Whenever I Log In The Worth Of My Steemit Vote Is Smaller
Maybe not literally but yeah, I have that feeling that whenever I log in my Steemit account the worth of my Steemit vote is smaller.
I remember the times when my vote was $1 STU. In comparison to many others, even these days, it wasn't some significant and very worthy vote. But still, comparing it with its current value of miserable $0.03 STU, it was huge.
Image from Pixabay. Credits to geralt for crash-statistics, used under the CC0 Creative Commons license.
I know, many would say it's because of the Bitcoin fall of value which at this time of the year, last year (November 2017) rated around $8,000 for 1 BTC while now (at the time I'm writing this) rates half of its last year value, about $4,000 for 1 BTC.
In this regard, there is no doubt that Bitcoin influenced the drop down of STEEM and SBD, the same way as it influenced the drop down path for many other coins out there if not all of them. But is it the only reason of Steem's fall in value? - I don't think so.
Last year at this time, Steem rated around $1 for 1 Steem (not even to mention its high jumps around New Year when it reached up to $7 for 1 Steem) while at the moment its price is circling around $0.35 per 1 Steem. It's one third or three times less than it worthed last year.
The way I see it, and if Steem just followed the Bitcoin performance, its current price would be around $0.50 per 1 Steem. But, it's not. Besides, there are some cryptocurrencies out there which, although unavoidably influenced also by the Bitcoin price drop, resisted that influence way better. The question is, "Why?"
Why some other currencies were capable of resisting Bitcoin downside influence better?
Why Steem made that additional downward step beside being dragged down by Bitcoin?
What we are doing wrong or at least different, and what the other (more successful) currencies are doing better?
If we take a look at CoinMarketCap.com and the trading volume in the last 24 hours, we would see that Steem is listed as 83rd most traded currency although otherwise being listed as the 44th currency.
For me, it means that although Steem is still taking the position among first 50 currencies out there, its trading performance (despite some significant power downs and cash outs performed lately) it's not supporting that relatively high position.
In other words, the market it's not interested to buy Steem what raises the questions, "Why people (investors and traders in the first place) are not interested in this coin anymore???" And, "Why they stopped believing in the plan or the story behind it???"
In my eyes, and trying to put aside all the emotions and keeping the focus only on the business aspect, this is one of the vital signs that should call us all (not only Steemit Inc. its developers and witnesses) on the following.
- Reassessment of all that has been done by now and severe revision of further plans. (No matter how good they may sound, people, apparently are not buying it anymore. Something is missing, or something is too much in it.)
- Importance of detecting the errors and disadvantages, and even higher importance of facing and accepting them as such. (We can be persistent and stubborn like hell about our plans and visions, but if they don't work they just don't work. Our blind persistence and stubbornness wouldn't change that.)
- Quick action (upon detection) in the execution of most needed changes and error fixes. (In such cases, time is not the player on our side, and every procrastination means only the agony prolongation as well as deepening or even enlarging the problem.)
All of it even more if we know that Steem which has been the number one when it comes to blockchain activity now dropped on the 5th place while EOS, WAX, and BTS are holding first three places as most active blockchains out there.
Ten months ago, on February 1, 2018, Steem had been added to Binance. (I was writing about that news at the time in my article "STEEM on Binance - One of The Top Cryptocurrency Exchanges.")
At that time Steem price was something above $5 per 1 Steem. Almost at its peak. All of us thought, believed or at least hoped only the sky is the limit for Steem, Steemit and its members.
Unfortunately, it turns out to be the point where from the Steem price started to fall continually. Quite contrary to everything we expected back then. I'm not saying that Binance adoption of Steem in its trading currency portfolio caused that, but it certainly didn't help its growth as we believed it would.
When we add to all of that that Steem has been recently added for free to Netcoins through the significant effort of the whole community united to achieve that goal, and having in mind that Netcoins' network has "over 21,000+ retail locations in Canada, Europe, and Australia where digital currency is sold for FIAT," (according to their Get Listed page), we all expected it would help the growth of Steem through this significantly wider and now available everyday more common usage.
It didn't happen! Again, and entirely in contrary, instead of going up the Steem price continued its downward path. And I can't but to use again the famous William Shakespeare's sentence from "Hamlet" saying, “Something is rotten in the state of Denmark.”
And to conclude, it's not at all about the worth of my Steemit vote (although the title of my post says so). Luckily, I didn't put all my eggs in one basket. But I know some people who did. I also know some members who invested not such small amounts of their hard earned money into this platform (not to mention, some of them who were even buying Steem at the time when its price was $4 per 1 Steem, or so).
All of them genuinely believed it would be (of course, through their quality publishing efforts) their stady income source and a freelancing dream come true. Were they too naive, overly utopian or merely tricked and misled by some empty promises, not very well grounded predictions or so, that's something we can discuss.
But, the thing is whatever it's "rotten in the state of Denmark" (and something for sure is), impacts us all from bottom to top and should be changed as quickly as possible!
In other words, if we need a "surgery," we need a "surgery," and that's it. There is not much to think about as we are basically left with only two options, to lie down on that "surgery table" and remove that "malignant disease" out, or we are going to die slowly but surely, while this "disease" is going to eat us every day more all through the bone.
And believe it or not, in that dying scenario, there wouldn't be a single member, not a single soul on the winning podium!
Posted on Tuesday, November 27, 2018
The people are simple.
If they see, a photo of a capuccino, few row of stupid bullshit, and 200 usd is not enough for the trending page (and more 200 usd income), but you have to work for the votes, they just skip.
No people, no traffic, no price.
Yes, that's the consequence - people/members are massively leaving the Steemit, but that's not the cause.
By bots, inside some circle-jerk fan club or else upvoted BS posts that reach $200 or even more (what wasn't and still is not the rare case), is just one of the "spicy ingredient" that made the whole thing even more "indigestible." But, in my opinion, it's not the foundation of the problem.
Dont underestimate the human greed. Sad, but that is stronger than we think. What we talking about is the reason and consequence same time. The people want easy money, as the others, and they want it quick.
There is not so much blogger, i mean, in 90%, not the blogging is the primary goal. Earn crypto is the primary, and if they can share posts, okay, then they doing it.
If they cant earn, why doing blogs? I think, this is the main reason.
I absolutely agree with you, and I surely don't underestimate the human greed. I tasted it in many ways and through way too many aspects in my life. If it's not that ugly as it is, it would be even amazing how powerful it is.
But I'm not talking about the masses here. Masses are always, more or less, stupid and somewhat easy to control especially if they are driven only or at least mostly by some primitive urges. (What in most cases they are.)
What I'm talking about here is the solid (or not so solid) ground - basic fundamentals on which something is built, and as well about those who lead and are also in power to make some changes.
In my country, we have an expression that says that "fish always smells from its head." Meaning if the leaders are screwed the whole project is screwed too. It may run for some time but sooner or later it would fall through.
In that sense, if something is built the right way and the rules are clearly set, the masses would follow.
OK - there are always those that would try to trick the system, but if the rules are clearly set the consequences will be known in advance too. So, each individual will be able to choose if it's going to play by the rules or risk to be penalized. That's how healthy projects work.
Unintentional mistakes are also always possible, but that's why the appeals stand for, and if the repetition doesn't occur the penalty can be removed or if it does occur the penalty can be enlarged.
The problem that I see here, and which I truly don't understand, is when creators and those in power to make some changes are leading the project downward in such a way that would hurt them the most, in fact.
Being so arrogantly vain to so stupidly and stubbornly persist on cutting the branch on which they are sitting (the most), is far beyond my understanding even if someone is that blindly and completely driven by greed in its full power.
The thing is that we are still somewhat and somehow floating on the surface, but we are every day closer to the point when there wouldn't be a chance anymore to turn the wheel and go back. Unfortunately, they don't see it.
Posted using Partiko Android
Ahm, okay, i understand it, and you are right.
But actually, there is a small misunderstanding, about this whole blockchain and platform.
The steemit is just a "mining" platform.
The steem blockchain is an almost instant (3 sec block-time), fee-less money-system, and for us, as contributor, give an opportunity to increase our stake (for the mining method, what is the delegated proof of stake) with community activity, aka blogging. So dont need money invest, dont need mining-computers, just need the participating, and we can be a part of mining reward distribution.
They are, with the biggest SP, they are the biggest miners. They risk their own money, to stake here. And the stakeholders want the profit. This is the reason, why mine somebody. For money.
And its pretty clear, who risk more, there is a bigger influence on the reward distribution. This is the reason, why it is no problem with the selfvote, for example. Because the bigger stake deserve the bigger reward. At least, this is my opinion, even if my stake is almost nothing :)
lol 😂 Well, I don't know why but I have a feeling, and can't get rid of it that although we somehow understand each other perfectly, we are still talking about two different things.
All you have said about the platform and its function is correct. There is also a few other things that should be taken into consideration, and because of which I can't entirely agree with you.
And I don't have anything against that the bigger stake holders deserve bigger reward, but I don't see how this platform would grow if they share it only or at least mostly just among themselves!?!
Above all of that there are many other issues, including commercial online publishing (that is performed here through paid/earning blogging) and which is not properly regulated on the platform, and what might become serious and extremely expensive trouble for the Steemit Inc. company, especially if and when the platform reaches critical mass of daily active users.
Severe investors (or even just traders) know that, and there is no chance they would put a single penny in here until this is not going to be regulated, simply because they know when that day (when the critical amount of daily active users is going to be reached), the "sharks" out there who are waiting for that would arrive to charge their bills.
Whatever way out the company would choose, they wouldn't be able to stop neither the big price fall of the Steem nor the masses over a sudden deserting the platform.
Current settings attract spammers, scammers and get-rich-quick scheme hunters. The leaders are purposely closing their eyes to that and silently allowing it, as many such users are capable to mobilize and bring many same or similar new members, what is their primary goal (to enlarge the "popularity" of the platform through bigger number of users). But they are forgetting that those members are exact ones who would kill it at the end.
However the existing problems are way more complex than they appear to be, and I could write a whole book about it.
Posted using Partiko Android
Yep, you right, we talk about two things :D Sorry, my english is really weak, but now, i see the point, what you say.
And we agree. I think, handle these issues is very simple. I know, do you know the selfvote rule on whaleshares. 3x cost, 1/3 effect. Just a few line of code, and it can works here too. So why not?
And the bots. Maybe it is funny, to hear this from me, because i have a small delegation to a bot, but with a simple captcha can stop the whole automated thing. Yep, it can block the steemauto too, so maybe not the best solution, but definitely a solution, what can work.
And the ultimate engaging: the steemit inc have almost one million steem, so one million steem power.
So why not make an sp-delegation lottery? Each month, they can delegate 10k sp for 100 randomly chosen steemian.
If her/he is active, is good, instant happiness. If not, no problem, when the month is over, the sp go back to the company, and that sp didnt make any effect to the reward pool.
And each month have 100 more extrahappy people on steemit, and real engagement.
Or simple make a referral program.
So yes, they can evolve the system. Just dunno, why not.
Hang in there @ana-Maria , the BTC storm could go on for another few months it seems
Posted using Partiko iOS
I'm not worried about BTC storm (as it's another story and inside war for dominance that just proves how far from any kind of decentralization the whole blockchain technology is or at least could be).
But that doesn't have anything to do with the issues we are facing here. Or even better to say, what we are facing now on the BTC blockchain scene is something we already experienced here (in some way), but on a smaller scale (as a way smaller Steem user community and according to the Steemit blockchain settings where only 20 witnesses are needed to make whatever change).
Posted using Partiko Android
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