Attention Economy: LEO will be crawling with scammers during the mega-bull run.

in LeoFinance5 months ago

Please welcome:

@sentosumosaba to LEOfinance!
Crypto YouTuber: https://www.youtube.com/user/erichanintokyo/videos
https://twitter.com/sentosumosaba

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Oops!

Downvoted to zero.

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LEO is a pretty generous community.

We like to splash money around because it's good for everyone. Generating hype is a key component to ushering in Web3. It's actually pretty incredible that some of these people coming over can make like $80 with their first introduction post.

This is why we can't have nice things.

But with any level of generosity, of course the scammers move in to exploit the patterns. This wasn't the first, nor will it be the last person to try and scam LEO whales into laying down those thicc upvotes. Which is fine... it's just something to be aware of.


Fun Fact Flag:

I just learned that the downvote pool for HE tokens gives you 5 free downvotes that apparently recharge once per day. When the downvote pool runs dry and you can't use your upvote power to downvote like you can with Hive. The more you know.


Lowering the bar of development

Crypto is lowering the bar for all content creators and value-bringers. Whereas in the olden days it might take years for a blogger to gain any ground whatsoever, using products like Hive/LEO users can jump on and start earning rewards instantly.

Many enthusiasts take this for granted, especially now at a time when Hive is still scraping the rock-bottom of the token price. The real hype comes in after we x10... and then x10 again. Unfortunately by then there will be way too much noise, and getting attention becomes much more difficult.

I still vividly remember the insanity of 2017. I was earning pennies per post and none of my content was getting viewed. Every time the price crashed it became easier to get attention as more and more users began to abandon the network, while I stayed the course with consistent posting.

They'll be back sooner or later... lookin for handouts.

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While we may be due for an imminent correction in the short-term, I fully expect LEO to at least x10 over the next year. Not only can we gain value from our peg to ETH, but also our whales are diehard holders and, more importantly, development around here is exponential compared to other projects.

LEO is sleek and agile, able to pivot quite easily in any climate. There are a huge percentage of people out there who think crypto is a scam and would never risk their "hard earned money" on it. However, offer these same no-coiners with vectors that allow them to trade their time for crypto, and we'll see them change their tune in no time.

People like to work.

People like to earn. They like to feel like their time is valuable and they're paid accordingly for that time. In an emergent digital economy where everything is becoming automated, jobs are going to become the number one political issue of the decade. Sad economic baid-aids like raising the minimum wage are not going to cut it.

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This is really what puts networks like Hive and LEO way ahead of the curve. How many other networks pay their users for bringing value to it? Most projects are highly speculative and absolutely require investors to risk their own money on the outcome.

During mega bull runs, networks like ours receive an insane amount of attention because earning hundreds/thousands of dollars for a single blog post is downright insanity. Everyone wants a piece when the money flows like a tidal wave.

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Truly, blogging/vlogging are just the sad opening act for this platform. We are simply in the opening act of building out our networks and making connections with trustworthy individuals. The tips that fly around are purely subjective and depend on the stake-holders supporting the given account. I maintain that the future of DPOS will be much more interesting.

There's a lot of ground to be made in terms of decentralized production and 3D printing. Wouldn't it be interesting if anyone could start selling hardware wallets out of their own garage? This is something we sorely need. I still need to write that post on how hardware wallets are completely untrustworthy. You absolutely must trust the source you received it from and the entity that delivered it and hope that governments don't move in and strong-arm backdoors into the protocol.

Wouldn't it be interesting if 10 people in the same city came together to build a complex product using the 3D printers in their garages? How would the logistics of that work? Could self-driving cars be programmed to deliver the goods from one "warehouse" to another? Truly, tech is going to start getting out of control. Explosive disruption and innovation is on the horizon.

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We've only scratched the surface of the gaming industry as it pertains to crypto. The inability to regulate a decentralized space means anyone can gamble on anything, and competition will force fees taken to zero over time. Grabbing the attention of users will be far more valuable than extracting fees from them; even Web2 figured this out quick.

I'm 100% certain that NFT's biggest role going forward will be keeping track of items and resources in Role Playing Games. Everything will be impossible to counterfeit and validated on-chain for authenticity. I've already seen how easy it is to make thousands of dollars in games that are completely centralized by corporations and filled to the brim with bot farmers. The astronomical upside of mitigating these failures is immeasurable.

Poker Example.

In order to be a professional poker player you often have to be the best player at the table. Why can't any above average player (top 49%) make money? The rake. The rake is what the house takes for themselves, and there is even a term for this: "racing the rake". It means to make more money than the rake is making from you. You might be surprised to know that you're doing pretty well in poker if you're making as much money from other players as the house is making from you. Remove that overhead burden and suddenly you just doubled your hourly wage.

The point here is that a simple game like Texas Holdem shouldn't cost any money to play (zero rake), and the only reason it is so expensive is due to greedy and overbearing regulations that place a huge overhead burden for online cardrooms. Remove all the regulations and centralization with crypto, and all of a sudden 49% of those playing poker are making money on average instead of the top 10%.

Crypto is going to do this (lower the bar) with every single activity that it touches. And the way I see it? Hive and LEO have such a gigantic head start on that front it's not even funny. Ten years down the line people will tell you: "Oh my god this isn't fair you guys are so lucky for being able to get in early... it was so obvious that this thing was going to be a screaming success!"

But that's not true, is it? That will only be true in retrospect.
It was never obvious except to a few choice individuals, and even the zealots have their doubts from time to time. Money talks & bullshit walks, and when the price of a token bleeds from $8 to 10 cents, how could this possibly feel like a winner? My only advice is to employ patience. Mountains are climbed one step at a time.

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Conclusion

LEO whales are the best and we remain ever vigilant. It is our job to identify and reward users looking to bring actual value to the network, and to smite the scammers in their tracks.

Building out social networks and rewarding engagement is only the first stepping stone in a long line of ways for users to get paid. There are plenty of devs around here who have been waiting three years for crypto to moon in order to fund the ideas they'd like to bring to life. This forth year of the mega-bubble will likely be the best time for people like us to take some gains, acquire some seed funding, and build out a runway for the future.

As always, I urge all those who are bullish on LEO to also acquire at least some Hive. Bandwidth on the main chain will be of the utmost importance during mega-bubble mania. Don't forget that this entire network operates on the smallest thread of bandwidth (22 KB per sec max) and LEO had better have a lot of resource credits when these blocks inevitably start filling up from actual demand (EOS wash-traders need not apply).

It's easy to be bullish on LEO and not Hive because of recent price action, but at the same time LEO is a derivative of Hive, and one of the reasons for its success is that it piggybacks off the main chain and derives all security from it at zero cost, passing that savings on to the stakeholders. Bottom line: you better have some Hive when RCs run dry, especially if we haven't implemented RC pools by such time. We're all in this together, and any competition projected onto the space is just that: an illusion.

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Yeah they all act like leo is everything and hive nothing! To me i sell leo for hive lol! Leo my hive utility! I have not used leo cause the whales there used to flag me too! Some of them are wrong! Seems to me they are all too stuck up and full of themselves on leo. Haha, leo to the seafloor, damp eeeet!

lol easy there tiger

Just telling the truth! They totally jacked me up my earnings!

Tiger has valid points!

The are not bright even having anything to do with eth and this uni! None of it makes any sense, then they got hacked cause they didn’t know what they are doing! Why did they steal the name of the bitfinex leo lion coin? Just to make it extra confusing?? What is wrong with them? lol damp eeet! haha
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 5 months ago 

You have an exquisite mind.

Remove that overhead burden and suddenly you just doubled your hourly wage.

This is obviously true, but never occurred to me.

If what you are doing in this space isn't good enough to try to scam, what you are doing is probably not worth doing.

I hope that those on Leo will learn from the past.

  1. Reward disagreement is subjective
  2. There is rarely a need to be hostile about down voting
  3. Quality control can be over done and is rarely fun to watch.

In the past we went from ignoring everything to people going totally overboard after the EIP it was a turn off for almost everyone who was part of the Posse.

Anyway, I look forward to the scammers.

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Scammer is one of the most over used words in Crypto.

A scammer is someone who lies or is personally dishonest to extract money or value.

The word gets used because people choose to get into things for greed and get pissed when it doesn't work out.

A lot more often it is a bad investment vs. a Scam.

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Money talks & bullshit walks, and when the price of a token bleeds from $8 to 10 cents, how could this possibly feel like a winner? My only advice is to employ patience.

Patience is what a lot of people still lack; maybe something to do with apparent mentality nowadays, that everything has to be now, and instant gratification is the norm. With patience and consistency... I think we're going to have a blast in the coming years. ;)

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@edicted, bro we've had scammer for a while. How long have you been on here??? Hahaha, just messing with ya brother! I can't wait for the major influx of scams. That means LEO is blowing up and the coin is mooning.

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for realz
you haven't made it till you're crawling with thirsty scammers.

It's pretty dope that the scammer was uncovered . Also leo whales are called ikrons and toruks https://ecency.com/hive-167922/@taskmaster4450le/the-lion-report-1. Don't ask me why :)

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I know why 😃

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Tell us how did you come up with the names

Have you ever seen the film AVATAR?

Please see my older posts, here
https://leofinance.io/@onealfa/toruk-was-here

and here
https://leofinance.io/@onealfa/toruk-makto

and even older, here (specially the comments)
https://leofinance.io/@taskmaster4450le/call-out-to-leo-community-names-for-categories-of-leo-holders

LEO is a cat
And this is fact. So seems logical to have our level names from cat's pedigree. This is a cat's world.
Can we enrich this all with a few bits of mythology? Why not? Why not a flying cat?
I google'd a bit this morning, and look what I found about "beasts" on planet Pandora
IKRAN:
TORUK:
As Jake Sully said:
TORUK is the baddest cat in the sky. Nothing attacks him. So why would he ever look up?

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Thanks for the clarification, the Avatar was so generic plot-wise that I don't remember much of the film except the hype before the film, that I can clearly remember lol. In conclusion leo whales are actually flying cats :))))

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A lot of people have chose not to be bullish on hive infact they're selling every stock they have on hive the parent chain and this is something I find disheartening.
As for the other scammer, I think it's time we stop hitting all those introduction posts with $100 Leo's and so, it's important for us to start little. I believe these scammers have seen the trend of giving out these big votes to introduction posts, they want to make some bucks before they're finally caught.
But then identity theft is a whole new level to these scamming @onealfa felt so decieved. But this should prove to us that no one is who they are untill they settle in prove their identity and contribute to the Leo community. I guess have a nice PR department would do that. We're nice and these scammers are taking us for granted

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Who is getting $100 for Leo posts?

Is this a mythical story?

some 'crypto influncer' joined and got crazy $60, 70, 80 upvotes.
Same shit, same sycophantic dynamic.
Some things never change.
The internet is full of the greenest people on the planet.

He felt Deceived? Well I don't really think so cause he later saw it coming anyway. I am glad it has been settled and the account has been downvoted to zero
Well, I didn't see that coming though being that the person said he or she was invited by the newest influencer.
The influx of introduction posts on Leo is quite alarming.
And the funny part is that mostly the top influencer is mostly and highly noticed and rewarded even before checking out to know if they are a scam or not.

And I see many have abandoned hive and pushed towards Leo, thereby selling all the thing they hard store up on hive, quite disheartening.

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It's nice that that issue has finally been resolved and settled.
The account already looked rather too suspicious to be true.
Hiding under the shadow of a YouTube influencer, quite a move :)

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Good work on this. Honestly fooled me! Removing my vote on that article.

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I read everything I vote on and watch the entire video if its a vid. I splash my quarter around as best I can but it's only a quarter right now so If I get burned it's no biggie. Are you saying that if we have a lot of leo we need to power up a chunk of hive? I'm gonna be about 5:1 Leo to hive soon

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Yeah I don’t understand why people hate on hive and say Leo is the best. Hive has its issues from a price perspective but Leo is built on hive. Can’t currently have one without the other. I like Leo, I hold it but I also understand that hive is just as important if not more than Leo.

Hive can be impacted in many different ways. Leo success is based upon Leo. Hive's success is based upon Leo plus whatever else is on here.

Other applications have a bigger impact on Hive than Leo.

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rewarding new users will die out because of this fake accounts. even at this rate of new account creation it is hard to follow up and check.

I just learned that the downvote pool for HE tokens gives you 5 free downvotes that apparently recharge once per day

That's useful to know. I didn't know this but will now be using my downvotes. What I've seen most often is "different" people posting the exact same content or posts that are absolutely nothing to do with finance. Not sure my downvote will make much difference but it's a start.

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So is there a way we can turn this into a positive?

I saw Alpha was in her DMs, maybe we can get the real Eri onto the platform now that she can see the community was willing to reward her with all those tokens?

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Just being self-aware about the issue is a positive.
There will be plenty of catfish accounts out there.
We just need to employ due diligence.

Maybe don't upvote someone just because they claim to be someone or they post pictures of an attractive woman.
It's all about personal reputation in the end.

Another issue to consider is to simply allow the scamming to continue because that is the more profitable outcome. If we are afraid to upvote new users because they might be "fake" that is also a problem. Gonna walk the razor's edge.

Another issue yet unspoken of is the issue of plagiarism.

it's nice to see how good WEB3 works against plagiarists and how bad web2 handles that. It's the same with the fake crypto giveaways on Twitter. On hive it would be downvoted in seconds :)

I hope to have RC pools in the next big onboarding wave to have for newcomers a better first user experience.

Awesome job discovering the scammer.
I don't think I would have spotted that.

:)

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Just another example of Hive falling head over heels for influencers on YouTube or Twitter.

We see this happen repeatedly. If it isnt an outright scam, most of them to token scalping. They post on Hive (Steem in the past) and reap a ton of rewards. In the end, there are no users added because they are not promoting the platform to anyone. They only are using it as a money grab.

Keep watching the new users on the daily reports put out and see the ones signed up by Leofinance. Is it changing as people come over from other platforms?

This is the telltale sign whether they are using influence that helps Hive/Leo or just being here to post content. The later is fine but most do so for a short time then drift away.

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Reblogged and shared on Twitter so more people will read this.

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Aw dang it! Well, I'm still glad I found that youtube channel tho! :)

There will always come those who want to make easy money with the platform, it only remains to verify very well if they are real and to remove the impostors from here.

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I just learned that the downvote pool for HE tokens gives you 5 free downvotes that apparently recharge once per day.

That is a fun fact! SO helpful to know that.

LEO whales are the best and we remain ever vigilant. It is our job to identify and reward users looking to bring actual value to the network, and to smite the scammers in their tracks.

Boom. If I can be so presumptuous as to distill the value of your entire post into one quote, this is it. It's not necessarily a unique challenge for the LEO community, but it really is one of the most active platforms around-- and hence has a much better chance of succeeding with this approach. I am not a whale, clearly... so take this as the two sats of a tiny fish looking to add some value to the heap. lol

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Scamming is one thing...pretty bad as it is, but pretending to be someone else and take monetary benefit is a different level of low!

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That is natural when there is a platform that offee high earning opportunity, there will be crowd to take the leak for the personal profit. However, strong to control the bad actors can minimize the risk

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It's crazy! I mean - everyone can create an internet persona, like me, for example. It will take some time to get traction but if you're consistent and hard-working, nothing will stop you from growing!

ps. Great to see this one getting un-masked!

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A huge thank you to @fknmayhem for this!

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I think it's very important to be aware of that. Everywhere where is money to be made without big entry hurdles, these scammers cavort. I read a user's post here about what you can buy with $10 Leo Rewards. Honestly, I can understand why some people are tempted. From a privileged point of view, it may be a waste of time, and that may be how I feel. However, I would stick with the old saying "don't hate the player, hate the game". It might be a good idea to rethink certain parts of the onboarding process.For example, the creation of an introduction post, which is probably unusual in other communities and brings no direct advantage. I once wrote a post about this and went into the potential disadvantages of this culture.

Money making websites are always full of scammers, so no one needs to be surprised. Many sites have already failed because of this.

Scammer are everywhere so we must becareful for everystep ve take in crypto world.

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Yes the scammers are the real test. If you can survive their frontal attack that's a good metric to go by. Often times what will happen is as the network grows they find ways to siphon money out and some can handle it pretty well.The other part is it may not just be the scammers but just the scale of new people that will hear and come to the platform. Some can't depending on their systems. So far i've only seen the blogging features of proof of brain work on a success level for networks such as this. So hopefully other applications will take root. However yes high earnings will be like a beacon for them to come after

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Life is full of this genre.
Scammers just passed by.
Writing once or twice just for
upvotes.
They do not grow with the platform
Hivers, lions stand ground.
Glad some of us are looking deeper
Great Job!

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That's what the whole picture looked like back in the Steemit bull run! At least i hope that this time we should be prepared!

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I enjoyed reading this, very interesting analysis of possible disruptive use cases for crypto

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