We have all heard about being a slave to the paycheck where one has to work in order to cover needs and wants, but I think there are many who are going to repeat the cycle on Steem. I see quite a few people on Steem who use it to live off and there are those who do not necessarily build those potential future revenue streams with it, instead they wait for the 7 day paycheck.
Of course, "IRL" there is very little chance of being outside of the paycheck cycle, unless one can find a way to become economically self-sufficient and one of the ways to do that is to build perpetual passive revenue streams or, becoming an owner that can also factor in profits, rather than paychecks alone. There are always risks though.
The problem of needing the paycheck is that it becomes a Sword of Damocles that can fall at near anytime as conditions change, economies fail, companies restructure, demand shifts, industry declines and the boss just doesn't like you. There are many reasons.
The same issues face contributors on any monetized platform as conditions change, content falls in and out of favor, demonetization, shadow banning, algorithm changes, search engine restructure and a lot more potential reasons to. The problem on the centralized platform that monetize is that no matter how successful, one is not really able to own the experience, to invest into security on that platform. This means that one has to take earnings and move to another investment vehicle to gain security.
An owner of a business may make profits, but those profits require work and rolling back into the business and that is exposure. Steem is a different in this way as one is able to invest into the ecosystem in the same way an owner will invest into a business, but the security comes through being in an ecosystem of owners who have all done the same and the more that do, the more stable the economics become.
This is why distributed ownership on Steem is so vital and so unique, because when everyone pegs their business together in a network of businesses, there is both failure protection and a leverageable community of owners, marketplaces, consumers and contributors. This means that within the ecosystem where the business resides, there is help that supports in many ways.
But for those who are only ever going to look for seven day payouts without powering up, I would predict that everyone of them is going to eventually find that their tap will get shut off. The thing is that for every paycheck worker, eventually one has to or s forced into retirement and unless there is preparations made to pick up the loss of the paycheck, there is little to be done.
Some might have invested into stocks, others into retirement funds, some into crypto, others hoping that their children earn enough and are willing enough to pay their way, or a government is going to support them indefinitely. I think the last one is going to be a position increasingly inadequate.
I think that Steem is offering an opportunity to lessen the risk by becoming an owner of a business model that can still support relatively passive activity, right up until one no longer needs income - death. With enough Steem (depends on price of course), one is able to curate for an income stream without having to attract support at all.
And while many think that price will never come, I disagree because being able to own the business experience as a contributor and consumer for return will eventually become the norm in this world. Eventually, consumers will demand return for consumption, rather than just being leveraged as eyes for advertising to attract.
Payout slaves are going to find that just like attention seekers, they will continually have to ramp up their content in order to attract attention, and that in itself is very difficult for moth to flex for and, definitely not an easy path. Even Madonna runs out of ways to reinvent herself to keep eyes on her. I don't think anyone likes to bend at the whims of the audience in order to pay for their groceries.
For me, Steem and crypto in general is one of the prongs of the fork away from paycheck slavery and while it seems a risky position and very well may be. However, I believe that blockchains and cryptocurrencies are going to increasingly become adopted and commonplace for businesses and end users to leverage for supply chain management and everyday utilization. Those who adopt and adjust early, those who invest and expose themselves to risk now, are likely going to be the ones who will be able to move away from ever needing a paycheck again.
It doesn't mean they won't take one of course, because I also think that those who invest themselves into learning and building a position in the blockchain industry, are going to have options arise for employment in fields that don't yet exist. As they say, the best way to know the future is to create it, and that is just what we are doing every day and with every action.
Your future is yours, mine is mine and we each live our own.
I am not going to be a payout slave.
Taraz
[ a Steem original ]
I have read and liked your subject...But I did not like the picture of smallsteps behind the bars... this not good picture at all...Please change the picture at once... small steps does not deserve such humulation even if she is your daughter.
I am really angry from you to add her lovely face to such post
Lols.
It explained very well anyway.
Well said. I think we have to each find our happy place when it comes to how and what we invest here, whether we hold onto it and for how long. I can’t imagine using Steem as a paycheck, myself. But then again my approach has always been long-term hold. What is shadow banning?
https://en.m.wikipedia.org/wiki/Shadow_banning
Ah! Thank you, @preparedwombat. I suppose I could have looked it up! Now I’m trying to think how that is possible on Steem. We can all see upvotes and downvotes, and who issues them.
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Thank you for the link. I should add some in from time to time in case people stumble in. Jargon is too common :)
I can't see it being a paycheck for me unless it is either very high or, I move country. I like that there is the opportunity for many to have significant income streams though and who knows what that could mean ten years from now for the communities in which they reside. Long-term is the only way to look at economy and industry as short-term thinking will ignore potential consequences of decisions.
I agree that crypto is the best available path out of wage slavery available right now, perhaps ever before. It all comes down to time horizons as to what one can best do. I’ve noticed some of my international friends in poorer countries leave over the last year due to a business that used to support them no longer being able to. They never were able to have low time preference because they needed to live on the income. It’s unfortunate, but so often in business those who succeed are those who don’t need to live off profits for years.
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Definitely. It sucks for that it is the case. Sometimes I think about the artists that live on couches and in cars to have the opportunity to live off their craft. I know entrepreneurs worth 8 figures who washed windows and drove taxis while building tech and building companies. I think while one begets money, there is an art in being able to create space.
I still haven't taken anything out of steem and I yesterday I talked about my new goal to get to 10k steem power by the end of 2020. Sooo, I am not going anywhere and I am neither a payout slave :D
Be very, very careful. I once said that once I reach 10k I will diversify... :D
I guess you didn't diversify? :P - Maybe I should add a "maybe" xD
Steem is most of my holdings, but I have been buying in over the last 6 months to both Steem and others. When it comes to my Steem earnings though, they get powered up.
So did diversify a bit :D
I dont have much in steem only 200 euroes or so, but everything I earn stays within steem.
I do invest in indexfunds automatic on a monthly basis.
I am thinking about making my own portefoile at an online broker.
It is worth having spread I think, though I should spread further.
I agree. Spread is good to some extent, it all depends on ones risk tolerance and time :D
Good photos of @smallsteps in her bedroom. You've got it decorated up real nice. 🤣
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She is getting prison ink done in a crypto style:
😄
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LOL like seriously! ?
Of course.