Steemit ROI: What's Your Time Worth?

in #steemit7 years ago (edited)

TIME IS THE ONLY ASSET

Since joining Steemit a few months ago, I've had a great experience writing, hacking, interacting, and learning from an amazing community. Unfortunately, the day I had convinced myself would never come...well...has. As I've learned to do with just about everything in my life, I find it important to constantly assess the ROI of my attention; some might argue to the point of neuroticism. Do I drive or ride my bike? What's the health benefits vs. the time savings? Do I text or call? Do I book a traditional hotel or get funky with a treehouse Airbnb? You get the idea! I'm fairly obsessed with analyzing the major variables that surround every decision, and in the case of Steemit, I'm having difficulty justifying the time spent on the platform (which actually feels a bit hypocritical as I type this very post). I was perfectly comfortable with the initial investment I knew had to come with learning the system (and simultaneously excited by the idea of being rewarded for creating useful content), but now I understand the platform in all its nuanced glory and the ROI (for me) simply isn't surfacing.

THE SUBJECTIVITY OF STEEMIT

This isn't to say I don't support the Steemit mission (I recommend reading the white paper if you haven't already); I will undoubtedly continue to be a major advocate. It simply doesn't provide a personal return given what I know is required (for good reason) from an investment perspective. This is, of course, very subjective. I have three other major jobs generating income, I have obligations as a husband, I write for other publications more suited to my interests, I do yoga and play soccer for my physical health and take improv classes and travel religiously for my mental well-being. Spending an hour crafting a high-quality post (this also being quite subjective...though not as much as some argue) for less than $1 in return (which I understand is still unprecedented among blogging platforms) simply isn't sustainable given the life I intend to create for myself. I understand that persistence and consistency are the variables to success here, but at this stage, I've decided that developing the necessary rhythm is at best a hopeful roll of the dice...again, subjectively speaking.

SET ME STRAIGHT...OR DON'T

So what might I be missing? Am I taking the easy way out by placing so much weight on ROI? I do love writing; perhaps I'm overlooking the intrinsic benefits I know to accompany the practice of creatively bringing thoughts into the physical world, but life is about making decisions and iteratively refining our path towards something more suited to the most authentic version of ourselves. I'll still surely be found lurking amongst the murky Steem, but not in the same capacity. Those who find serious success on Steemit have either been fortunate early adopters or tireless journalists who devote the time necessary to get noticed and rewarded. If you can point me towards another option to which I might be oblivious, I'll happily reassess and write a lengthy post about how wrong I was.

A ton of ❤ goes to those from @minnowsupport and #PALNet. I've gained more from this community than can ever be measured in any currecy (crypto or otherwise). I'll continue to connect in Discord and encourage others to join this great community - http://minnowsupportproject.org

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@Tayken

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I think the biggest thing to take into account if you want to do an accurate ROI calculation for Steemit is whether or not time spent on Steemit is taking the place of time previously spent on other social media platforms (e.g. Facebook or Reddit) that had zero ROI. In my case every minute spent on Steemit has been an almost perfect one for one substitution for minutes that I used to spend on Facebook - minutes spent browsing other peoples posts, minutes spent commenting, minutes spent crafting my own posts.

I don't know your social media / blogging history so I can't say if this is the case for you - maybe you didn't spend any time on Facebook, or maybe you still spend the same amount of time on Facebook and have added Steemit. These are all things that would impact the ROI. But if Steemit is replacing Facebook and paying anything it is absolutely worth the time investment.

The other big thing to take into account is that ROI for Steemit will increase over time, maybe not exponentially, but it will increase nonetheless. The exact same posts that are earning you a dollar now with 278 followers might be earning you $5-10 with a thousand followers. You have to keep this in mind when calculating ROI - the return is going to increase the longer you keep at it.

Very honest response @carlgnash! These are the interactions that keep me hesitantly coming back.

Therein lies the issue...I really don't invest significant time in any other social media platform. Almost anything I post is automated for the very purpose of time efficiency. I have a visceral and judgmental reaction to anyone who spends significant time thumbing through the fake filter bubble of Facebook. you make a fair point about the increase over time (though I'm not sure it's exponential), but again, simply posting good content doesn't necessarily lead to 1k followers. That said, I agree that if it's your intention to build a fan-base, it makes a ton of sense to do it on a platform that gives back. Thanks for the thoughtful reply!

No problem @tayken - you seem like an interesting guy and willing to engage in an honest conversation yourself - so I vote selfishly that you should stay active here in Steemit.

To that end I am giving you a bellyrub, a randowhale and sharing some lovejuice - they should be crashing the party soon.

I hope I'm not coming on too strong LOL JK

Stick around :)

@bellyrub is a new one for me, but it feels like a gentle touch ;)

I'll still hang around, rub bellies, exchange pleasantries, and partake in the occasional mental joust...but I may just have to take my foot off of the posting pedal.

Appreciate you, and not at all. If you were a lady, I'd be inclined to buy you a drink 🥃

You are correct in stating that time is an invaluable asset. You tested the Steemit waters, and have come to an epiphany.

Have you thought about cutting down your Steemit activity by 80% instead of walking away completely? It is still evolving and I find the likes of Facebook and Twitter to catch up to the concept of rewarding its user base in some form/fashion or risk a large migration of its users to platforms like Steemit (even $1 is better than $0 from the spirit perspective).

Good call! I have no intention of throwing in the proverbial towel, I just can't invest the time I know it takes to craft a post I know to be necessary here.

It's simple (at this point):
2 hours invested writing (which still only yields an above average post), for an average return of $1.14 = poor investment of time. Trust me, I wish that wasn't the case, because as I said, I love everything #Steemit represents.

I understand. Good luck with your other endeavors!

It looks quite hard because everyone is encouraging whale posts more than minnows posts.

roi is a slippery slope here... as you invest your time and money, it gradually begins to work... although I couldn't do what I do if I didn't have 40+ hours a week do do this stuff. however the idea is hard work in the beginning pays off towards the end. For me, as a new writer, this site has exactly what I need to get me writing, and networking every day.

even if the platform tanks (not likely imo), I still have a bunch of work done that I wouldn't have gotten done before. so I guess that answers why it works for me, and you may have answered why it doesn't work for you...

why not just scale down your effort, and hang around... or is the problem you spend too much time in chat?

Yo @inquiringtimes
I know we have similar interests and intentions, but as you said, the variable at this point in time is, well...time. I just don't want to be a contributor of average content, so I struggle with the variability. My latest post is a great example...a few hours invested for a handful of views. That said, I agree that the act of creation IS the value in and of itself. I never intended to cut and run, but instead, continue to strategize in order to be the value that I think the platform (and users) deserves.

The issue is probably that your blog in general needs greater visibility... but how to achieve that? to me that's the real issue. you wrote a thoughtful article that I will read again after I'm done with my final edits on a post I'm about to publish (which actually goes over some of the points on how to achieve greater visibility)

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Awesome analysis!

I'm also discouraged by comments that come without substance. What about the analysis did you find awesome?

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You have approximately 600 Steem in your wallet. In my mind, you have already succeeded. If Steem does like Bitcoin and is worth $3,000 each, your value would be $1,800,000.00! That is almost 2 million dollars USD. I would say that is a pretty good ROI, wouldn't you? Even if Steem never does reach the $3,000 mark, but instead reaches only $1,000.00 each, your invested value will be approximately $600,000.00! Half a million is still pretty darn good for a few months of your time.

Yes, there is the other side of it and it can happen that Steem fails to go mainstream and never gets much past where it is now in value. In that case, you tried, hopefully made a few friends, and learned something along the way.

If I were you, I would probably lay low for a while and just check back every now and then to see how things were going, but focus on being a husband and looking after myself and my family. Those are important factors that cannot be bought back after the fact. I would not let my SP go to waste while I was away. I would delegate my Steem to someone who is working hard to promote the platform and grow my investment while I was caring for my family. After all, isn't that what an investment is? A contribution of wealth that grows over time? If you have to WORK at it, that is not what I consider an investment; to me that is work to earn money.

It saddens me to see that you are thinking of leaving just after I started to follow you, but having read your post and my own experience with family matters and the consequences of not spending enough time with loved ones, I would not try to dissuade you from taking time off. Family definitely comes first. And Like I said, you may already have put enough into it to see a wonderful ROI in a few years.

My family is already grown up and have gone their own ways, so I have the time to keep trying to make this platform grow. If you do decide to take a break, I would greatly appreciate being considered for delegated Steem. I think it would make a huge difference in my ability to grow the small community I am currently trying to build.

Thanks for reading this far and good luck in whatever direction you decide to go.

First off, know that I made an initial investment of my own $$ to get off the ground and I've already lost 10% of that and my voting power is half what it once was (that's just for context...I understood those fluctuations would come). I agree with everything you've said and I appreciate the optimism, but as you eluded to, the timing in my life is the key factor. I'll still invest where I can, and know that I appreciate each and every follow. I'm humbled daily and keep perspective on what attention is worth these days.

I do need to look into delegation options if I take the hiatus more seriously, so I'll keep you in mind. Could I get a snapshot of what exactly you're trying to build?

Oh my... I guess you bought in when it was high. I was wanting to do the same, but got frustrated by the onerous requirements of setting up an account at an exchange, so decided to simply forget about investing and simply earn what I have. Buying in helps with faster growth, but I'm OK with taking it slow.

My plan is quite simple. It involves voting on everyone that participates on my articles, games and contests. Encouraging others to also vote on the responses made by everyone and reminding people that vote-buying is not helping the long term health of the platform. That they should instead actually use their votes to support others and thus build the community as a whole. Every week I give away all the SBD I earn from my contest, plus vote on all contest entries. By having delegated SP, my votes will actually give out a little bit more than they would without the delegated SP. That way, everyone wins something and the contest winner(s) get a bit more.

I am seeing signs of an impending split to a 2nd version of this platform that may come within a month. I suggest you stick around for that because I was told that whatever steem you have at the time of the split will be duplicated into the new currency, Juice. Also, the first rewards will be larger than normal, so worth grabbing a bit of that pie. You sound like a real decent person, so I wouldn't want you to miss out on that opportunity.

Thanks! I certainly don't have intentions to run for the hills, so I'll be around for any juicy forks in the road. Appreciate your perspectives (always) so thanks for being a part of my journey.

You're welcome, and thanks for being part of mine. I did make a post with a link 'for my followers' so that they can opt in now and duplicate their account status for the new coin. I urge you to check it out.

I also JUST finished uploading another post attempting to get more people to become engaged with their followers.

I got a bellyRub and this post has received a 7.11 % upvote from @bellyrub thanks to: @carlgnash.

Very good post... i like steemit because its kind of a relief from other social networks that i just look at for no reason and the content is usually just blaaahhh.... of course there is a lot of blaaahhh on steemit as well but i think with the careful choice of friends here a lot of noise is canceled out. Good content and a bit of luck is neccessary too... but this applies for everything... most of us are just lacking the perfect idea at the right time... just like real life... Steem on and check out my channel for putting a smile on your face @dragonator

It's certainly different, and that I do appreciate. I'll always be smiling 😁

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