Blogging on the deck of the Titanic
Let's talk about the elephant in the room. Unless we give people a reason to buy STEEM, it's going to be worth nothing in a very short time.
I previously posted about how advertising on STEEM could be a good way to increase demand for STEEM, thus increasing the price on the exchange. This was met by a lukewarm response; I guess people think value grows on trees.
We need to stop the constant dilution of STEEM; or this concept is going to run out of steam.
Witnesses. Where are you? Where are the ad campaigns? Where is the business model? The only promotional attempts I've seen have been by users; not witnesses or whales.
You're killing the Golden Goose before it even lays an egg.
I've said it before and I'll say it again, this currency will not survive on speculation alone. It already has a dismal trading volume, and a bad reputation.
There's an iceburg ahead, and we're blogging about it. Maybe it's time to turn things around?
My personal opinion is that the price is currently just about where it should be at this time of development. Steem was overvalued at this early stage due to a pump and FOMO.
I do agree that the situation could have been handled much better, however I disagree on one aspect and others will probably disagree. Steem is in "beta", but still feels like an "alpha". They haven't really even settled on how the economics of the system should work (see Ned's recent comment and willingness to overhaul it) and it wasn't set up properly in the beginning IMHO.
The part I think people will disagree with me on is that I feel they brought on the "regular" user far too soon, before they had time to fully work the kinks out of the system. This is why we see people saying things like, "I'm going back to Facebook" after a few weeks of participating on Steem.
It's too soon for that crowd and the damage done by those types of users going back on FB and posting negative comments about their experience here (during this very early stage) may be hard to overcome. It's like games on Steam that sell early copies of their game and then get hammered in the review area. It drives away a lot of potential customers later. Luckily Steam now shows that these reviews were based upon pre-release versions or some reviewers will indicate this in their review and later update their review when the game is released.
The problem that is coming up for Steem is competition and how long they have had to watch Steem make mistakes by releasing their code into the wild so early to so many people who have no clue what cryptocurrency is or how the ecosystem works.
These other projects will likely have a much more polished product upon release, gain far more favorable reviews for this reason and could end up attracting the crowd that Steem is currently losing. They've had time to see what works and what doesn't and perfect their system to do right what Steem is currently doing wrong.
Originally I was interested in Akasha, but when I learned about the issues they will face by building on the Ethereum platform I was a bit turned off by it. However, seeing what has transpired with Steem has given me an opportunity to rethink Akasha and whether or not I would support such a project, if for nothing more than investing.
I think Akasha and the other competitors will be a good investment initially, simply because they will claim to do what Steem doesn't and will claim to get right what Steem got wrong. This should bring the FOMO levels up and beyond anything Steem saw early on and I plan on taking advantage of it early and getting out before the inevitable let down bubble pops it back to reality, much like what you see here with Steem.
Blaming investors for maximizing their profits is like blaming any sports athlete for doing whatever it takes to win within the rules of the game. Yet most people worship these athletes for being the best the games have to offer, while the best investors seem to draw the ire of these same people. And that's likely because those people have no money invested in sports, but do in the platform where they see investors taking their profits. ;)
The price is fine where it is and could possibly still be a little high for where development of Steem is at this point. Until the developers of Steem figure out a working model that makes the majority of it's users happy by making the system and it's voting more balanced, then it's unlikely many new investors will want to come on board.
What we currently have here at Steem is what appears to be 75%-90% of the user base unhappy with the current system, until they get a big payout. When that happens they quiet down for a while. But unless those users continue getting a big payout, the complaining seems to start back up again a few weeks later.
Most users will resort to #circle-jerk to get that big payday and I will admit I use that method to my advantage as well. It's silly not to at this point. Even as a blogger who has put no money into the system, if you're not maximizing your payout potential, you are going to fall behind the herd ... and the herd is circle-jerking their way to the big payouts at this early stage.
Consider this type of post as an article, with maybe a little editing. Thx for the info
I have to maintain my reputation of saving the good stuff for comments and using post for goofy shit. I've probably made more off of comments here than my post anyway. If I don't make a grand off of the above comment it's all @business fault for not being popular enough for whales to notice my comment on his post. =b
I along with alot of other people are in fear of getting flagged constantly for minor things, from cheetah bots and steam cleaners! So im posting less then usual! I realize that they are cracking down lately, but its getting out of hand! Ive seen alot of really good authors leave because of it! Look at the trnding page right now , they are all flagged! One of them made over 500. Dollars Desi Foods and it got 17 flags! Its just another reason minnows are leaving! I myself have one foot out the door! I will put in a meme here , i wouldnt doubt if it gets flagged! Great post by the way! Upvoted! ♨🏴🏳🏴⚑🏁🚩
IMAGE CREDIT quickmeme.com
Upvoted. Seems the numbers agree that the minnows are leaving. The churn appears to be greater than the new user acquisition. I just published a blog about the numbers https://steemit.com/steemit/@lpfaust/an-open-letter-to-the-steemit-powers-that-be
It's looking awfully ugly right now.
That was really well written. Upvoted. I'm not using this site much now, my time is better spent looking for an alternative.
Thanks for the upvote. I am on the fence at the moment. I enjoy sharing my expertise in the context of helping bloggers slinging grammar for crypto, but I am disappointed with the way the curation and rewards issue is not being handled.
What do you think about Synereo?
It's a bitcoin wishing well.
is that a whale stuck below the ship? lol
I keep looking for any clue there might be whales watching. Where are the posts from leadership? Powering Down is all they seem to be doing. 20 years in start-up companies I have never seen such a fail by leadership.
It's a fantastic concept, ruined by greed.
Advertisers should just create an account, spend add money buying steem and powering up, and make a post about their product...
Just look at the user distribution. Thousands of minnows, none are active. People quickly give up because there's no reward for trying.
5 to 7 thousand posts a day. At least some are quality content... Who is reading it? Do you see any whales around? My impression is they are already thinking about what is next. The silence is deafening, even from when I got here a week ago!
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