RE: Leofinance Leading The Way: The Secret Of Success
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It will be important to ensure that the new users to the LEO platform are producing quality content. I remember the large boom on Steem in during the 2017 bull run and how there were many crappy posts with just a picture of some graph and the current price of BTC getting huge upvotes. I know part of that was because of bots and things like that, but I also feel many people would try to abuse the LEO platform by doing low quality posts like that.
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Communities with a lot of manual upvoting will not give the big payouts for posts like that.
We need to remember that most of social media is crap posting. People want to have fun. We must adjust the rewarding accordingly.
If a lot of attention is focused upon commenting, at least in terms of upvoting, that will alleviate the situation. It is very easy to see a shitpost comment and reward accordingly.
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Good point. I have been trying to upvote good comments more lately than I have in the past. It might help if there was a better mechanic in place to reward engagement like that. I am not sure what it would be, but the dust threshold seems to remove a lot of reasonable votes.
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On Hive it does. Small upvotes are discarded which is what people obviously get on comments. With LEO, that is not a problem since even small upvotes are paid out.
The community has to decide their own engagement which is based upon how each person votes. This is the freedom we all have. At least if it is a manual, some might think about things as opposed to bot voting.
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That is a good point for Leo. I didn't realize that. I don't feel bad about upvoting all of the stuff I have been lately then! Now I just need to keep staking my rewards so I can work my vote value up to something worthwhile!
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That is the best approach.
People need to realize (and tell others) of the compounding effect that takes place on here. The more LP one has, the greater the Vote value. This leads to a greater payout of LEO on the votes places which, of course, means more LEO.
It all just keeps adding up over time. This is crucial for people to understand. While it will not be necessarily quick, it does happen.
And by the way, focused effort over 1 year can make a huge difference.
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How small a vote is regarded as dust and is disgarded at HIVE? I never realised these where ignored.
That's where LEO stands out and that's why I'm pouring tons of efforts into the platform, because it's different and it's in tune with my personal values.
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More comments voting is a way to go. What about removing post voting completely? Just comment voting? Back in the days, Dan didnt like that idea, since he believes in gamification, and I also think in the necesary incetives for people to post. But I dont think so. Look at Twitter and the enormous amount of long form Tweets. Or the users at HIVE and LEO earning next to nothing, and still creating quality content. I wish we had a chance to test comment voting only. Thatd said, such chance can easily be created: just change the reward algo's for a month or two to comments only here on LEO :)
That's mostly due to circle jerking and we still have plenty of that on hive. Post payouts have almost nothing to do with a post's quality, a higher impact having your circle of friends and thei voting power. I doubt that will ever change.
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No, it probably won't change and I think to some degree it shouldn't. As much as we hate to admit it, some circle jerks form pretty organically. I have a small group of people who I always upvote and comment on because they are consistently putting out great content. In return they always upvote and comment on my stuff because they like my content as well.
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Makes sense :) What about the one pic chart getting tons of upvotes and becoming a trend in the era when we want to attrcat more users and investors. What would those believe regarding our product?
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I didn't say they were all quality content, but you can't deny that circle jerks just tend to form on their own. Usually when they do it is higher quality content and there is actually some engagement happening. Additionally, those users also spread their votes out to others, but the fact remains they consistently support each other.
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Agreed.
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You're absolutely right. Personally I dont believe in massive campaigns to bring on random new users. I think its better to reach out the existing communities and work out with them how LEO/HIVE can be integrated with that community, then the quality of content can somehow be guarenteed in a much easier way then through curating, speding lot of time weeding through all the shitposts.
That would be ideal. It gets a bit tedious looking at the seventh graph telling you what the current price of BTC is. We need to avoid going back to those days as much as possible.
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100% agree. Decrypt intends to launch tokenised comments (or did so by now, I dont know, I got some invote from them some time ago, but never really looked at it). This could be LEO in combination with HIVE. And Decrypt is just one of these communities. What about all the other crypto news sites? Some time ago a voiced this in a 3Speak elevator pitch type of preso in form of a video. Mentioned this a few times to some of the large stakeholders on HIVE (publically and in p2p chats); No response though which makes me a bit sad :(
That is pretty sad. I don't use it at all, but I think the tip model is pretty interesting too. I know a lot of communities use that.
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Tipping is a nice idea, Patreon is very successful with a variation of such model, subscriptions.