Poll: Does Steemit Content Influence the Price of Steem?
Please reply, starting with either "Yes" or "No". I'd like to hear from as many of you as possible, so reblogging and commenting is much appreciated!
There's been a much too short discussion about whether the value of the Steem currency is directly linked with the number and quality of the posts here.
I believe it is not. Steemit is just a social network, which could have chosen any fiat or crypto currency. The fact that Steemit uses Steem increases investor confidence in it - which will further increase, the more products and services use this currency.
We have no impact on the value of Steem, whether we post articles or sell smartphones. Now, if we offer military grade uranium only in exchange for Steem, I'm certain the price will go up noticeably.
In other words, the price of Steem will never go up, until we offer something unique in exchange for it. Don't forget why Bitcoin became so popular!
Content: No
Services: Yes
I believe that the value will be derived from it's utility. When businesses are built on top of the technology, it attracts more users and investors.
As Steemit gains SEO value, more and more people will come here in order to rank on the Google. That service will be worth a lot down the road.
My point exactly, glad to hear others think the same way too. I don't really factor in SEO and domain value, that's a good point. A solid Steemit network means a more trustworthy Seem currency.
My instinct is to say No, because most cryptocurrencies are controlled by speculators.
However, there is selling pressure from the "top authors" who are cashing out, especially if they earn large amounts. The authors who earn about $0.04 don't cash out, so if thousands of minnows were rewarded with a few cents and no-one got over $10, you would see the selling pressure drop.
That's a good point and especially valid, because almost no one else but Steems use the currency, at the moment.
I've actually discussed the curation and reward distribution and offered a solution.
Yes, but it could be a weak link. Many authors write lots of great content - many new people start investing into steemit and buying up a lot of steem. Another scenario could be authors and curators make a lot of money with upvoting all these posts but decide to pull out all Steemdollars and steem they receive immediately and the steem price falls.....But as I said it is a weak link.
Ah, but buying Steem is not the same as using Steemit, right? It may be just for trading currencies - whether for market profit or obfuscating illegal activities.
Undeniably, the more popular Steemit becomes, the more confidence there will be in Steem. Although, if I have to bet my money on a currency right now, it would be some anonymous coin.
No
"Quality" is subjective.
Just look at the crap on the trending page, that's what steemit holds as quality. ill take a good joke with a pay out of $0.02 over a pict of a bug on a leaf that has a pay out of 80 bucks. people tying to push this idea of "quality" are trying to push what they think steemit should be about. steemit as a whole obviously doesn't care what one persons considers to be quality and by trying to force people into making posts that the "quality" enforcer wants is only pushing people away.
Imo atleast.
You're building your logic on the premise that Steemit is forcing topics onto people. There's not Steemit entity that is acting in such a manner.
People upvote articles from authors, whose articles were upvoted in the past. That's how they get a better curation reward.
In effect, rich users get richer, and good content by minnows remains unnoticed. There's a post on my blog with a clean solution to this problem, but developers didn't thanks notice.
you are making assumptions. I never said anything about forcing people to do anything. I do agree that the rich get richer while the minnows do all the work.
Here's a direct quote from you:
I had never heard of this 30 min rule. Sounds stupid to me, after 30 min a post is buried and usually not voted on by anyone except the followers of the person posting. they have a lot of stuff to fix still.
Is "good content" not the same thing as Quality? If not "good" is also subjective.
I agree with everything else you said. In fact i thnk what you are saying is the same as me.
Im saying we all have our own opinions on what is "good" or "quality" and it does not matter what a single person thinks the post is. the idea that it is like you said it making it a situation where people tat make good posts about subjects that the whales don't like do not have a chance to make money. I have had posts with 90+ up votes that pay out 0.12 and then if its something a whale likes my first 2 upvotes stick it in the $70 dollar range and then it gets thrown on the hot page. it might be a crap post that only gets 30 upvotes in the end but because the whales considered it "good" or "quality" work it paid out. Quality and good are subjective.
The origami flowers are just proof that it is that way. By setting up a situation where people are forced (as in the only way to get paid) to make their content good or quality according to a couple people it pushes people away because good and quality are subjective.
I do not think half the stuff on the trending page is of quality but obviously others (whales) do or it would not be up there. a lot of it has to do with the curation crap too. but 2 times now i have been the first person to upvote a dollarvigalante post and i didn't even get 1 cent from it. im trying to stop upvoting crap because i know the amount i get paid from it is not worth the damage it is doing to steemit in a whole. 2 times i got first upvote on dollarvigalantes post and both times it didn't even pay out a cent.
So the people trying to bring quality and good posts are actually pushing people away not bring them in. It is a vicious cycle and honestly looking at the trending page daily really kills my moral. they should call it "Whales like" instead of trending. fucking feminists posts that are complete shit and lies with 30 votes that pay out 300 bucks is retarded but its what the whales like i guess. Just my opinion though.
P.S.
im not saying dollarvigalantes posts are crap. i was just using him as a refrence as to how little curration pays out for minnows.
P.P.S.
Someone trying to push an idea or force an idea is not the same thing as forcing someone to do something.
OK, I see your point - we are talking about the same thing, from two different perspectives. Indeed, the minnows' vote usually follows the whales', if any curation income is to be expected. And if minnows vote on something good, it hardly pays out, without a whale chipping in.
Btw, there's a 30 minute period after a post is published, during which your vote's weight is lowered. The closer to the 30 minute mark it is, the more weight you have. After that, you have full weight. I don't understand this logic, it's complete nonsense and I have no idea why it was introduced - supposedly to hinder bots, voting first, before real users. Now bots can simply vote 30 minutes after the post was published.
Yep, your ideas of what is quality others might not agree with.
Quality is subjective.
So that quote stands firm in my eyes.
Care to say how it is false?
atleast use the whole quote too.
I've not mentioned quality of posts at any point in time, you have. All I said was that good content from minnows is not discovered, as people vote on articles, written by authors, who keep getting good rewards for their work - that's how you get better curation income, right? And if you vote for an unpopular author, you will get nothing. Hence the vicious cycle of origami and cooking articles on Steemit.
No. Steemit is an hybrid, like a Blogging Twitter. Add the "friend paradigm" of Facebook and it will gain in popularity. The majority of people just want entertainment/distraction.
Interesting point - but if we add the friend functionality, then we have to have image and video uploads, user galleries, etc., which will slowly turn Steemit into Facebook. I'm not certain this is the goal of @dan and @ned. I think they wanted to develop a Reddit-like concept, in which users hold company shares (in our case - Steem).
I don't know anything about cryptocurrencies. I somewhat understand what they are and how they are functioning. But, I know something about the market or better to say how the general economy is performing.
Therefore, I can agree with you that Steem currency (looking at it as some relatively new product) would never or at least very hard reach some significant increasements until we (as you said) "offer something unique in exchange for it."
I believe the overall site value and popularity may increase through our activity and contribution, but I don't think it would have any impact on Steem value on the currency market.
In other words, why would anyone want to buy Steem just to read our articles when they can already do that for free?! I don't see any common sense in that.
But, if i.e. J.K. Rowling decides to write a new Harry Potter book and announces it would be available to download or something ONLY through Steemit - that would surely make a difference to Steem value. Here, I had in mind all Harry Potter's fans around the globe who would run to buy Steem to be able to be among the first ones who would grab the new release.
That's at least how I see it for now. ;) :))
Good point - although that may only have a short positive effect on the price of Steem. Surely Rowling or the publishers would prefer to exchange it back into their local currency.
This is a discussion by itself - creating POS systems for sellers to use. I wouldn't mind using cryptocurrencies (and in particular Seem, since I post here) to buy products and services.
p.s. That is one wicked drawing. Maybe Harry Potter would've made a good negative character.
Yes. Indirectly. Especially in the relatively short term. Good content is one of the factors that attracts users and increases buying pressure on STEEM. Bad content will certainly drive users away and create selling pressure. I've seen several posts showing graphs where the numbers of steemit posts + comments fit fairly well with the STEEM price.
However, I think STEEM's biggest strength may be the absence of transaction fees. This will attract all sorts of other applications that we haven't even imagined yet, and they will also influence STEEM's price.
Finally, I think steemit may surprise us all and turn out to be more valuable as an AI incubator than as a social media platform. I just posted on this, here - https://steemit.com/blog/@remlaps/a-far-fetched-prediction .
Hm... Good content will indeed attract new users, and the prospect of getting paid is actually strong too. But why would good content translate into investors buying Steem? New authors don't buy SP, but rather wait for whales to notice them.
Also, why would bad content translate into selling the currency? It's well paid authors who keep the price of Steem down, because they keep cashing out their earnings.
A certain amount of steem is given to new users by default. More users takes more steem off the market, which increases buying pressure on the steem that remains. Also, I think that once they are here, many users buy steem in order to increase their voting strength.
I expect that if/when I leave, I would also cash out. I think it's reasonable to guess that others might, too. Some users might even sell their accounts at a discount so they don't have to wait for the power down process. At any rate, even if it doesn't create selling pressure, it would reduce buying pressure due to the reduction of network reach.
That would be the case, if Steem was limited in volume. As far as I'm aware, it's not, right? Is Steem limited in volume like Bitcoin?
There is a fixed amount of STEEM at any one moment, but new STEEM is constantly being created. If I recall correctly from the white paper, the total supply doubles about once per year, but then it goes through a 10/1 reverse-split every three-ish years, at which point you're basically back where you started.
FYI, it's not conclusive, but here's one of the posts I remember seeing that seems to show a relationship between posts + comments on one hand, and STEEM price on the other.
https://steemit.com/steemit/@atomrigs/attention-whales-it-is-time-for-your-action
That's very useful, thank you!