Smoke Contests and Growth

2 months ago

As the #community grows, we will see more and more recurring contests. Soon almost every week will see a contest every day. Several of these contests will take place every week, on the same day.

With always more members, members sharing the same limited rewards pool, contests will become always more attractive. Not only attractive in #rewards but also as a great way for lesser known members to gain visibility.

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The Smoke blockchain is already host to regular contests, some rewarding with physical prizes even but all with ample upvotes for participants and added visibility.

The Queen of Contests

The Smoke blockchain has its own Queen already. Not a Red Queen but a Queen of Contests. Regular Smoke members of course know who I am talking about: @tecnosgirl. Tecnosgirl has been hosting contests for as long as I’ve known her and has done exactly that here on Smoke as well.

Currently she hosts two weekly contests and is also working at a mega contest for Smoke’s first 4/20 holiday.

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The recently launched @cryptosmokers are constantly deliberating how to increase interactivity, complete with creation, and have recently introduced their first weekly event: Monday Munchies. Monday Munchies are still in its earliest stage and may or may not continue but the idea behind it is super sound: share a photo of your food with your toke. Cryptosmokers will undoubtedly launch additional recurring events as well as we progress.

Beyond that the chain has seen regular contests, hosted both by members and witnesses. Without a doubt we will see more contest as we grow further. Great contests will soon see more interaction as participants will want to increase their visibility on the chain.

With @cannaweedness we also host a monthly contest for creators. Currently TrippyContest3.

Current Smoke Contests

Right now the Smoke blockchain is host to these recurring events already

Contest
Day
Tag
Monday Munchies
Monday
#MondayMunchies
Freebie Friday
Friday
#FreebieFriday
Roach Sunday
Sunday
#RoachSunday

Additionally following contests are also ongoing right now

Contest
Host
Announcement
Solo Cup Challenge
@canna-curate
link
TrippyContest3
@cannaweedness
link

Growth and Rewards: Thoughts

As the chain grows and more members post, curate, and share the average per post rewards tend to go down. Everyone has seen this process at work recently.

I don’t know about you but I love me some scarcity. The Smoke blockchain has a limited rewards pool and low inflation. Every day only around 11,500SMOKE is created, 25% of which is distributed via interest and as rewards for block producers (witnesses) who invest in physical servers to host the blockchain.

This means that not much actual SMOKE is distributed in rewards every day. With every new poster, everyone’s rewards may become lower as curators reward one more person. At the same time, everyone also grows in stake, almost continuously. Whether that is thanks to curated creation (posts), curation (upsmoking others) or interest... every stake holder grows. Thus further diluting the value of each upsmoke.

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In recent weeks there has been quite some hubbaloo about rewards, support AKA entitlement expressed whether explicitly or implicitly.

One of the beautiful elements of chains like the Smoke blockchain is that everyone, no matter which level of experience, knowledge, location can be rewarded and thus grow.

As somebody pursuing being stoic it is simple to say that growing on the Smoke blockchain is about the process for me. I have long set my desires aside and turned them into goals which I try to achieve.

Rewards are not under my control. I depend on other people for rewards and as such I can not set a specific target for each post nor have any expectation. Even the curators depend on additional factors, one of which is Voting Power which may reduce their effective upvote value. Another of which could be a desire to support people who are going through specific stages in life or need additional, urgent support. And, of course, the amount of content submitted to the chain. Even frontrunning and available time may affect their upsmoke.

For rewards we depend on others and we can not influence the actual rewards we receive. We can but hope and desire. If we hope and desire too much, we can end up only being disappointed.


“Whoever chafes at the conditions dealt by fate is unskilled in the art of life;
whoever bears with nobly and makes wise use of the results
is a man who deserves to be considered good.”

— Epictetus, Discourses.


 

And we all know that ever more Smoke members will share in the pool. It is entirely imaginable that within some months most will receive average rewards below 50SMOKE/post before curation.

I love me some scarcity.

A Different Perspective to Rewards

Earlier I mentioned that a share of the SMOKE created every day goes to the witnesses. To people who actively invest to host and decentralize the blockchain, making it both censor-free (producing immutable blocks) and censor-resilient (due to the whole chain being hosted by different people in different countries even).

On the Smoke blockchain 10% of the daily created SMOKE is shared among the witnesses, based on their witness rank. A top 20 witness produces one block/minute, receiving at the moment of writing 0.032467 VESTS per block created.

In other words, a Top 20 witness makes around 48SMOKE/day. Right now server costs are between $30-50/month depending on which setup and where a witness server is hosted. This does not include a backup configuration. As the chain grows, costs to host a witness node will only go up. It is entirely imaginable that in 18-24 months a top 20 witness will invest $200-$250/month for their witness server, backup server, DDOS protection and failover setup.

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All for the same 48SMOKE/day.

Witnesses outside of the Top 20 make even less (around 10-12SMOKE/day at P24-25). They may opt not to operate a backup server, or at least not until they come in touching distance of the Top 20. When the Smoke community is bigger and sees hundreds, thousands of posts every day pretty much every Top 20 witness who takes witnessing serious will operate a backup server. Or possibly risk losing their spot in the Top 20 for missing too many blocks.

Next time you think your post was undervalued because it received only 117SMOKE in rewards, some of which before the 30 minutes window ended even, please think again about how much the top witnesses make.

Next time you see a contest, no matter how small in rewards, remember the “magic #48SMOKE/day perspective”.

If you don’t participate others will because they will appreciate the growth. They may value it differently because they didn’t know the early days of plus 100SMOKE/post.

Contests will see always more participants.

At the same time, as SMOKE becomes more elusive in the future, most contests will average lower rewards than they do now.

If you see a contest where even the smallest prize is more than what a top witness makes every day... what are you waiting for?

Grow stake, grow stake now it is still easier. Don’t forget to participate to contests while there’s only few participants. But curb your desires unless you love ending up being disappointed.



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My witness server has been running since October. So 5-ish months of paying for a server and growing my stake in the blockchain is just a simple fact that I care about this community. I'm pretty sure all witnesses feel this way! Now let me go get my 48 Tokens for the day!

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Censor-free and censor-resilience is why we do this. Because we believe in this platform, this topic, this [future] community.

And... freedom.

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Me and my husband have been away noticeably since a month now even unable to curate daily. But haven't forgot to check on witness server and keeping it up all the while when we are in busiest phase in personal life. But interesting to see how this platform is growing with love and passion. We will try our best to keep this a priority along with other personal stuffs(but never ignoring witness server, paying for both main and backups, keeping a check on it time to time). I just look forward to see myself and my hubby to get more time to contribute here than just running servers. In short, I agree with what you said :)

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ZOMG!!! Having a real life, how dare you!? :D

You are missed btw. We look forward to the day you have more time again. Until then, thank you for contributing to make this platform exist! 🤘

thanks for the insight. Really interesting. I had no idea that you have to invest so much more than you receive. I am, and always have been, grateful for others providing those resources I have not even the smallest idea of, so that I can just express & enjoy myself on this blockchain.

… oh, and take part in those contests of course.
This whole idea about being underappreciated, however, does bother me from time to time. What does that even mean? On Steem I can write and research my ass of and I receive some warm smiles and a sweaty handshake for that. WHO CARES? I am posting because I want to and if I even get rewarded: WOW! What a nice extra. I have been blogging and creating any sorts of content for all my life, nowadays I earn crypto for that. It's a bonus! I love it!

(this comment is written by someone who has exactly 20 EUR left for the rest of this month)

BUT I WANT TO END WITH:

Thank you very much for providing this service for all of us!

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Putting revenue in blogging is so much harder and requires so many months of 14-16 hours/day, day after day.

And then when you see that first month with earnings... you don’t get paid because there’s a minimum pay out threshold. And payment comes only 45 days after the end of the month.

If only people knew. ¯\_(ツ)_/¯

Thanks for the mention and few promotional words.
We have participated in few contests hosted by mentioned queen. Lovely offchain rewards.

This is great motivation to all. At least should be. Re-smoked for visibility.

Edit. Will resmoke a bit later.

Thanks for the update :) .. "And we all know that ever more Smoke members will share in the pool. It is entirely imaginable that within some months most will receive average rewards below 50SMOKE/post before curation." .... Would it be imaginable that in those same some months the value of each SMOKE token would go up along the influx of new members ?

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Scarcity will (can) be a factor but I doubt it will happen just because “influx of new members” or follow the user growth curve too closely.

Wouldn’t that be nice? And rather easy a path to token value. And imagine all kinds of human behavior it would invite.

But scarcity is definitely a factor in future token value. But rewards for [content] creation is still a rather philanthropic venture. And always was, the best news outlets have often required a strong backing family and the most prolific artists have depended on a [personal] maecenas. Times have/are changing tho but at heart it still is.

But I’m rather positive we stand a good chance to create future token value. :)

Thanks for the kinds words I am gonna have to have @gr8fulmag420 make me a thing up that says Queen of the Smoke giveaways or something to that effect. LOL But also thanks for the shout out for the weekly's hopefully more people enter this week. (There is still time to enter for this week's #FreebieFriday FYI)

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Coined it first. 😁

We need to get those [implicit] collab habits started early. Before the influx. It will make us a much stronger community.

Hopefully somebody feels inspired to grab the contest table and updates and publishes it in a regular post.

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Well then I do the random show me a snap which this post reminded me I haven't done one in a while, so I put a new one live...... Yep coining those terms early.... But in reality, though I might be able to claim to have spread #RoachSunday across the globe through this platform, I can not claim responsibility for that term, that came from the church community I belong to.

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It is religion. We now have it confirmed, @stoner! Let’s get those tax free forms out.

You will always be the Smoke Queen of Contests. 😃

Very well said. I have seen how it looks on Steem and the average well written post got a perhaps a few steem on it. I guess in the future smoke is going to be like that. Don't know if that's good or not as I don't possess the knowlage about those things. What I do know is that it will be an interesting experience. All I can do till then is watch and support.

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Well... Steem whitepaper page 10. Subjective contributions. Important section.

Also, we can not expect the protocol (platform and token) to support everything. It is up to the community (citizens) to add value. That never happened on steem so far, focus was only on waiting for STINC receiving and front-ends mostly.

End 2017 I was ready to launch an “Etsy” alike marketplace so creator had another outlet. A place to make things transactional, transactional beyond the “upvote rewards” mechanic. Sadly enough then the bull run kicked in and we decided against because volatility is risky for a merchant. I order right now and SBD is at $4.4, I pay shipping costs. Merchants wakes up in 6hours and SBD just dumped to $2.8. Merchant runs a loss on shipping costs. I specifically use the SBD argument because it was meant to be a “stable coin”.

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I kind of got what you are saying. But on the other hand I did not XD I won't lie. But it sounds to me like that "stable coin" is not so stable as it's supposed to be.

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SBD went up to $16, where it should be pegged to $1 (in $TEEM) lol.

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So that's good? Right?

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No.

Because it was like a yo-yo and doesn’t allow merchants to calculate for their bills.

Taken 1SBD for shipping and then the next day it dumped and as merchant you need to top up.

Or the influx of complaintswho may claim they overpaid because 1 hour later there was a pump.

Stable should be stable in those circumstances, that’s the selling point of “stable coin”.

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Aha aha I think I sort of got it. So the problem was that because it was in flaux state and changing its value as a supposed stable coin it made calculations more difficult for people who sell and buy. Like you.

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It’s difficult to build a business on “volatility”.

As merchant you have fiat costs (wares or components, lease, utility bills, etc). That’s why most merchants will convert to fiat or to USDT preferably automated.

Of course, that means that your token is on exchange within minutes after sale. That can give exposure but can also lead to a token with little value since nobody HODLs.

Sobering thoughts....

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Is that positive or negative?

Love the post, it is great for us to have all of this info explained in plain English ;-) re-smoking it!

Well you have nailed that issue that seems to be on going, I don't why people are complaining over rewards when they earn great right now.

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I don’t know whatcha talkin’ about. 😇

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🤣🤔

Nice one