Too much supply 250 millions STEEM compare to 16 millions of Bitcoin. Don't you think.
Of course I want my STEEM to go back up, not down.
Hay!
@yehey
Too much supply 250 millions STEEM compare to 16 millions of Bitcoin. Don't you think.
Of course I want my STEEM to go back up, not down.
Hay!
@yehey
Way too much steem.
The supply is fine, not an issue.
Yes, the inflation rate is around 9.5% right now, but that's dropping .5% per year. The most coins that will ever be minted in a year is 26 million and by the time we level off in 18 years that number will be down to just 6 million. When compared to other assets like the USD and Gold and other commodities, it's actually less inflationary. This article puts it into perspective.
Not only is it less inflationary than other assets and backed by a solid blockchain. It also has built in incentive to keep the asset locked up (in Steem Power) therefore the actual liquid amount of Steem only compounds the scarcity of it and actually drops the true supply even further.
For example, currently we're looking at a supply of 258 million coins but only 67 million are liquid. That's hardly a ton. Especially when you consider other coins with 100 million coins sitting in the hundreds.
The reason Steem price is low is because we have a user adoption issue that has not been resolved yet. It is not easy to get users onto the platform and keep them. This will change as the blockchain matures and adds features and other apps start using the blockchain.
I agree, when you put a few hours into a post and only see a few views, frustrating!!
And honestly, whales seem to mainly vote each other.
So us minnows are sink or swim.
And some sink, the others swim away. Either way not good.
I wish I had an answer, but not sure where to go from here.
Not that it would matter.
People have to stop looking at Steemit from a perspective that blogging and curating is the only way to play the game.
It's only one way.
At it's core, we're all just miners and there's lots of ways to mine.
You can author posts
You can curate posts
You can sell your vote
You can lease your SP
You can participate in contests
You can buy Steem
You can trade Steem
All of these are valid ways to get a chunk of the mining reward and some are extremely profitable. Many are more profitable than authoring or curating and that will draw people in as well, especially as we have more and more apps built on the blockchain and people want power on other platforms.
For instance, everyone is all about PoS coins and gets all crazy gobbling them up to make their little dividend, but they don't even realize Steem has that functionality at a higher rate than most already, just check out the minnowbooster marketplace and you can make 26% returns. That's insane! There's been some big movements of money into the platform of late from those that are strarting to recognize this and it has nothing to do with playing the Steemit game the way most people see it.
Many new users don't see the big picture when they get here. They just think they can make big bucks for posting which they find out real quick isn't the case. People that realize that this is a game are immediately intrigured and start to play and eventually realize that any amazing community has actually come up around it.
We'll see where things go, but right now, I'm seeing a very bright future for this blockchain especially compared to most of the coins out there that can't even produce anything more than a white paper.
I agree, They will come for the money, and fall in love with the community.
For myself, I'm amazed at the friends I've made world wide. There are amazing people here. In fact I just started an initiative at #gratefulvibes tag. It's amazing the sense of community that has started in the 11 days of the "attitude of gratitude" challenge.
I think the future is bright here as well. But it's difficult to get noticed for new writers.
BTW - drop by my blog and enter the STEEMIT NFL PICK'EM, you can win some STEEM!!
You've played right? I think I recognize your handle.
I was surprised by the community as well, definitely an unexpected bonus.
Yeah, I play your pick'em, love it! I'll have to check out the gratefulvibes tag, sounds cool.
Well put. @raised2b I am still very new at the cryptocurrency and rarely know whats going on.
That is a lot.. hopefully this has potential like bitcoin does
I believe this is a slump. Hang tight. :-D
If it goes back down to 10 cents, I'm gonna buy like crazy!!
I second this, fingers crossed that it goes down and comes back up. Otherwise there’s no point if it goes down and doesn’t come up.