RE: Steemcleaners Report for 22 September, 2019
That's great! At what point do you think steemit will be competitive with youtube or facebook or reddit?
Steem most likely never will. It will remain a niche. But, even having 1% of FB's traffic would be tremendous for the platform.
Crypto itself is not user friendly. Steem itself is super complicated compared to other projects out there.
People don't want complicated things. And being a copycat to FB will not get you anywhere because it's already been done. Why go on Steem when it is just FB? If Libra does come to pass, there's no point to Steem at all except for some philosophical reasons.
And look past the whole "getting paid" aspect. There exist people getting paid shitposting nonsense on places like Instagram, etc. You just don't see the rewards in the open like on Steem.
That's a perfect example. The OWNERS filed a COMPLAINT.
They didn't. Steemians approached them on their FB praising them only to find out they don't have an account on Steem. Then, the community took it upon their own hands.
Every payout reduces the pool, (just like when you run the shower, it "decreases" the municipal water supply) but it does not reduce the value of the pool.
Inflation (or adding to the circulating supply) without buyers exceeding the sellers is exactly what we have right now: low prices. The whales, Steemit Inc., and hustlers are selling faster than people generating demand.
STEEM has one of the highest inflation rate among all projects. It will eventually level off, but it's still at a whooping 8.24% for 2019. This meant there will be 26.7M+ STEEM minted this year.
That's quite a bit of demand that needs to be filled.
Look at a list of currencies with that rate of inflation or higher. You won't find a first world country on there.
THIS FAILED BECAUSE IT'S TOO COMPLICATED.
If you know Steem, Whaleshares is just a couple of more steps. They got rid of downvotes over there and there have been some interesting behaviors at display.
It doesn't have to be niche though, it simply is because it is pulling too much of a capitalist/ROI focus into a social network. I'm not saying anything is wrong with capitalism or investing, but it doesn't blend well with the free speech social world of content platforms.
I think the biggest mistake for the Steem project was being investor-centric, and I think it was investor-centric precisely because the creators were thinking short-term pump profits.
What makes Steem valuable, and to whom is it valuable? Many of the investors don't actually want to curate content, they just want to profit by the network going up in value, so they have to pass the work onto others and take a cut in their ROI for that.
If you looked at Steem as a product what you might find is that its true primary customer should be content producers, specifically bloggers. The power of Steem is that it provides these content producers with immutable storage of their content and record history of their intellectual property. Bloggers and journalists are the people that could find value in the platform, but they are not the primary focus for adoption.
The product should be "For the low price of just 50 STEEM, you can have permanent control and ownership of your content online!" In essence, 3Speak is doing it the right way, while Steem is doing it all wrong.
If you pay attention to the various social networks out there connected to a blockchain, it becomes apparent that Minds.com has the secret sauce that attracts accomplished content producers. They don't care about being an orca or whale and being able to slap down a fat vote. Their concerns are free speech rights and protection from demonetization of their content. Steem should be serving this need before someone else does.
It really doesn't. As you can see from our whales' behaviors.
You have nailed it pretty much.
There are talks of getting rid of the STEEM reward pool and let SMTs and/or SCOTs from tribes do the same thing, and communities spawn from those can moderate themselves.
The eyes on the STEEM tokens have made it absolute hell for proof of brain to work.