So many gems in one article, and most of what you said I agree with like:
Everything in life should be about bettering your financial prosperity WHILE bettering your community/family and surroundings.
Exactly the opposite of what most users seem to be doing here nowadays with the broken economic structure.
I hope things will change for the better with these implementations and that it will actually turn out how you predicted it to turn out (more curators will curate more high quality content in order to reach max ROI by curating instead of self-voting).
Just one thing I can't agree with you on here is that Steemit had better alexa rankings because of 50/50 and better content ending up in trending. It was solely because of the price increase and sheer amount of users we had back around the time of the last bull run.
If I'm right, we are going to see that play out once again in the next bull run, and we will see Steemit shoot up the rankings. But then again, EIP should be implemented by then so the exact effects of it will be unquantifiable.
Anyway, it's good to finally see some attempts to change the plagued economic model and it will be interesting to see how it all plays out moving forward.
Hage a good one,
Cheers!
We can say that but we also went from rank top 5 to rank top 60. This current economy I believe was the leading factor in our fall. I could be wrong, but if I am right this new EIP will get those 1k+ pay outs per post back which is why everyone flocked to steem anyway. If the price was higher now we would still seem the same shit post on trending now because we have no real way as a community to combat trash content. When downvotes cost money from the get, aka you must be virtuous in order to fight spam, that isn’t a viable system and we have seen the brunt of why that is via our epic ranking in MC fall. Judge not only where we were SEO wise, but also MC wise vs other crypto’s.
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This graph by @exyle shows it all. How is steem performing relative to bitcoin.
I think the fall in satoshi or CMC value is more to do with investors and speculators realizing the ninja mined stake is a big issue, when steemit inc is selling at a constant rate. I think they've recently stopped but they haven't burned a single token, they could start tomorrow again if they want.
Also there are more competitors coming up like meos.
At the end of the day, steem is not an investor friendly coin.
Steemit stopped powering down awhile ago and we are at ATL in satoshi. I know many cryptos are in the same ballpark but we can just look at CMC ranking for that. We have seen coins like BAT, even dogecoin hodl more stable then STeem has. Me, as an investor, never cared much about Steemit's stake TBH. I care about the long run and viability of the system which relies first on a working economy and token distribution (current release of tokens not initial).
I don't agree. Steem will never become a bitcoin type of coin. It is social media. And right now steemit inc is not profitable.
What needs to happen is steemit inc becoming profitable. Buying back steem and burning it, much like what binance has done. Look at the Binance price vs satoshi.
I'm strictly talking about token price, and what would attract more investors. And the long term viability.
I don't think the profitability of Steemit has any relevance to the userbase - as long as some mechanism to develop Steem remains nominal. Social media has proved to the the most profitable business model in the world today, and Steem failing to capitalize on that is extremely telling.
It is the failure of the social media that has caused the decline on CMC, and this is due to financial manipulation negatively impacting the value of Steem. This failure results from incentives to profiteer and extract resources necessary to increase the value of Steem, rather than investing and improving the value of the investment vehicle to generate capital gains. Capital gains are the single most compelling reason to invest since prehistory, and Steem not only fails to encourage that with the rewards model, but inculcates a rewards model contrary to that.
Stakeholders best mechanism to attain ROI is presently extracting rewards, and not capital gains. That encourages profiteers, and eliminates investors. Worst of all, it discourages content creation, by encouraging financial manipulation of rewards with substantial stake that directs rewards away from creators.
What we basically have now is steemit inc selling their stake to keep the ship afloat which is not long term viable for their company. If steemit inc left the blockchain tomorrow I don't think steem is in a decentralized enough state to handle that and thrive. It might survive but it wouldn't thrive. Most blockchains are going to need profitable businesses backing them to thrive. Steem is not a bitcoin.
Can't really muster a good argument, I disagree but you are stating facts. I have been for a burn for awhile now, I think you should have the option to power down stake instantly but take a % hit that is burned. I have 100k Steem, I power up today, and price moons tomorrow. I want to take out after one day, 5% fee so I would get 95k Steem and the 5% is burned. Every bull market a shit load of Steem would be burned and price discovery will actually happen. Going up so fast and having a bunch of people racing to power down and dump for profits isn't ideal. Every time one coin is burned, everyone's steem becomes more valuable, regardless of price.
I like that option of a 5% burn for early takeout. I'd keep my steem powered up if that was the case. I started my power down 2 weeks ago. Almost anything that burns coins will help the price in the long run, and right now we aren't burning any that I know of.
Is @burnpost no longer extant?
Make SP transferable between accounts and let the market decide.
I'll happily buy your SP directly at a 5% discount if I was just going to power it up anyway.
Or take it back to 104 week power-downs. My local bank offers a 5 year term deposit, so I don't know why 2 sounds so outlandish.
would not be a good idea, transferable SP will equal zero powerdown time
we give almost >2% to exchanges per trade anyways, 1% to trade, 1% to withdraw
might be worth introducing 5% burn to null for faster powerdown up to a certain limit, say 50% so it limits entire account powerdown during every bull market
You have 1000 SP and you transfer it to me, it's still powered up. In order to sell it I'd need to power it down.
There might be a couple of hired goons coming to break your legs and you need the money now.
I want to buy STEEM and power it up.
You advertise 1000 SP available for 750 STEEM. I accept.
I get a 25% discount on STEEM I already planned on powering up; you get instant liquidity.
5% burn for faster powerdown sounds brilliant, but perhaps with some limits like 5% 24hours, then scaled, like 1% every 2.x-3.x weeks.
you should propose that to be included in the EIP
@theycallmedan I hope your assertions turn out to be true but I fear the innate human nature will make users adapt and find the new way to use and abuse their stake in order to acquire the biggest possible ROI for their stake while completely disregarding content over reward, again greedily canibalizing future success of this platform for short-term benefits.