How Steem Lost @KeiserReport To Dash - Jerry's "Steem Budget Proposals Whitepaper!" (Please READ & VOTE Jerry's Proposal!)
At one point, Steem had caught the eye of the Keiser Report, a fairly well-known alternate media show in the anti-Keynesian, pro-gold, anti-fiat sphere. Of this group, they are generally one of the relatively more respected and reliable, with a fairly long track record of moderate ideological bias generally consistent with their content.
In other words, they were the less-fringe of the fringe, if you'll pardon the vague qualifiers.
Thanks to Jerry's recent post, I now also know why we lost them.
They were sponsored by a Dash community contract to the tune of over $660,000. Frankly, any capitalist that didn't instantly lose interest in Steem for Dash at that point would be a rare case.
A steep price drop would be a terrible blow to Steem at a time where other issues are already critical (site stability and organization, new user retention, exchange volume) and could lead to delisting at an exchange like Bittrex.
If you have any additions or errata for this post, please let me know! I will see that they are voted to the top of the comments, and will make the appropriate edits (if possible).
We also have a Radio Station! (click me)
...and a 5000+ active user Discord Chat Server! (click me)
Sources: @JerryBanfield
Copyright: @KeiserReport
Thanks for the great info @lexiconical.
I waded through the whitepaper @jerrybanfield posted (kind of) and will sum it up like this:
People come for the opportunity and expect a return on their investment if they're going to buy Steem.
They also want to know that there's some kind of chance for them to actually earn a return with their content.
If they don't see a chance for either, they're going to vote with their feet.
Changing the colors of text and offering "night mode" or whatever the F it is, aren't going to cut it.
I'm still waiting for some indication that anyone is actually interested in fixing/improving things because it seems to me like TPTB at Steemit have gotten bored and are ready to move on to the next thing, like EOS or SMTs.
I may be ignorant about that but I came here following the siren song of "post good content, get rewarded."
Then again, I've always been a dumb fuck.
I feel Steemit desparately needs Leadership to give it momentum.
But leadership seems to be a dirty word in this decentralised steemit world we live in.
There are no signs that will come from steemit inc. The top 20 witnesses are not a coherent body to provide it.
Somehow somewhere there needs to be clear messages going to the outside world about where steemit is heading, what it wants to be, how it is tackling the problems and obstacles it will face along the way.
I believe there is a Roadmap, but that it like the old road atlas in the back of my car. It is only consulted when the satnat has failed and I'm already lost.
Point 1. Has steemit inc ever announced when steemit will come out of beta?
Point 2. Steemit inc should hire a PR agency.
Point 3. Steemit inc needs to make a stand and deal with the enchroachment of the bots.
Will steemit live long and prosper?
I am struggling with that. At the moment it feels like a B-movie remake of 'Feudalism v The Terminator'.
I'd be happy if there was a clear message to the Steemit community itself.
This is exactly my thought - those at the top no longer care about the blog portion of steemit if they ever did. I keep thinking I will invite my blogging friends and I'm so glad I haven't. I tried to read jerry's post and got too overwhelmed. I'm still swimming but really losing faith right now.
Just keep in mind with everything that's happening (or not happening) here, how long would it take to make $1.00 on Facechat or UTube?
@berniesanders just shut down @randowhale, regardless of all of the flag wars and bot armies and all of the other shit that swirls around the big fish in their tiny little pond called Steemit, bernie provided a service that provided what, 50-100 times the returns that banks are paying?
In the real world people would be all over that.
What are people's expectations here?
Maybe that's the problem?
To the moon.
Get rich on Steemit.
Make shit posts and use your bots to upvote yourself a big slice of the reward pie.
How about, "It aint perfect, but it's so much better than every other option out there."?
If I remember correctly, @ats-david had a post a while ago about selling advertising and putting revenue back into the reward pool to give Steem and SD's an inherent value (or something like that).
Where did that go?
I'm just going to continue writing my mediocre posts, making mediocre (and sometimes smart-ass) comments and celebrating when I get a $10.00 post.
I do make money from fb and yt and twitter and all the rest - this is through affiliate links, products I sell, and coaching. My links are working here too which gives my hope if the platform survives.
The fact that the big guys cannot see they are killing the place with their circles of love is something that cannot be changed except by them. This is why I ignore the whales as a class.
I have friends who make a policy of sucking up to the whales as a game plan here. Guess what! It works, and my friends are over $20 a post - 3 separate people with the strategy of whale sucking who are now making money. Ergh...
My sentiments exactly.
There are things that I won't do for money, sucking up is one of them (or at least I've never been able to do it for very long without feeling dirty.)
I don't think they care, as long as they can strip mine the platform and get theirs.
What I find refreshing and rewarding is when I connect with people who still have ethics.
Thank you @fitinfun.
This comment summed it up well for me. Thanks
I think your point about SMTs make sense. The promoting company seems to be more interested in the block chain as opposed to the social networking - social graph part. Building numerous "barter exchange" sort of communities on top of the STEEM blockchain seems to be their goal. This may make sense as a profit oriented company but content creation or social-graphs may not be important for them beyond the minimal threshold needed for building more communities that uses SMTs. I would love to hear your thoughts as I am fairly new here.
I think you've hit the nail on the head.
Instead of trying to build the next Facechat, they're using the idea to draw in fresh blood. Much the same way grocery stores promote "loss-leaders", i.e. a product sold at a loss to attract customers.
Come for the Social Media, stay for the SMTs.
I'm not saying that's wrong, it's how businesses function.
A lot of people seem to think Dan is some kind of a Game Theory genius, I'll stick to the old school term and call it marketing psychology.
I see the cryptocurrency rush as the 21st century gold rush.
The people who get rich aren't going to be the ones prospecting and digging holes in the blockchain, it'll be the ones selling the picks, shovels and bluejeans (and running the whorehouses).
agree. In India the Oil - Infrastructure to what not conglomerate called Reliance has entered telecom in the same "loss-leaders" fashion. (its called Jio). just thought of sharing.
True. I was discussing with a trader friend of mine. ( ie real world high speed - high volume - algorithmic trader) he has a strategy of get into every ICO and exit quickly. Sometimes he even mines provided the ICO dones't go bust by the time he manages to mine.
Somewhere the ghost of Satoshi Nakomoto will be laughing!
I'll still choose the opportunity to take a risk rather than live under the promise of the "safety & security" that governments want to shove down our throats.
yes - exactly what I do. "Safety and Security" often comes at the price of freedom.
It doesn't surprise me, and yes I knew Max Keiser was hired by the Dash community to do promotion for a while now. The whole Dash development fund that's built in makes Dash really powerful and is one of the main reasons I've got my eye on it for the future.
I think Jerry's suggestion to implement something similar into STEEM is a good idea (but many centralization pitfalls.. high level steemians voting funds to go to other high level steemians? it's only a small circle at the top, and money always corrupts). I upvoted the idea nonetheless, because I do see it as something that could propel STEEM forward in terms of much needed marketing.
"(but many centralization pitfalls.. high level steemians voting funds to go to other high level steemians? it's only a small circle at the top, and money always corrupts)"
As Jerry's post notes, they are already able to do that (and probably are). At least this would make these options available to users outside of the "in-crowd".
On this part specifically...
"many centralization pitfalls"
lowering top 20 witness rewards might actually help in that regard.
As well as increasing the number of witnesses that actively participate. I'd rather see that, personally.
The last thing we need for Steem is a Dash-like system. Jerry’s proposal is garbage, just like his Dash promotional proposal was. He’s only suggesting it because he thinks he’ll benefit by making more money from “advertising” proposals.
Sorry. Jerry’s nincompoopery isn’t the answer.
I have no idea what dash is except for another currency. I joined steemit for the alexa ranking and do get traffic to my work on other platforms when I post links here. This is what keeps me going now and connections I've made with steemers on my other platforms.
Amanda B. Johnson agrees. :-)
Where is Amanda these days? I haven't seen anything from her in a while.
100% upvoted for the use of the word nincompoopery 😆
Bitshares delisted off Bittrex for two probable reasons: being lent on by regulators as it is a DEX exchange, and maybe what they claimed as high demand on resources. Not low volume! Yes many of steem whales are lazy and yes steemit is not being pushed along as fast as it should/could though many at steemfest cried for patience many others were simply disappointed....
In my opinion, slow sign up (steem team say they are working in this as priority) as well as slow poorly designed and poorly marketed movements forward are to blame... but mostly as pointed out... low steem price.
Seems SteemIt is losing a lot of steem all around. I don't know if it's the bots or maybe some new update (or maybe people just ain't posting it) but I'm seeing more and more spam and less content. I have to search through a host of bad before I can find the good such as this.
I love SteemIt and have a few bucks invested in Steem so I'd love to see them both do exceptionally well :0)
The fall in STEEM baffles me. The platform is great for content creators. I'm not sure why it hasn't caught on with a larger online community, other than marketing and maybe initial learning curve.
I think the lack of price gains is leading to low volume, which in turn means low interest. Fundamentals aren't that exciting anymore.
More than the lack of earning, I feel its do with the UX (usability) of the interface. Even tough there are many with monetary intentions, platforms like facebook is able to survive because of the excellent user experience they hare providing. So is the simple case with portals like Reddit and even HN for that matter. I am reading slashdot.org for last 17 years as the first thing everyday. I have indirectly earned a lot and learned a lot but I am not even a slashdot registered user.
Just have a look at the steemit interface, its not even optimized in the most basic way - the content should be left aligned (like google search results, slashdot, reditt - yes facebook has a different strategy). Personally I feel since the main focus right now for Steem Inc seems to be the social networking, (I may be wrong), they must invest in the interface and that will increase user engagement which will inturn increase retention, new users etc.
I agree. I also think it’s because the top steem holders are not that active in the community. So they are holding all the wealth and not distributing it.
@chieppa1 All of the platforms are relatively new. If they're experiencing 'growth pains' as Steemit, this would explain much. Added to this, while content creating is 'entertaining'; it isn't enough to attract investors when the users lack an addicted interest, as with other interactive platforms, (i.e. FB).
The very thing that draws people to sign up, is the very thing that causes inactivity. Too many join thinking Steemit is a 'get-rich-quick' opportunity; instead of what it really is, an opportunity to invest for long-term gains.
Peace.
I've read Jerry's proposal thrice already and I really do hope this idea to blossom. With the proper people in charge, and polishing all the ideas this might turn into something Great!
Tether is down; but, I’m thinking about throwing a few coins their way as I like their blockchain technology; and they're in the top 5 re: Volume.
It’s a low buy right now; and, with STEEM seeming to be teetering off a cliff, it might be a good time to put a few eggs in a different basket.
Of course, @lexiconical, that’s really a question…I know the decision has to be my own; but what do you think?
Peace.
I'm going to cross post my comment that I left on @jerrybanfield post.
I respectfully disagree with your proposal. I actually believe this would end up hurting the overall Steem value instead of increasing it and I'll do my best to explain why.
As a bit of a background I'll detail a bit more on Dash before explaining how this would negatively impact the system as proposed. For anyone on Dash to vote for these proposals they must stake 1,000 Dash to become a Masternode. These users are then rewarded for their staking in a block reward that is split among the Masternodes only. That is what makes the incentive for users to become Masternodes and not the ability to vote on proposals. It's also what drives the price as new users seek to obtain enough Dash to complete their Masternode. Since Dash has a fixed supply each purchase increases the value based on supply and demand.
By removing the interest payments to existing SP you would be effectively removing the comparative value on the Steem network. Why would anyone want to hold SP as the currency inflates and their equivalent value goes down? This would be the opposite of what occurs on Dash.
Besides funding for projects can already be provided on Steem through producing status updates for popular projects that companies/users are working on. Users like @dlive have earned over $200 for posting status updates on their projects. This not only helps fund these projects but provides an incentive for companies/users to be active in letting the community know how their project is coming along. This is actually better than what occurs on Dash as many projects are funded and then never delivered on or status updates provided.
While I love seeing projects advance I don't see how this would actually incentivize development over existing methods nor do I see a value to reducing the current economic structure of Steem. I hope you will review this post and let me know what you think!
Something similar to this for STEEM could be that in order to vote for proposals you need to be a Witness and maybe have a minimum SP requirement.
Anyways, I agree with you @patrickulrich. If something like this is to be done on STEEM then it should be done by it's users and not by Steemit INC. Steemit should remain as decentralized as possible as per Dan's and Ned's vision when they started the project.
If a group of users want a system like this, they can build an external platform on STEEM that can support such a system. Then promote it. And then let the market decide how needed/successful such a system is.
In all the words I jumbled together this is exactly my main sentiment.
#steemgigs is a good example of how such things can be done in a decentralized way.
Perhaps removing the lock-up period for SP could solve the low volume issue. Lock-up also looks scary for more professional investors, as it is generally considered a red flag.
I have little knowledge of the world of crypto-investment, but the 13 week SteemPower lockup period does seem like it could be a big no-no for an investor.
In crypto of all investment places you want to be able to move fast. Thirteen weeks in crypto is thirteen years in the real world.
Just look at the movement of Bitcoin and BitcoinCash today...