Hey people of steem,
I want to start this post by saying yes I do think we need changes in the voting system. I have an idea for that that I think could work very well but I will discuss that in another post. And SMTs and communities will go a long way to help make content easier to view. But even without those things the site will be fine for the years to come for a couple of reasons.
Steem Has No Cap In Price:
There is no limit to how high the value of the coin can go. This means that even if you are giving out a very small amount to most users it can still be worth something. This coin price can technically be enough to support an unlimited number of users. Again I do 10% think we need to change the voting system, I am just saying we can sustain any number of users.
Traditional Revenue:
Steemit right now has no ads nor does it has other forms of monetizing that other sites do. But it can use them at any point in time. There is lots of space for ads if we wanted to use them. Or we could charge for premium services. Or look at steem monsters which made 10k in sales. There is a lot of options in this area.
Daily Rewards:
With daily rewards steemit has the revenue it needs to make it work. I do not see the price going much lower and once the bears are done I think we have a strong coin of value here.
Add to that steemit can charge for icos as smts come out and we are good to go. Yes we can be more efficient but we are going to sustain here.
What do you think @whatageek will it be good if other ways of monetizing steemit comes into place? Like ad placement? marketing? and other outlet? What are the pro and cons?
I think we need to see how this site is when everything is ready. But I am okay ads, it is revenue that can increase the price of steem and go to advertising. But only if it is not obtrusive.
Yes I was thinking if it won't be a distraction to the platform's main objective of blogging and all, however I think it's got it's peek.
Thank you for the reply.
Actually the main objective of the platform is not blogging.
The main objective of steem.it is blogging
There are many other apps that use the steem blockchain that are not blogging. (i.e. steepshot, dlive, dtube, steemmonsters, etc...)
Sorry to harp on this, but everyone thinking it is mainly a blogging site. I feel is the main reason we don't have more users.
Pardon my ignorance, but who will receive the Ad revenue?
No Cap means it is an inflationary currency, which means it runs the risk of becoming absolutely worthless.
Traditional Revenue - I would actually love to see an opt-in system to advertisements. Content creators could opt-in to them to get some reward past the 7 day payout period, and readers could opt-in to seeing them across the site to get a tiny share of the revenue generated by the ads to which they are exposed. This would also bring another revenue stream to the platform and increase its worth overall.
Daily Rewards -
I mean, as much as we don't want them to, prices can always go lower.
I'm still optimistic that we are all early adopters here, and numbers will just continue to grow, but reality is a very different creature.
Overall, still optimistic, but I definitely think we need a few tweaks to the current system to enable and empower in a way that generates more compound value.
no cap in value I mean. There is a cap in volume. And there will be less steem printed every year.
I agree that the ad option is something to look into.
True but I really think we are at the low end (or will be in a month or so) in prices. But you are right, need to keep your eyes open.
If you monitor the website steemdown.com you would have seen a lot of whales powering down their steem power for steem when the price was back up at $4.
Knowing it is a 13 week power down you could see that the price is down due to a lot of that steem being dumped onto the exchanges.
Once that supply is gone the price will slowly go back up.
Totally agree.
One challenge is the purgatory we may feel we are in waiting for the next version and SMTs with no insight in to when it will happen. That will all change at some point so we must be ready for that and keep participating in the meantime.
While it may seem discouraging that everyone seems to be debating and calling for change, that is the power of this platform because we influence that change and evolution and this is good action to drive that change.
Whales will even cash out and leave but that has always been the case and new ones will emerge, as has always been the case.
Viva la Evolution!
Yes, I do think the model is highly sustainable. Like a lot of things the platform is not perfect right but it couls be suitable to fit a lot of users and while grows in popularity then the currency aspect will grow too. In a lot of aspects we are pioneers and I think this model of social media is going to be the future.
Rewards oriented or the interner of value is a thing not only the future but the present and steemit can offert that to most.
Thank your for your thoughts on the matter and keep steemiting
I still hear people saying Steem is a scam but those are the people siting on the sidelines and have no idea how it works, i look forward to seeing Steem in future...
This is a very good initiative and it would go along way to help the community but it would take alot to change the system to that. There is one thing that happens slowly on steemit and thats change. Its a nice idea @whatageek
That is pretty much a good plan. SMT will change a whole lot of things. It will still be a big wave if SMT starts with an ICO.
Seemed like a missed opportunity to make the joke: Mainsteem
steemit is a blessing on us
it is revolution which will change our lives
with some more improvements it will be an amazing platform
Indeed. I think you are absolutely right that we should change the voting system. Change is important, we have to go with the trend.
Good suggestions The site needs further development ☸☸☸☸☸☸
I support your review, sir, @whatageek I hope the future of steemit has the capability of many projects we can use. And I'm waiting for your next post.
So STEEM is going to rise.
Prepare your wallets.
we will get rich
STEEM to the moon!
If we do at some point add advertisers we must not let them interfere with our community goals.
Advertisers got everything they wanted after they gave youtube a cookie and threatened to take it away.
We must never allow that happen to our community!
Thanks @whatageek. I also think long term we are fine. Not just fine but I think it is revolutionary and proud to be a part of it all :)
I think you and several others have invented a new kind of post: positivity click bait. If you want to be hopeful and support a positive message, click here to up vote it. Very low on informational nutrition.
I am being a little more barbarous and direct than usual but I'm serious, what is your rationale for these posts?
Hey @personz, no clickbait, I have been positive from here from the start :p. It may feel like low informational nutrition to you as you are well versed in the site but there are a lot of others who are not. I still see people with misinformation here and a bit of unrest from the delay of updates that can cause worry for the future of the site.