Steemit Rewards Pool At A New All Time High
2 weeks ago, while I was still on holiday, I saw that the Steemit rewards pool was at an all time high ("all time" being the time I started to watch it, which is around 6-8 months). The value at that time was 741,149 STEEM.
Well, this morning we broke that "record" and we are standing at 747,395 STEEM, according to steem.supply.
I find this metric more and more interesting for the actual state of the platform, not only from a purely financial point of view, like the market value of STEEM / SBD, but more from an "opportunity" perspective.
A bigger rewards pool means potentially bigger rewards, so it will incentivize further activity.
Of course, we ended up with a bigger number specifically because there was less activity on the platform, and my hunch is that a significant part of the newcomers got disappointed and didn't even bother to cash out the pennies they made.
Well, it's a natural selection process.
It always amazes me how people come here looking for instant gratification and then leaving when they realize you still have to put in the work to get to the money.
STEEM is not a get rich quick scheme, it's a decentralized platform for writers and curators. The most important word of this definition, decentralized, means there is no middle man and the access to money is faster. Money doesn't have to go through, I don't know, 5 pair of hands until it reaches you, shrinking more and more in value with each pair of hands they go through. It is faster. You get what you make in about a week.
But that doesn't mean it's easier.
You still have to put in the work, to create an audience and to provide valuable content, just like in your WordPress blog.
Steem on!
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
Wanna know when you're getting paid?
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I know the feeling. That's why I created steem.supply, an easy to use and accurate tool for calculating your Steemit rewards |
It's a difficult job building up followers and trying to get upvotes, but I love how it's up to you in the end; you put in and you get the rewards. As a Steemian you have to keep your audience happy, build networks, get followers, keep followers. The key I reacon is don't concern yourself too much with your own upvotes or making coins, instead think to help make the platform great, do your best and your coins will go up in worth (once all this regulation talk stuff settles)..There is allot to do though and if your not delegating your SP you also need to responsibly upvote good content. I find its best to fit Steemingit in around your life and enjoy it (don't let it rule you). Also feel free to say what you really believe...such a fantastic platform if you give it a chance. Cheers
Reward pool increasing but the upvote value is decreasing...
Yes, due to current price of steem. One day, one would realise that 500SP would give $2 worth of upvote.
I hope so...
value of the upvote depends on the price of Steem on external markets, different mechanism
"STEEM is not a get rich quick scheme", and yet it discourages creating content that has long lasting appeal. I really wish you had the option to set a longer reward gathering period for a post, even up to a year. There sure isn't any way in hell that you're in it to get rich quick if you can't touch any reward you make for a year.
A week isn't enough if you actually try and make evergreen content, or to really get your content out there and promote it so that others can see it... unless you bot hard.
It may not be exactly a "get rich quick scheme", but it's proven to not be friendly for content that takes a lot of time to make, especially when the value of Steem is low, or the people you rely on aren't available to upvote or resteem for a week. It's geared more towards fire and forget type content and that can end up being very shallow and downright spam.
I realize that Steemit and the Steem blockchain wasn't meant for the kind of content I have in mind, but I wish there was something like that out there.
It depends on how you look at it. You could potentially create content that is likely to rank well in google searches and link back to things that will help you earn income in the future. That way the Steem and SBD rewards that you receive initially are just icing on the cake.
But there's no ad revenue. After 1 week there's no way to monetize the content, so it doesn't matter how well it does on Google. There's no cake. If it's all icing, you'll get sick. If it's just about exposure, I may as well upload my books on The Pirate Bay. It's got a way bigger audience and it's less confusing for newcomers.
The opportunity is to get your posts ranking for other content, services or products that you sell. Or if you don’t already do that, then create those income streams.
Not many people are doing that right now so there’s an opportunity there and a captive audience to target.
It’s not for everyone though. So just focus on your post payout if that’s the case. And if all you want is curation rewards then aim to build your SP to around 10-20k. Then you’ll have consistently high rewards along with rapid growth.
On steemit, No sweat, no sweat.
That's it, there is no instant gratification. Bloggers must take it as every other jobs, but the bad thing is how people preach steemit to newbies, they barely uncover the truth.
It's not easy, certainly @dragosroua but one thing is easier here than on any of my blogs in the early days, is "meeting" people.
My blogs themselves aren't seen and therefore upvoted as much as I'd like but we can always "meet" new people by commenting on their blogs.
It takes work, "yes" and finding content you enjoy its not the easiest thing to do but it is a path that is not available to someone when they start their own blog.
So far, that's been one of the best things I've found about Steemit!
Have a lovely Sunday! 😊
My vote value is down. Rewards pool value is up.
Makes perfect sense.
Your vote value is determined much more by the price than by the size of the pool. Hopefully the price will come back up soon.
I know.
When the price goes down, the vote value goes down, less is taken out of the Rewards Pool due to that and people not upvoting because they don't see the value.
@dragosroua the Bigger Rewards Pool is a very good thing. I agree when new people come and get discouraged they do walk away. Now when they walk away and lose their password that is less STEEM that can come back into the marketplace. The Question I have is what happens to the price of STEEM when there is less to be had in the marketplace ??
Lower supply will increase price.
Yup not a get rich scheme at all rather a slow and steady build up. It is truly rewarding for those who got a hang of Steemit and know the rules of running a marathon. Success awaits you, just stay tuned dear Steemians. Keep following the Steemians like @dragosroua and keep learning and move forward!
Well said. Steem is not a place where you get rich in a day or so. You need a lot of effort, hard work with dedication and devotion and all of above patience. Patience is the biggest factor of your success. Glad to know that reward pool is increasing. Hopefully it will attract more amazing steemians to this community. Keep sharing @dragosroua
Youre almost right about this You still have to put in the work, to create an audience and to provide valuable content, just like in your WordPress blog however the welcoming message kinda contradicts that notion, the welcome message every eye sees first on the steemit site is Earn for Blogging...lol, what a tool to drag everyone who knows and doesnt know about blogging to come to earn.
If people were to be more patient though, then they will figure out the work to be put in. Something should be done to that welcome message cuz its having a backfire on the reward pool now as you have stated