Do you want to see price per STEEM rising to 100 USD and higher? 1000 Upvotes WANTED! Join this initiative! But if you are good with constant price decline and investment outflow, do nothing!
Description: This is (my last) CALL to reverse STEEM trend and allow Steem price to go 100 USD and above where it belongs (after the applied change). If you don't join NOW then DON'T cry or complain LATER!
Whoever wants to see Steem project and its value rise to 100 USD and more, SUPPORT this proposal!
Fundamental: Price in free market is always result of supply and demand. Low demand indicates that something important is not right. I'm bringing you STEEM-2-100 proposal to fix one fundamental flaw.
Proposal: STEEM-2-100
Action: Cut the inflation rate to 1% p.a. (aka cut new STEEM generation to 1/10) to fix current setting that blocks further adoption, usability and investment
FAQ
Q: How does current setting block further adoption, usability and investment?
A: Adoption is blocked (slow down) due to lack of interest from investors caused by many factors - high-inflationary settings 10% - is one of them. Due to it there is an outflow of capital that causes cycle leading to multiple effects like lower price, lower rewards and slower development which causes also slower adoption in the end.
Q: Will not rewards for everyone drop significantly after this patch?
A: That's true but only for very-short period of time (hours or days) until STEEM price recovers. After very short time reward level will be the same and after some more time it will be even much higher because of higher demand for STEEM.
Q: How simple inflation rate could change demand?
A: It could and it does. But answer this by yourself. If your currency is loosing 10% of its value per year just like that (without considering other factors), will you hold it or you will rather transfer it for something else that keep its value?
Q: It sounds too simple, I can't believe it can change anything.
A: Yes, it's simple but it can change a lot (and will when applied). Even if you don't agree, what can you loose now? Right now STEEM price is set to constant nominal fall (with occasional pumps by people who either don't care about their investment or are betting that needed changes might occur anytime).
Q: Where can price of STEEM go after this change?
A: This is always tricky to answer, but I'm sure instead of constant fall, we will see constant rise of value (first probably some big pumps after change, then some not-that big dump to some still higher value than the current price) in days and then we shall see stable price with healthy growth (10-1000% per year IMHO). My estimation is something between 1..100 USD per STEEM in 2017 if this is applied.
Q: Is it difficult to implement?
A: It's actually very easy to implement and can be simply done within one week (with deployment included). YOUR SUPPORT, VOICE and PRESSURE to DEVs IS ALL THAT IS NEEDED HERE AND NOW!!!
Q: What if it is not applied?
A: Then STEEM has lost precious time and momentum at least for this year. Price will continue to decline, investors will sell off & adoption will slow down (there will be some new users but in general trend will be declining).
Q: Is there anything else what should be done to improve Steem?
A: Yes, a lot actually. Most proposals in current Roadmap make sense and are valid but they are not fundamental neither for adoption nor for price. But they are definitely supportive.
Q: Anything else that is not in roadmap?
A: Yes. Many things, there are many good proposals from various people. Personally right now we miss high rewards which were always good PR so I would suggest to add special reward bonus (for PR effect) for one random article per day (let's say one article from top 100 trending articles).
Q: When this STEEM-2-100 should be implemented?
A: Yesterday!!!
Q: What we can do to support it?
A: UPVOTE, RE-STEEM, COMMENT, PROMOTE, create your own "supportive call articles", reference, make it viral, support in any way!
Q: Is this really your last call?
A: Yes, I will definitely write no other post like this to support this idea, this one is my last try!
Q: I don't agree with this proposal.
A: That's fine and I don't have any problem with it. Please just share why you don't agree and what you suggest and how and when it can solve current trend issue.
Q: I agree with is but developer will ignore it anyway, they don't listen community, it's useless effort.
A: You might be right. But if we don't try, nothing will change for sure and this will be ignored, indeed. But if everyone who is bothered by current trend raise your voice NOW, things WILL be changed! There are at least thousands people who cares about future of Steem(it), I'm pretty sure of that.
Q: We don't need high price. Low price (even declining) is ok.
A: Price value and price trend speak about project health. Rising (or at least stable) price invites new capital for development, improvement, PR and new waves of adoption with new users and motivates people to hold the asset as long term investment. Always declining price is only good enough for shorting traders.
Q: There was already inflation cut (for STEEM) and it didn't work.
A: This was quite a different thing. STEEM inflation was cut but it was more technical cut, extreme inflation level was kept.
Q: I agree but I think other inflation rate would be better( 5%... 0%) because...
A: We need some inflation to reward network operations and authors, so 0% is not possible. Bankers (or banksters if you want) goal is usually 2% and although it's faked and in reality is much higher, they are not able to achieve it in long-term and it's usually much higher. Even such inflation is still thievery and destroys people's savings pretty fast and therefore even anything in interval 5..2 is bad. 1% is optimal compromise IMHO for inflation level for all participant here. In long term I would even vote for lower inflation like 1-0.1% as price goes up and is stable enough. Current 10% is value killer (in the worst possible meaning) and its 5x worse than what central bankers are doing.
Q: There are already pumps and it seems price is already getting better even without this change.
A: Yeah, there are pumps for many reasons, even after releasing this post there might be pumps just because of certain expectations. But pumps don't matter, trend is what matters for long-term supporters and long-term investments and common users and holders.
Q: Will there still be reason to power up vs just holding STEEM after the patch?
A: Definitely, you will still need SP to benefit from your upvoting and reward others and also SP inflation will be still lower than STEEM inflation and that is also good news for your SP holding.
Thanks for joining THIS CALL and thank you that you care about STEEM(it) future! Please support, upvote, resteem THIS POST and/or write your own post supporting 1% inflation patch! And kick some devs - figuratively :) - and especially @ned to wake them up for this proposal! Optimally, 1000 votes and more are NEEDED to make this really visible and noticed. Thank you, every upvote and support matter! God bless Steem(it) project!
STEEM-2-100 onward!
Author gives up all reward for this post (and even promotes it with own SBDs) to boost it for greater future of Steem(it) platform!
Disclaimer: Nothing here is meant as investment advice, this is a serious call to fix one important aspect of Steem(it) project that we all like and wish to see as successful.
I suggest you take a closer look at exchanges's wallets. There is a lot more STEEM bought than authors selling STEEM . It's not the inflation that's causing the price to drop, like I said there is more than enough buys every day to offset all the inflation. The price is not increasing because there is still way too much liquid STEEM waiting to be sold compared to the actual demand. With a low volume it will take time to absorb everything but at some point the supply will dry up and all the STEEM will be held by strong hands only.
Btw most crypto have around 10% inflation, dash has 13% even. It does not stop them from rising. Steem has a perception problem, speculators should be all over such project with so much potential but they aren't because they think STEEM still has 100% inflation. You can't blame them when the whitepaper says so though...
I cannot agree, current market and exchange situation doesn't contradicts anything I've described. You state there is way too much liquid STEEM available for selling. Why? Because STEEM is currently terrible asset for holding and most participants are trying to transfer it to something more persistent (stable/profitable). You compare it with DASH which has even worse inflation. True, but current phase is different, huge STEEM pump is already over and there are no other strong impulses that boots the price.
Still, there is good tech (and slowly improving value of the STEEM project), there is constantly slowly growing user base and still STEEM price is declining. Yeah, why? Because inflation setting for STEEM is too aggressive. Current inflation level would be reasonable only good with 100x userbase growth per year because it would make inflation insignificant. That is not happening and even if there is some super-cool feature and millions new users are in, once STEEM reaches user limit, there will be the same problem again. Other crypto-coins with huge inflation will experience the similar problem sooner or later no matter what after certain pumps and boots. Unless they are constantly innovate on high level. There might be spike and large initial growth but price will suffer greatly in long-term, there is no escape from that. Only options to keep price rising or at least stable is to boost project potential 100x per year which is very difficult or fix inflation to reasonable level. There are no tricks how you can do it - unless you have some wealthy sponsor who wish to sponsor the platform and doesn't care about his own loss. Anyway stable technical improvements and low inflation is the best what you can do for stable growing price and that is what most users want IMHO.
Current STEEM progress is not fast enough to cover high inflation and therefore there is lot of liquid STEEM for sell and price is declining. Therefore there is not any reason for keeping such a high inflation in this situation (or any other situation, actually). Period.
At this point there does not seem much to loose. The price has been destroyed, and there is no reason for us to buy anymore, and why we powered down to cut our losses.
Exactly.
This makes sense! Resteemed!
@darthnava, thank you for supporting (and propagating) this proposal!
Try to promote this related topics in steemit.chat. Good luck! Change your post's tags to steemit, cryptocurrency, money, steemthought, after steem!
Ok, thanks for tips. I will definitely change tags according to your suggestion.
Steem has a bigger problem and that is what is it doing with all the money locked in accounts with forgotten passwords? I have access to my account but do not know the password and I feel as if Steem is holding my money hostage. This is a fatal flaw in steemit.com. #lostpassword
This seems to make sense, it took a few minutes and re-reading but great post.👍
Thank you for your comment and for your time.
Also promoted this with 5 SBD hope it gets more visibility.
Awesome, thanks for promoting!
This makes sense, Just resteemed
Thanks for supporting and promoting! That is what we need most right now.
Someone promoted your post. Promotions help every steemians.
Your reward is an upvote and 0.125 SBD extra promotion.
Good job, see you next time in
Promoted! ;)That inflation is what pays the witnesses and fills the reward pool,...no inflation no rewards,....
Of course it is but as price will go up after this update, rewards will even higher (in terms of USD) than now regardless lower emitting. Everyone will be happy. In FAQ section I'm addressing that as well. Think about opposite case - let's say we will inflate 10x more, do you really think reward will be 10x higher after one week? It will not - it will be even smaller than now - because STEEM price drop that will be more than 10x because of more capital and holding outflow.
I agree that inflation pushes the price lower.
What does that mean for a game where what is good for us is also bad for us?
Well, high inflation not good for us in any way. You can have the good feeling that new STEEMs are multiplying in your account quickly so it seems you are richer but paradox is that more they multiply, even more worthless they are and you are actually poorer... so that good feeling is complete deception.
Steem has a bigger problem and that is what is it doing with all the money locked in accounts with forgotten passwords? I have access to my account but do not know the password and I feel as if Steem is holding my money hostage. This is a fatal flaw in steemit.com. #lostpassword
Well, that is no flaw, it's your responsibility. If you lost private keys for your BTC wallet, you cannot use your BTC anymore . With other crypto it is similar so it's not hostage holding - it's more like you put your money into secure box that no one else can open and forgot the combination. However STEEM has some account recovery feature, check https://steemit.com/steemit/@whatissteem/how-i-recovered-my-steem-account-with-recover-account-option
I appreciate the link but my PC crashed right after I pasted my password and it is gone, yet my browser can auto log in still on my account.
You can call it my responsibility all you want. The fact remains. Its a flaw with STEEM. I have access right now to my account buy cant touch my money. This kind of flaw will drive users from Steemit and cause it to fail.
Well, it's a designed feature but sure you can consider it as a flaw. If your browser can auto-login, there is still the password stored and you will be able to find it. You're lucky. If you have troubles to find it, let me know your browser and I will help you with it.
Hi jimmco,
Thank you for replying. I have firefox. I have followed guides to uncover stored passwords in firefox. I can see other websites but steemit does not show in the list. If you have further tips I really appreciate it!
Thanks!
Hi, if your password is not among saved password under Saved Logins in Firefox, I don't know about other way how to recover or change your Steem password, but rather check all related posts you can find, I'm not an expert in this area.
I really appreciate you taking the time to reply. The more traction this post gets the better a solution will trickle to the top. Even if that ends with me coding the solution myself, which I am willing and capable of doing.
I really wonder if there are actually 1000 active steemers on here interested in the future of Steemit that also agree with your changes. All we can do is hope, upvote and resteem. Nice post :)
@costafafs, thanks for your appreciation and your support! Yeah, to accomplish this we need support of majority of active users here.
Your proposal is interesting but requires much thought since if Steem grows the shares will hit billions anyways just like any other major corporation
I am not sure what risk you can see in such a scenario.
Do you have any mathematical projections to back this? Or is this just the convergent step to brainstorming?
I have a hard time being brought in to a lot of this stuff (mostly because I'm new). The questions and answers part doesn't really satiate my curiosity, as I'd need something more tangible than conceptualizing the task.
Yeah, my proposal is mathematically sounds but you don't need differential equation to understand this actually. However this issue is more about economical soundness and future value stability and price growth. Inflation, supply, demand and how it affect price are thing that I focus for long time. There is project adoption ongoing already and if other parameters are set correctly, there will be also price growth. Major issue now is STEEM is not attractive for investment or storing value right now because it is over-emitting new tokens and destroying value for exiting ones. This MUST be stopped. See FAQ for more details. BTW what would you like to get? Will some projecting chart satisfy you? I can provide it but it will be only picture for what was already said.
I appreciate the reply. :D
I would very much like the chart, but also if it isn't too much can I get the equations and data as well? This is quite new to me, and I want to test the limit of my learning curve. ;P
I might elaborate more about this one during future phase. In this phase we need to gather initial support for this proposal. Be sure this proposal stands on solid basis of "physics of money". I will definitely invest more time into deeper explanation of this topic once I see significant support from STEEM community. So far, I'm not satisfied with intensity of response in general - you're quite an exceptions and thank you for that - but majority of Steemit community unfortunately ignored this calling and support is still far below required level which is really sad thing mainly for the Steem(it) future.
Well I am quite curious, so I will give you my support for now. ;P
Change has always piqued my interest and curiosity.
Thanks, we will if we acquire enough support for this proposal. Let's hope!
What are the flaws of your approach?
What exactly do you have in mind? There are not know cons for this proposal. Small issue is temporary lower rewards for very short time (hours to days). Major problem now is to get significant support and explain why this is important. My impression is that most users (unfortunately) don't care how Steem works as long as it provides some benefits and rewards. They are able to cry that rewards are low and price is declining but it's hard to get their support for needed change.
So the only way you can make this motion seen by the developers is by getting 1000 upvotes? Anyways i like the move and fully supported it since i bought some steem, it will be of great benefits to me.
Yeah, unfortunately I'm pretty sure unless this proposal gets at least 1000 upvotes, devs will ignore it as they don't understand its importance either. Yes, this would be great and beneficial for everyone (not just those big steem holders but for everyone from authors to curators). Right now if every upvoter here is able to reach another 15-20 new supporters, we could move forward with this.
You do have my support, though am new here with little followers am sure i will reach it to some people.
so useful information, thanks for posting :-))
thank you :)
My pleasure . :) Have a wonderful day ahead, more blessings come your way :-)))
That would be so cool if it would rise that high!
It can but not with current inflation settings! We need to achieve proposed change first!
So you actually propose to scum new investors and early adopters to become filthy rich out of nothing.. not bad :)
Not sure how your comment was meant. However with this proposal I only care that investors could really invest again, holder can really hold and users can really use STEEM and platform can benefit. If STEEM users (existing and new) will become filthy rich after the change, I have really no problem with that. Right now and with current settings all these activities are terribly harmed and no-one reasonable will participate beyond very limited exposure. Fore more details feel free to read FAQ.
I can see what your intentions are. I won't disagree on an inflation reduce but not just instantly cut from 10% to 1%.. That would create chaos.. Maybe also not but right now steemit is here, is a product (beta). You can't just add value to a product and then expect to get the quality of the value you set... I hope you are getting what I mean.. This is social media, we have to make this place cozy and fun to be around.. Of course we are free to talk about prices and stuff but I believe more changes have to come on the user interaction, reward & voting system and site layout.. Making the whales billionaires and dolphins millionaires it's just that...
Not trying to be offended but I guess you can get the same price if steemit user base grow and content multiply... rewards will drop, price will go up...
What kind of chaos it can create? Now Steem is like a ship under construction with huge hole inside and water is flowing into that ship . We need stable environment for times of building (yes we are still in beta phase) and huge inflation is worse in general and especially bad for this phase. I'm also always surprised with worries of some users that people can become rich. I hold only about 7k but I had no problem if big holders will be rich by my proposal. If they know their investment is secured and not constantly eaten, they will keep it and sell less, price will benefit and everyone else as well. Don't we all want to see Steem successful and benefit from it? I agree we need to improve it to make it great but why to undermine so important investment for development by huge inflation? Changes and improvements are expected but unless there is something really revolutionary price must decline just because current huge inflation. This proposal will set price on the right track. As I said before FAQ explains this even more.
1000 upvotes to increase steem value, seems bs to me.
Anyway I upvoted.
You have't even read the text, have you? Anyway thanks for upvoting, man ;-)
YEs !! $100 steem will turn current steemit millionaires into 100 millionaires ...and its not farfetched of an idea, price aready has gone up from10 cents to a dollar recenty thats a 10 fold increase so going from $1 to $10 and then $10 tto $100 isnt that crazy and could happen n the next year and a half! I feel like positivvity and good sttories break through all the steemit pessimism from peopel who think its "unsustainable" I mean first u gotta realize, ggow steemit works, and how the steem that gets mined by all the witnesses direct that steem to the rewards pool that gets divided up based on how many upvtes u gget and how much steempower u have, more steempower from powering up and u get more influence! its definittly worth it if u have a ot of steem like hundreds of thousads of dollars of steem can earn u thousands a month in curation rewards without ANY blog posts ust comments nd upvotes like @thejohasfiles look at his walllet and profile!
Awesome, after two months we have 100 votes. Thanks for everyone participating but it's just 10% of of vote power needed to make this achievable. We need to wait some more time until there is a broader understanding why this is so needed.