We definitely need to see a change for the model of distribution and this seems the best way to do it. I think many new investors are not interested in Steem due to the fact the coin has inflation and then if they dig a little deeper they see that the coins were not well distributed and that the inflation is to the benefit of the early players. The vast majority of new Steem has to go to the new people joining to build the community. Steemit should also increase transparency with the investments being made from their funds.
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The initial hurdle of participation is very difficult on this platform. At the end of the day, being a whale already gives you a huge amount of leverage on the allocation of STEEM, the rather generous staking factor makes that even more pronounced. In order to have a healthy community, people have to at least believe they can move up in the chain. Right now you really kind of have to buy in or not care about rewards. Buying in is not a trivial $50 either. It's more to the tune of $500.
What would be the benefit of buying in at $500?
Gets u to a reasonable spot in the food chain with slider privileges I’m guessing. I remember hearing there is a huge % of users under $500. Also can be just like holding a crypto that can gain quite a bit.
I'm new around here...is there a good post you can link me to that explains the difference in STEEM, STEEM Power, and SBD? When buying, should I buy STEEM Power?
https://steemit.com/steem/@aggroed/i-m-new-here-can-you-explain-steemit-to-me-like-i-m-5
Great article 👍
STEEM and SBD are both 'currency' in a more traditional sense and can be traded and exchanged. SBD is kind of supposed to be pegged to the dollar and provide a lower risk way of holding money, but it has gone crazy lately. Sometimes it earns interest if its value is low, but right now is 0%. STEEM can be powered up into STEEM Power and when held, it gains 'interest' for holding it and increases the rewards you give when you vote.
So, for the long haul, powering up to STEEM Power is the best thing?
STEEM power is a long term move. It increases your ability to receive income for your site activity, and gives you some passive income. The only "issue" is that in order to turn it into tradeable currency or cash you have to convert it to STEEM over a 13 week schedule taking 1/13th per week. So I'd say it's a good long term move if your goal is to get more STEEM now, and not worry about getting cash until later.
The FAQ in the menu at the top right corner of the screen will answer these questions. https://steemit.com/faq.html
Also. https://www.steemithelp.net/
Thanks! Didn't see this in the FAQ, but could have missed...from a long term investment standpoint, is holding STEEM Power better than STEEM?
"Well distributed" is debatable depending on which point of view and goals we have in mind for the initial startup phase, but still a highly valid concern and topic.