My Sentiment On The Future Of Steem
Shows cliff notes:
Crypto happens fast; pressure when the price pumps.
I unintentionally get quieter when things get pumping, working.
Everyone is just guessing. I am really good at getting on the right boat, just sometimes I get there a bit early.
I don't sweep a broken economy under the carpet.
Inflation is dragging us down when it should raise us.
You're going to piss off someone being yourself.
If you had a bunch of Steem power, you could be running contest daily, giving away free money via the inflation your steem power is allocated. It is the most powerful futuristic advertising vehicle on the planet.
I've made a lot of seemingly fucked up choices to get to where I am. And if I didn't do it exactly how I did it who knows where I'd have ended up. What seemingly in the moment may seem terrible is really life saying move muthfucka you almost to the promise land, just needing to go through the swamp to get there.
But if I didnt invest in Steem, there would be no 3speak, and there would be no several other projects I'm about to launch, either. So sometimes life digs in you a little to push you in the right direction.
Additional info that's not said in the show but relevant to the topic:
Steem:
Steem is speculation drive, mostly, atm. So aside from: "Why would anyone buy Steem?" - The new EIP, if it makes content discovery better and brings in more people, does that necessarily mean a better price for Steem? Where is the value damnit?
At the core of Steem, the "intrinsic value" if you will, is resources credits (needed to do anything on Steem), voting power and influence (both for positive/or with free DVs, protector of reward pool). If I see value in Steem as an investor, it would be important to me to be able to play a role in protecting the reward pool via downvotes, because I could better defend my investment from pointless dilution via spam post. A single Steem token comes packed with all three of those things, while also being a good medium of exchange, as Steem is censorship resistance, ships in 3 seconds with no fees.
So why did I buy Steem? Speculation. Right now Steem does do a lot, Steemit has proved that. But what really gets me excited is thinking of all the possible front ends, with their own communities and token. Games will for close-knit communities and build their own economy with crypto, and so will just about every other niche will as well. Steem is scarce digital real estate. The people in this community are builders, this thing has taken orbit, and when you have as many smart minds as we have here, working towards the same goal of making Steem better, magic happens.
Inflation paid to authors is about 17 million STEEM per year. That's about 46k Steem hitting the market every day. For the price not to tank, we need people buying more then what is being sold, obviously. Note, 100% of the author rewards are not sold, but this isn't accounting inflation paid to witnesses.
If we chalk up author rewards, Steemit INC. selling of 800k a month that adds another 26kish bringing a steady 70k Steem to sell pressure each day on average. Of course, inflation goes down every year, and Steemit INC's stake isn't, and they could decide to change the amount their selling tomorrow, but that is what we have right now. I'd say most of the early adopters who were going to sell would have sold by now, a nice year + long bear market will test the strongest of hands.
All of the above happens without the need of Steem being used to curate content. SMTs can quickly fill that role, and we, as a community, should focus on driving solutions that can be built on Steem. However, Steems curation/author rewards were never meant to be the backbone of Steem value. The inflation pool for rewards is a trojan horse for ranking high in search engine results. We were (still are) a very high ranked site at one point, and you can thank that to the reward pool giving upvotes value. The reward pool is a cheat code to greatness, very genius design.
When Steem started, there wasn't a large marketing budget, and with lessons learned from Bitshares, there needed a way for Steem to go viral without it costing any money. Speculation drives investing (bitcoin, gold, etc.) and with the massive traffic came fomo of Steems possibilities. I believe if the reward pool is used right, to reward great content and that results in a higher ranking for Steem on search engines, then we can look at that 17mil Steem each year as a marketing/onboarding budget. Aside from the fact, the reward pool offers a genius way to distribute a currency (dpos being esp important here due to voting rights), it serves as a valuable way to onboard people who need to "try it before they buy it" when it comes to resource credits.
The bigger picture here is 1 billion people all needing a little bit of resource credits, spending 5-10$ to a lot themselves more posting/playing/doing rights on the steem blockchain. The bigger picture for Steem is 1 million people all buying 100-200$ worth of Steem to tip their favorite curators for as long as they wish, allocating their tiny fraction of inflation to the creators they love. The bigger picture for Steem is too big to actually picture, things get blurry, and my head starts to strain when I start pushing the limits of what Steem can do.
Distribution of Steem will always be vital, and for free is the best way to onboard people, the trade-off for free is a form of natural marketing. Without this reward pool, we would have no early speculation because we would have had no marketing budget. Dan Larmier and EOS raised 4 billion USD, ya bitshares played a role, but it was the massive viral success of Steem that attracted the investors.
Steems clever marketing ploy is our cheat code, and we should tweak the code right, so it propels us to the front of trending, not the trending on Steem, but on the internet. People come to Steem every day and produce content, content that will last on the internet forever, each little post bringing in compounding value over time. Content is priceless and will be exceedingly more valuable in our digital age.
▶️ 3Speak
Steem is my passion and I couldn't agree more. I am moving towards Orca, something I am very happy about. Some was bought, much was rewarded, all is powered up. It is only recently that I took some STEEM and moved it to Steem-Engine to buy some other tokens on there.
We are an undiscovered gem. For close to two years, I wrote about Steem and what it offered. There were a lot of bards thrown at me like I was a Steemit cheerleaders or that I had no idea what I was talking about. Ironic that the naysayers seemed to die down of late as the development is appearing on a daily basis.
Your videos are always inspiring. They help people to keep on the beam about Steem.
We are all really going to see the result in another 6-12 months. At some point, the world is going to find out what Steem is all about.
Concerning the STEEM price, so far, the "naysayers" are right.
Of course I hope in the long run you and other optimists will be right.
Anyway, pointing out the problems as well, apart from the bright sides, is very important if you want to evaluate something objectively.
Greetings from one of these "naysayers" who - nevertheless - is still around, hoping for the best. :)
masta_ace from the No Limit Slack here.... just found this platform. Looking forward to listening to you here.
masta_ace! my man welcome to Steem!
Always appreciate these man. Keeps me fired up and I know it helps so many others on Steem as well.
I am still powering up every week, I'm not going anywhere....But I can see why people would give up. Especially when you hear the naysayers reminding you how well BTC is doing compared to Steem. LOL
I think it's the tribes man. The people...That keep me here. I haven't seen a more dedicated group of builders or entrepreneurs anywhere on any blockchain. We truly do have some of the best people online here.
Love the message about going through the swamp...And almost getting to that 'magic land'.....$1 Steem and we're going to be seeing a lot of attention back our way.
Stay the course folks...We're almost there :)
I am sure that as time goes by all of these flaws will be fixed. There is higher activity day after day and it's not price driven...
I am also very optimistic about steem. And you know why? Because I find it hard to believe that in other community projects people talk so much and give their best to improve the project/coin itself.
People around here care to fix everything...and I think this is remarkable. Eventually steem will shine...and I don't give a shit what others say
I really hope people are on board with this logic. Not downvoting 'because that's not what I do' isn't good enough for me. Many people have been taking a sh1t in their own office for too long and it's up to the whole community to take part in the cleaning operation.
Wanna start a downvoting guild for people who don't use their downvoting mana? :3
I'm hoping @steemflagrewards will tweak what they have in place so that people optionally can sign up there and have their 2.5 freebies used each day.
A guild would be good if managed by some of the higher stakeholders i think, but I'll support/promote it for sure - taraz, boom, michaelb, flipstar, are all 30k+ accounts who have been open to getting their flag on thus far.
Palnet.io is one SMT that is built on top of steem @theycallmedan and it is one example of the use case for steem and with that it gives value to the platform and this will continue as time goes by when new devs create dapps to solve future and current human problems and needs.
Kindly tell me the date of SMT.????@cryptopie.
Yeah I believe the reward pool isn't being utilized properly to marking means to propel steem to trend of the social media, search engine and basically the internet at Large. We have a lot to attract people and thats why I think we have to protect the reward pool from spam and exactly the most vital part of this hardfork is making the free downvotes possible. In other words steem has gotten all the whole ingredients to succeed, we only need to recognise these and put them in the right perspective amazing content here @theycallmedan
I remember well how I first came across @dhenz account almost a year ago now
Focused on $7.77 STEEM and Not going to check the scoreboard until the year end
I'm extremely bullish on STEEM like all the BUIDLers on STEEM like yourself Dan
Feels good reading this...
Reminds me the days I first saw @dhenz :)
Thank you
I always tell people to invest in people not in projects/DApps
Binance was $0.10 2 years ago and one guy made 400 X to his investors
We just need couple of more people like Dan to take our STEEM to Moon
I had an emotional moment when you spoke about life not being a sole and how important it is to build and commune with other, which is quite difficult for a person like me. I want to be responsible for myself and action and that only. It is easier to focus that way.
Coming back to steem. I think my primary obligation here is to remain active. Control what I can control and that's my creativity. Whatever changes that will come I will adapt to them. I hope the steem blockchain lives up to its potential. It will be in our best interest.
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Your metaphors are unbelievable. I never enjoyed content this much.