As we know Steem is generated by the users on the blockchain. They are not like Bitcoin which only has 21 million available coins, but Steem is mined in perpetuity and as it grows in popularity more and more will be generated. This will only result in the declining value of your Steem.
Back in 1913 before we had a so called Federal Reserve and by this I mean before the US Government had the ability to print its own money (Steem). When the good ol'e US started running those printers overtime the circulation of money increased and those at the top cashed in. What people didn't notice because it happened slowly was that things started to become more expensive. Well in 10 short years their was a major impact, but first let's see the period between 1900 and 1910 and then will see the difference between 1913 and 1923.
What cost $1 in 1900 would cost $1.12 in 1910.
Also, if you were to buy exactly the same products in 1910 and 1900,
they would cost you $1 and $0.93 respectively.
What cost $1 in 1913 would cost $1.72 in 1923.
Also, if you were to buy exactly the same products in 1923 and 1913,
they would cost you $1 and $0.58 respectively.
This massive amount of inflation is not really inflation it is devaluation of our currency. Your government is actually stealing from you every time they turn on those presses. The same thing is happening every time those bots upvote their creators. In order to make Steem a more long term crypto we must ensure that it grows organically.
A more senior member recently told me that bots outnumber human users 30 to 1. If the Witnesses want to see Steem around for years to come then they need to find a solution. It occurred to me that if a CAPTCHA was required before each upvote then this platform might have a chance.
As Steem grows so will the bots and then it will become harder and harder to earn Steem that we can turn into real money and besides who is going to want to buy it?
I would be interested in knowing what you think about the future of Steem?
Great idea!
Thanks I just hope they figure out something.
I just got here, so I hope they do something to fix this issue.
I agree something needs to be done.
Did you read the blue paper ?
The inflation continues to decrease until it is only 0.5% annually.
No I am not aware of it. I will look for it.
Sounds good.
The steem blockchain blue paper explains the inflation and how to sustain.
Does that mean the network is perfect. I don’t know. I know some of the new people get frustrated because they think it is get rich quick.
I mostly use the steepshot app. It runs on the steem blockchain and looks and works like Instagram.
If you look at my blog you will see how it shows up on steemit. But the interface I use is steepshot.
Good luck on your future posts.
Much appreciated friend I will take a look.
Sorry, but I think your analysis is off-base in a lot of ways.
If you read the bluepaper, you will see that STEEM has decreasing inflation. If the value of STEEM outpaces the inflation, then the price will go up - not down. So far (since the new inflation rules were put in place in HF 16) the value has significantly outpaced inflation, and the value has gone up by a lot.
This is not really feasible with blockchain technology. All UIs (even steemit.com) have to submit the transactions that users make to the blockchain using the same APIs that bots use. There is really no feasible way for the blockchain to tell the difference between a bot and a human. Also, the notion that all bots are bad for the community/ecosystem is false in a lot of ways too.
There are definitely problems. Lots of them. There are a lot of smart people working on solving them though, and the number of problems we have today is a lot less than we had a year ago. In my view, the future of Steem is quite bright.
So not only have I read the blue paper I read it twice and into a microphone and posted it on Dtube, so others don't have to keep asking questions that have been answered a million times.
Glad to hear it I appreciate the response. I just heard about this blue paper, so I will need to read it.
I can see your point but do I really want to type in a darn code just to vote each time, I think not even though I get it. I have no answer to this issue.
They say it won't work anyway. I was just throwing it out their since everybody seems to complain.