Disclaimer: this vlog is kind of just an excuse to repeat myself!
If a bookie were to disregard the odds of who would win a race and give every participant the same prize, the customers would all work out which horse has the best chance of winning and clean out the bookie.
A bookie guarantees that he'll make a profit by balancing the incentives to vote for different participants in a race or team, using different odds which offer different prizes if they win.
Reducing the "curation donation" window from 30 minutes down to 5 minutes will increase the incentive to vote for the "sure hits" and therefore decrease the incentive to seek out new authors.
The bookie offers 2 prices for bets, the early price and the starting price. The early price is the first price released after the odds have been calculated. Then these prices are gradually adjusted as the markets decide on the more popular participants and the bookie needs to adjust the incentives for betting on less popular participants.
(This is to ensure there are not too many winners to clean out the bookie.)
Proposal:
Rather than do a hardfork that just switches a few numbers around resulting in zero solutions and a few added problems, why not write the blockchain so that the number of minutes it takes before curation rewards reach 100% is determined by the median number chosen by the witnesses?
This would make bot curation much less profitable as the % of curation at any particular time could become much less predictable. It would also mean that if the witnesses realise that the 5 minute "curation donation" window only benefits the most popular authors at the cost of new users, they can adjust their own number of minutes to create better incentives.
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