RE: Stress-free hodling while prices free-fall
I like steem as a concept, but the execution is poor. After two years and it having a market cap in the hundreds of millions, you would have expected steem Inc to have made some improvements.
Curation is very difficult at 25%. It means you have find content that will have significant votes after you vote. For example, if your vote is worth $0.10, your curation share will be $0.025. The post then needs to get another $6.40 of votes for you just to break even against self voting.
It doesn't help when authors with large votes, self vote immediately, leaving nothing for curators.
So we then end up with a platform where self votes are the sensible choice if you don't want to spend hours trawling to copy and paste garbage.
Why waste money on steem power when there are other coins with much greater potential?
You can still use the platform without having so much money locked up here.
Now you understand why I am powering down all my STEEM accounts.
They used to hold off but have stopped it seems....
That is fine but, why would anyone vote on you if you are unwilling to ever be able to return anything to them? You will consume their content still?
People will engage with people as they have done since the beginning of human history. The votes can provide an incentive, but if people are only reading your content and engaging for votes, they are not really engaged.
To make it worse, it looks like a lot of the witnesses are moving over to EOS development and Steem Inc is busy making SMTs.
This is the problem with new tech, some people want to run before they can walk. Dan Larimer created STEEM but hasn't learnt any of the lessons and is reproducing all the same flaws in EOS.
Sometimes people in Crypto are so busy looking at the moon, they miss the impending cliff edge.
Check out www.deadcoins.com and you will see that not all Crypto goes to the moon.
I am not saying I have totally given up on steem, but I am reducing my holdings until I see signs of real change.
A social platform where only 6% of account holders are active would raise alarm bells in the normal world. Yes, steem is on a blockchain, but unless user retention improves. This will become a little watering hole for crypto fans and nothing more
How many accounts have you got? you said you were powering them all down. Wouldn't this be part of the number of active accounts issue since some people have batch created thousands? others have parked names, alts that they no longer use...
I have two, one is personal and the other is for my accounting practice @kbr. Both active.
Anyway, we diverge.
My point is steem isn't a risk free hodl. It won't take much for someone to create something better if steem doesn't improve as a social media platform.
If you're a new user and you can't make much from posting (because content discovery here is atrocious) and you can't make much from curating (because most don't even understand how it is calculated and when they do, they realise it's extremely difficult to do it profitably). What's the point of being on a blockchain?
You can just carry on using Twitter or Reddit
I am old enough to remember pets.com, it's a great cautionary tail [sic]
If you have a nice circle of friends and you all upvote each other... Great. But eventually you will want to see that steem value go up and that can only happen if there is some meat left on the bone for new comers
Exactly.