Your Earnings in STEEM Are NOT Affected by the Price of STEEM
Here we are again: as the price of STEEM drops in Dollar terms so does blockchain activity. You can see this in the size of the reward pool edging up. This happens every time.
It is not smart behaviour to stop posting and upvoting when the price drops.
Your earnings in STEEM are not affected by the market price of STEEM.
Let me say it a different way:
Your earnings in STEEM are not affected by the market price of STEEM.
If you want proof, go read this post. Hey, I'll even save you the cost of a click - here's the graph.
See... flat - more or less. The blip was due to HF20 whereas for a whole year the potential rate of rewards has been pretty stable.
So why do people react this way?
Because the pending rewards are shown in Dollars instead of STEEM, so it looks as if people are earning less whereas they are actually earning exactly the same amount of STEEM as they were before.
I have said this many times: showing pending rewards in USD is psychologically damaging to the confidence of people in the Steem economy.
When will Steemit Inc realise this and change the pending rewards to STEEM?
As nothing has been done in the 2 years I've been here, perhaps I just need to bring this to the attention of @elipowell who may be more open to understanding the damage this is doing. It isn't a cosmetic change.
Just to close with the obvious: of course the price of STEEM in the open markets affects how much you can sell it for, but trading STEEM is a separate strategy to earning STEEM.
What is in your Steem Wallet is STEEM, not Dollars, so that accumulating during periods when STEEM seems low and then selling when it appears higher means you have been earning STEEM at the rate at which you sell it.
Not earning just because you feel the price is too low means that when the price rises you have nothing to sell. Oh well!
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Don't say it too loud.
Just keep posting every day.
But why would some people spend so much time onboarding newbies without fully explaining how the Steem blockchain economy works? Sure, is actually better for us who know, but the drain of "it's not worth it anymore" users is not a great selling point, is it?
If people don't see and understand by themselves it's pointless. I bring some people on steem, even family members. Despite my fat upvotes, they're not seeing the big picture and simply can't find the motivation I guess.
Not to mention that they avoid me and think I'm crazy.
You're not??? I thought you had to when staying here... 😉😂
Maybe they're right and I'm just wasting time.
Thanks for a usefull post. So many good links in it.
Such a good point. Just keep steeming:)
This is good to know. Seeing the low price in USD can be demoralising when we see it so low. It can be discouraging. I don't know how it would look like if it was shown in Steem instead, but I have a feeling it probably would look like a lot more than when shown in USD.
The reason our earnings seem affected is because people stop posting and upvoting as much. So THAT affects it.
So, and I agree about the change to show in Steem instead of in USD.
Hi, as STEEM is currently under $1 the pending rewards in STEEM will look numerically larger - although when STEEM rises to above $1 it will look smaller - but I don't think that's the main issue; the real issue is that they will appear fairly stable. Also, apart from the conversion to SBD, one can easily calculate how much SP one will receive directly from looking at the pending rewards - now it's a bit of mental maths torture that most just avoid doing.
Yeah, I don't do the math lol 🖥
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So true. Needs to be brought up more often. But it could be fixed by front ends. At least an option to choose would be nice.
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Yes, a small dropdown showing $ or STEEM may be the only way to break this stubbornness. Would still be prone to the "why are my earnings dropping?" questions, but at least the two numbers will be together so can show that the STEEM earnings have not dropped.
I would prefer either a choice or only steem.
Palnet does it. Nobody complained
You mean showing rewards in PAL rather than $ or STEEM?
Exactly, show the local economy in the local currency.
:-)
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Perhaps, they are the un-inform.
I notice that now, our head almost believe its Dollar instead Steem pending rewards