The value of steem is really solely based upon the value of steemit.com; there are all sorts of whacky techo voices who rail against this but it is just true. Where else does the currency give you any more than a sympathetic smile?
Businesses like steemit.com are valued upon several metrics. These include: number of active accounts (not bots, not alter-egos, not dormant accounts), the 'stickability of a subscriber' (retention), the potential revenue of the platform on a per subscriber basis, the growth potential of the platform, the spin-off opportunities' revenue potential and vertical and lateral expansion. Now, steemit.com has a huge amount of negativity in the digital comms world. There are people out there who have sussed the game out, as have I. They left in disgust at the structure, nothing else.
As a fan of the steemit concept I am here. I believe that the platform will not grow meaningfully with the structure as it is. Being in Beta is like being in a safety zone in a game of tag. If the structure goes live with its present system, it will be eaten alive. It is usurping of workers at its most cynical. It is not Social Media - it is Game Theory being played by a very few bigwigs. The reason that the value has gone down so much is that the world can see the extent to which the whales have usurped us all.
Would you invest in a currency which is 80% held by less than 100 people? And they behave as they do? No. So, to me upon all valuation criteria, it is worth a generous 4 cents/steem or $8million, certainly nowhere near the $40million because the whales have driven the enterprise value down through sheer greed. Not all of them but there are many.
So, there is a cure but it is a dangerous step. The whales were rich in July 2016. They are not because of their own mypoia. Mr Zuckerberg will be watching with interest and will have moles all through steemia. Such a shame. The Darwin Awards beckon if there is not a serious look in the mirror by some very unpleasant people.
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Makes sense, thanks for sharing, I, however, am way past my bedtime and have stayed up a bit too long :D, thank you very much for the elaboration. I for one have seen how the community formed and then dissolved. There was much talk, huge payouts, huge supporters, lots of interactions between the community and then, silence, lots and lots of posts, people seem to have their brains wiped, nobody knows. Everybody is just going along with what is on the table.
For me personally, that isn't enough and having less people and less of that jives that let me not care for months about whether I was making money off this platform because back then I had people to look up to, a new platform to explore and experiment on. Now I've moved past the "welcome" page and since I've dived head first into creating and so on, just to get my power from .60$ Acc value(wondering where my rewards were for 2 months of upvotes :D, if only somebody told me I was being stupid :D ).
And what do I see, politics again, power plays, as you've said, Game Theory on a large scale, people playing the field, Curation mining, good ideas getting left out and the usual repetitive and unoriginal content going top trending.
Is it just me or am I seeing what isn't there :D, it used to be I didn't have to care about pizzagate making top trending, then it was steemsports, now it's flag wars and polarized "groups" people staying in their corner. Repeating their "mantras". Seems like the dream of what Steemit can be and the ideology aren't living up to the expectations.
It seems like Steemit already had it's moment, the 5 seconds of fame, and now it's old news and a broken platform.
It's not all bad, but there is much around here I'm not sure should stay past Beta, I for one, would call this Alpha still, hope developers don't rush and return to the past form. The platform seemed different back them. It had breathed new hope into social medias for me, gave a place where everyone was free to share and money weren't the only thing that was important, people were, not things.