My Thoughts on Delegating Steem Power to @steemhunt
Okay here's a fun little exercise. Some rough calculations to determine if delegating to @steemhunt is a good idea. If you haven't come across @steemhunt's post about their Smart Media Tokens airdrop plan, check it out here: https://steemit.com/steemit/@steemhunt/announcing-hunt-token-airdrops-for-steemians-smart-media-token-project
Like with most projects, the caveat here is of course, if the Steemhunt team can pull this off as promised. At first pass, my assessment is okay, HUNT tokens should have some value, hence my current 2,000 Steem Power delegation as a starter. They already have a usable platform and an Discord community as well. The team also seems to know what they're doing.
Are HUNT tokens currently overvalued?
Well there are no HUNT tokens yet, but I'll simply base it on the Steem Power that's currently being delegated to @steemhunt. At the time of writing, it's at 250,000 Steem Power. It's quite a decent amount. But are the numbers stacking up well?
At current Steem prices, @steemhunt will be able to generate a minimum of ~500 Steem Dollars / day at full use of voting power, in which 20% goes to the team behind Steemhunt. That amounts to a minimum of ~100 Steem Dollars / day. That's my valuation of 90,000 HUNT tokens (the team is giving out that amount for all SP delegators each day for 500 days), putting each HUNT tokens at 0.0011 Steem Dollars. This leads to a non-traditional (in perspective of ERC-20) network valuation of ~550k Steem Dollars at the full supply of 500,000,000 HUNT tokens.
Taking a low-bound valuation of Steem Dollar at $1 USD each, my current projection of Steemhunt is at ~$550,000 USD. Note that this is a very rough estimation and it's just my own method. I may even be way off about the numbers I'm using. Anyway, according to Crunchbase, Product Hunt's seed round was at $1 million, so I'd say Steemhunt is not overvalued.
It's just nice being ~50% of that "Silicon Valley" valuation at this stage. 100% is okay, but will only be much more tolerable when the SMT testnet is out, and of course, even better when the HUNT tokens are an actual thing now. All the best @steemhunt community, please use the SP wisely.
Not to be taken as financial advice.
Hi, I'm co-creator of Steemhunt. Thanks so much your great projection! At this moment, we will focus on growing Steemhunt community based on Steemians so that we can compete with Product Hunt directly soon. 500 days max airdrop plan is also to achieve to make a strong foundation. Once we think it's ready to go outside of Steem, we will try to post Steemhunt on Product Hunt, and raise some buzz with media exposures (Everything is altogether in our Go-to-market strategy).
So, thanks so much for your great support and also the awesome delegation. We will keep updating our progress via Steemit and our community channels!
p.s. the beneficiaries of @steemhunt is 10%, and 5% goes for SP delegators.
Why do all of you have to be so damn plasticy and fake?
Blah blah focus on growing blah blah community blah blah big plans blah blah marketing strategies blah blah updates on progress.
I can do every single variation of these in my sleep.
We call this "American Teflon Style". It makes me itch in hard-to-reach places.
What's your alternative?
Witty, entertaining, and clever. Real. Honest. Non-corporate. Genuine.
You know, something that takes work.
But then again, the community always falls for these - hook, line, and sinker.
So I can’t blame people for collecting.
You just described #comedyopenmic.
I seriously doubt it.
"Doubt". That's some progress.
Mind mentioning any community that have matched your expectations since 2016?
Can’t think of any.
Hi,
In which part you felt fake from me?
Steem community is the best community I've ever experienced so far. I've been aiming my start-up trials over 4 years and indeed Steemhunt has the best early supporters. Without this community, I don't think Steemhunt get grower this much. So, I say, "community."
Big plan? Did I exaggerate some part? Then, point it out please.
Marketing strategy - Of course we should be strategic to approach on Product Hunt. It's not gonna be easy because PH has huge supporters. So I say, "strategy." Any problem with it?
Update on progress - So far 94 people delegated their precious SP on @steemhunt. It's their investment. So of course it's our responsibility to keep updating our progress. So I said, "update on progress."
Let me know why you felt fake from me please.
94 more people partially gone and unable to contribute to this platform.
"this platform" -> which one?
Steemit, for one. There aren't many 'dolphins' here anymore and removing another 250000 SP is much like taking 12 of me away. I've been able to vote on 156 different accounts this week, a little bit here and there. I probably could have done better, so removing 12 of me isn't much different than saying nearly 2000 accounts would be seeing less of a reward for their contributions.
That's asking quite a lot from this community.
hm, that's quite interesting point of view. But then, SP delegation system itself is not fair under your point of view. Utopain has over 3.5M SPs delegated. DLive git 2M SP delegated. Of course they are all fantastic projects. Oh, wait, then what about all the bid bots now which gathered more than half of SPs entire Steemit community...
I'm totally fine if you're saying 250000SP is not worth to @steemhunt because it's not that much promising projects for Steem community (I mean for increasing STEEM values). But, if you are questioning of SP delegation system for investing Steem projects, I don't agree with you.
Anyway, thanks for your opinion.
Yes. Since it's all being delegated away, we should just delegate more and more. What do we need content producers for? Lets just make new apps and platforms that only pay the developers and investors. There's a great business model. That was sarcasm. Have a good day. Good luck with your project, and yes, I do mean that.
Only boring people start companies to make money so that's why. Hahahaha
Awesome!
Well, there are no SMTs. None. Zero. Don’t even have a projected launch date for them.
Isn’t it a tad bit premature to be talking about SMT valuations? It’s barely vaporware at this point. What’s with these people making claims about airdrops and shit when nothing exists yet and we don’t even know if it will ever happen?
Managing user expectations apparently still needs tons of work around here.
By the way...BROtokens will be airdropped too. As soon as SMTs are a thing. I’m gonna make you rich!
Now...vote for me! Delegate to me! I’m doing something that helps the community! It’s for the good of Steemit! I promise it’s not to line my own pockets by selling you shitcoins and other loads of bullshit!
A good way to tell whether or not something is shit is by looking at the list of upvoters.
As we can see here, it’s all the usual suspects and other sycophants, I just checked.
Makes me say bullshit.
I think everyone's well aware that SMTs are not out yet, or perhaps not even gonna be out. I even started the post with "here's a little fun exercise". Maybe readers need to actually read? This is my first delegation, a small gamble for whatever they're promising, or else I'd just rather vote like I always do as usual.
Edit: ok i get it, you guys are saying they shouldn't do this. i personally don't think they're being misleading. But of course, if too many people starts to do this now then it'll be a shitfest. For now looking at what they've set up, I'm taking a small dip in the waters here just like how I tried supporting @bloggingforbeans back then.
My criticism wasn’t really about you - it was about the people claiming to have SMTs and ICOs already planned...and airdrops? Come on. You can’t plan airdrops for tokens that may never exist. SMTs are just an idea. They’re something that requires actual functionality and also acceptance by witnesses. I mean, we all know they’ll be rubber-stamped by the top-20, but still.
It’s like APPICS claiming to be the first SMT last fall...when there was less of nothing that exists today. It’s a sad joke, really.
And I’m not sure why the cheap shot was necessary in your edit, but whatever. The coffee farms and farmers actually exist, but for reasons out of my control, the project has been put on the back burner for now. We’re doing what we can to salvage the work put into it and to get the farming/distribution network operational. We aren’t just hoping that someone with a lousy track record will finally deliver on yet another grandiose promise.
For the record: All funds from that account of mine are still there or otherwise allocated to the project, as promised. It was essentially a fundraising objective, not a promise of delivery. Nonetheless, it hasn’t been abandoned at all.
Got it. It wasn't meant to be a cheap shot by the way as I'm just drawing a parallel that we voters are just supporting whatever we like here regardless of tokens-or-not, by giving out a portion of our votes. It's a nice bonus they're offering in light of SMTs. If it happens, great. There's a distinction between the method of funding sought by APPICs and Steemhunt, imo. Here, the funding through votes are temporal and supporters can adjust along the way. Along with something already usable and being worked on, on https://steemhunt.com/ I think it's okay. Even if they stop performing or if the SMTs found a dead-end, supporters will just end the call there. I get your point about the claims and promises of SMT though. I just thought the @steemhunt team was clear in their post about the existential status of SMTs.
If we believe there's a chance of creating new projects and getting them funded (using present tools), then I think it's reasonable to take a small leap of faith. I don't know these people, but their idea seems quite plausible and they've laid it out well. Hopefully, they are honest and good at building this. If so, it could be a wonderful addition to the ecosystem here.
I agree with your opinion @donkeypong. their idea is very good, with the support and trust from @kevinwong will be more spirit in carrying out their project.
@donkeypong, I want to be part of @communitycoin, what should I do ..? I am very grateful to @kevinwong for supporting me in steemit. Thank you
Man, lots of beef in the comments over a simple post. . Guess it just shows how passionate people are about Steemit. Whether that passion is positive or negative, the passion is still there. Maybe the same reason why I still believe this place performs wel in the long haul. . . It’s the little engine that could. . Steemit= the cult classic of the crypto world and its users are fanatics.Good or bad, you can not deny their passion. :) :)
Haha i'd say it's the same for most of crypto, although most hardly have anything to use at all..
I'm just a simple dolphin here. Watch me swim. Laugh at the cool sounds I make. Just don't call me flipper.
Now, my voting power is stretched thin. There's a huge demand here for curators who actually look at posts and vote for them, for free. If I go delegate away my SP, that's two more eyes off the prize and maybe a few more people who decided they can't afford to spend time here because they are not being rewarded for their efforts.
One of the main problems now is how thousands of eyes are being paid to look away, as they delegate their SP to bots. People are literally paying robots to "look" at their work, and robots can't even see.
Ramble ramble ramble. I don't have it in me to fuck these people over just to hopefully make a quick buck or two.
Don’t get what you’re on about. I’m not delegating to a bid bot. It’s going to power a curation and content community of its own. If it's so bad maybe I should sell 100% instead of delegating 1%, and invite everyone to do the same, just to get inc to recognise the problem. I've expressed my thoughts on the about curation/distribution a few posts ago.
Edit: also that much is obvious with what you've pointed out, and is not the point of this post.
Edit 2: you're implying that i'm fucking over people by delegating, completely missing the point that it's giving a product-focused community an opportunity. just because it's not your thing, doesn't mean it's not a thing. seriously.
It's nothing against you, @kevinwong. I just see 'delegating' and become triggered now. It's nothing personal at all. You're not screwing anyone over if you slide a bit here and there. I'm saying I'm maxed out and if I did that, I could potentially be causing others a bit of grief. I didn't say you were doing that. Nowhere in anything I said did I point a finger at you.
I wonder how anyone in my position or even further down the list can afford it, with so much on the line.
Sorry dude, I just went off on a tangent. It happens. That's what makes me, me.
Great. You're a solid curator as well, so relax. I too am attempting to give people an opportunity here. Who will be left to vote for those product-focused community member posts? People like me? Or a robotic participation award? I love things like Dtube and everything else. Those contributors drown without the big vote from the curation bot account though. Many people see a Dsound post or something similar and assume it will be generously rewarded, so they do not vote. These content creators struggle under this model. They have low views because people are paid to look away and their reward is a few thousand eyes bunched up into one vote. And it seems like more and more groups want in on that money making action while more content producers work for less and less, can't powerup, can't support each other, quit.
I'll shut up though. I'm not trying to be a hard ass and bust your balls. Taking away from these struggling communities already in existence just to gamble on another community isn't something I want to do, at all.
I get what you mean and I agree, hence not even delegating a crazy sum, which is why I'm attempting to justify the amount through this post. 1% away from my voting power to go to a project which I think is impressive and relevant to most people, not so bad I think.
No worries dude, I'm not pissed at all. I just think there's an over-reaction here, and I'm particularly tired past 8am now and trying to relate to what some of you guys are going on about in relation to my calculations here lol.
I'm off in my own little world, too. I don't know what the hell is going on here. I just see another 250000 SP going out the window, plus more, probably; and like I just told @project7:
Sure, some of those votes were worth something like 15 cents to these people but we all know if we can just get our shit together here, and make what we have start shining instead of randomly throwing shit at the walls and seeing what sticks, that 15 cents will be worth far more in the future. It already happened once, it'll happen again, provided we don't chase these people away who are willing to contribute and actually have some fun with this.
I feel there are too many distractions at this point. Money is going in all directions at once. These SMT's have potential, they're not here yet, and too much pissing around could cause harm to everything we've built if these first few rolling out are flops. We need to learn from the mistakes here, fix the issues, not transfer them over to another token and let those investors enjoy the same headaches. This foundation needs to be solid, yet, in a sense, here we are chipping away at it.
I also know, I don't need to invest in these things. If it works for you folks investing, that'll help my investment, so good luck buddy! LOL
So our delegations to steemhunt might pace things up for the SMT's release?
If so I would like to delegate an amount to them as well.
Or is it just about the ROI if theres any?
I will follow your link and my own research those are just rhetorical questions actually.
Edit: scrap the above I recall reading about that project more than 2 months ago or so. We had a little chat over it through pm's
Yeah, you clearly need to read Steemhunt's post.
Not sure if it'll pace things up, but i think it's a cool project. Once i thought it'd be great to have communities that build products together, from visual design to marketing and sales. This looks like it's shaping up to be one..
I started using it & the layout is great. It's easy to use. If I had more SP to delegate to them I would. For something that just started, it has really taken off. Instead of Whales upvoting themselves all day long, having them putting some SP into things like this would really help Steemit. Now instead of posting stupid memes, I'm looking for something cool to post on SteemHunt.
Some amazingly ridiculous and inginous stuff on steemhunt. Its like watching the 90s top shop sale shows. Its super fun going through it all. You cant know what most of it will amount to but still. We might run into the next "post-it"...
Ill leave value determination to others. Hehe...
Anyways. Just wanted to bring something up. I pinged you with Gina, you might have missed it.
Im trying to support openmic with my post on "enlightened self interest".. Its a bit long to read (although id appreciate you taking a look), but it would be great if you dropped your 3-4$ upvote on it. I donate all the SBD towards openmic reward pool since they ran into trouble last few weeks and are running at a loss. My payouts are pretty high so theres the curation as a bonus. Thx anyways.
Mehn your analysis are quite technical. You really do know the onus of crypto in general. Actually heard about the hunt token this morning and as atvthe time I heard is, is just just a lil over 1k steem delegation but to think that it has risen far beyond that is simply amazing. I am also of the opinion that delegation to steem Hunt would help reduce the use of bidbots on the platform...What do u think.?
Hmm it'll reduce but not by much i think
I'm not entirely sure what steemhunt are doing but from what it looks like they are trying to create a platform where they curate products?
If so I guess there is no harm to creating another curating hub who can fill the massive curation hole we have nowadays.
250,000 is a tremendous amount of steem power and it is unbelievable how they have raised so much in such a short amount of time despite an unknown release date. ( I think)
This is a pretty niche group but hopefully it will launch a new product fundraising economy right here on Steemit. Everyday uncovers more and more applications for steemit.
All in all I'm extremely excited for Smart Media Tokens and what it will bring not only to steemit but it surely is going to change how people interact with websites and people will finally get paid for their attention.
It seems like the markets are somewhat exited since Steem has been resilient to the current dip compared to others.
Well I'm probably going to pass out in my bed now. Good Night @kevinwong
it will be interesting to see in the upcoming days how the will roll out and how users can be benefited :)