RE: If Steemit Inc. goes bankrupt by then do we have to pay its commitment from the money in our wallet?
I agree about the fundamentals of Steem and the endless prinitng may affect the price and value.
Thats true for many economies, including the US. As they State inflation annually, the amount of money is expected to increases, but it boosts economics and also give more room to grow. I used to hate inflation until I learned that managed inflation could be good for the economy. Back to Steem, if there is no new Steem to be created and we keep the current supply and circulation, how likely that you will actively work on Steem?
For me, if we stop that award scheme, chances that I will switch back to trading instead of holding and creating more content.
Great discussion. This is also one thing I love about Steem: lots of insightful people to talk and engage to.
@attoan.cmt
When they would stop the scheme there would be no steem to pay to users so i wouldn't post as much. So it's true that there wouldn't be that much content created.
But i think that this whole business model is broken since the moment they thought this idea out. The problem is who is paying? There is no such thing as a free lunch. There is always someone paying unless you print the money yourself thus increasing the supply.
All businesses need to make money and someone pays the bill for it. I don't know any exception to this rule.
This whole idea gives me a bit of a socialism/communism taste.
It true that many economies also print money but i think it's a different situation. They play with the money supply to influence the economy. In theory it's a great scheme. You stimulate the economy in bad times and you make the good time a bit less spectacular. But it's not something that's intended to make money with. The economy itself makes money, they play with the money supply to make the economy less volatile. In case of steem it's just giving other people's money away = socialism.
@marketmaven1
I know a solution that many people won't like but i think it's not that bad after all. When there are ads shown on this platform that would definitely generate a lot of income since this website is ranked in the top 100,000 most popular websites in the world. And most posts are about finance which generates more ad revenue. They can pay the users with the income from the ads. I know it's sometimes annoying to see ads online but the users would make money themselves since the inflation will be less. Or maybe do some kind of hybrid model where they print steem and show ads to pay the user rewards.
Normally the promoted posts should earn money but the problem is almost nobody is using that feature since it's more lucrative to use upvote bots. When you promote your post you lose the money you spend on the promotion. With upvote bots you earn the upvote - curating rewards and money spend on upvoting service. So you can break-even or even make money when using upvote bots.