.

Moreover, People forgot that maladies such as whales circle-jerk, spamming, voting abuse existed when @dan was CTO of STINC. He did not have any magic wand to solve burgeoning maladies on Steemit or any future social media Dapp such as rumored MEOS on EOS.

@dan's proposed one vote per account in MEOS rather than stake based voting have some advantages and disadvantages. However, it will not remove all the maladies of social media but can bring in new evils.

Some problems may have algorithmic solutions (e.g. how reward pool is distributed, flagging etc.), some maladies will be handled by good whales created by bad whales. The needs of a blockchain based social media is to try repaid trials and errors on what works and what does not.

One of the solutions (which may be implemented in future) to improve Steem's price is to restrict Steem's inflation for worker proposals, witnesses (50-100 instead of 20), and PoS stake. Rewarding contents should be done with SMTs. STINC or @busy, @steempeak can launch their own token.

People are frustrated on the slow progress of STINC. Their Steemit DApp is still beta after two years. People are frustrated with UIs, trending posts, voting usages, low rewards on hard-worked contents etc.

What STINC got it wrong is that they are ignoring Steemit and focusing on STEEM's expanding features. However, since Steemit is the fore-front presentation of STEEM, all maladies and FUDs around it, is affecting STEEM (i.e. at least its price).

@dan may have better credibility of involving in once three billion dollar blockchains: BTS, STEEM and EOS. But @dan is no godfather of STEEM or BTS, but big part of it. If EOS makes a better product (MEOS) than Steemit, because he has a better team perhaps better vision. That does not make STEEM inferior to EOS if STEEM was built by a better group of developers earlier or has early mover advantages.

But, STINC and Steem community needs to realize these FUDs can be powerful enough to deter new investors to stake in STEEM and move to another project such as EOS. If potential investors think that @dan is developing next generation Social Media DApp that will be better than Steemit, why would they invest in STEEM. They will buy EOS due to marketing games played by Block.One by dashing Steemit.

STEEM blockchain is built upon STEEM's core developers and external developers who make DApps on it on daily basis. External developer's contributions have nothing to do with STEEM's core team. STEEM's core team have to build a blockcahin that should have easy-to-use APIs so that developers can work on it to make new and great DApps.

STEEM's success is built on the DApp developers, its large community and finally, investors. EOS or TRON is just another coin which may have some similarity still have to provide better blockcahin services so that external developers will work on and new community will be built on them. Time will tell how their finish product will perform.

However, STEEM needs to pump up its publicity though it may attract some greedy traders but it will attract new users and developers too. STEEM have already achieved the trust of million of users and thousands of developers. It has to keep their trust by providing upgrades and updates in timely and competitive manner.

Fundamentally, Steem is stronger than ever. EOS is still at hyped stage. It is priced on delivering 50X better DApp than Steem. If it can't or even deliver its price will go down against Steem. If it fails, then EOS will be doomed. That's how the smart money work.

Read for more info on MEOS: https://steemit.com/steem/@riseofth/fud-with-meos-steemit-2-0-on-eos-meos-will-be-dapp-just-like-busy-or-steempeak-again-teemit-is-not-steem

Inflation of Steem is not able to keep up with the low demand at present time. Most of the coins that kept their relative position is due to no inflation (ICOs, including EOS) and low inflation. If Steem did not had relatively high inflation for rewarding. Its position would be within 35-40.

It is a very complex dynamics.

However, there is a very good chance that there will be a super altcoin rally, in that case, Steem may rise above $1. People who can't held their patience will get a chance to get out.

Steem can only flourish if it keep getting new users on-boarded through different DApps. For that infrastructure are needed to be built. However, economics is also important.

In altcoin bear market, Steem will suffer more than others due to its high inflation. It can either flourish with continuous incoming users or investors which is unlikely in bear market. In bull market, it can rise quickly since people will find it fundamentally better than other coins.

What is working on Steem: @steemhunt, @actifit, @dlike, @dtube, @sprinterlands and many other Dapps, probably bidbots as a advertising platform.

What is not working on Steem: rewarding the right contents, however, it can be a task for a future DApp with SMT.

Now the big question, MEOS can solve that issue with one vote per account. Welcome to the reality, it can fail as other social media experiments. EOS is already priced for success of such DApps. If they perform worse than Steem DApps, EOS is doomed. EOS's success is already priced in and Steem is just undervalued. Look at the seasoned millionaire investor, @theycallmedan's videos.

Moreover, Steem is getting more decentralized and STINC's influence will be diminished due to sells of Steem from their purse. Only believers are buying Steem. It may go to 5 cents, but the believers will buy them. It is the goal of a blockchain to distribute to the masses. EOS is a centralized shit according to Vitalik. EOS's owner @block.one can be the next STINC, if they brags about their success too early. Currently, they are in hyped mode similar to Steem when it was ranked 3-4 in the CMC.

@dan is just abusing his Steem/BTS success, when he brags about building Steemit2.0. He is a seasoned and serial killer and creator of projects. Welcome to futuristic EOS 2.0, @dan's 4th invention which will be better than EOS, Steem, BTS, or MEOS.

Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions.

Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.

Thanks for reading.
@riseofth
Cryptominer since 2013, occasional trader and tech blogger