How can we stop STEEM and SBD price from dropping and even increase the price?
Let's check coinmarketcap.com:
STEEM (rank 51): $0.232824 USD (-6.11%)
SBD (rank 261): $0.575446 USD (-5.74%)
What can cause this price drop? Steem blockchain? Steemit inc.? Bitcoin price drop? Hardfork 20?
There can be many reasons for the price drop, but what can we do to increase the price?
I have a proposal:
First, let's take look at the top 3 posts in the trending page
We all are aware of bid bots and their effect in the trending page, but I don't want to talk about bid bots and their effect. Actually, we have a feature on the blockchain called ''Promoting posts" and we are not using this feature because there is no benefit for using this feature.
You can click on the little button under any post to promote that post:
Now, let's take a look at the top 1 post in the promoted page
This screenshot describes the problem of 'Promoting posts'! Spent 101 SBD on a post and received $0.01 after 2 days.
We should give the users a reason to promote their good posts with the built-in feature in the blockchain instead of bid bots.
Why promoting posts?
Promoting a post requires the user to burn SBD by sending that SBD to the @null account. Who can guess what is the effect of burning some of a token? Of course, burning some amount of a token may cause a price increase or at least, a price balance.
Recently I created an issue in the condenser (steemit.com) GitHub:
We can try and use the built-in ability of steem blockchain to burn more tokens and increase the price of STEEM and SBD
Now, some of the crypto projects are using steemit.com to promote their projects and they are using bid bots!
Why not using the Promoted page instead of the Trending page?
Promoting a post will burn SBD, and burning SBD could help exit from this sbd/steem 10% peg situation (printing STEEM instead of SBD). As a result, the SBD price will return to the 1 USD and printing more STEEM instead of SBD will be paused and this can increase the price of STEEM in the longer term.
Also, changing the Trending page to the Promoted page is not a hard job. It requires a few minutes of coding.
STEEM is going deep and deeper, we need to take an action and release a good work.
My proposal: remove trending page from steemit.com's homepage and replace that with the promoted page.
I think just high-quality posts will be there because people don't want to spend money to promote a low-quality post.
I already explained enough in that issue in the GitHub. I don't want to repeat myself.
Join that issue and make a comment.
Recently a security update (v0.20.7) of Steem blockchain released. I already updated all of my nodes.
This is a security release that only impacts serialization logic, not the serialization format or consensus logic. We recommend all node operators update to 0.20.7 as soon as it is convenient.
I'm 84 in the witnesses list with 2,387 voters (thanks all 💓) and 8 missed blocks. I'm producing about 7 blocks per day.
You can vote for my witness in 2 ways:
- https://steemit.com/~witnesses (search and find
- Using steemconnect (just enter your account information)
source of all images except my screenshots: pixabay.com
with much love,