Vlog #56: Steem thoughts, logo development, monetizing the blockchain.
When I went to the accountant firm to talk about taxes I think there were two things that really blew them away.
I explained to them that in a world powered by blockchain we will be needing a lot less of them. (lol!)
The steem blockchain is paying for itself.
That last point is something that blew their mind but also still blows my mind.
So, you have this Steem block chain that just creates new tokens out of thin air and gives them to Witnesses, Content creators, and curators.
Now unlike Karma points on Reddit, these Steem tokens have actual value. But Why?
For me here's why (you might have different reasons):
- I can trade them for other cryptocurrencies. I can't trade Karma points.
- Having Steem tokens gives me more say over the distribution of the reward pool.
- Steem tokens are rare. And will become rarer in the future.
- By owning Steem tokens I can earn more Steem tokens.
But ultimately it's the market that decides what a Steem token is worth compared to other goods and services.
The market might be volatile but I don't see it go down to 0 cents because the Steem blockchain is growing daily through more users and more development.
Personally, I like to focus more on the business aspect of the chain and crypto in general. Not only on the Steem blockchain but also in my personal life.
In my vlog, I talk about my ongoing logo development deal on the steem blockchain, monetizing the blockchain, and my thought about going in a new direction with my own business.
@exyle - You make a very good point about the value of Steemit blockchain and it being self sustainable. The fact that you can use steem to trade unlike other tokens or points/likes and the fact that steem can be used to generate more steem, in my mind make steem valuable. I am far from monetising anything because I am a newcomer and lack some serious steem power but will keep you points in mind and use them in future. Thanks. Upvoted.
Update at my end is that I am continuing my Photospeak series on my Africa memories. Letting the picture speak instead of writing a lot of words. I would be honoured if you take a look at the latest ones. Thanks.
I think you should be happy with the Steem Power you have.
You have drastically more than me and that amount of Steem will be worth a lot one day.
I am not saying I am not happy with my hard earned steem power. It is just that at my power, when I try to help someone needy with an upvote, it gives a whopping 5 cents!! I am trying to make a plan to accumulate some Steempower by buying on the exchange but the process to buy bitcoins or altcoins is quite complex in my location. Am working to figure it out.
Giving coins feels great :-). I am able to give 20-30 cents to a post with my upvote, and that can make a real difference to another user.
It is a lot of fun!
Well, your 5cts is better than my 0/1, I just started using the platform, although I created the account 1 year ago, but used it only a couple of days, so I don´t have the delegated SP but only 5 SP. Even with that, I find extremely interesting looking for new contents to resteem and even to give them a worthless vote. Think about it, even the worst vote can help a very interesting comment not to be lost in the last position between spam and bots.
Karma points on Reddit don't have a monetary value though I have heard that accumulating them can help drive traffic to links you share on that platform. I agree with your thoughts that Steem will grow more valuable over time. I do believe though it will be more valuable with new businesses that run on the Steem blockchain.
I would have liked to have seen their faces when you explained to them the need for their services will diminish as the block chain becomes more prominent. It will actually dramatically affect the whole current financial services structure we currently operate under which would be a very welcome development. The financial services sector are simply vultures who extort money from the masses for simply moving money around. The great thing about crypto is , the average person's financial IQ increases dramatically by osmosis from just being involved, and the transparency lessens the need for financial advice. It greatly simplifies the whole process.
ETFs might change this a bit and I think is only a matter of time. It would dramatically increase the market cap of the space which is great, but would come with some regulatory downsides. Great post.
'The steem blockchain is paying for itself.' probably really does blow some people away. They must ponder how a site can make money out of thin air and be able to sustain itself but it works in the world of cryptocurrency haha
I can't wait until hardfork 20 hits and it is easier for users to join the website faster.
The reward pool draining is slowing down but it seems like it is going to keep going down. It may stop around 500,000 and then it may have a resurgence but I'm not sure.
Great to see the logo development is going well at @exyle
Did it end up raining in the end? haha
That sounded like some ferocious thunder.
Yeah we had small storm with rain and thunder here. But now the sun is back! I can't wait to see the first logo drafts.
It's great to hear your thoughts on building a business on the blockchain. That seems like the future of Steem, since it will really bolster the ecosystem and create more transactions.
Do you have any advice for younger/smaller entrepreneurs trying to get their footing here? I recently posted my first Steem gig and got a few responses, which is awesome, but it makes me really nervous to have to hire people that I've never met!
I just read your gig! That's great man! I paid my designer 25% upfront but that was after talking to him on steemchat. He also had a professional portfolio. Still there is a risk of course. I would certainly recommending checking out the blog of the person you hire and talk to them first.
I think that in the future more and more ' known' trustworthy members will arise you can do business with. Users with great reviews from other members and the rep to back it up. I'm also finding my way into this blockchain business space. Learning as I go but loving it.
Thank you for checking it out! Hopefully you are right and I'll build more of a Steem freelancer network as time goes on.
Good reasons for being blockchain enthusiast, but could you explain this -
"3. Steem tokens are rare. And will become rarer in the future"
As I understand as steemit grows, more tolkens are generated. Why should steem become rarer in the future?
Thank you.
There are more tokens being generated everyday. However, the user base keeps growing. I believe it will be harder over time to earn the newly produced tokens as number of active users increases. From what I read before, it was easier to earn them before when there were fewer users.
Thanks, I got it.
Your welcome :)
The inflation of new Steem tokens is 9.5% (per year) at the moment. But this will go down every year. So less and less new Steem tokens each year. Plus like @rockjon mentioned. When you have more users active trying to earn tokens it will be harder to get.
We should all be happy with the steem we have, just knowing that Steemit is here puts us ahead of the game!
It is estimated that in the very near future 93.5% chance that accountants will be on the top list who may lose their jobs because of Blockchain, AI and Robots.
Machines should work. Humans should think. Anyone who think otherwise should (and will be) phased out. That's how evolution works whether in nature or society.
nice post. thanks
Indeed, Steemit blockchain is growing rapidly and In the near future it'll be worth more. If we talk about karma points on reddit, then there's no monetary value to them and I think the steemit is only successful because of the monetary value of steem tokens. Take them back, steemit won't even exist after sometimes. Steemit is good platform but more importantly for those who have a major following on social media, or those persons who are coding for steemit or curators and witnesses. For a normal person, It is just another platform with a little bit monetary value.
In one has to improve the steemit, then he should give more powers to minnows or at least start some automatic bots which can vote for quality content or the content which is at least original.
I am thinking for some investment in steemit but looking at steemit nowadays, I don't think it would be a wise choice. I want to grow some audience and I am working hard to bring good quality in my content. Rest I just hope, everrything goes on the right way.
Anyways, good luck for your work @exyle. You're doing a pretty good job so far.