Lets save STEEM
Let's make no bones about it, i love STEEM and Steemit but it's moving the wrong way. Dollar price of STEEM is down 98% from it all time high time, users numbers and activity are down and before you know it, ......poof. We are down to 300-500 active posters everyday thinking how did this happen? It's time to take action now and save STEEM
How can we save Steemit?
What are people motivated by? Money!! If STEEM were worth more, maybe more people would join and more people would remain. It's a simple thought but during 2017 when the price of STEEM went up so did new members and activity was through the roof. I dont think we'll ever get back to those days but somewhere between where we are now and where we were than would be nice. The plan is simple, we buy all the STEEM!
There is currently 95 million STEEM on exchanges and if i know something about anything, it is the price of something goes up when there are more people buying than selling. If lots and lots people buy small amount of STEEM, they could have the power to take a big chunk off exchanges thus pushing the price of STEEM up. They then use that STEEM to buy tribe tokens, power up are use for something use. Based on steemit having around 35,000 active users on any given day, if each one of them accounts were to buy $10 worth of STEEM collecting $350,000, we would get a total 2.5 million STEEM are almost 1% of total supply. That might not sound like alot think about what effect would 1% of all BTC disappearing off exchanges have on the price? Plus daily volume for STEEM over all exchanges is around $240,000.
Would you take part?
The idea is simple enough. An account would be created to let users pay using fiat through paypal and receive STEEM in return. It could be a weekly group buy that runs from Sunday-Saturday were people send whatever amount of money they what to a paypal account in whatever fiat currency they use in their country and receive STEEM in return. I would be interested to know if other people would be interested in this. Below is the basic way it would work
- Group buy post goes out on Sunday
This buying post will contain all details about the project and idea. This post will also contain paypal links directly to a confirmed account and include a buyers table which is updated daily to confirm people buys.
People looking to take part would send any amount of money they wish to convert into STEEM using paypal. Each person would be requested to leave a memo including there username so i know who the payment belongs to and i would update the buyers table in post to confirm i have received your payment. Any payments coming after Saturday's cut off time would carry through to the next week.
- Group buy complete post out on Saturday evening
I would take all the monies gathered up in the paypal account, send them to my bank (free) and then using my wirex account buy as much ETH as i can and then send it to exchanges to convert to STEEM. All the STEEM would be returned to a steemit wallet and split up between everyone. Everyone taking part would receive there STEEM within 24 hours of this post being released.
That is it in a nutshell, not that hard to do. Im not sure if a project like this is cool are not and there could be some sort of problem with offering a service that converts fiat in crypto. If someone knows something about that, please speak up so i know if this idea is a dead duck
Let's save STEEM
Pulling together and buying all the STEEM and just HODLing it would have a positive effect throughout the whole STEEM eco-system and other frontends such as dtube, steempeak, steemleo ect would see gain from this. I think it's a great idea and buying little and often could be the key. I understand that not everyone would have $5-10, we all live in different countries were wages and earning are not the same but at the same time, it all evens out as lots of people might buy $20-50 worth.
This would also provides some people an excellent way to buy STEEM if they are not signed up with any exchanges are just want an easy fix. Let me know what you think about this idea.
What is stopping you from running off with everyone's money?
nothing
I have a reputation for doing group buys and run a steem-engine token backed by around 58,000 STEEM of other people's money.
There's nothing stopping me running away
I just bought 50 more spi ..
Obv you don't know who he is. He wouldn't steal a single STEEM from anyone..
I'll get them sent over to you buddy and thanks for the good word :)
I like this idea. I've had many times that I could have purchased small amounts of Steem but have thought I should wait until I can make a larger purchase. If I could just paypal, the smaller amounts would be more feasible. Let me know if you do this.
Well do. I might find a way to add it onto SPI, i'll wait and see what other feedback i get
It’s not possible anymore these downvote assholes have destroyed the platform. F**k them, I’ll gladly take the loss of the thousand dollars or so i have invested to see Steem go to zero to burn their ass. I have lost all faith in the coin and platform. Still posting because i like the people. Screw the platform. It has been ruined.
F**k them, I’ll gladly take the loss of the thousand dollars or so I have invested to see Steem go to zero to burn their ass. I have lost all faith in the coin and platform. Still posting because I like the people. Screw the platform. It has been ruined.
Pretty much my feelings in a few words if I'm completely honest
This post has been included in the 201st edition of The Steem News - a compilation of the key news stories on the Steem blockchain.
Anything where you are dealing with other people's money has to be done very carefully. I have bought Steem for people before via Wirex, but you need that level of trust. I will keep buying some for myself when I can. I see it as a bargain right now. It may just need that little nudge to go viral and then we all gain, but there are certain people I would be happy to see lose their money. Cannot have it both ways, but I prefer that the greater number of people benefit.