Yesterday, I've been part of the Steem Witness Forum., which was really great.
We covered very important topics, which resulted in me brainstorming a bit afterwards. And before I get into that, let me first give you a summary, as it matters for the context.
Steem Witness Forum Recap
Again, the forum was very valuable and I especially appreciated @elipowell's part, the new MD/CEO of Steemit Inc., who sounded very enthusiastic. I honestly think that she can provide what Steemit Inc. needs from a leadership position right now.
For example, she was very honest in regards to admitting that it was a mistake to not leverage the incredible visibility of Steemit.com in 2016, e.g. via Ads. We need people who are honest and transparent, and I believe Elizabeth Powell can do that for Steemit Inc.
Besides that, for me one of the most important topics yesterday was the question: "How do we get back into the TOP 10 and how do we get our price back to above a dollar?" And while I've given my thoughts on that, I'm much better at writing than talking, so I decided to share my thoughts about this here, in written words. (as I also brainstormed about this question a bit)
Getting STEEM back into the TOP 10
Now, there are multiple ways we can achieve this vision, and I will not get into all of them here, but I believe we should start by looking at what keeps STEEM so low, instead of building on a broken fundament.
I mean honestly, just take a look at coins such as BTC Gold & BTC Diamond, which have a higher market cap and lost way less value over the last few months than STEEM, which has tremendous value due to it's many dApps and huge community. And I believe the answer to this question is quite simple:
We need to attract and retain investors
When I'm talking about investors, I don't necessarily mean people with big money, but rather people who are interested in buying and keeping STEEM. Currently, with roughly 350$+ you can buy yourself 1000 STEM, which is pretty darn cheap and makes me nearly cry (just kidding - or am I?).
But if it's so cheap and Steem has gotten more and more use cases & d/Apps over the time, why aren't more people buying STEEM?
Well, because STEEM (the currency) is very investor unfriendly.
Currently: Userbase first - Investors last
Every person who buys into STEEM, should know that their investment loses roughly 8% every year ( which is reduced by 0.5% per year), which might not sound much - but would you simply throw away 80k of your 1M investment? I don't think so.
Now, the way to go against this inflation is to:
- A.) power it up into Steempower, so it's only a 7% loss every year (-0.5% per year) and
- B.) self-vote/ sell-votes / delegate Steempower away for a profit ( which is not officially supported and very much in the grey zone)
- C.) Curation (but honestly: do you think people with big money have time to wait 10 minutes to vote on a post?)
Also, all of those options require the stake to be powered up (which is a good thing, as it reduces liquidity and sell-pressure), but it also keeps investors away.
And since the biggest part of earning with Steempower is in the grey-zone and is not actively promoted or supported, there is no way for investors to learn about STEEM as an investor-friendly coin (which actually is one of the less riskiest on the crypto market, due to the powerup time)
You would need to have huge faith in STEEM. But can we honestly expect people to have faith in a currency, where people are encouraged to dump their stake?
Make posts, get STEEM, power down, sell it. Repeat.
We need a change: Investor first - Userbase second
Steem is a big game. People should be encouraged to buy into the currency (whales) and keep it, so they have huge advantages and the small players (minnows) need to work as much as possible to get something from the whales and keep it so they gain also advantages.
But that's not how the current system works. With the inception of bid-bots & delegations, you need a few hundred STEEM and you can get nearly everything that in the past only big players could do.
And since big players are automatically losing money, without the currency having a boost - it's a losing game.
However, I'm still here, with way too much Steempower, than I probably should have. And I'm powering up more every day since I'm not selling anything. Maybe I'm crazy - maybe I'm stupid - maybe I'm a genius. I don't know. But what I do know is that Steem has a huge potential.
But outside people don't know this and the risk of a guaranteed loss due to inflation is usually not worth the risk.
Now, to change this and to get STEEM back into the top 10, we have to attract way more investors.
- We have to show them: invest in STEEM because it's lucrative.
- And not: invest in STEEM and support people all around the world
Please don't get me wrong, this can be a very nice supplemental offering, but it shouldn't be the MVP to hook people for investing in STEEM.
How can we change this?
Okay, but how do we fix this?
Well, first off - feel free to think about this question and let me know in the comments below. Two and more brains are better than one. Usually.
Now, in my opinion, we should change the system to bring people into STEEM to power it up and keep it as long as possible and give huge disincentives to selling.
For example: I personally am keeping all of my STEEM as Steempower and powering everything up, because regardless of the price-fall, 1 STEEM is still 1 STEEM. If I have 50k STEEM I might make 50 STEEM (very rough calculation) per day passively via vote-selling, curation & co. And if I have 100k STEEM, I probably will make double of that. And I can only do all of this if my STEEM is powered up.
However, even without power down, these options (vote-selling & co.) aren't anywhere visible for outsiders, for example on Steem.com. Everything there is about communities, the social side and other fluffy things (of course also a few data points). I mean, I think that's also very important, but people who are expected to invest cold-hard cash into STEEM, have to see their ROI out of this investment.
So, what we could do, for example, is the following:
Before, you read further, please keep in mind that those are just crazy ideas, that would change STEEM towards an investor friendly cryptocurrency and change the Status Quo. I'm very much open for discussions and constructive criticism and I don't believe that these ideas are already polished enough for implementation.
1.) Change the inflation
We could do something along the lines of:
- 30+% for vested stakeholders
- 20-50% for voting to distribute the currency
- 10% for witnesses/block-producers
Whether the number is 70%, 60%, 50% or 40% (it could even be dynamic based on the stakeholder) those are all just numbers. What I'm trying to focus here is that this would show the focus on investors - those who want to keep their stake in STEEM in powered up status.
Also, before you're just arguing that this will massively reduce the author rewards, I understand - but what is more:
75% of 5$ or 20% of 20$?
2.) Change the inflation revenue model
Currently, the inflation is directly added towards the vesting-shares, which nobody is actually tracking. What I'd like to see is a way similar to how NEO is distributing their GAS (https://neotogas.com), where people actually have to claim it. So we could have a similar claim-system as we currently have with other rewards.
Imagine the videos popping up on youtube where people show how much they made with their Steempower. And I wouldn't even mind creating a website similar to the above for STEEM.
3.) Disincentivize Powerdown
On top of the two changes before, we could also reduce the amount of passively generated STEEM/Steempower (which has to be claimed), if the account is currently powering down - similar how the vote-value is reduced in a power down due to the voting-mana.
That way, people will try to keep their STEEM powered up as long as possible.
4.) Promote STEEM as the blockchain for SMTs, where you'll get paid simply for hodling
Last but not least, once all other steps are integrated, we could leverage our huge community to promote STEEM as the perfect blockchain for every investor.
In addition with tools to showcase this, we would be able to push the price of STEEM higher, due to more people interested in buying STEEM.
All right, this post got very long, very quickly, so let me write a quick outro statement:
I want to repeat that these are simply ideas (probably very radical), but I believe we need to be willing to re-think everything, since I don't want STEEM to drop even further than TOP 50, instead I want it to get back into the TOP 10.
There are a lot more dynamic things as in better downvotes, etc. that are also going to play a big role. But that's not part of this post.
Please let me know your thoughts in the comments below!
All the best,
Wolf
Do you believe that my work is valuable for Steem? Then please vote for me as witness.
I think that whatever we do, we can't attract more money than bitcoin gold and bitcoin diamond. Some investors are very bright, but more than 90% of them are always wrong in their investments. I am not only talking about crypto, even in the stock market.
There is only one warren buffet. There are millions of idiots. No matter what we do, you can't convince everyone to invest. It's all luck.
However, what you can do is really improve your product, so that it becomes really useful. Bitcoin Gold, Bitcoin Diamond and Doge coin will die. They might rank up high on coinmarketcap, but they will die eventually.
The game is not about attracting investment. It's about building the best blockchain. There is a saying, "luck is when preparation meets opportunity".
What we should do is prepare, prepare and prepare. Hopefully one day, a steem dapp will go super viral, and there you go, we're in top 10 forever.
If we're not prepared, there is no point in shilling steem, because the opportunity will come and we won't be ready for it. It's true that we are much better than some other cryptos, but I think we still have a long road ahead in terms of development. Once we're ready, then it becomes time for aggressive marketing to investors.
Shitcoins beat us in the short term because of stupidity and randomness. But in the longterm we can only win.
Edit - For example, 2017 was a great opportunity. Huge amounts of users came to the Steem ecosystem, but most of them left because we are not ready yet. If we had communities, SMTs, better and self-sustained dapps that make profits, we would have retained a much greater amount of people. The growth in the number of users, in the number of wallets, is what will get the price higher.
I think this is the right answer. I know we all hate being here, and you want to do something active to change the current situation, but I don't think the answer is a drastic overhaul of the system. I think the unfortunate reality is that the entire crypto market is depressed right now and no matter what we do it won't have a HUGE impact on the price, but this is only temporary.
The prices will eventually go back up and when that happens we should be prepared. There are glaring things still wrong with the user experience throughout Steem. Account creation is still too hard even though it's getting easier, Steem Ninja being integrated into the front page of Steemit would be a great step forward. Professionally done video tutorials explaining the system, and easily accessible from multiple frontends especially Steemit since it's the most used. And obviously the hugest value adds would be communities and SMT's.
We just need to use this time to create value and position ourselves to be able to go viral the next time things turn around.
Not to say I'm saying we do nothing to make Steem more investor friendly, one thing I think would be a good idea that's not in that grey area you were speaking of would be more in depth curation and autovoting tools. Steemauto + Steemworld are nice, but what if we had something that provided analytics on averages of what people make per post, so that you could at a glance see how much you could potentially earn for supporting one author or another. Taking that a step further, if this app is already tracking people's earnings, you could also have presets like "Highest earners overall, arts, Steem, Music, etc" So if you want to automatically curate one of those areas the app can just do the work for you in figuring out who to vote for. I know that's super complicated, but since we're just spitballing here...
with highest earners auto curate you continue rewarding the steemit trending page. not sure did something changed there but i know what i thought about it months ago.
it could be useful for people that don't want to make content, but it would kill new creators.
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Yea I immediately thought of how to exploit it after I posted this. It would just further incentivize people to buy votes and would make that even more profitable. Scratch that, on to the next idea 🤔
😁 well there will always be someone trying go game it
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I think that sums it up pretty good. Steem already had a lot of eyeballs, but many were not satisfied with the result, so they left. We need to change that.
I really like the #2 idea! Seems simple and maybe not that hard to implement for the devs?
Also - what do you think about creating new steem interface - a one that actually focuses on the social part? Steemit seems like a prototype to show that the blockchain interface is working but it's missing all the useful features.
I wish it would be possible to find a js dev that:
Those two seems contrarty :D So far I was unable to find anyone that would like to fork steemit and make a better version of it. I even bought a html template for it but still no dev :(
http://www.wpkixx.com/html/winku-dark/
Edit: of course busy, steempeak and steevie exist but those two also just focus on displaying the posts. What about things like groups (something like subreddits with creator/moderators) or a "twitter" part where you can just post quick messages. Those can be added as comments so they don't clutter your blog page. There are many things like this missing.
Three ideas: (1) reduce inflation a bit with a hard fork (2) maybe remove SBD (stop printing new SBD) since it makes Steem more unstable and too complicated to deal with two currencies (3) add an investor (hodler) section on steem.com with information about the interest rate when staking steem and most importantly also add links to wallets and how to store, transfer and stake Steem.
Could be an option. But I would argue that the second option could be used actively to promote it as positive attribute of STEEM, as it rewards stakeholders. (One of the reasons I would invest in NEO is due to GAS)
Hm, I think the biggest problem with SBD is currently the added inflation, which is actually huge.
Yes! This should be added regardless! Could even be a seperate website.
I have read this post thrice now, to make sure I have created a picture in my head with no holes.
I agree with you mostly, and disagree with just 1 thing you mentioned
I dont disagree per se, but I do believe there ccould be a better model to discourage powerdown
But that's not what I'm here to talk about. I hope more people join in on this and leave their feedback. I might have to read this a couple times more and brainstorm for like 5 days before I can give a solid feedback and show my standpoint; whereas someone else could do the same in 10 minutes of reading this.
For now, to me, it seems like you have got an unsolved Rubiks cube in your hands, with a little bit of tweaking from each side and we will have a beautiful comepleted piece.
No problem! And I hope that many people chip in their opinions.
Would be very interested to hear the thoughts, once you've brainstormed about it :)
Good thoughts, as ever.
Steem is a unique platform for gaining a presence and traffic.
It does need to keep progressing and rethinking.
Resteemed!
That post is fine but i have some disadvantages and just a bit point of view . At first we are decentralized community that steemit company and freelancers are working on it . Huge investors are looking for free of threats platform whey they can earn money . All in all we have to take care for our main representatives which is steemit company , or other network of developers who are obligated to develop steem blockchain .
Information which says that steemit company layoff big part of their team
is not a good advertisement for any investment here . Steemit company is obligated to take care for our posts and they have to pay for it . When we take some costs for ourselves we will help them a lot . But how we can do it ? I think that the platform is insolvent , the sytuation is no clear and investors won't come . The best example is ads in their front end . They don't have any ideas to improve their position .
My ideas to change it :
visuality of posts .
Thanks for reading it and I m so sorry for my poor vocabulary and gramathic .
It's worth remembering that there isn't a hard line between content creators and investors. Many people here do both.
Removing sell pressure on the market means making sure the new steem that is created from the inflation doesn't end up with people who dump it on the market.
Fighting spam posts that offer little value to the community while earning rewards and selling that on the market should be a priority. Regardless of the size of the spammers.
I agree with you that HODLERS of STEEM should get a bigger share of the inflation as in the long term that means more steem is staked and therefore there is less sell pressure.
Interesting discussion!
Exactly. Which means, we need to incentivize people as much as possible to keep their Steem staked.
Yes, that's why we need better downvotes. Otherwise it economically unfair for the individuals who fight spam.
Appreciate your answer!
In my opinion a important aspect is "promoted posts". Right now, to promote a post, you need to "burn" Steem. But what if people could "burn" RC to promote their posts (just like the RC burn to create free accounts), that would be an incentive to power up!! And that would create a competition for vote selling and buying.
Also, maybe give a bit more of visibility for promoted posts, like, show one promoted post of that tag every 10 posts.
Those two measures would for sure make Steem interesting for holders...
Great post. But I don't know if that would really be the way. Steem brings a hybrid form of passive and active feedback. my returns here are far greater than other passive rents like Neo, KCS. My perspective is first to control the bad investors, who take away much of the platform by doing accounts, maintaining centralized operation between these accounts. That's the hard part. Another is the question of having tools that make it easier to build dapps without programming, or few as possible. We have a deficit of programmers, especially in countries like mine. We are not profitable to develop activities elsewhere with our returm here, os even another crypto. And lastly the market is all down, it lacks investors as a whole. I believe that as long as we do not foster social functioning Here, we do not grow. We have a lot of faith to invest here, as in cryptos, not for the idea, but for other ways of investing. We has a large and strong community, but totally disjointed, one in each direction. Maybe the governance model will help. I personally believe that capital is a consequence of the social and not the other way around. When need more decentralize, even in tecnology, and offer to the common social, forms of use, invest and build in communities of different countries and cultures, more return on capital will be. Thanks for the post and reflection!
How about making it more user friendly first?
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That's the task of frontends (like Steemit, Steempeak, Partiko & co.) not Steem.
I see, they say they're just frontend and it's not up to them. Who decides about Trending posts or about the HTML editor, or the way photos are uploaded? Who decides that we have all these different kinds of Powers and coins that confuse users?
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Hello !! the million dollar question (-:
But I dont care about prices or investors.
I care about a decentralized and community driven project which can contribute in setting up a free market.
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Haha yeah, fuck decentralization if it can't give you any benefits. One of the main differences between facebook and steem are incentives... Trust me, decentralization won't bring people here. Sadly, we all became part of steem becouse of money we can possibly earn... After a year I've changed my mind, but one year of learning about blockchain is something not everyone will do..
I did not come here for any money.
As I said I dont care.
Im here because of an revolutionary opportunity.
And I think we shouldnt rush this just because of profits and greed.
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OK, i agree on that part but If it could potentionally provide an opportunity for you to live the life you want while doing what you love...
Currently even whales can't live out of it, maybe few of them... But if they invested for example 1 000 000 dollars i assume few k dollars per month won't do much... I believe this is gonna work, but it's frusrating seing other useless blockchains succede while we struggle against verge xd
I came because the content can not be deleted but they told me I can make (a lot of) money over here by just posting. I only see/meet people who do it for the money. So the question is: will they all stay if they need to buy steem and keep their power up.. that is already a problem to many
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I also care about those things - a lot - but the reason you're able to earn from participating in this system is because other people are willing to keep money in it. If they were to withdraw it, because they don't have enough incentives, the amount of money you'd earn would plummet.
I dont care about earning money yet.
It's enough if witnesses can cover their servers costs so I can continue using this chain. ;)
Posted using Partiko Android
hehe, yes. That's important - keeping the chain running. But would you invest 1,000,000 USD into STEEM or would you rather invest it into another cryptocurrency?
I haven't been with Steem for a full year yet, but I have recently made a large purchase of Steem power about a month ago because I still see potential here. I agree with you that author rewards are probably still too high, but we need to counter balance a reduction in author rewards with new incentives for holding Steem power as you say. I enjoy earning rewards through posting on Steemit though and that is still an important part here I still believe. On the other hand, I think the Steem Dapps are growing which is good if you are an investor, but there are still limited delegation rewards available to large SP holders. I think if we can continue to grow the Steem Dapp economy and reduce some sell pressure, then Steem will become a better investment. Hopefully, the launch of SMTs also creates more incentives to hold onto Steem. All of these recent price swings make me question some drastic changes to the reward pool though and has the potential to create a further sell-off of Steem.
I am still optimistic about STEEM, but much less so than I was last year! I hope it can rebound, the world needs STEEM!
it does, doesn't it? that's why it's rather amazing we're still stuck in the mud.
I really do not want to go into the full economics of all the options of changing the inflation simply because it is pretty hard to predict what would happen. It could attract investors but if the community disappears due to that then that is another matter.
I wrote something about the marketing aspects that might be relevant and do agree with what you are saying
we need to get investors on board
https://busy.org/@felander/steem-marketing-who-to-target
The message out has to be clear and has to be tailored to the audience that you aim to bring on board.
The new steemit inc appointment is a step in the right direction and all the initiatives to get some community built marketing is also very promising.
But there are some really valid points made here as well. Will this all be useful when a lot of the most promising things like communities and especially SMTs are not ready yet? Will a lot of the users just not leave like they did before? If we want investors to put their money on the line than we need to give them something more than what is there now.
We are on the right way but pushing for investments now is a bit doubtful, wait a few months till the SMTs are out or closer
I do agree that there should be more incentives for investors. What I don't like that much is that it seems that everyone has grabbed this market more attitude after this price decline. I do agree that some marketing is good to regain some of the lost position but it is not going to solve anything without other improvements first.
If we market steem, we should imo put a little effort on people who enjoy making content or comments (Justin.Y from youtube could be a great catch) rather that repeating the fiasko of last winter when we tried to just grab the big money.
I also want to give you kudos for seeming to be one of the very few who grasped what the community is here. It is devs of different dapps and apps rather than some dozen-stars that whine about post-rewards and think that the way to solve this is by printing more to them. I think marketing steem as getting it's value from posts is a thing that distracted me and plenty others from understanding that steem-economy is based on the inflation and need of steem rather than to some strange value that climbs out of post.
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What Steem needs is an Investor Relations group, team, or go-to person @therealwolf.
Almost all public companies have this, even penny stocks. This could be handled by the Steem Alliance or you could setup a site yourself. 👍
Having said that, I don't think think the rewards should change, but as a small-time investor who is still accumulating, I am biased (Hint: We all are biased in some way 😊).
Investors by @oracle-d:
https://oracle-d.com/investors/
I could not agree more with most of your points above; liked:
I wonder how many live people are on Steemit?
Or just investors and bots ????
Maybe the girl is right ???
Steemit is not Steem. Steem is a blockchain with a cryptocurrency called STEEM. You earn your rewards on Steemit, from a reward-pool that is dependent on the STEEM price. The more people are buying STEEM, the higher the price and the more rewards you get, vice-versa; the fewer people buy STEEM and more sell it, the price will drop and the less you will earn in regarding USD.
Too complex.
Can I just post kittens and buy upvotes worth sligthly more than i pay for them please.
That I would like to know too... it is as if many left.. I mainly see the same people
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Hello, therealwolf !
And I do not see the future in incentive.
Here only bots sit and expel people.
And you pray to help me ??
It is already investor friendly in my view o.o
I used to be a big fan of marketing steem and making it more investor-friendly, but we have proven to not be ready for that yet. We have 1.2 million user accounts, but only a small community of 40k daily active users (probably less, if you deduct bots and autovoters), who contribute every day regardless of the price of steem.
I think we need to figure out the future path for steem first, implement the necessary changes and then try the marketing/aiming for investors again.
A low steem price may feel bad now (especially now that we have tasted blood when it climbed to 8.5$) but it does not matter much as this drop is temporary. All that matters is that we get our shit together before bitcoin is ready to moon again. We could easily make top 10, if we think about and implement changes now. Our time is running out. We don't know if the next bull run is weeks away or still 12 months away.
Great write up, Wolf.
Here is my take on making Steem more investor-friendly:
Fiddling with the inflation rate makes us essentially central bankers. Changing the rules of the game midway will do much damage to investor confidence.
Reducing voting during power down is a great idea.
I would also add that reducing the power down time-window down to something more reasonable, like 1 month, is a good idea. Institutional investors don't want to be stuck in a position they can't liquidate at the drop of a hat! If we want investors to power up, we need to make it much easier for them to power-down in an emergency.
Maybe one option to disincentivize powering down while still allowing investors to liquidate their SP, is to implement a fee schedule for "express power-downs"
1% of the power down SP amount as a fee to get it converted to liquid Steem in 30 days.
2% for full power down in 15 days.
3% for full power down in 7 days.
etc...
If we want people to invest in SP and the community, we need to make it much more profitable and rewarding for quality curators to filter out the junk.
Curators are just as important, if not even more important, to the long-term health of the Stemmit ecosystem. Think of what Reddit would look like if there was no mods, or really bad mods.
Imho, the current curation reward algo is completely flawed and doesn't provide the necessary incentives to retain and maintain a broad base of full-time curators. And without dedicated curators, the real content creators either leave eventually, or have to start playing the bid-bot game to gain exposure.
I would love to see a curator list like the one we have for witnesses, but instead of curators being voted to the top by Steemians with tons of SP (Steemit's oligarchs), weighing of votes could be determined by age and reputations of the voting account, as well as other metrics that are harder to game.
Tell it to @steemalliance?
That might be a good idea.
So in short: to stop Steems inflation we all should start buying Steem?
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Inflation meaning new STEEM being created is happening nevertheless, but this results in a possible sell-pressure. Buying this STEEM won't stop inflation, but it will stop a possible sell-pressure.
Another way to reduce inflation is to encourage the burning of sbd/steem. I always liked the idea of promoted tab but it might just be me. Maybe more usecases of burning sbd could be made? Who knows.
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STOPTo support your work, I also upvoted your post!
Examples od ROI:
Having SMT out, is needed to stack steem for tokens.
Could anyone please tell me about this ?
I'm new on this platform .
there is 8% yearly inflation of new STEEM being printed to reward users. So if you have STEEM now it will lose around 8% of its value each year if the market cap stays the same.
It means if I have 1000 steem then after a year there is 920 only
No, you still have 1000 STEEM but because STEEM supply increases by 8% each year the value of each STEEM will be reduced if the market cap stays the same. For example if market cap is $100M and STEEM price is $1 currently and if next year the market cap is still $100M you will still have 1000 STEEM but the price for each would be $0.92.
Ok thank you so much for this valuable information
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We have planted already
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Plant trees with @treeplanter and get paid for it!
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Thanks a lot!
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You laid out a lot of great points, a lot I have never considered or realized.
Ty
Resteem
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Editor of the weekly listing of steem radio shows, podcasts & social broadcasts.
Founder of the A Dollar A Day charitable giving project.
@therealwolf
So youre saying to attract investors without user base.
How can it work?
Why facebook amazon google etc have so many investors?
-Because they have a large user base!
Why when telegram announced it would create its cryptocurrency everyone wanted to invest?
-Because they have a large user base!
Steemit has failed to create a large user base and this is reflected in the price of steem.I believe if we had at least 1M active user the situation would be different.
Numbers make the difference!
Or we could reverse the train wreck stinc gave us and go back to proof of brain instead of proof of wallet?
Plenty of new investors when they didnt have to pay to play.
Nobody is buying into this bs, except true beliebers, as long as all the inflation goes to the top 100 accounts.
Lets give dan's design a chance to work before we continue driving farther onto the shoal that stinc's ineptitude has driven us into, eh?
Bring back the n2 and responsible whales.
Fork out, or flag, those bad actors that abuse the system making it unusable.
Whales out there, please upvote this 100% so everyone can see. Not to forget to share this on Twitter, FB, Medium and LinkedIn.
Posted using Partiko Android
Long time reunion, therealwolf!
I actually think in the long term Steem will reach success when Steem Power is held by individuals who believe in it even when prices are low. Investors will follow users, but to get users we actually need place where they want to be and feel welcomed and appreciated and this is where quality SP holders step in.
I've been powering down, not selling though, and haven't been using Steem lately. But it always warms my heart to see individuals like @melooo182 continuing to work their ass off here (he's a great art curator). And I think these kind of people, like you, who truly care about Steem, are the key for success. So low prices like these actually are necessary for Steem to flourish. It's when weak hands get out and strong ones, with vision, bunker down and march forward. In blockchain like Steem, where stakeholders actually disperse new shares, that actually have a huge utility, it's important as hell.
I still have that feel that Steem can reach true greatness, but to stay there, we need Steem to be in the right hands, that's what matters the most. We don't want makeup videos making 15k ever again, unless we have millions of users here. But I guess you missed that crazy period, where the system showed its true immature state.
But I'm a hippie in my heart, always remember that :)
Keep on pushing forward, it seems the worst is behind us when it comes to bearmarket and who knows; You might call yourself a true genius with a crazy laugh in just a few years. Crypto can work like that ;)
Btw, another thing I'd like to mention. I've yet to be seen easy to implement system that enables anyone to attract funding for their dapp/blog in similar way bit bots work with delegation. What I once felt need for with Steemgar was a system like this:
Anyone could delegate to account and that account would then share earned rewards between delegators (no vote selling system included).
What we also need to attract is developers, and making their life easy as possible is one huge step also in getting them to jump in Steem rather than Eth for example.
If you know of such bot/system, please let me know. I still one day would like to return to Steemgar and have that system implemented!