I found an interesting discussion on Reddit: https://www.reddit.com/r/btc/comments/agckng/why_is_nobody_using_memocash_anymore/
It discusses that memo is in decline https://memo.cash/charts and is down to about 4 active users per day (if I am reading the middle chart correctly).
The top comment on why memo isn't being used is because it costs money to post. I would agree that this is a problem with that platform. It is also why I want to keep posting and groups free to create. And users earn BTC via others actions, which translates to "buying" a better social media platform.
I continue to think about this and I am finding that the formula for ZapRead is much better than what I've seen out there in other projects.
Thanks for this post, didnt know Memo existed, only knew about Yours.org.
A really interesting discussion about the decline in usage on Memo and the reasons, specially this comment:
Maybe because it costs money to speak and most things people say are worthless.
That comment pretty much explains why people wont pay for reading other people posts.
Lets see how ZapRead can do this better.
I think the missing piece is what the user gets for spending the money.
- The downside of paywalls is that the user can be easily "burned" and not like what they paid for. They are less inclined to pay again.
- The downside of tips with no effect is that the user pays but doesn't get anything in return following the payment (it's a trailing effect). Usually when you pay for something, you want to get future utility.
In ZapRead, when you pay towards a post or comment, you are doing a social service in helping to sort out good content from bad content. When everyone does this, the effect is massive. The next time you visit the website, you should see content you like on top, and content which is not as good on the bottom. With monetization, this means that users are also incentivised to produce more good content and less "spam".