8 Things I Learned This Month With SCOT Tokens
I’m a relatively new SCOT token user, I began with the Palnet airdrop at the beginning of July. (Thanks, guys.) I would like to summarize my experiences. I tell you in advance that I’m going to be critical, but I still find the new system interesting and useful. There is much that can be improved, and I know they will work on it. I grumble, I’m complaining, I’m grumpy, but I’ll stay and experiment.
- I can’t handle more than 3 or 4 tokens
These coins are intended to give you voting power, after staking them. They are trying to incentivize you to curate manually, read posts, interact with the articles published on Steem pages. Things many Steemians aren’t making ultimately. (Maybe never made it very well. Most are trying to hunt Steem.) And this is very good intentions.
So, if I use the tokens accordingly, stake them and curate, my free time is quickly over. An average post from 430 words needs – by data of Steempeak – three minutes to read. As most people are not native English-speakers, many of them could need four or five minutes.
Let’s suppose you are active on three systems, as for me, Palnet, Steemleo, and CreativeCoin. The latter has many photos or drawings, maybe the average reading time is only 2 minutes. But read about investing on the page Steemleo is more complicated – I would say, 4 minutes each. Palnet, mixed, average, 3 minutes.
To read 30 posts every day you would need 90 minutes, then. And what do you make with your Steem Power, on Steemit?
- I don’t read all posts entirely
A solution is you don’t read the entire posts, often only the half of it, or see only the headline, the picture, the chart. Or you look for the essence, the conclusion at the end. Another solution is, you only read the list of posts and click by titles.
- You can vote authors, but...
Of course, you can feel free to do that. You can vote people you like, and you trust, without reading their posts. But I wish to remind you that this solution has already been invented, its name is auto-voting and it is one of the reasons which allegedly ruined curation on Steemit. Not much better than vote-selling.
- You can vote what you want
The dinner is ready, your family is waiting for you, time is over? But you don’t want to waste your voting power? Just click some random posts more to have the 10 daily curations done. You receive the same reward in a week.
- Curating is funny
But if you have time, and read the texts, make your homework, you can find interesting posts and interesting authors. That is also true. It can be a nice hobby or method of relaxing. If I’m not in a hurry I enjoy it.
- Curating is difficult
If you make it good, you will see a lot of unprofessional, boring, bad, unfinished, chaotic, ugly, etc. posts. Sometimes also from good authors. Everybody can have good and bad moments. Me, too.
And a lot of topics you don’t like. Some don’t like gambling or gaming, others, maybe, photos, others, poetry or fiction. (On Steempeak, you can filter themes you don’t want to see.)
- Professional pages are better
I think if you want to know what happened in general cryptocurrency space, you better read Cointelegraph or Coindesk or Bitcoinist or whatsoever. If you want to know what happens in the old investing world you read better Marketwatch, Bloomberg, Investing.com. There is also a lot of news on Steem pages but it is aleatory (random) if you can find the important ones or if Steem authors write it or not.
Professional, edited pages can be much better in many cases. Of course, if you want to read about Steem and SCOT tokens, you find the best readings on Steem pages.
- Token prices are falling
As I wrote yesterday, and charted it, the new SCOT or Steem-Engine tokens are falling in the last weeks. Most of them more than the percentage of the Steem fall.
I suspect this selling pressure can be a long-term one, and it has some fundamental reasons. (High inflation, lack of new users, airdrops with 0 historical costs… I will post about it again later.) The price falls are consuming the initially very high and luring curation rewards, my “wealth” decreased in USD terms.
OK, I’m also hoping this will change if the Steem price begins to surge. But… How long have we been expecting the price to rise? :(
The story continues… It is worth some more trying.