1 million reward found: Worth 100 million!
Yeah, the title is clickbait-y but I have been keeping an eye on Steemd.com and the reward pool value waiting for it to cross the 1 million Steem threshold. I was looking to get it closer to the zero point but it went over as I was writing my last post.
I don't know if it has ever been so full before and I have no idea if there is a way to check but at this volume, there is around about 33% more in the pool than there normally would be which is kind of cool. That means there is 1 million Steem that will be distributed over time and while it is, it will continue to fill.
It is kind of funny to think about but if the future of crypto happens the way we at Steem might want, that 1 million Steem could potentially be worth 100 million US in a couple of years. The pool normally has about 750,000 Steem in it and distributes about 25 million Steem a year at the moment which means about 20 million dollars. However, if Steem did reach 100 dollars it would be distributing 2 billion dollars a year worth into the community globally.
Now that seems far fetched but if we consider that Facebook profits last year were something like 13 billion, not out of reach at all. This is the beauty of the system as rather than a central authority gathering value from the community, the value is sent back into the community itself constantly meaning that we aren't tied to any 3 month quarterly accounting cycle. It is much more organic and in time, more evenly distributed. There will always be variation in earnings but it will eventually be more based on talent and work ethic as distribution widens. Well, hopefully.
The potential for decentralized communities to self fund the needs of the community and individuals alike is massive and what tat means is it continues to erode our reliance on centralized development. Rather than funding wars, we can choose to fund research. Rather than protecting polluting industry, we can empower clean development. And, rather than being under oppressive leadership, we can govern ourselves. If we learn to do this well, we flourish. Not just as a Steem community but as a global population.
None of this happens overnight of course and there is a great deal of uncertainty and many, many obstacles that stand in our way but, we are part of the conversation and movement that is questioning the control of authority and finding solutions to wrest it away.
The revolutions of the past were fought room to room, in trenches and were bloody battles lost and won in chaos. This battle is one of order, trust, freedom and aims at the very heart of the establishment itself; their economic system they impose on us for control.
If you thought the journey on Steem was rough, this is just basic training.
Taraz
[ a Steem original ]
Patience is a virtue and in the meantime post, post, post. I for one enjoy posting when a topic I consider note worthy is on my mind. I am not a techy, not even close. It gives me a very secure feeling that very knowlegable people like yourself can expound on the history and possible future developments of Steem. As I stay active on Steemit I learn something new almost on a daily basis. The possible effects that our community as a whole can leverage is exciting. UNITED WE STAND DIVIDED WE FALL!
I have the same thing and the circles of information seem to continually be widening.
I am happy to be here and this great social experiment, we can expect the reward pool to decrease normally today.
I have one question: Are you a professional writer?
Yeah I think it will start decreasing soon.
Yes!! I get paid in Steem. :D
No, I actually only started writing really when I came on to Steem last year. I never thought I would ove it so much though. IRL I am a corporate trainer.
Cool, I don't know you trick to be able to post 2 or 3 posts a day of 1000 words each.
Really mindblowing. I reckon we might see a correction really soon but it is really cool to see it reach such highs
yes, it is correcting now a bit but I don't know how fast it will happen as it will depend on how many are posting I think. The bidbots should be paying out on posts now so that'll have an effect.
Indeed it is exciting. However Steem may end up working like precious metals as a keeper of wealth while other dinosaur currencies devalue through inflation. An ounce of gold still buys what it did 75 or 100 years ago. No more no less. So too may be crypto. A safe haven and a smart choice. Thanks @tarazkp
Let's see how it all works out in the end but at the very least, crypto isn't going to disappear anytime soon I think.
This is really cool, 1millon in the reward pool? . Really hoping for the value of steem to rise.
Real price increases require demand so that will take time and the community to develop.
Good to see. The next two years are going to be a roller coaster and can't wait. I will post again shortly lol.
ups, downs and loop de loops. :)
Keep posting! Your contents are always Inspiring.
That’s cool. I wonder why it’s going up. Not enough upvotes happening?
because of after the HF there were no posts, then the next few days people/bidbots not voting to get their VP back. It created a surplus that is still building which means vote values are increasing to be able to distribute more of it to bring it to the base point again. A rare situation as far as I know.
Makes sense I guess. Let’s hope that HF20 makes Steemit more social and less bit driven.
It will in time I think but it will take some time also. I think as a few more tools are made available like delegation of RCs, the community can take more responsibility for itself.
I've been watching this but wonder how this anomaly will be corrected? Is it just a case of more activity needed to distribute or does the algorithm try to return to more normal levels sooner by "over-distributing" until normalised (a bit like the early heady days when I understand that posts could get 100s or 1,000s in rewards, or was this down to inflation levels in those days?). Either way, can only be good news.
Not sure specifically but vote values are currently inflated which means they will distribute more and old posts are creeping up in value too. I am not sure how long it will last.
Okay, yes, that makes sense with what I've suspected. Thanks for the clarification!
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More like a cool billion. This blockchain can do so much and is currently doing so little. Unfortunately, getting valued that high on the market cap will require a lot of decentralization.
We're going to need a superior reputation system. And on top of that superior reputation system we must demand that whales sell their stake to the poorest and most trustworthy individuals for a huge discount (or even just give it to them).
This is going to be the ultimate hard sell, and if whales refuse to capitulate to these demands a fork is a real possibility. We can fork the blockchain, "steal" the stake of the whales, and distribute it accordingly.
That's the problem though: you can't fork unless you know FOR A FACT that the new system is going to be superior in every way. We are no where near that moment.
However, one of my main all encompassing projects will be to create the reputation system. That is priority number one. At the same time, it's also priority number 10, because multiple apps need to connect to the reputation system in order for it to be valid.
It is going to get really interesting once things really start swinging in the industry. Gonna be messy.
It truly is exciting to see the potential of distributing these rewards to places and sectors which need it most. For example, the concept of basic income is something not welcomed by capitalist society these days but it could be done here given the support of enough communities. This gives the opportunity to be life changing for many in the world and the implications it has to the health and education of certain geographies are awesome. I hope we will soon see philanthropists step in and create SMTs to support efforts as it would bring more light to the potential being created.
Yep, the system isn't ready for a full scale UBI yet but it has the potential to actually be universal in time and has the infrastructure to support it. Just think how more precise and cheaper this system would be for Red cross fund distribution.