I don't think it's good at all. In fact, it has a really good chance of killing Steemit, the social site. I expect Steem, the currency will be fine, thanks to SMTs and other initiatives.
My experience of this site is that it has long been about "Automation vs. People" and "Short term vs. Long Term." Everybody's too concerned with making money NOW, and in most cases the content isn't even remotely vetted. I have come across a number of posts with maybe 3-4 "human" upvotes and more than a dozen paid service votes. WTF?
The "problem" for me is that it basically makes a mockery of quality content.
Thus, any idealistic attachments to Steemit potentially being a potential game changer in social media is out the window. Steemit merely imitates life and the (true) "way of capitalism:" A bunch of desperate bottom feeders doing "whatever it takes," which pretty much only serves to enable a handful of "fat cats." A harsh indictment? Maybe... but let's be real here:
@ned can have as many "fireside chats" as he wants, but every single rewards-for-content site over the past 20 years has struggled with something like this, so pretending that Steemit is somehow "different" simply because we're on the blockchain is basically sticking your head in the sand. The greedy elements of human nature could care less whether there's a blockchain...
I love it how you put it and i totally agree with it:
"it has a really good chance of killing Steemit, the social site"
Exactly my thoughts!
"it basically makes a mockery of quality content."
Could not have put it better!
"Steemit potentially being a potential game changer in social media is out the window"
If nothing changed - i totally agree. Hoping for change... probably not much...
"A bunch of desperate bottom feeders doing "whatever it takes," which pretty much only serves to enable a handful of "fat cats."
AWESOME way to put it.
"Ned can have as many "fireside chats" as he wants, but every single rewards-for-content site over the past 20 years has struggled with something like this, so pretending that Steemit is somehow "different" simply because we're on the blockchain is basically sticking your head in the sand. The greedy elements of human nature could care less whether there's a blockchain"
Agree 100%
We seem to be very much aligned in our thoughts but you put it in words in such a succinct and elegant way!
Well @bix, let's just hope it all sorts itself out. I try to keep in mind that the big vote sellers are-- ultimately-- deeply invested in the Steemit ecosystem, and they tend to suddenly turnabout when it becomes evident that their investment... best represented by the price of the Steem token... is heading down. If you own 800,000 SP and Steem is at $1.00... and you watch that price slowly degrade, odds are you'll change your strategy before your investment is worth 1/10th of what it was...
So please help me to connect the dots.
Let's say Someone has hundreds of thousands or millions of SP.
ok, they see their investment slowly degrades.
What would they do? Rent it out more?
They can't cash it out. My understanding is that it's not a liquid asset.
They can benefit from delegating but then again what the difference does it make if the dollar value of it goes down?
If someone is sitting on this asset they would want to put it to best use anyway, regardless of the value.
What is the best use for them then if the value decreases?
Thanks.
Nobody changed their strategy when the price fell from $4 in the summer of 2016 to $0.07 in March. Many large stakeholders were dumping into the all-time lows. I don’t expect things to change this time if prices continue falling.
I don't think it will kill it but yes it is certainly not good at the moment. There have been many phases of things which have been not good and ultimately in the end they have all imploded. Which is why I have some optimism...
I just hope that this one implodes somewhat quicker than the rest :0)
Well, you've been here longer than I have, so you have more depth of perspective. Reading between the lines of the greater community-- and especially those who have been here "since the start"-- a common thread that comes up is that this can become "self correcting" if it simply becomes "not profitable" to engage in behavior that's detrimental to Steemit.
But it seems to me that might require some changes at the code level, rather than at the community level... maybe a return to 50/50 curation vs. posting rewards, but I don't know... as I was not here at that time.
All other things aside, I really DO want Steemit to flourish and hope it does!
Me too.i absolutely love steemit. I am sure everything will work out but it may need some intervention. It could be code based out even user based.
It might even just peter out by itself as the market for buying becomes less and less. I kinda hope that happens.
You're probably right... if the price of Steem keeps fizzling out, the whole thing may burn itself out. Whether that requires us to fall all the way back to ten cent Steem... that I don't know.
Well there is an advantage when the price drops really low. Your posts get paid a lot more steempower, despite the dollar value being low. Thats if memory serves me totally correctly :O) I think it will pick up after christmas though