What Leo Twitter Can Learn From noise.cash - The Good, The Bad, And The Ugly

in LeoFinance4 months ago

Some days ago, I did a first look at noise.cash and concluded that it might be worth your time, if you were willing to invest some time up front and reap the rewards later. For once, I followed my own advice and did just that. I tried to find new subscribers, followed authors I deemed worthwhile, and interacted as much as I could through comments. After 5 days on the platform, it's a good time to take a closer look at how things were going.

Well, to tell the truth, the experience was not disastrous, but it could have been a lot better as well. In a matter of almost 5 days, I've earned 6$ worth of BCH, which is not too bad I guess. I've made 34 followers and I'm following maybe 20 authors myself. At the same time, I've blocked dozens of other users until I simply gave up looking at posts not coming from authors I follow altogether. To make it short, I'll probably spend some more days on the platform until I grow tired of it but it certainly is nothing that will keep me occupied much longer.

That said, it's still pretty helpful to take a closer look at what's working and what's not working over there. LeoFinance is expected to launch it's version of Crypto Twitter rather soon and there's certainly a lot to be learned from what noise.cash is doing. We'll start with the good and gradually move towards the bad and the ugly.

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What I really enjoy about the site is it's simplicity. Sure, there are some quality of life features still missing that will eventually be added and that will bloat it a little bit. Overall though, everything you want to do is just a couple of clicks away. No unnecessary complex editor to make your posts, no unintuitive navigation. Any user coming to the site should feel right at home from the get go. So if there's something to be learned here, it's "keep it simple!". While I love statistics and the like, it's best to hide them behind a separate tab. One could even think of having a core layout that only has the most needed functionality and an advanced layout with more functions and more quality of life stuff for those interested.

The other big plus in my opinion is that noise.cash proofs that there's a market for that kind of service. The number of BCH transactions went through the roof ever since the service was started. New people are coming to noise.cash in droves and so far, they have been staying there. That's rather encouraging for our own version of Crypto Twitter and emphasizes how much of a game changer it could be for LeoFinance.

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That's also where the bad starts, though. Obviously, at least most of these users came to earn some free Bitcoin Cash. Free Crypto is something that has a lot of appeal to many people from all over the world. While the aforementioned 6$ made in roughly 5 days is nothing to gloat about, it's an amazing return compared to what you'd get from any of the faucets out there. Even the top ones like freebitco.in will only pay out a couple of cents in crypto per day at max.

So the monetary factor is certainly what attracted a lot of people to use the service. There's nothing wrong with that. I mean earning money is certainly one of the reasons we are active on LeoFinance or Publish0x as well. The issue is more with how it's given out in my opinion. Right now, there are two ways of tipping others on noise.cash - free tips given out randomly to active users and tipping with your own BCH through scanning a QR code.

I don't think it's hard to guess where most of the tips are coming from right now. Almost nobody will be willing to shell out some of their own hard-earned BCH for a random one-liner on noise.cash. At the same time, the free tips are becoming few and far between. As a result, most of the posts end up with no or few tips in the area of 0.01$ - 0.05$. All this leads to a situation where neither making quality posts nor curating content is really rewarded at all.

I firmly believe that this needs to be done in a different way and I hope that LEO Twitter will use a similar curation system to what is used on LeoFinance already. It might be debatable whether a 50/50 split between author and curator is best for a microblogging serice, but other than that, it's the ideal way of both rewarding quality authors and also rewarding people that have a stake with the service. For noise.cash, I predict a declining level of active users corresponding to the declining number of free tips. Much like with read.cash, once there's no "free money" left, people will mostly abandon it.

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And that leads us to the ugly. The above is a screenshot from Explore (the channel where you see all new posts). I didn't try to find something especially unbearable and just took a screenshot of what was there, so this is more or less the unfiltered truth. I already talked about the issues with post quality above and it shows when ever you look at the posts made. Way more than 90% are just gibberish, random blurts, "inspirational" stuff copied from Google. Most people are just fishing for random tips and while most of them don't catch any, some do get the occasional random tip from spammer to spammer.

In my opinion, there are two key points to be learned from that:

Firstly, while we absolutely want to 10X or 100[...]X our user numbers, we'll have to do so in a controlled way. We want to attract the right kind of people. Those that bring actual value to the platform. So we need to make sure to send the right message to the net. The message noise.cash sent was "Come over and earn free pennies for posting shit". A better message would be "Post quality content and earn some real money!".

There are several ways to ensure we send the right message and one of them is my second takeaway from all this - we absolutely do need a Downvote function, even for microblogging. I'm not always happy with the downvotes I see, especially if they are only given because people disagree with the message or topic of an article, but nevertheless, they are necessary. Only with downvotes in place, we can ensure the quality of the content posted.

One could argue that earning 0.00$ and 0.01$ per shitpost is not really making all too much of a difference, but it's more about psychology here than anything else. If people feel like they might get lucky with their next spam and earn those amazing 0.1$ they'll keep spamming. But if they know they'll never ever earn even a single penny with what they do, they'll eventually stop trying and go spam somewhere else. If LEO Twitter is growing as fast as we hope it will, this is going to be a lot of work in the beginning. If we see through with it, it will be worth the effort, though. Obviously, there will always be people trying to game the system and just post spam, but the more obvious it is that they won't get away with it, the less will come after them to try the same.

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Wrapping things up, I have high hopes for LEO Twitter. I'm quite grateful noise.cash launched when it did because it allows us to take a look at their mistakes and learn from them instead of making them ourselves. Eventually, noise.cash will go the way of the dodo, but until then, it will be fun to watch or even interact with it. There are quite some lions (and even a Toruk) active over there, casually dropping links to LeoFinance, Hive, and our different dAPPs and games. Once LEO Twitter launches, we should also try to move some of their users over to us - so long as we only attract the right group of users.

And that's all from me for today. Thank you all for reading and see you next time!

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As an active user of noise.cash, all I can say is "what a good post!"
Agree with most statements there.
Have even posted on "noise" a few times, that the #1 thing I'm missing on noise.cash is that DOWNVOTE button.
SPAMers and beggars are very effectively killing that new initiative. So sad...

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Happy New 2021 !

More info why you see this.

Posted Using LeoFinance Beta

I thought I saw you over there. I'm glad we are all getting the experience. Some good things and some bad things for sure. I imagine it will fizzle out soon mostly because they don't have their own token. There is no need for loyalty from the users.

Posted Using LeoFinance Beta

I'm not sure how you would implement that downvote feature over there, though. It simply does not work with the random tips they are giving out. But ya, the spam and abuse alone will kill the project eventually.

Posted Using LeoFinance Beta

Interesting article. You got an interesting experience that is much more expensive than $ 6.

Posted Using LeoFinance Beta

You are right, that's a great way of looking at things!

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What a nice review! ''Having the right kind of people'' on your list, as you said, is the most important thing there (actually, everywhere). When we work together, have real conversations and topics which people are interested in, we are adding value to the platform.

Hopefully, LeoFinance will take the best from it and add its own magic to make it work!

Posted Using LeoFinance Beta

I'm quite confident that that's exactly what's going to happen honestly ;-)

Posted Using LeoFinance Beta

Great post! I've also very high expectation for the microblogging platform from leofinance. It could potentially become the true crypto twitter we all needed if they do things right. And indeed noise.cash can really helps to analyse the pros and caveats of this kind of platform.

Posted Using LeoFinance Beta

I was going to do a post on my experience over there today as well lol. You know I'm there to see what all the fuss is about. I agree with you. I'll wait a week to do my wrap up post about it so a fresh group of Lions can see it!

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Give me a shout when you do it, really interested in what others think about the site!

Posted Using LeoFinance Beta

That's a great article that you wrote.
The things that I really hate about that platform are the people begging for tips and all the spam. There's so much activity and you can't already find a decent post to tip haha.

Thanks for sharing your inputs and stay safe always!

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Aye, it's really annoying and getting old quick...

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That's a very nice review, @khazrakh.

Perhaps I will give an opportunity for this option throughout this year.

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I have no clue about read.cash and what it is :P

Also, the explore page on noise cash is how steemit looked like when pumped :P

I am also curious about the tips as well. For how long will they give free tips? How they generate profits?

Posted Using LeoFinance Beta

Wow thanks for the heads up. Yet another new platform for me to explore. I will take a look at it soon.

Posted Using LeoFinance Beta

Thanks for the review. I am put off any any BCH stuff. Much like XRP - can't get involved. However, a friend from crypto social media just asked me today to join read.cash, but I didn't bother. After reading your post I can see it was a good decision. Even the other BCH social media platform, where I tried for a while, wanted my own tokens to be given away, so I gave up on them too.

Similarly I avoid Voice or any EOS projects.

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The downvote feature is underrated. People think that by disagreeing with the rewards on their posts, is an attack against their person far beyond the point of just disagreeing for content you don't think it deserves the rewards it gained. I'm not fond of short content especially when I'm shown a snapshot of how someone can earn so much with a few words compared to other users that really put into some thought into their content. No one is entitled for rewards just because they worked hard for content that may not be relevant to the platform. But at least we need some form of moderation on how rewards are distributed especially for users that can spam out useless garble to fish rewards from the pool.

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I feel like downvoting is an important feature, especially in a decentralized, "un-moderated" world.
If something is low quality/low effort, wrong topic, fake/plagiarism it should not get any rewards and that's exactly what downvotes are meant for.

What I don't like is seeing downvotes simply because somebody does not agree with the conclusions of an article but in the end, it's everybody's own decision what to (down-)vote and what not.

Posted Using LeoFinance Beta

does not agree with the conclusions of an article

It also follows that one wouldn't want the idea they dislike to get praised/rewards. I don't do that kind of downvoting though. It's either one is a spammer, plagiarist, scammer, or uses their alts to bypass the milking system that's already too loose to even bother being crafty. We need downvote tools because that's the only measure we have against the spammers and plagiarists that are bound to appear whenever there's money in the platform.

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