The Steem Token - From An Investor PoV
I got a couple of questions about Steem. Does curation on Steem become a burden as an investor?
And, what is a pain point you see that you believe other investors don’t like about Steem?
I do not believe burns and inflation matter that much for Steem at the current moment. Steem inflation has little to do with the price decrease, IMO. We are still mostly all speculation.
Speculation can make a coin 10x, did our inflation really affect our massive bull run? No, I don't think so.
No speculation on a brand-new technology that hardly anyone can understand + a prolonged bear market doesn't make for a good recipe.
Inflation + burns affect the future. That is why I look at DPOS in terms of years not days.
BTC is so high because of the lost BTC = burns. You didn’t need to lower the faucet, doing that could have hurt BTC security. Let the faucet bring in the life and let the sink clear up the excess.
Faucets need to have the right tweaks, as we have done with Steem. I don't know if the current inflation setup we the best have is, but I do think it can work.
The idea would be to build businesses that earn and burn a small % of Steem. The more businesses that opt into burning, the stronger path forward we have. I don't expect individual users to burn Steem (always welcome :) But I would like to see businesses step up. If you have built a business on Steem, then you can see that helping support Steem is ideal for the longevity of your business and the ecosystem.
▶️ 3Speak
Is right in my experience. For example, I've tried making money on medium (using their partners program), but every single thing I've posted has either been rejected, or not reviewed at all with a message saying 'the network was too busy'. Now this might sound arrogant, but I know for a fact that at least half of those articles were as good as others I've seen on medium that have thousands of claps. So I can only assume that the curation team there have some parameters based on previous blog popularity or subject, or even that they simply won't share/reward articles from a user who hasn't bought 'priemium membership'. But I can't find out what the problem is because there is no way to communicate with them.
On steem there are many ways you can get feedback with such things and even just straight up ask people for advice etc. Also, with steem it's almost like a peer review system by the very nature of the fact that most people voting you are active content creators themselves.
In regards to 50/50 I do think it is encouraging more positive behaviours which is awesome. I've stopped self voting any of my posts simply cause is rather use that extra 100% elsewhere... but also from a purely financial perspective, I'm pretty sure I can make more if I hit the right post at the right time. It's a win win.
I see big things for steem over the next couple of years 🙂
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I don't understand what you mean with voting rights vs curation? Do mean voting rights like voting for witnesses and proposals? Can't you already delegate your voting rights by choosing a proxy?
Yes voting for witnesses. You are correct you can delegate to proxies, I run one :). What I meant was a market place in the wallet where you can have a open free market to delegate all rights/resources to. Right now proxy voting offers no incentives and is sort of back ally atm. I would love to see a wallet feature that made it easy and understandable for people to trade delegations on a open market place app.
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For example, if I wanted to buy voting rights but not curation rights. There isn’t a way to do that atm that is scaleable. As steem grows with a lack of a proper market, I can see it vote buying becoming a back ally business. With a proper market place, we can get niche investors for each resource driving the overall demand for steem up.
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Oh. I think that would be dangerous and could potentially undermine the blockchain security. If I understand you correctly, that is.
I can see the benefits of delegating resource credits though.
I used to agree with this notion. Seeing what is going on with eos and vote buying. But the fact is it’s possible on Steem. A witness could easily say vote for me and get x rewards and there isn’t anything we could really do about it. So I have a rule, if the behavior can’t be controlled, either change the parameters or bring it into the light and legitimize it. With voting, you still originally need to buy and power up setting and the person can always undelegate if the witness is acting malicious.
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This is false. We can vote them out.
EOS has a particular stake distribution, with those stakeholders having a particular perspective and voting behavior, and Steem has a different one.
In fact, many DPoS chains have ended up like EOS, in far less than Steem's three years of life, and Steem has stubbornly resisted it up until this point. One theory is that the social layer makes a difference, perhaps directly since we can get to know witnesses and easily interact with them, perhaps indirectly by attracting a different set of stakeholders. Another possible reason is that Steem was forked to cut witness rewards specifically to a level that was seen as sufficient and sustainable in a reasonable estimation of weak market conditions and no more, which somewhat avoids it being viewed as a pot of cash that is up for grabs to fight over (clearly the case on EOS, maybe or maybe not on other chains).
Whatever the reason, something is indeed different here. The future holds no guarantees but if you want to keep Steem healthy you will not embrace antisocial behavior but both advocate and act against it. System changes are possible too, but nobody really knows what they are. In fact, Steem is the healthiest DPoS chain I know about in terms of witness voting not being captured by cartels and rent seeking, so we have no examples to use for how to make it better, only for what not to do to avoid making it worse.
I did that.
My witness was a "Get paid for your witness vote"
Until bernie downvoted all my posts and I had to stop it.
The "punish bad behavior" is seen by some on Steem as some kind of evil. I don't think anyone wants to live in a world where there are no consequences to action and people can do as they please with no checks and balances.
When it comes to the STEEM inflation rate, I think that once it starts to drop, people are going to be caught by how fast it actually moves down. If that is combined with an increasing user base, the pressure on the pool would be enormous and more will be driven to the markets to buy and the liquids drain into the sinks and scarcity sets in very fast. It'll be at this point that the value of the burns will really be seen.
Thanks for the Saturday night lights.
I just want to add, I listen at 1.75x which is why I am able to comment in less time than the video ran at normal speed :)
Step it up to 2.0 speed haha :)
I have my limits :D
I definitely feel the inflation might affected development but it won't affect growth in my opinion. for me I definitely feel that as a tiny investor I'm really loving my duty as a curator, better still an outside investor can still utilize their stakes, there are so many projects that can bring in the curation reward for them so I think they're literarily covered. Steem is sophisticated and built In a way that's covering a whole lot of ground and we can't really acredit anything to the low prices. We're moving slowly but steadily as well. Let's see how it goes. 3speak is getting better by the way
Yeah I'm one of those people who got why burning tokens is good only recently. When I was new in crypto I would see projects proudly say they'd burn x amount for x reason and I would be so confused as to why that gets everyone so excited. Good times.
As for the EIP, more specifically the 50/"50 reward split, before hf21-22 I thought it would be a disaster but, I gotta admit that since then I've become more bullish on it. Even as barely a minnow I sometimes hit huge in curation which motivates to power up even more so I guess that part is working as intended. Now let's see how the rest unfolds.
Supply of STEEM is not as important as the reach of STEEM. The various governments fear Facebook creating a currency because of their 2 billion reach. Steem needs to reach more people, in other words, we need to get STEEM into more people's hands, not less. Burning STEEM means its in less people's hands.
Look at BAT, they are doing everything they can to get BAT into people's hands. They might eventually introduce burning, but they know it is way too early for that. You need mass adoption, then burning becomes a great tool.
Burning only makes sense for the sake of promotion. I agree with people that think we should merge the promoted area and trending and allow people to burn STEEM to increase visibility for their content.
You're right, that 75/25 curation was a very shitty setup. I can already seen positive changes on the Steem platform at the 50/50 curation rate!
It's all about that long term mindset like you said. I'm here for the long haul baby!! LOL
@theycallmedan, Businesses are vital for any Economy because they are the reason for the Injection Of Investments and their initiatives and actions can influence the market condition of that particular Ecosystem. In my opinion over the period of time let's expect that more businesses will going to build their Products and Services on Steem Blockchain. Sometimes it's really important do the reality check so that diversified minds can open and new linking ideas can grow effectively. Stay blessed brother.
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lot of things got clear you are a great investor you have seen the potential the up's and down's and some great strategy to follow in between
Did anyone catch Jimmy Dore mentioning steem on his live stream yesterday? Sadly he pointed out the issue I feel is the biggest issue, user friendliness. I've been here over a year, and i use multiple apps, just to make it usable on my phone and my computer, and I work in tech support for a living. Many if the friends i'm trying to get to join me are not skilled computer users, so they give up as soon as it gets difficult. I'm trying to help them, but it's really a big hurtle to get over.
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I did not catch it, will need to check that out. Got a link? HF23 I have dubbed the User-Friendly HF, bringing in SMTs, RC delegation and light accounts - that will solve reward scaleability (combined with communities) + delegating RCs to light accounts will make user onboarding a breeze.
This 7 day window for voting on contents is still a concern. Many just don't like it. We need to find a way to resolve it in HF23.
Sadly not. Jimmy Dore takes down his live streams after, so he can put them in his paid subscription services. So you'd have to seen it live, or pay.