It's almost a week since I joined LeoFinance and in this post I would like to share some thoughts.
First, I am glad to find an open, welcoming crypto community. My previous experiences mainly with facebook or telegram groups were bad. Either the group was full of scammers, or on the other extreme it had strict censorship rules to avoid scammers. In the former case it was a complete waste of time, while in the latter you always self restrict and can not really express your thoughts as you would do with your friends. For example my (21/99) * 10^6 $BTC price prediction post would have been censored, because it would be deemed irresponsible to publish price predictions, as new people in the crypto space might follow this as financial advice and potentially loose money... So strict were the rules š LeoFinance is an oasis in that regard!
Second, I finally managed to get the info I needed to understand how value flows within LeoFinance. I can now confirm the game theory behind it is mostly* solid. The tokenomics look good, what remains to bring more value (and therefore $LEO token value appreciation) is to attract more people. Most of it will be a word-of-mouth operation to bring them here. But keeping them active might be proven more difficult.
*Among my first 4 posts, the most rewarded by far was the introductory one, although the rest contain by far more interesting and authentic content. I have come to the realisation, the reason that the first succeeded much more than the rest, was that it attracted LEO whales attention by people promoting it (I guess @katerinaramm had something to do with that š). I strongly believe that posts like this and this would have received 10 times more rewards than my introductory post on a social media dapp backed by optimal game theory. I would suggest the LeoFinance leaders to rethink this bit, as it may be proven critical to keep new members active.
I would have thought that a social media app running on a distributed backend, like the blockchain, would be slow. I am surprised by LeoFinance's performance so far. I hope it scales well with more people joining in the future. As a software developer, I am curious to read the source code. Is it open source?
Finally, I have noticed that many people here have also joined other social media dapps, myself following their example by joining Publish0x and Torum this week. Most people tend to copy the same post across all these media and are followed more or less by the same people. I have started to feel this "inflation" of social media dapps harms the whole sector in the long run, as we will end up with a situation where each dapp hosts a minority of authentic content and a majority of copied material. And this will look bad to newcomers. What's your opinion on this?
Having said all that, I am glad to have found this platform and will carry on being active!
PS. If you would like to, you can follow me on:
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š© Torum: https://torum.com/u/cryptovios
š© Publish0x: https://www.publish0x.com/cryptovios