My Body is Ready for 7 Cent STEEM! And Yours Should Be, Too (And You People Better Upvote This Because I'm Being Positive for Once)

in steem •  last month

STEEM has been continuing its downward spiral and as we speak, it's on its way below a dollar in USD terms, currently sitting at 0.00016 BTC.

I've been called the negative Nancy of Steemit quite often, but I'm actually a bit puzzled as to why the low price has so many people so depressed.

Even people not living off of the blockchain. I understand that those who are living off of it, are now depressed because they'll lose their homes and stuff. But I mean the rest of you.

I think that a low price for STEEM is the absolute best thing that can happen. Almost a godsent, to be honest.

A low price for STEEM can potentially help fix the main problem of the site, which is still the bad distribution.

The lower the price of STEEM, the more STEEM you make by posting - and the cheaper it is for you to buy, obviously.

A lot of people will now ragequit Steemit once their infinite money supply runs dry, and I hope the few manual curators that we still have are taking notes, and pay attention to who bolts and who sticks around.

A low price of STEEM means that some of the worst spammers may leave the platform, leaving more breathing room for those of us who still produce, or hope to produce, something even a bit more legit here.

Seriously, though. This price crash is an opportunity for anyone dissatisfied with Steemit to buy that influence that makes one's voice heard here.

Use it for flagging, use it for self-voting your posts for visibility. Use it to make bid bot promotion less profitable, which will hurt the business of the bot owners, hopefully driving them away. Whatever the case may be.

My point being that instead of crying @ned, or hoping that someone else comes along and fixes the problems of the site, you yourself can increase your stake and your say here.

And this price crash is the best damn opportunity to do so.

I know I'm going to be buying back in and powering up.

Also, even though the dollar amount on your posts is going down, remember that you're still making the same amount of STEEM as before. As in the amount of STEEM tokens allocated to your account through upvotes is still the same.

So, like I said, unless you're living off of the blockchain, there are next to no negative drawbacks to STEEM's price tanking right now, in my opinion.

This place was a lot more fun during the 7c-15c days anyway.

I'm not one to say people shouldn't want to make money. Making money is mostly what we're here for. But I think it's fair to say that the higher price of STEEM attracted an entirely new bunch of get rich quick schemers to the site, and they, in turn, attracted their own groups of sycophants to ride their coattails.

I'm happy if a price crash drives them away, onto new projects.

Also, people willing to produce content even for less money are generally those who put some sort of soul into what they do. They're not just hollow, empty, and heartless shells of content, crafted with the sole purpose of mining another extra $300.

The quality of content has always been inversely proportional to price.

So, all-time low price of STEEM, I'm ready for you! Please, wreck shit up already!

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I am ready for investing to Steemit. Low Price is a chance for us.

A low price for STEEM can potentially help fix the main problem of the site, which is still the bad distribution.

While that may still be a problem, getting more people buying in won’t matter much if they’re just going to end up delegating to bots because of the piss-poor incentive structure here.

Stakeholders are showing us that the incentives/protocols are not aligned with what many of them and others have expressed as their goal for this blockchain. But nobody wants to discuss or even acknowledge that. No amount of redistributing will fix this glaring issue.

If you want to see what the results of this new distribution would look like, just look at the posts on trending. You’ll see how our current redistribution has simply consolidated stake into a handful of popular bid bots that are used to “promote” an even lower quality of content than we had previously - including scammers and spammers.

If our incentives for stakeholders don’t change, then why should we expect any behavior to change?

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Those of us who are against that, can buy up and flag.

It doesn’t even take that much to flag paid content into being unprofitable.

That will make it stop.

No one will buy votes if it’s unprofitable.

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Trending posts using bid bots is just a result...one of many negative effects of misaligned incentives. The problem is that stakeholders understand that there’s better profitability with less time/effort by delegating to these bid bots.

What makes you believe that more buyers of STEEM will result in more downvoting as opposed to more delegating to bots that offer passive returns? And how could the very few people who are left and who care actually combat several millions of SP into those bots - at their current sizes?

Also - would it not be easier and more practical/beneficial to simply adjust the incentives? To implement these incentives at the protocol level so that everyone is on the same playing field and so that we have a functioning ecosystem and “economy?”

We pretty much all see and acknowledge that “something is broken.” Why do we keep plodding along in a “broken” system instead of trying to repair it...or worse - doubling down on the same ideas from the same people who caused the break?

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The ecosystem and economy are working just as intended, by the way.

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The biggest problem is that those bot operators earn always more curation rewards. Especially when we return to a low price.

I have been buying for a while and will continue to do so, I hope you are right and more people will join when prices go lower. It would benefit the blockchain for sure.

But in my experience so far on Steem it seems most sell when the price goes down and complain when it's to high to buy back and call it unfair.

Ofcourse, this was in the period of easy and cheap Steem though. Maybe this time it's different.

Let's see.

I would consider it a pretty bullish signal when you start buying :)

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Well, there are always people who call every scenario imaginable "unfair". I wouldn't give them too much attention.

But that was kinda the point of my post, too.

A lot of people have a lot of things to say and criticize. Well, this blockchain in particular offers everyone the opportunity to get a larger stake and say.

So, I feel that if someone is very angry at Steemit, but doesn't buy at this incredible opportunity to do so, it's his or her own fault. And they have almost no right to complain, to be honest.

I would consider it a pretty bullish signal when you start buying :)

Lol.

I think the show has already started, let's see how it goes.

Completely agree - people bemoaned missing the days when Steem was cheap(er) back when it was 7$, yet here come those days again.... And still they moan.

Problem is that people now have to wrestle with the risk factor of an uncertain future. We all love hindsight. That's investing for you - it's not for everyone.

I am entirely with you. I hope the price does crash. And I say that as a Steem supporter who has been here for nearly a year, posting at least 2 quality posts (a free high quality photo or a new haiku translation) every single day and who intends to stick around. It is the same reasons you list. The same reasons I am hoping for BTC to fall back down to pre-bubble levels of around $1k. Shake out all the spectators, all the get-rich-schemers. Bubbles are unhealthy for markets anyway. We need history, we need a slow rise, not any sudden jumps. As Steem drops, I will be buying more.

Well, thats one way of looking at it. :)
However, this is not a Steem or Steemit problem. The entire crypto scene, with Bitcoin leading, is deteriorating. Especially Bitcoin after it got corrupted by Wallstreet, and that is dragging everything else down with it - justified or not.
And all that is a big problem for many crypto enthusiasts, who invested heavily in cryptos. Those who milk Steemit may turn away to find something else, but some other have invested their savings and are about to loose that.

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State regulation is strangling the market more and more...

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That issue comes on top, in different degrees varying from country to country. A concerted ban in, lets say, the the "western world" as in the Americas and Europe, or in Asia (China, Korea, India ect), would probably put a sudden end to the whole crypto thing.
But whats eating away the foundation of Bitcoin (and therefor all cryptos) is the trading of Bitcoin derivatives, without the need to own actual Bitcoin. So the trade volume can be indefinate, which totally disables any fair price discovery mechanism. (See gold and silver markets)
Thats the way to screw up cryptos without using nasty repressive laws.

I am one of those nutjobs living off of the blockchain for the most part right now, and I agree with you, as fucking horrendously stomach-knotted as I am. Fuck the goons that have taken this place over. Whatever I have to do to NOT sell SP and buy in for the long term seems to be the smart game right now.

NOICE POST BROTHER.

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You got this, man. If anyone can pull to the top right now through with and effort, it's you.

I made a stupid decision to power down some of my SP to pay down my credit cards early last year, so I'm right there with you. Come hell or high water, I'm buying and holding.

Posted using Partiko Android

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Thank you, man. I am pursuing alternate income options, but am gonna have to choose between selling off some SP, or another of the alts I’ve been saving. Just the fuckin’ reality at this point. Not a fun decision.

One never knows what tomorrow holds, though, and to get out entirely would not only leave me stranded creatively, but would also be a stupid move.

Something will work out. Always does 👍✨🔥🤘🏼💚🎶👽

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I hope this all works out for you, man! It sure feels wrong that we-know-who has been given the opportunity to self-vote his own insult comments into triple digits with delegation - while someone like you struggles.

I have the exact same opinion. The only thing I currently do is powering up to gain some influence. So low price doesn't change anything for me. Also, I can't buy Steem right now but I will be able soon so I hope the price will stay like that or go even at a lower price.

I have been buying on the way down but definitely looking to add down at these prices. I believe in the long term prospects of the STEEM ecosystem despite the challenges we are seeing. However, agree with you that better distribution will improve the network effects of the blockchain and creates a great opportunity for thise committed to good and relevant content.

A low price of STEEM means that some of the worst spammers may leave the platform
Yes this is very true. The problem will come when the price rise to, say $5 even - the same spammers will come back crying and bring 10 of their mates with them!

A low price is good if it drives away some profiteers, but it's bad timing for me to pay for Steemfest. For now steem is following market trends. We need to get this platform to the point where people buy steem to get involved

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Exactly, the value of Steem should be related to the value in being noticed on Steemit, not how much you earn, but how many eyeballs you get reading your content. That is what advertisers pay for in the current (broken) internet model and on Steemit it should be the same once people focus of what each crypto platform is actually delivering (or not) rather than speculation.

I personally support you but a part of me feels for the people from lower income countries like Venezuela who survive almost entirely off the blockchain

I personally will be looking to buy in during the bear crash

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Well, it’s never a nice thing when people lose their income and their means to afford food.

But living off the chain has its risks.

And thanks for the support. Appreciated during these tough times. :D

I am ready for 7c...I will be buying a whole bunch of it....
And an upvote for your postiviness :)

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Haha, thanks. :)

Maybe I’ll bother with my fiction soon.

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Haha...ok :)

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Let's be ready together, brother MEMRI!

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I'm broke as fuck but I don't care :D if this is not going to succeed it should better crash

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It will pump again eventually. All of crypto will. It's up and down. But a complete crash may cleanse the place up a bit, and improve distribution.

I would buy an enormous amount of steem at 7cents. I live in hope.

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7 cents may be an exaggeration, but 50 cents maybe?

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Dollar cost averaging would be a good strategy. Its a great entry point today, it could be a better entry point tomorrow.

As long as you consistently accumulate, you win long term. Even if it is just to downvote shitty memes.

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Yeah I can see it going to 50 cents, but I doubt much lower...

I'm ready too.

So far this year has been really different than most of us expected regarding crypto prices.

I even remember not too much ago when steem seemed stable around the 4$ mark, and not it might very well go to less than 1$...

Either way, I agree that we should all "pay attention to who bolts and who sticks around" in difficult times.

Cheers mate!

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Well I joined in February when prices were around or near $4 and it has all been downhill since then!

Yeah I pay attention to who keeps blogging like nothing has changed and those who just come back when the price increases

Dem stimme ich ohne wenn und aber zu. Den bei einem niedrigeren Preis word verstärkt auf Qualität geachtet und nicht auf Quantität!

The low price of Steem means the money I had in February that I was going to put a down-payment on a house with, is now not enough to buy a crappy car.

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If you had that much Steem in Feb you should really joining the Class Action against Facebook & Google for the Crypto Ad Ban that dropped the markets so much. See https://steemit.com/cryptocurrency/@apshamilton/we-re-suing-facebook-and-google-for-usd300-billion-want-a-part-of-the-action

I think it's fair to say that the higher price of STEEM attracted an entirely new bunch of get rich quick schemers to the site, and they, in turn, attracted their own groups of sycophants to ride their coattails.

I'm happy if a price crash drives them away, onto new projects.

I couldn't agree more @schattenjaeger.

Once I got that the lower the price of STEEM, the more STEEM I make by posting I couldn't see why people wre upset with the low price. Excpet those living off their earnings of course.

I've been buying a little bit this week and powering up and i hope the price stays down or goes down more so I can increase my steem power as much as possible before the next rise. 😁

I agree and I'm sticking around for sure. One minor correction/question: We are not really getting paid more STEEM with low prices, if I understood the reward pool correctly?

FTFY : "help fix the main problem of the site, which is still the bad distribution articles."

well that's interesting. I like the way you're thinking ;) I'm just glad I don't live off of it.. It gonna be interesting to see where steem is going.. I'll just keep posting ;)

But wait, the votes have also dropped in value. Mine went from .03 to .01, which means pixie dust worth nothing as that .01 goes back to the platform on payday. I did give you the .01 up vote for being positive though :)

I'll just keep buyin', no one will stop me!

I can't wait. Even if the wide majority of shit accounts remain, it still gives me the opportunity to increase my stake. I made the mistake of powering down once, and I don't plan on ever doing that again.

At the risk of sounding like one of those coulda-shoulda assholes, it would be great to see Steem back down to 15c going into winter. I'm almost debt free and in a much better position than I was prior to the price jump.

Posted using Partiko Android

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That's the spirit. :)

You know, im only half way joking that if steem drops like this I would refi the house and whale up. I mean, I would try to... seriously would.

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I better get to writing those Black chapters, then! Lol.

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hahahahah yes... you would have a good gig with book junkies like myself.

Outstanding observations!

While it's difficult for me to convert fiat into STEEM, I'm definitely continuing to post what I believe is quality content, and I've been powering up as much as possible during these "dark" days.

😄😇😄

@creatr

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Hah, thanks. Though I’m not sure if my observations were that ”outstanding”. 😄

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Close enough, trust me... ;)

Lol I loved this

Posted using Partiko iOS

Seems more like a band-aid than an actual solution since they'll just come back if/when the price rises again.

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I hear you. But if people buy STEEM in the meantime, it'll be a different landscape that they return to.

Theoretically, anyway.

I think I agree with you... 0.07 STEEM could be a good thing... especially for the minnows looking to collect SP... as you say: The SP payouts will remain the same.
?let's hope SBD print ratio stays at 0 for a while too then... or the broken peg sees SBD coming down to 7 cents with it?

My only problem with that is that is totally foreseeable that you could get 20+ votes from "established minnows" for a < 0.02 payout which gets cancelled by the "dust round-down".

For those that are smarter than me: Is HF20 not going to do away with this dust round-down to 0 payout thing though? If so... Hell YEAH... bring on 0.07 STEEM for a couple of months ;-)