Things we can do to increase the price of Steem
There are several things that we can do to increase the price of Steem. None of these are guaranteed to work, and you are free to do whatever you want with your Steem/SBD/Bitcoins. These are merely suggestions on ways we as a community can do to collectively increase the price.
(1) Buy more Steem. This will increase the demand for Steem.
(2) Power-Up Steem into Steem Power. This will reduce the supply of liquid Steem.
(3) When you get SBD - Convert the SBD to Steem, then Power-Up instead of cashing out. This will prevent some Steem from getting sold (the price lowers when this happens), and will also reduce the liquid supply of Steem.
(4) When you get SBD - Exchange the SBD for Steem on the Steemit market, and Power-Up. This is similar to #3, except you get your Steem Power right away. If the price of Steem goes up, then the SBD the person bought will exchange for less Steem when they eventually cash it out.
(5) If you want to cash out earnings, instead of cashing it out right away, power it up, then power down, and withdraw it over a period of 2 years. (A suggestion from @piedpiper.) This will reduce the liquid supply of Steem in the short term, and tie your earnings to the long-term success of Steemit. You will also get to get additional Steem from the portion that remains invested in SP while it is powering-down.
(6) If you are going to sell your Steem, put your sell order in at higher price than what it is currently selling for. This will reduce the supply of Steem being sold at lower prices, and make the price go up higher when people want to buy more Steem.
(7) When telling people about Steemit, sell the long-term investment potential of the site, rather than the potential to earn quick/easy money. This will help Steemit in a lot of ways. People will come to the site with better intentions to build the community and help the site grow. They will also be more likely to power-up their earnings, rather than cashing out right away. They will also be less frustrated if their post doesn't earn big, because they will be more focused on their long-term growth with the site, instead of their hope of getting a quick/big payout.
(8) When you create a post, add the tag #poweruppledge to commit to powering up all your earnings. Thanks to @nonlinearone for posting this great idea here! (I just added #poweruppledge to this post!)
If a lot of us start doing things from this list, I predict the price of Steem will start to go up. If any of you have additional ways we can work together to increase the price of Steem, please add to the list!
I absolutely love this article! We need to see more articles like this and you clearly know what you are talking about.
I feel like we are bringing to many people here that want to earn a quick buck and run away. I hope to see more people who care about the long term of Steemit actually stick around, That would be awesome.
Thank you!
I totally agree. Getting more people here who are interested in the long-term growth of the site is key!
Very helpful article. Thanks for sharing!
Thank you. I'm glad you liked it!
The only sure fire way to increase the price of steem is to increase the value of steem.
Yes, very true. There are a lot of great posts talking about this part of the equation, so I chose not to include those types of recommendations here. You are definitely right though. If you want to add any suggestions along those lines, please feel free to add them. I think it would be a great addition to the post.
The stronger the community, the greater the networking effects and the higher the value. This is an evolving system and a long-term project. Not a quick path to profit...
Indeed. The price of Steem has a direct relationship to the growth of the project, including the strength of the community. We all want the price to go up. At the very least, a higher price = more money to payout to good content and curation. I also strongly encourage investment into SP for long-term growth, over cashing out to earn a quick payout. It is better for the community, and hopefully will have better payout in the end.
Very helpful post. When a newbie asks "what is steem, how does it work" I will direct them to this post. Thanks!
Steem on,
Mike
Awesome! =)
I really like your #7 suggestion When telling people about Steemit, sell the long-term investment potential of the site, rather than the potential to earn quick/easy money.
I have been guilty of doing the ladder and will change my mindset going forward ;)
Thanks for the article.
I have as well. As I've thought more about it, it seems to be recruiting the wrong type of mindset. Lots of people that join just want to take, take, take. I've also seen a lot of people I've recruited get discouraged when their posts aren't making thousands like the ones on the trending page. The potential for payout will always be a big part of recruiting people, but it will be a lot better if it gets put in the context of what the site has to offer long-term.
Thanks for promoting powering up. I had done this as well in an earlier post.
For sure. It is the way to go for anyone looking to invest in the site long-term. I'm hoping that as we lead more people to the site with the hope of earning money for their content, that they will start to see value in cashing it in for SP instead of cash.