No one can help STEEMIT survive except for you — find out how.
As the cryptocurrency market continues to struggle, with Bitcoin and altcoins price falling to extremely low levels, STEEM price falls with the market. This might seem normal, except it is not because of some small details.
Then what the hell is wrong with the value of STEEM?
To find out, let's examine some metrics of STEEM from Worldcoinindex.com. For reference, we will compare them to the same metrics of Bitshares, which uses the same technology but with a different underlying idea.
First, of all, let's take a look at daily price charts of both cryptocurrencies. Although the graphs might seem similar, the STEEM price changes more rapidly then the price of BTS. Let's calculate. Using the points A and B on both charts, we can calculate procentual difference between the lowest and highest price in 24h (the formula is A/B — 100%, where A is the highest and B is the lowest point).
I will use the screenshots from the August 20, because now Bitcoin seems to be affecting altcoins too much to draw any conclusion - everyone is trading BTC, altcoin volumes are much lower than usually.
Bitshares price graph, lowest and highest points highlighted...
...and Steem graph, lowest and highest points highlighted
Results:
STEEM daily volatility: ~6,8%BTS daily volatility: ~5,9%
Also, take a good look at the volumes...
As you can see, STEEM price is much more volatile than the price of BTS. Why? Well, the main reason are lower trade volumes, which means that the market is more prone to panic sell-offs and the influence of speculators trying to manipulate the market. Then why the trade volumes are low? Because Steemit as a social network in its current state is not good enough for ordinary people to buy STEEM. Yet.
The biggest issue
How often do you encounter Steemit posts that contain only a low-quality pic of something and a description consisting of literally 2-3 words? Steemit posts that spam the tags (Browse new #introduceyourself posts to see what I mean)? Posts that are an identical or a near-identical copy of an article posted somewhere else on the Internet? Most Steemit posts lack quality.
Of course, there are many Steemians that are posting high quality unique content, but their number is really small relative to the number of "lazy posters" and spammers. It is also true that usually these people get ludicrously small payouts, which is fair.
BUT THERE IS ONE BIG "BUT"
Imagine a person visiting Steemit for the first time. What is he gonna see in the "new" tab? Mostly meaningless, low-quality posts. Will such a visitor explore the Steemit ecosystem further and buy STEEM? You guessed that right - most probably not.
If this is quality post, then I am Brad Pitt. Tags are used incorrectly, too
P.S. I have nothing against this guy personally, his post is just used as an example of many low-quality postsThe less people believe in the idea of Steemit, the less people buy STEEM, the less is STEEM worth, the higher the volatility of STEEM, the less consistent are Steemit payouts, the less people post quality content on Steemit, the less people believe in the idea of Steemit. It is a closed circle.
The struggle of minnows
Unknown authors with almost no followers have little chance of succeeding in becoming successful ones. Some of them have the patience to continue posting quality content with little to no reward, but a significant part of such authors starts spamming Steemit, leading to the first problem I mentioned. The former ones continue to struggle to find support both because of the latter ones and because the audience of Steemit is more keen to upvote posts/authors that already have numerous upvotes/followers. This phenomenon mostly has to do with the curator reward system of Steemit, and it limits the amount of quality content on Steemit to already popular posters. Next time you upvote the popular post, think about it.
How may I help you, Mr. Steemit?
Right now, we all are on a sinking ship called Titani... Steemit. And yet, we can all save the ship if we work all together.
Here is how YOU can help Steemit
First of all, the stuff you can do directly on Steemit...
Post quality unique content only. Take your time, create wonderful posts. 1 good post is worth more than a thousand of bad ones.
Upvote quality content only. DO NOT upvote something just because it already has a ton of upvotes — read the post through and evaluate whether the content is REALLY worth promoting.
Upvote posts from "new" tab. By doing this, you are supporting new authors and boosting their confidence, and, most importantly, bringing more fresh, interesting, unique content to a wider auditory of Steemit.
...and secondly, some optional stuff
If you believe in the value of Steemit, it could be logical for you to buy STEEM. Do it when the price of this cryptocurrency is low - this way you are supporting Steemit, making its value more consistent.
Try to use Steemit as a platform for your projects, if possible. Let's say, you are a blogger. Instead of using different platform, like, let's say, Medium, use Steemit. Of course, you can always use muliple platforms at once, just be sure that Steemit is one of them.
Yes, it really is that simple.
You are a superhero. You can save Steemit.
Wanna take first step in helping Steemit? Upvote and resteem this!
Help steemit
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by alexanderrigov from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.