Would You Pay Fiat To Use Steem?
People,
I want to know how you feel about the prospect of paying (in fiat) to use the blockchain. I'm talking about something similar to paying for your own website or a Netflix or Spotify account?
Here is the article by Exyle I referred to
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YES
I would.
With something as innovative as Steem and blockchain technology, it would kind of bug me if they had to resort to traditional means to make money like taking a cut out of your posts or paying every month.
I feel like there should be a brand new innovative way for dapps and Steemit Inc. to pay for their costs because it will just end up being like their centralized counterparts. First they will take a cut of 10% and then over time that will probably turn to 45%. Likewise, putting up ads incentivizes the dapps to collect more information about you so that the ads can be more targeted which would allow them to make a bigger profit. Paying every month is only something a dedicated Steemian would do. Newcomers will probably not like the idea of having to pay but I'd say we as a community care a lot about this blockchain more than the average person in the future that will not even know what Steem is.
I would hope something like dapps having enough SP to earn money through curation or something and then that could pay for their costs without taking a cut from its users.
You make an interesting point about the fees creeping up. That's the nature of these things I suppose. And the scenario you describe at the end - with with dApps earning via curation - that was already the business plan for many of the dApps. It works as long as the price of Steem is above a certain amount. The minute the price falls like we are now, the money is no longer enough.
You are right though, we need some innovation in that respect. I think this crisis has already triggered something in the community. There's now a lot of talk of decentralisation of the costs. - so to say. Let's hope it all turns to action too.
This is a good question.
I would pat fiat to use the Dapps. I don't want to, but if they needed us to, I'd be willing to do it. Mainly because I really like the services that the Dapps provide.
I agree with you. I realise many people can't afford it, but I'd be willing to pay a (reasonable) monthly fee.
I like the model they have now of taking a percentage out of your profits. I feel like it's still upfront, but it seems more collaborative. Plus, it adds a little bit of confidence for me knowing that the platforms will take their payments in the currency that they use to pay us.
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That's true, but the only problem I see with that is they have to sell the Steem to pay developers etc... or even if devs are paid in Steem, someone has to sell them eventually to pay rent. There needs to be some kind of fiat-steem-fiat-steem engine going to make sure value keeps coming into the currency.
well. now that i’m on the blockchain and so addicted, absolutely.
but bringing in new steemians and trying to convince them to pay would be a challenge.
and that’s the hardest part i’m finding because i do so much work off chain to bring people here. they are not convinced that steem is a better option than facebook.
but once people get here. it’s a fantastic experience
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Yes I agree that new users would probably be scared off. That gives me an interesting idea. What about say - free for the first 3 months, then pay. Like a trial period - much like Netflix and Spotify.... or heroin :)
ha ha ha give them a taste. get them hooked lol
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Well, yes I needed to buy into Steem somehow. At these prices it's crazy not to buy in and power up your stake.
Indeed. As long as we can keep the servers running :)
I would. Everyone who has powered up the Steem in their own account are actually paying to continue their activity on the blockchain. Powering up is just another way of paying fiat IMO.
That's an interesting way of looking at it.
It would be difficult to get newbies on board unless there is a FREE trial system. The subscription economy is big business and could be a revenue model for Steem, but it does go down the route of being centralised.
I am a user of Sweatcoin and they have different levels of subscription to earn a maximum cap of Sweatcoins daily. They charge their monthly subscription in Sweatcoins. Sweatcoin is not a crypto as its not on an exchanges or run on a blockchain. Individuals collect Sweatcoins to be able to redeem different prizes usually related to fitness and health (paying only for delivery fees). Though, it's concept is similar to crypto by getting coins through 'Proof of action', it's not. I know this would be harder with Steem as it fluctuates in price and thus you propose to charge in fiat as its more stable.
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I've heard of Sweatcoin but I've never looked into it. I guess we assume anything that has 'coin' in its name is crypto :)
Yes it's truly a complex space.
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@adetorrent, Everything is good both Fiat and Cryptocurrency but the system is corrupted that's why we need Decentralisation. So in my opinion in this situation Fiat is the thing and we cannot ignore it but it's not mean that we will not going to enter into the full Crypto model but it will going to take time and until then we cannot exclude Fiat for sure.
Wishing you an great day and stay blessed. 🙂
Thanks for your input my friend.
Welcome brother and have a great time ahead. 🙂
The idea of paying to access the platform; this is about as short sighted of an idea as anything else the platform owners have decided to do already. So, I won't be surprised.
It is something of a laugh at how quickly this platform went from "get paid for blogging" to "pay us"... Simply put, the people that developed the platform have f*ed it so hard up the a that they are doing everything (intentionally or stupidly) to destroy it because that's how they soak the most profits from it.
What do you think would be a good, long-term solution? .. or how they should have done it?
That's a good question and thanks...
Because I'm out of the loop for much of the technical details, best I could answer would be in general terms.
Remove bots: rewards going to bot makers are diluting quality posts and would be better used as a revenue stream for the platform
Set a minimum bar for posts to be saved to the blockchain (the challenge being to sort the quality, without bots messing with the metrics could be easier)
Create a "sponsored posts" that would be paid via SBD or cash that would highlight posts with that money going to maintain the platform
Revamping the reward system so that the witnesses get rewarded sufficiently to maintain with the remainder being in the reward pool.
Remove reward displays (there's nothing more demoralizing than watching a masterpiece of fiction being valued at 2cents when the clickbait bot boosted crap gets hundreds of dollars)
Rework the benefits with SP... I can't really define this one better, but there's something of an issue where people with high SP carry so much more weight than those with low SP (or noobs) that it removes incentives for noobs who really wind up writing to appeal to whales rather than their passions.
Remove the 7 day limit of reward payouts and have the payout be a stream based on articles read, commented on and liked... Most content does not have this time limit, for example tutorial articles, may not be the hot topic ever, but over time will generate more value than a news topic that nobody will care about by next week.
Some of these would be relatively simple to implement, and others are so far gone in the opposite direction that would ultimately be some drastic re-writing of the code base. I could elaborate / clarify on each point, but that summarizes the types of directions I would change things (if I had any say in the matter).
Steemit got to cocky and made a mistake by hiding all it's issues behind payouts of a bull market. Even worse you have users who would never speak up because it effects their payments. Now that those payments are gone and nothing was advanced, I'd argue things have de evolved in ways. All that's left now is reality and it's not pretty. Charging to use this platform would be a nail in the coffin
I hadn't thought of it that way, for me the most flagrant issue was that overwhelming benefit of using bots to generate rewards.
Started seeing people that were making regular contests have to give them up because the costs of the contests were getting larger than the rewards for hosting them.
just look at Smoke.io and you'll see how they should of done it
Looks like Google Adsense. I doubt that's enough to sustain the severs. Adsense doesn't pay that much (and I can imagine the traffic isn't that amazing).. unless it's some other Ad service.
" With a proven revenue model and business plan, that does not rely on market conditions, in place, I think it is safe to say we are proving all the naysayers wrong.
Given the weakness of the cryptocurrency market, the fiat returns on our ads with Mantis increasing, we will be able to purchase back more Smoke than previously thought each month, and keep the lights on as we scale to new highs... (Guess our business model makes sense now huh ) " @adetorrent
Ok, I'm surprised by that but it seems to be working. Thanks for the link. I love the founder's choice of username "Stoned" haha.
https://smoke.io/stoner/@stoner/stoned-update
I am ready for every option on the table because I want this blockchain to thrive and succeed. The first action they should make is to implement ads with great companies out there, this will generate an income in fiat.
.. but do we have the traffic for that? Google, Facebook etc.. have insane traffic so the ad business model makes sense. Also, would you click an ad?
If the subject of the ad interests me why not!