This is my response to @solar's response to my response where I'll be going through his post and talking about the different things he's bringing up. It's just a bunch of my opinions in a long video. Listen to it in the background while you do something else because, like I said, it's long.
Thanks for such a thorough response.
Its hard to respond to a whole video, but i watched it and appreciate all your thoughts!
Steemit has the most resources, but in having the largest stake they also have the most to gain from their growth.
My main point is that the steem inc stake is a major liability. We've seen them rear their head about this issue when a could'been coup whispered about suspending their stake. Immediately we saw the price of steem go up as they turned up their powerdown and after 6 weeks the trend reversed. They manipulated the supply, you can see it clear on the charts.
this event happened at the 4m mark, they dumped into their pump. At the 2m mark BTC started moving causing further downtrend, and steem did not recover like many alts
Now clearly this isnt cool, but where is the grass roots witness vote really when they can stake a majority line up with a few pushes of the button, or could crash the price (quite more severely than this) over the course of one month? In one sense if they crashed the price of steem it would be good if it meant distributing their stake.
While i do think they should focus on things like MIRA how can they be taking the "foundation" role?! I think if they are acting as a foundation then their budgeting should be business of the network, not private, including restraints on their finances so they can be the servant as advertised, rather than a neo-capitalist scheme to exploit the workers/users.
Steem engine/nitrous sound really cool. Palnet as well. You are right to point out that networks continue to develop, and im very interested to learn more about these.
Ethereum has really powerful and professional tools for decentralized finance. Their on chain social media apps have been slow for obvious, but there are lots of hybrid dApps like minds.com which work quite nicely. with the release of public DAO managers like aragon and daostack, these hybrid dApps will take on a life very similar to spinning up a steem clone.
I think I am just really nervous of steem scaling, but if it is already happening laterally to different steem networks, and values can be added to the distribution of tokens easily, then i dont think this is a bad direction at all. Having a million different tokens for value transfer is bad news though, and right now steem token is about as trustless as the upcoming facebook coin. If they managed the SBD to maintain its peg, and had legit fiat on/off ramps it would be a different story. Not maintaining their peg is one of the biggest fuck ups honestly and should be a priority always or just remove the feature, even poloniex is removing SBD.
Its good to support the opensource project, Im, but i gotta stand by what i originally said and i cant trust steem as crypto currency and i think dPOS leads to centralization, a problem which I think is also at the heart of the hesitance of more legit projects on the platform.
I appreciated your video though, it opened my eyes to some things and overall my view on the situation opened up in some positive ways, steem does overall function well for what it is, im too loose with my negative terms.
I did keep a small stake which i am delegating to partiko, its been a good mobil app for me. Although im not a fan of it forcing the following message and think they should stop that shit riiiight NOw!
Yea, as I said in the video, I do think Steemit's stake is a liability. Everyone who's here is aware of it though and it's the gamble we're all taking. Maybe one day we'll all be sorry we did, but as of now I'm still rolling the dice in favor.
I think all these systems are really still in their infancy. They will take longer to flesh out than centralized alternatives. There are problems for sure, and I wish things were happening faster, but things ARE happening and the direction things are moving in is still positive. I'm not really all that concerned with the price, I'm concerned with development and products, and there are really exciting developments and products coming out on Steem, more than any other blockchain I'm aware of. I'm seen Minds, I wasn't impressed. I've looked at every other attempt at any sort of Blockchain social media and in my opinion Steem still destroys them all, problems and all.
If an awesome product comes out that hits, the price can literally shift dramatically overnight so I don't think it's a good indicator of progress or success at this stage.
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