Why steem is worth less than it could be, and what v.20 could do for us.
The first reason:
Bitcoin crashed from $19,000 to $6000 this made the value of Steem going down. This has effected the whole market not just Steem. The reason why there has been a huge effect is because we have a very small exchange spread. As well there being no fiat to Steem spread.
The second reason:
The second reason is because we have been waiting on v.20 updates for a year plus. These updates would allow the spread of coins to go too thousands or millions of users, but the update isn't out. This would allow account creation to be much faster.
People are so concerned about whales and bots. Their power and rewards would be spread out to larger amount of users. This would force large stake holders to buy more steem to keep that influence, this increases the price for the asset.
The conclusion:
The more users we have the better. The more people you feel are abusing their power will have to buy more stake to effect people. This will increase the price guaranteed and will have weak hands leave.
People are making it seem like our network is weak, the network isn't weak at all its just the tools we need aren't done. V.20 is our golden goose. But smt's as explained for the next update after v.20 are useless unless we have fiat pairs. Fiat pairs and v.20 is what the community should be focused on.
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Steem will rise in the near future as now peoples coming towards steemit seeing every benifits as well more earning other than media"s .Due to downtrends in the crypto markets there is a slow speed of joining but who knows about the good things of steemit ,joining very fast,and one day steem coin will be theHERO of crypto world.
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I agree 100%.
The way that things are set up is that authors get most of the rewards. Consider the reward pool when there are 600K daily active users versus 60K....all posting content....there is no way the top 300 accounts can come close to posting at that rate.
So like you said, if they want to maintain their influence, they must buy the tokens on the open exchanges. That is still going to be difficult to keep pace but it is possible with enough money.
Either way, another few million users will spread out the reward pool a great deal more.
nice to see you again bro.
it's been too long don't see your post.
may be what you talking above are make sense. everyone hope the price of steem is getting better again.
Highly rEsteemed!
The system works if you put the work into it. It would be awesome to see that newer version updated too. Great article! Resteemed
Fiat pairs will give more stability of the price and not rely only on Bitcoin.
Yep its essential.
There is literally nothing in HF20 that will do this, and at least one thing that will make it worse. HF20 has some nice back-end changes - the new bandwidth system and the change to voting mana could be really nice in a quiet way - but it's not in any way a "golden goose."
This is basic economics, more people who hold your asset the stronger your currency is. In this case it increases the value because those in power have to accumulate more but unlike real world economies. We have a limit of how much can be printed, the more people and more apps that are out their the more the power is spread out which requires big holders to spend more to make more and have the same influence.
V.20 will allow cheap account creation which is needed for the millions of users we want to join the chain. The more users we have the more power is distributed into sp and peoples pockets. For abusers and bots to have the same power they do now they will have to buy more. As well the more people who join the chain they will buy more. Which has a much bigger impact than you think.
The biggest thing we could do with v.20 is to have huge fiat pairs, cn, eur, usd pairs for the currency so people can get in and out easier.
Distribution is essential to any economy, and just simply allowing cheap accounts means. New apps, users, services who will also buy into the currency which increases the value as well. Right now steem is really expensive to enter for startups.
I think this remains to be seen. They're definitely changing account creation and decentralizing it, but whether it actually becomes cheaper, easier, or better isn't clear yet.
It also doesn't help broaden the economic base if we're flooded by new users whose posting we can't support. Who has existing stake to vote on millions of new users? We need moderate growth as we build systems to welcome new users in ways that will encourage them to stay and produce, and we need the users in that moderate growth phase to build stake so they can participate in welcoming larger groups later. We don't have those now, and if we open the floodgates we're just going to have a lot of disappointed ex-users who tried Steem and never got anywhere. This is already a problem even with the volume we have now.
Agreed that getting fiat pairs on usable exchanges would be hugely helpful but that has nothing to do with hf20.
Fiat pairs has no effect but its more important than smt's whichis what were trying to get at. Account creation and getting on more exchanges is pretty important. A tad bit more important than smt's it could also have a huge impact on our market.
the network is one of a kind but people fail to realise its potential
That's true.
I hope they get that update out soon!... Looks like i still got a lot to learn about steem and its platform.