Vlog 421: The value of Resource Credits on Steem in the future.
Yesterday I caught the end of the witness forum and heard the question being asked why anyone would currently buy more than 50 STEEM?
The reason they mentioned 50 STEEM is that that's the amount, on average, most users need to operate on the blockchain daily without running out of Resource Credits (RC's).
For those unfamiliar with RC's: Every action on the blockchain, whether it's a comment, upvote, follow or a steem monster match costs RC's. The more STEEM you have the more RC's you can use. (cool fact: Even an account with no STEEM has some RC's before they run out).
Unless you are 100% up to date about what's going on the blockchain and have a clear vision of where you think it will go there is probably zero reasons to buy more than 50 STEEM for anyone that has enough resource credits that they need to operate on the blockchain.
My vision for Steem is clear. I believe it will be the biggest social economic ecosystem in the blockchain space.
Yesterday I talk about why I'm buying STEEM already on the most basic level (it will be harder to get) but I felt like I missed some key points so I go a bit deeper into my other reasons to buy STEEM.
They are a bit more technical involving, account creation, communities, resource credits pools, and buying others Tokens.
I hope you will enjoy this vlog.
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I hope Smts would work like this:
SMT creator need to Stack Steem ( for RC).
For Example 100k SP. For a normal User there never need so much resource credits.
But if this now got Stacked for the Token would be huge. So the Holder of the SMT can use the RC from the account who creates the SMT.
There dont need to hold both, Steem and SMT to interact with the Blockchain.
I think this would be make Steem more Valuable too. Reason is simple, if you have a nice Smt project and you need a lot of Rc, you need more Steem.
So if a lot of new communities and projects pop up, there will need to Stack a lot of Steem.
So we have another good reason to Stack Steem and make it inliquid.
And the Enduser profit in the case, its super user friendly, if there only want a SMT.
For Token creation the power down can be longer, to protect the blockchain for bad guys.
For Example 50 weeks.
I hope Smts would work like this, because that would make holding Steem more usefull
Yeah I have my gaming media account build up naturally from posting etc. It was like 50 sp but that wasn't enough with all the gaming. Andc2 times a day posting and following the share2steem trail for extra votes. So I rented 500sp now I have enough. 😉
Well with all the gaming and other apps (I personally think an app is an application like partiko so I'm a bit confused with the website portals)
The accounts and steem needed to run the accounts will be putting more value on the chain.... But what about all those other coins like pal now? Would some be more worth then steem you think?
And it's a smart move of splinterlands the plus sign next to the dec. 😉
I agree with all you say on here. The value of STEEM is going to skyrocket over time. It is not a matter of it but when.
You nailed it. The more that is created on here, the more the need for resource credits. This is going to mean that people are going to have to power up to be active. All we are seeing, that is tied to this blockchain, requires it.
Even Steem Engine, each time one transacts, a bit of SP is needed because the JSON is sent to the blockchain. If that exchange can get millions of transactions a day going, imagine the SP required for that.
And that is just one example. The same holds for all the other applications. 10X the number of users on any app and you see how quickly SP becomes scarce.
Hey Damm!,
I love this teachings and techniques of getting Steem!
It give an insight to especially we investors of Steem!
In that sense, we need to buy more steem, since the future looks more promising!
I am going to use your technique to buy more steem Damm!
Thank you for this great vlog!
Just make sure you do all the research first.
I found it very interesting that even accounts with 0 SP have a little bit of recourse credits. Love you off-the cuff talking style. Do you livestream these videos or record them earlier and upload them later through 3speak? Also what comes first for you - the description text or the video content?
This makes Steem the only freemium blockchain in the world (that I know)! It also explains why accounts have a little cost to create them. Free accounts + free transactions = spam (bloat of the blockchain).
I record these videos in my garden. I just talk freely about Steem in one recording with a general subject in mind. Sometimes I lose my train of thought and then I start the whole video over.
I trained myself to do it in one sitting, I'm not a fan of jumpcuts + if I can't talk about something normally for ten minutes I don't understand the one thing I'm talking about. At least that's how I see it.
I always add the text later. Sometimes I don't even know where the vlog goes while I'm making them.
Seems like a very efficient system - your video ideas feed the text content and you are expanding your reach while presenting them on both text and video.
I love your perspective, you are thinking ahead of the curve with RC, I wish the witnesses were a little more articulate yesterday. I agree that it is looking like it’s going to pass so it’s all of a sudden about making the most of it. Your passion runs very deep and that’s good because I think it’s contageous.
During the witness conference and especially with Eli, SteemPeaks really was the elephant in the room. Honestly why try busy or Partiko when Steempeaks is just so me.
Communities will be huge finger fingers 🤞
I think you are very talented and Steem is lucky to have you.
RC is the basic thing definalty we required to perform on STEEM. In coming days if price will be sky rocket so new commer will have to spend a lot to get it. And this is really important to keep and maintained eco syatem of the STEEM. ☺️👍
Posted using Partiko Android
I still think we are going lower... The bottom is at 15 cents for STEEM as i see it. I will start buying sub 20 cents.
Why 15 cents? May I ask what's your reasoning behind it? I'm curious.
First assumption is that the bull market has not started (may be wrong). But I assume that BTC is going back between 4k and 2k.
Alts however, will suffer a deeper correction than the previous bottom, because BTC dominance goes up at the end of the bear market.
Since STEEM reached 20 cents when BTC was at 3k, a lower price would mean somewhere around 15 cents.
Posted using Partiko iOS
That said, I believe that starting to buy now is the right move. I am not because I don’t have enough money on the side. As I have smaller amounts, I try to aim for the absolute bottom to get more STEEM.
I know it’s risky...
Posted using Partiko iOS
I will love if we go to 15 cents. That would give many an opportunity to stack up on STEEM.
Is RC based on Steem or SP? I thought it was SP, specifically. Good video. Thanks.
Based on SP as far as I know.
Yes, it's SP.
Mark @exyle I Really like the Information you put out there about STEEM and The Direction we can Go in once People Realize that it Really is The BEST Block Chain as Far as use Case...........