2 graphs showing how correlated Steem price is to Steemit user growth.
Hi everybody, I want to illustrate how important Steem's price is to user growth on the steemit platform.
Here's Steem's price over the last 6 months.
And here's Steem's user growth in the same period.
source: @penguinpablo
So you can see the direct correlation of the two. I believe Steem's price is high enough now to sustain real user growth without having to keep going up to fuel it. The correlation should eventually separate, only time will tell.
G'day
But I also see this as a big problem for STEEM. If STEEM was truly a sustainable platform with people enjoying STEEM for what it is, the content, community, and structure, user growth and engagement should be independent from STEEM's price. Unfortunately the correlation is strong, and while not causation, it would be nice if these criteria could decouple and people could enjoy STEEM for what it is - a social media network.
What should it be dependent on ?
(Just a question).
Sorry I skipped over this! That's the thing, Steem's user engagement shouldn't be dependent on anything other than itself. For a social media platform to truly succeed, I believe it needs to be self perpetuating by hitting a critical mass of not only users, but quality content as well. While the user base on steem might be ok, I'm concerned that a majority of the content on the site is pretty unnecessary, useless, and un-engaging... thus failing to compel a new user to stay. Now, we see successful sites, Reddit for instance, succeeding to curate amazing and interesting content every hour. When I look at the trending/hot section of Steemit, I see the same content from the same people (mostly whales), with little diversification to itch my curious side. But to play devil's advocate, Reddit has had a huge head start, so I'm still confident Steem can head in the right direction.
That makes alot of sense, we need more than anything else, users who will come here to read good content and will stay here to support their favorite authors/bloggers/writers etc.
The incentives which are an additional feature, if managed properly , can propel steemit to being as big as reddit, quora and the others.
We do need to do something about the influence vs reward link. I think the solution would be make reward less proportional to influence/Steem power by including a formula with a smaller coefficient ration. In addition to the upvote button, a content rating button between 1 to 10 should be added strictly for rating content based on quality. This add feature should have more influence on rewards. However an upvote's influence on publicity does not need to be altered. In a way we cannot remove the pay for publicity mechanism which I think would be huge for steemit's self-sustainance in the far future.
With the above changed, increaded publicity would not necessarily mean greater rewards than a blogger who for example, has a content of higher quality.
What this will create is incentive for higher quality content.
To summarize the above (might have explained with a bit of complexity and lack of order), rewards should not depend fully on the steempower or influence of the upvoter but more so on an additional content rating feature.
I really like this idea of yours, this would give more value to one's reputation. I agree the trending page is dominated by a few Steemit brass, hopefully this is the product of a very small user base right now. Personally I scroll through new posts on a selected tag, I wanna see everything but yes there is a lot of crap posts.
Ya I here you, and I believe that day will come. At least for now the price has been strong and pushing user growth forward, therefore speeding up the process of becoming a mature platform.
Yeah, it would be interesting to see what happens if STEEM becomes a top 20 coin or even a top 10 coin. The amount of media coverage the platform would receive along with the potential for "dividends" from posting would definitely propel STEEM into the limelight.
It would turn into a digital goldrush and Steem would probably go to a price we could only dream of. It should be interesting to watch. Investing in crypto is more entertaining than professional sports, haha.
Yeah it totally is. Lame, but I'd probably be caught watching the charts on GDAX on monday than monday night football, haha.
Ya it sure would, as reports of people making their fortunes off Steem start making headlines.
I also see this as a big problem for STEEM.
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