RE: Vlog 254: Weiss cryptocurrency report #9 + STEEM lost its B- rating due to price decline + Powerdown Statistics.
Uh correct me if I'm wrong but: powering down is a natural part of being on the platform. I mean if everyone powers down everything then that's bad but surely people will eventually power down something to cash out? I mean unless someone makes it so that you can pay your rent and food and so forth with Steem, or SP delegation (???? would be nice but no way son lol) then you're gonna cash out your Steem one day. I mean it's money right? That is its purpose. So also take into account that when you power down, you will want to power down much more than you want to take out. Say for instance you want to take out 50 SP. Then you power down 100, and in something like 6 weeks or so you'll have the 50. Instead of powering down 50 and getting it all in 13 weeks. Or more extreme, if you really gotta have it then you power down 50x13 of SP, 650, and you will get your 50 Steem after one week after which you stop powering down. Get it? So if you forget about that for three months then you powered down a lot, or everything, but that's ample time for you to go to your wallet and turn power down off. I mean it's not hard right? This will affect the power down statistics even though people aren't actively withdrawing that number. Or is that already taken into account. Either way, I don't know why that is such a shock. People got bills to pay yo, not everyone is in it just for the mad SP score alone.
Secondly, the Weiss rating came at a time when the price of Steem was pumping and BTC was going nuts as well. If you were a whale, what better time to dump some coin than on the back of such good news? The Weiss rating itself affected the market imo.
edit: ok I'm gonna have to tangle with the Weiss boys because they say it was B in when was it January? December? Basically when it's been at its highest for probably that whole year, that is when you should Buy? And now that it's gone down to a more entry friendly price they're like oh ho ho hold off there son, look at that decline, better hodl that shit bro.
Like excuse me but I'm gonna go ahead and disregard what Weiss have to say about anything, or perhaps use it as an inverse signal altogether. If they say buy, then sell and if they say sell then buy. Frankly for my liking Steem has a lot of problems still BUT it works and you can use it right now. We are using it right now, this is what using it looks like. Instead of watching the shit show of cryptocurrency exchange shenanigans which we all know are manipulated to all hell and back by a few cashed up people, we should instead focus on developing the platform further and adding more, and more polished functionality.
I'm a bit of a broken record on this and plenty biased but seriously we need a proper marketplace mechanic on Steemit. Or like a complete Ebay like equivalent. Or an extension where you can add a web store to your account, akin to something like BigCartel or Squarespace or Shopify, don't you think? I'd be more than happy to move my wares to a Steem store and sell them for Steem or SBD directly, and use the proceeds to cash out or power up. However there needs to be a solid case for actually buying the currency for use, because frankly no normal person will ever want to pay for using the platform like you would use Facebook or Reddit or Instagram (i.e. looking at stuff, posting things here and there, commenting etc.). Can you imagine the uproar if Facebook started charging you money for an account? It would be madness. Yet that is the reality here and you do need to power up some Steem if you're a power user / frequent poster for more bandwidth but still I don't think that alone will sustain the platform. Steem is only worth something if you can sell it for actual money, or directly exchange it for physical goods. Otherwise it is completely fake internet money, numbers that don't mean anything.
Some people are in it for the long game. There's more to crypto than making fiat profits. That's not to say I haven't taken fiat out, but the end game should be something bigger than getting more of the old money that necessitated crypto in the first place.
Old money is broken. Fiat is broken. That's why the original demand for crypto came into existence.
For sure but I would argue the real business case for Steem has yet to be made solid. Like it's ok if you wanna treat it as some sort of hosting model for bloggers to compete with say WordPress, but the currency use case for Steem isn't there yet. It can still come, as it did for Bitcoin, but it needs a lot more work. Like I care and I'm sure lots of people who are interested in social media care, but your regular person is not going to want to fork out money to talk to people on Steemit. Unless maybe it blows up crazy big like Reddit and has celebrities coming for interviews and high quality stuff to rival other networks.
I definitely agree. And I have been a bit disappointed in the seeming lack of interest to make STEEM into an actual widespread currency. As you said, the business case isn't there yet.
You have interesting stuff to say, followed you.
Thank you, I am very opinionated on things I know barely anything about haha. I just wanna sell the clothes I make on here, but I don't know if Peerhub even works anymore.
Haha, that's how all of us opinionated people start. :D
The trick is to learn about stuff secretly without anyone noticing, so that when you actually do know your shit, people just assume you knew all along and think you're very smart.
That's the secret. Good luck in your journey!
Oh right wow, yeah need to remember that thanks! Good luck to you too!
The C rating and the powerdown statistics are separate topics.
It is. But at the moment more people want to powerup liquid/newly created STEEM instead of selling it. That Is a positive sign for me.
It's not a shock at all that is why I wrote:
Right on thanks! I admit I shoot my mouth and I'm more edgy than I need to haha. I did address the C rating in an edit also, IMO it came at a time when there was some kind of rally happening, which would naturally deflate eventually. I mean it could keep going but don't bet on that.
Indeed that is a good sign, you do have to wonder who all these people are who power up and why. But still that's nice. Indeed you get a bit more utility out of the platform when you power up or even delegate than have SBD sit in your wallet doing nothing.
And thanks for your insight! Much appreciated.