You are viewing a single comment's thread from:
RE: Where is Steemit.chat? [ concerning witness voting ](PSA)
Well steemitchat was nice....was it worth $500,000? Probably not.
Honestly what I have seen is that witnesses while not only important are actually ESSENTIAL to the steem blockchain. No denying that. With that being said I think they are ALL over paid. For what they do (Steemit chat for example) that is NOT a $500,000 operation...... Nor are ANY of the operations I see witnesses doing....
So Yes i hope chat comes back on but no its not worth $500,000 we can use FB or Discord for FREE........
That's a good point, however it wouldn't always be 500k$ and it would also have to cover the costs generated by the witness running and in this case, running the chat. Not that expensive though.
But the reason I wanted to comment was the use of FB instead of the chat. I wouldn't want to meet random Steemians and chat with them on Facebook :D Discord is ok though!
Yes, when it comes to the blockchain, the witnesses are essential which I think I commented somewhere else. No, chat is not worth 500k, not much is really but this is why the witnesses should be actively working on various projects and ways to improve the platform. Many do of course but some are rather inactive also. I think as the prices increase, the share of Steem should be reduced somehow to bring it under control or, (not technical here so bear with me) the spread of block shared further along the witness list to spread the responsibilities further. I don't know the implications of that.
So if I'm doing the math correctly, @riverhead earns 0.961 SP as a "producer reward" twice an hour. Every Hour. For 365 days per year.
That would be 16,836.72 Steem Power in a year, only for being a witness, not for any of his posts, or comments that he's earning rewards on. As a witness, you're already earning more than the average person in this area because you're more visible to the community and more visible to others with high values of Steem Power.
Anyway.. if Steem is worth $4 USD, on average, for an entire year, that's $67,346.88 in USD, just for being witness #25. That's not so bad...
Agreed. It was different of course when it was 7 cents I guess but it will have to be looked at in the near future.
Yeah .. the platform needs to be adaptable though. Something to consider for growth. Maybe we peg witness payouts to SBD similar to how SBD is meant to be pegged to USD $1? That way prices are stable, payouts are predictable, and life is all good!?
The trouble I could see with this idea is if/when SBD gets manipulated by the market and goes above USD $1 per SBD ... or if Witnesses begin manipulating the price of SBD ... incentivizing them to "cheat" to earn more money...
I just noticed he was at 0.191 SP a while back .. that's about 20% of 0.961. I guess he has received some more witness support after DROPPING steemit.chat... very intresting... Get rid of one of your community-supporting project and get more witness support...