I began contributing to the Steemit ecosystem shortly after its birth. Like a Tom Petty song, after I was introduced to it, I immediately started grooving. I found the platform provocative, exciting, groundbreaking...and most of all, lucrative.
Everyone said I would make an assload of money writing on it. "It is a blockchain-based blogging platform that pays its users well," they said. This piqued my curiosity, except it made my motivations somewhat impure. It impelled me to only focus on the monetary rewards. I was certainly incentivized to write; as its creators intended, but I also tended to place its innovative nature on the back-burner.
I Promoted Steem to Share the Digital Gold Rush
It is true I analyzed every dimension of Steemit. I learned the nature of the protocol, who designed it, how it leveraged delegated proof of stake to pay users, and how it would revolutionize blogging. I even created an extremely popular video on the subject — because even though I was hungry for money — I wanted to share the Steemit gold rush with others. I wanted to elevate everyone's desire for quick and easy money to new heights.
Needless to say, my video was hugely successful; more than successful. It caused a horde of anarchist luminaries to eventually adopt the platform. Names include Jeff Berwick (who popularized Steemit as a result of my video), Larken Rose, Luis Fernando Mises, Luke Rudkowski, Amanda Rachwitz, and so many more.
My Initial Earnings and Steemit's Death Knell
Before and after I created the video, I raked in gobs of money. I was killing it. This all happened between the months of June and August of last year. I wrote post after post, but many of those writings were taken from old Facebook quips or rewritten from even older blogs. I know there is nothing technically wrong with that, but I wanted to minimize my work and maximize my income. Here is just a short list of a few of my posts and the Steem Dollars they made for me:
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Spanking Children is an Unconscious Act of Vengeance --- $1,457.91
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Anarchism is Deeply, Intimately Personal --- $1,281.81
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Anarchy is Rising, With or Without You --- $521.70
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Everyone Should Hug an Anarchist (Anarchism is a Form of Emotional Exchange) --- $915.88
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I was Spanked and I Turned Out OK—or did I? ---$725.29
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Sterlin Luxan, A Belated Introduction and The Great Steemit Migration --- $3,266.69
Not long after I created my video and the hater's voices peaked, the price of Steem began to plummet. This occurred around September and flat-lined by the beginning of 2017 (See chart below). This downward momentum corresponded with lower user payouts. I noticed users were not making as much. I noticed I was not making as much either. This caused me to lose hope. I believed Steemit was sounding its death knell.
My Beliefs About the Steem Crash: The Great Steem Depression
I had several wild thoughts as to the cause of the price crash. I mostly blamed myself for it. I believed I played a hand in the Great Steem Depression. I egotistically thought my video caused so many people to gravitate to Steemit that it somehow led to the price bust. I thought I inadvertently killed the application.
I also thought the naysayers were correct in their complaints that Steemit was a scam. They said things like "when investor money dries up, the scheme will be over, and everyone will lose." I figured there might be some truth to that and it was being vindicated by the crash. I assumed investors had realized their mistake and were pulling out...or not putting in.
Then I the price collapsed below 10 cents. That was the final straw. I cashed in my Steem chips, so to speak. I thought Steem was finished. I quit the platform entirely.
Confession of a Steemit User and Lessons Learned
I confess I was wrong about that. Not only was I wrong about Steemit being dead, I was wrong harboring my original greedy mindset. I was wrong about what caused the crash. I should have realized Steemit is a brilliant platform from the beginning.
The fact a decentralized, algorithmically-controlled system can pay me based on a user's delegation rights is downright bad ass. It is probably the first time in history a protocol has been invented that can mathematically distribute money in a semi-democratic fashion. If I would have not allowed my initial hot flash of greed to undermine my sanity, I would have been able to see this clearer. I would not have quit just because a little market volatility erupted.
That is the other thing. When the price started to collapse, I should have known there are a myriad of factors that influence price, and newer cryptocurrencies are almost always speculated at high value early on. There is always a time when the market adjusts based on a multitude of variables. Had I invoked my economic knowledge during the time, I would have understood. I would have realized everything would be fine. Instead, I panicked like a mouth breathing, knuckle-dragging troglodyte.
I should have also had the humility to see that my action of creating a video and drawing anarchists into the mix did NOT have a negative effect on the ecosystem. More users means a stronger network effect, not the opposite. More users means a stronger platform in the future, even if the monetary rewards are distributed more evenly. In reality, this means more money for everyone involved in Steemit. I should have been proud of my actions, instead of consumed with greed.
Lastly, I was wrong about Steemit being a scam. Honestly, I never truly thought it was a scam. Doubt only flared up in those early times of economic uncertainty. The price started to drop about the same period the naysayers' voices were the loudest. As everyone clearly knows now, the platform is still being used on a grand scale without any indication it is a scam, scheme, or fraud. Only people who do not understand blockchain tech believe it is a scam. I should have never even raised a single concern about this once I gained knowledge about delegated proof of stake.
Redemption and New Beginnings
I hope I can make amends for possessing so many assumptions based on my greed. I hope I can redeem myself and move forward. I have started this process by thinking about my mistakes and then writing this article to chronicle what happened and how I behaved. I also started the redemption process by getting back into Steemit.
Suspiciously, I got back in right the price began to shoot up a few weeks ago. This might be a tell-tale sign that my desire for riches flared up again. However, after considering my past errors in judgement, I realize I can continue using the platform without having to succumb to my own psychological pitfalls.
Sure, I will naturally be hungry to create and produce things of value within this beautiful ecosystem—especially for the lucrative monetary rewards—but now I have an even better understanding of what this community is all about. I have a better understanding of why this place has value and is able to create so much value. The price I paid for my greed, ironically, was loss of wealth due to believing the protocol was broken.
Well, I am ready to to be redeemed and try again. I am here to stay, even if I do not post as often. This community is amazing. Let's get to grooving again. What do you say?
Sterlin Luxan is a visionary thinker, cryptocurrency junkie, connoisseur of psychology, an MDMA high priest, and the Mr. Rogers of Anarchism. He writes for bitcoin.com, runs a consultancy business in the crypto space, and is a public figure. He created the doctrine of relational anarchism and contributes to many causes in the thriving liberty ecosystem.
following. happy I found you, you have something to say and I look forward to reading your blogs
I think anything that is motivated by greed is doomed for failure. If all that drives us is the desire for more, it will never be enough. While it's discouraging for newish users such as myself to see some bloggers raking in the big bucks with shitposting, I harbor no ill will.
You get what you put in, I suppose. I don't have much time to devote to this platform - it's summer which means I'm outside working in the garden quite a bit and you know, enjoying the sunshine - but I look forward to SteemIt continuing to grow. Other social media platforms like Facebook only take from their users; I love being able to be a part of something that gives me a teeny, tiny morsel of that pie :)
But if the platform were promoted to the new users like a place to earn money by posting content then these new users will gone. Hope they can also understand the core of the platform and not only focus on the monetary side of it.
Like central bank oligarchy capitalism
Thanks for the story; quite interesting:) I've been musing on the paradigm shift of Steam a few hundred years ago and what that tech in those engines did to society; it will be interesting to see if Steem has the same span of influence. I definitely see the potential and in nature, I see steam as being quite beautiful as when looking at an early morning pond in autumn; on the other hand, doggie doo can give off steam, too......We'll hope for the former:)
This is an awesome post!
I found it to be very humbling and yet empowering. It is so refreshing when someone (especially someone successful) is honest and vulnerable enough to express such.
I am very proud of you and have chosen this article as 1 of the 5 best articles in my new post.
Keep up the great work!
https://steemit.com/q2c2/@quinneaker/launching-my-new-project-quinn-s-quality-content-curation-q2c2
Welcome back! I joined Steemit almost 4 weeks ago, and have fallen in love ;) Never have I been able to say I'm PROUD to be a member of a social media platform- until I experienced the stellar community of encouraging and supportive folks here.
I look forward to reading your thoughts :)
Error is part of human nature.
But we have to thank you for your teachings. So we will not make the same mistakes.
Congratulations on the restart! Upvote and restemm :)
Your an inspiration dude! You look a lot like a friend I had growing up in elementary school!
Hmm! Really like your writing style. Sorry - Did not watch the video.
For myself - Not sure I'm here for the money. Do enjoy that people can be rewarded directly by the consumer for good content.
I'm willing to pay for that. Really prefer this plan to the radio & tv stuff that you have to listen to a shit load of advertising to enjoy talented peoples content.
I'm following you! I want to hear more of what you have to say.
Screw the money! Your reward will come if you put forth good heart felt content.
Still, you have an impressive growth in the platform.
I say that we are all fallible human beings, that none of us has any power that we can assert over another legitimately, except the power to forgive and learn.
Welcome back... I had wondered where you went, I didn't realize that had been your experience on the platform.
I was always pleased by your work, even if it was syndicated here to Steemit. But I gotta say that I'm even more pleased by the idea of fresh content from a strong, analytical mind such as yours.
Try not to let the green-eyed monster grind you down.
There are greater things happening here than just monetary units moving across accounts. Steemit will be a standard in the near future.
Welcome home.
What about GoOgle... Do we really want Google involved.. The google in the Search engine... isn't that like the Fox in the Hen-House... .. I'm no Techy... i don't have the answer.. but i can't see a bright future involving the Google D. eyed Beast.. .. we need a multi-faceted search engine for every topic under the sun ... then you should be able to click on a tab like Most upvoted.. Newest... and see a whole list of articles.... let's get some people on it !! Yarrr !!!!!
I think yes since google is dominating the web. With google we can expect a good exposure.
Welcome back my friend! Losing you on Steem was a big lost. I mean it. I'm glad you're back.
Well said, Sterlin. As someone who never once lost faith in Steemit, powered up most of my rewards, never powered down, and has continued to post for over a year, I feel proud and vindicated. Your words make me happy for the decisions I've made over the past year to continue investing my time and efforts into Steemit and the Steemit community, even becoming a witness (33rd spot! Woot!). I've made some great relationships along the way along with many great rewards. What most people don't recognize is the long-term monetary value here isn't in the $ amounts, but in the VESTs. If the price of Steem is up or down, the blockchain is still giving out VESTs and those are what matter long term.
I'm also proud to get to know you as a friend and learn from you. I'm proud of this post and your humility and self-knowledge. I look forward to your active participation here, regardless of the price or payouts.
LMAO at the "MDMA High Priest"
Wow, just... amazing!
A person who never made a mistake never tried anything new.
those confession are pretty great but I'm really worried about steem it keep on decreasing and that's not very promising...........
Like every businesses in the world, it requires good marketing to promote the platform and gain investors. The last time its price skyrocketed is due to the investors from asia, specifically china and korea.
The next thing that we are looking for are the investments of huge companies, which when it happens, expect the price of steem will be rock again.
Wow, Thought provoking post. I'll admit I am guilty of the same (nothing wrong with recycling your own content though). Following you now. Steem on!
I think lots of us do and its a good point of learning. Learning thru experience is somehow a good lesson that surely last.
Hey, we all have to learn lessons the hard way sometimes. I am also a believer in the platform. This has taken blogging to a whole other level and crypto currency is the future.
You got it right
Reading this, it's good to have you back. Let's hope the platform will survive the current crypto depression and the influx of new users who have no idea how to value and appreciate this platform to make it grow in quality
Yeah right. Lets all hope that new users will not just sleep in the platform. Hope steemit can give them something to stay awake and be active.
You are forgiven.
Now help others grow.
I figure I have just as much right to say that as any other being in this universe.
Thank you fro sharing. As a newbie, I have been reading a lot of positive things about steemit and have become a believer. Your post just helps confirm my thought. I have resteemed this to spread to my followers.
Welcome back Sterlin. I think I speak for everyone when I say we would rather see 'some' content from you than none at all.
Thanks for your open honesty in this post. It further boosted my confidence in the platform I had already grew to love. Sharing your ups and downs experiences help paints a picture how over time, the platform will balance itself out. I'm a firm believer of the steemit platform. Steem on steemiteers🚀🚀🚀
wow great stuff bro ! upvote ??
Very honest comments! Greed is nothing but lack of confidence on one self. Your experience is inspiring!
Hay @rtdc
Nice Post
I always follow your journey whether it is Travel or Other !!
I Wish You Would Also Follow and Upvote My Post @funnystuff
Really I Liked What You Do Every Day
And Always Join - Upvote - Comment and Reesteem
I wish the same
Thank You Sweet
Welcome back!
I've only been here for a few weeks and I've learned so much in just a short time. It's good to hear the thoughts of someone who joined early, dropped off and now has made the decision to come back.
I really agree with what you wrote here:
That is amazing! I am glad I found Steemit and made the decision to contribute to the community here.
How much real money i can earn from steemit? If i am getting 100 dollar for a post through upvote,
How i can exchange it into real money and how much i can get as real money? plz help :)
You Sir, can write well.
I don't really see how anarchy can be more than localized pockets within greater empires of control. The problem is the masses of asses only grows in our totalitarian/competitive societies and scale breeds desire for ideologues and strongmen.
It all sounds legit to me... your stumble and all! Happy to have come across your post. Steem on!
Funny story ...reminds me a little of my own.
Thank you for this honest sharing. I don't earn much from my posts but this is a great community and my followers like what I write, and this has kept me going. I am glad that I come across this post, following you now.
I forgive you. I missed your posts. You were one of the first people I followed. Welcome back!