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126 sats \ 3 replies \ @sasasuina 9 Jan \ on: Cowboy Credits - Quick Summary (my attempt) meta
As long as people understand that cowboy credit is not a conspiracy by Stacker News, much of the user anger will subside. Cowboy credit is not designed to take away users' bitcoin or to increase Stacker News' profits. It was introduced to address the legal risks Stacker News faces.
For active users, cowboy credit isn’t much of an issue. They engage frequently on Stacker News and have plenty of opportunities to spend their cowboy credits. Additionally, active users are more likely to earn rewards, which gives them a way to eventually convert cowboy credits back into bitcoin to some extent.
For new users and less active users, the situation is more challenging. They find it harder to earn rewards, and cowboy credit cannot be converted into bitcoin—it only has one use: spending. So, it’s understandable if they feel dissatisfied. Moreover, these users may have less knowledge about Stacker News and bitcoin/lightning, making it harder for them to address any issues they encounter.
For these new and less active users, perhaps their situation will only improve as they gain a deeper understanding of Stacker News and bitcoin/lightning. Stacker News might also consider making some product-level improvements to help address these concerns. I trust that the Stacker News management team has more insights on how to tackle this.
I do think it will affect the new user experience.
Part of the fun of Stacker News is the feeling that you are accumulating bitcoin, even if it's a very small amount and sitting in a wallet they don't own. That feeling is still there.
So I wonder how this will change things for new users.
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After all, they’re new users—there’s a greater chance they don’t know how to set up a wallet or how to solve issues when they arise. This can lead to dissatisfaction. Before cowboy credit, these problems didn’t exist. Previously, new users could interact on Stacker News and earn bitcoin right after signing up. They only needed to think about setting up a wallet when they wanted to withdraw. The challenges were more spread out, which was more user-friendly for newcomers. Now, users are faced with all these issues right from the start.
Another concern is that new users have fewer opportunities to convert cowboy credit into bitcoin. For them, cowboy credit can only be spent. To some extent, this might give them the impression that cowboy credit feels like a "less valuable currency."
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