Different Models & Their Incentives
As users flock to Crypto-based platforms to enjoy some free Crypto, there are a few flaws that become abundantly clear in certain models. These rewards or incentives often begin on a very high note, only to be watered down over time. The initial incentive is often quite attractive for most and manages to attract significant attention. It is quite clear that platforms utilize this “reward” tactic in order to give their user base an initial boost and up their traffic rankings. I guess you can’t really hold it against them, as business is business, right?
Unfortunately, in cases like the above mentioned, the majority of users are often there simply for what they can get out of the platform. I am not going to make any mention of platforms utilizing this approach. I will however later on address platforms that are utilizing a smarter alternative, which ultimately protects the integrity of their platform and community content. The “reward” method often kicks off with a bang and could most likely be compared to money printing. Initially, things are fine and there seem to be no immediate issues or threats. However, further down the line, things begin to unravel.
Predictable Series Of Events
In the case of a platform utilizing this approach, the outcome is rather predictable. Firstly, rewards begin to drop significantly, ultimately infuriating the leaches. Secondly, spam goes through the roof. Leaches, by default, refuse to put in any effort. What do you think happens when their precious daily income drops? They do less, the one-word spam hits new levels, ultimately destroying the integrity of the platform. How can a platform secure a level of authority when the interaction on the content being published is one-word spam, further accompanied by referral links being published on another author’s hard work?
I believe that some platforms have begun to see how potentially detrimental this approach can be and are currently looking at alternative ways to combat this problem. This is why I have not made any mention of specific platforms because, for many, this is part of their growth. They generally have good intentions and are investigating alternatives.
The Destruction Of “Easy”
If you want to destroy a man, simply give him everything. The same applies to a platform and ironically is in these cases initiated by the platform itself. You can visit these models and allow the evidence to substantiate what I am suggesting. The problem here is greater than most realize. For most, it is annoying, irritating, and unfair. Why should they put in the effort, when others can contribute nothing of any value and be equally rewarded?
The problem however is much greater than what I have just mentioned. The platform has now been infiltrated by terminal cancer. Apart from severe measures, it will ultimately die. Giving, void of responsibility is destructive by nature, don’t do it!
No Free Rides
Alternatively, take a visit to Hive, or a community on Hive such as Leofinance. The interaction is generally of quite a high standard with much lower levels of spam. You may wonder why this is but it is actually fairly simple. The model is the complete opposite of the “reward” model. There are three fundamental differences that stand out immediately.
Firstly, not all content is rewarded, as it is rewarded by the community. It is their own investment that gives their upvote value. They will choose to upvote quality content, plain and simple.
Secondly, spammers can spam but they will not simply be rewarded because they provided a comment, or performed a required action in order to be rewarded. They will be rewarded because community members associate value with what has been said.
Lastly, downvotes also exist for a reason. A whale can literally destroy a spammer’s attempts with one click of a mouse.
A Challenge Worth Accepting
Perhaps building on Hive appeared to be too complicated. Doing something properly is never easy and that should always be in the back of your mind. I have sent the following link out to a number of people this past week that were battling to understand how the ecosystem works. This is what it takes! If people are prepared to do some research and gain a grasp of the basic workings, they can begin building.
There are many out there that are producing relatively good content that could contribute to the Hive ecosystem and subsequently provide an additional income stream for themselves. Bearing in mind that Hive actually hit a billion-dollar market cap earlier this year, you should be taking this ecosystem very seriously in my opinion.
It’s Only My Opinion
Yes, this is merely my own opinion but what If I am right? At worst, Hive is a brilliant hedge. At best, Hive is one of the greatest opportunities going into 2022 and beyond. Everyone always believes that they are right. Personal bias is however counterintuitive to good decisions, especially investment decisions. This is why I always set out to destroy any idealistic reasoning that may exist within any of my own investment strategies or projections. When I initially published the article entitled, “Solana – The Most Underrated Blockchain That Deserves Your Attention” I was confronted with some of the typical responses you would expect to hear. Comments like “Titles like that are always a red flag for me”. However, I had already played “devil’s advocate” against my own thesis.
As it turns out, Solana had one of the highest returns in 2021, if not the highest. It was also a blockchain that came thundering into the Top 10 and recently moved as high as number four if I am not mistaken. There are others in the Hive community that have identified the potential of Hive long before me. The fact that my own deductions reflect a common thread, gives me confluence.
At the end of the day, everyone is responsible for their own decisions. However, until you visit Hive and spend some time in the community, you will only be guessing. If your view is long-term and you are looking to build something of value for tomorrow, I personally believe that Hive is an educated and informed choice. Thanks for the visit and see you in the next one!