Am I crazy?!? I just powered up another bitcoin.

in steem •  2 years ago

Please don't tell my wife :-)

I just powered up another bitcoin. I have done this a ton, and every time I did this all of its value has practically evaporated. But I seem to be like a gambling addict that keeps on betting.

Or am I. I hope not. let me explain.


The other day I told my wife the amount of bitcoins I have put into steem over time and explained to her that all of those bitcoins are not on our balance sheet anymore. Back when steem was $3.50 I told my wife that i think we need to invest more into steem, even though i had kinda missed the boat and she wrote me a 3k check to put into steem. That money is now gone....

She was a little shocked.

I do however believe in steem:

  1. It has a great community and development team behind it. (Steemit and so many witnesses and other developers that work on little projects)
  2. It is the only blockchain killer app that I know of (believe in).
  3. While there are other social blockchains and platforms out there, none of them are as mature as steem or even live
  4. It has a comprehensive business model, that actually solves real problems and creates a real use case that cannot be solved without a blockchain (how to monetize the internet without adds or subscriptions)
  5. It is adaptable, I was shocked the other day when they announced to change the financial model. Shocked in a good way.
  6. It is soooooooooo much easier to make $10 bucks here vs anywhere else! 40 votes here is like 20k views on youtube!
  7. I was able to bring some people to this platform that because of it have created amazing content that would not exist without them and this platform ( @surfermarly and @jokerpravis). They also have received some money, which they would not have anywhere else.

That said there are some real issues:

  1. The curation and voting system while well intended is very flawed and the worst I know of in any social media system. It does not capture what people like and rewards bots that are gaming the system.
  2. Content only lives for a day and maybe even for just 30 minutes to a few hours. This in my opinion is a combination of how content is displayed as well as the curation/voting system. We need to display content depending on what people are watching, reading and have read in the past, just like youtube and google would do. In addition we need to allow people to vote on content much longer and not make it so that your vote is only worth something if you vote at the right time vs what you like. Authors need to be rewarded for people consuming their content not when it is consumed.
  3. The growth and retention of users is an issue that shows that something is not right. I believe it is a result of the curation and reward system.
  4. The rich accelerated and new users feel neglected. There are some economic reasons why having more steem is better than having less. The same holds true for voting and curation rewards. However in general rewarding the people that are already popular is imho not useful, because they are already invested and likely to withdraw value from the platform. No reason to buy their loyalty. Instead money should flow more towards users that are new or have less SP in order to get them to use the platform more.
  5. Value flows out of the economy via dilution/inflation. So over time the platform must grow and can only grow its market cap via investments. We need to find a way how outside money can come in, without dilution. I have proposed a concept to do this with bounties very directly. Please read it.
  6. This place is a bit of an anarchy fest, which I think is not very attractive to the general public. I think we need to practice more tolerance and encourage content that the everyone likes and can enjoy.

Overall I think the opportunities outweigh the issues and all of the issues can be fixed. I am a big fan of this project and love its community. The steemit team has shown to adapt and improve which makes it more likely that the list of awesomeness will grow larger while the list of issues will shrink.

Hence I keep pulling the trigger...... I hope my rational is as logical as I think it is.


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Thank you for posting @knirchy.

You are not alone. It is crazy and we do it anyways...just as you explained. As long as man seeks freedom....Steemit is the place to is the new frontier.

Freedom without authority is anarchy.
Authority without freedom is tyranny.

Some great insights. I'm not going to upvote or re-STEEM, however, because it's over 2 hours old, and I won't get any benefit from the voting power I'm giving up. Perfect illustration of your point... F- it... On second thought, I'm going to upvote and re-STEEM anyway!


hahaha. Yes thank you. Similar sentiments happen to me much as well.


You can always scale down on your votes you are giving if you are unsure if you want to vote or not on something. It's the thought that counts in my opinion. :)

Plus being able to upvote 3-4 posts with the same value as for 1 really good one gives some rewards to effort spent by another human being to the platform. :)

Thanks to steembost I found this post to vote and tweet! :)

Welcome to the club! Please read this! You are not alone for sure believing that Steemit has a bright future! Congrats on your power up. This is much more that our minimum for your posts to enter in the Steem Booster! Please take your time and list them! Good luck and welcome to the "group of believers" We have that special force!

As Steemit is still in beta, I expect many improvements in the future that may solve several items from your list. Of course as a person, I can only wait for the developers to develop the platform and invest (my time in writing articles). You then agree with me as you also invest (a bitcoin).

Those who want to bet on Steemit do it with their means :)


Yes, I completely agree. And what is so encouraging is the rapid rate of change.

I wish I had that kind of money to spare. But my girlfriend (future wife) has 3 horses. I did not realize how much it cost to have horses. and all money she has to have. I guess I'll have to sneak a few dollars out for my steem account with out her noticing.


My sister has a horse as well and I can only imagine how much work that is. Maybe you should post some pictures on steem and the horses can become more profitable


Let me get a few pictures together and I have a good story about ones I'm taking care of.

I hear ya. I've layered in a bit more favorably, but still have the sore spot from the first tranche. I did catch the bottom before that last rise though, so get a little soothing there.
Steemin' on!


Good for you! Some of this is luck and some is skill and the future will tell!


Yep, yep and yep.

Good luck on getting a return on investment, hang on for the wild ride coming up with hard fork 16. Hard to guess which way things will trend short term, but long term recovery is my bet. STEEM is the best blockchain based social network, and has first mover advantage for sure.


Yes that is my analysis as well... hence staying onboard.

I'm as crazy as you but the thing is that my girlfriend already found out and she's not writing me checks to buy steem :(
In time everything will be ok. I believe steem will be much higher in the future and you'll be safe!


I do believe that to be true.

If steem ever gets back to $4 or 500m market cap I would make a killing. And i think that is quite possible.


Yes, it's very likely. I'm very bad with timing though... I have no opinion on when it could happen.
I'm following you now so that I can congratulate you when the day comes :)

Very good post and I am happy that you are positive and energetic, I followed!

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