I've always hated the convergent curve.
I hated everything about the new economic incentives:
- Free downvotes (will be sold)
- Increased curation to 50/50
- Decreased author reward to 50/50 (same thing)
- 10% inflation to dev fund (will be exploited)
- Convergent curve (barf)
As it turns out, free downvotes have been absolutely amazing. No one sells downvotes because even though it's a free resource no one wants to start a flag war on accident. Selling downvotes has negative EV (estimated value) because no matter how much you sell them for the chance of that Karma coming back to haunt you is high. Thus far free-downvotes have eliminated the a huge majority of the garbage on the platform and turned upvote bots into curation bots.
Recently @blocktrades has announced a huge change to the way curation works, which effectively removes the competitive nature of it (that rewards bots) and turns it into a flat kickback for the first two hours. This is going to be an amazing change for Hive that will more mimic networks like LEO that have tested the kickback and have great success.
So already two out of four of the mechanics I was strongly opposed to have become net gains in my opinion. The Dev fund is still a huge wildcard, especially considering we are siphoning the ninjamine through it:
IMO the ninja mine should have obviously been destroyed. If we need more money for the dev fund we can just cross that bridge when we get there and print more inflation. It's not hard. Having 80M Hive just sitting around getting pumped through the dev fund isn't the best idea.
Regardless of all that, it actually won't be that hard to turn the dev fund into a net gain, even if millions of dollars get wasted. It only takes one good project to make up for a dozen bad ones, just ask any venture capitalist. I'm not too worried about it yet, but I think downvotes on proposals (and maybe even witnesses) should be on option eventually.
Forget everything I just said!
Because today I ran across this little gem:
Man Hive is killing it. Getting rid of the convergent curve and fixing the gamification of curation in the same HardFork? Yes please. Sign me up. I'm here for it.
As someone who's constantly upvoting comments, those upvotes are about to double in strength due to this change. That's right, you currently get hit with a huge 50% penalty for upvoting low payout content. Apparently that will no longer be the case. Good shit.
It's all coming together, boys and girls!
This is the best time to be making changes like this: when we are in a mega-bubble year and about to attract thousands of new users. Now those new users can write some comments and have a way higher chance of getting upvoted.
Yield farming is in, and anyone that can come to Hive an earn an income (no matter how small) is going to notice what we have going on here. A little bit of good faith can go a long way to attracting capital to the network. The ability to earn crypto without having to invest is a huge advantage of the proof-of-brain ecosystem that very few other networks possess. We are filling an incredibly profitable niche.
Reverse conversions (Hive >> HBD)
Also let's not forget that reverse conversions from Hive to HBD (5% burn fee) are also going to roll out, so theoretically we'll be able to much better maintain HBD's peg to the dollar and stop breaking the inflation schedule. This should greatly increase the demand for HBD and pump all that value directly into Hive by utilizing this burn mechanic.
The good news upon good news just keeps rolling in.
I can barely keep up.