I guess some whales have one thing wrong if they bought steem in hope of earning from upvoting.
Scenario one: Whale bought 500 000 Steem. Steem price is 1 USD. One full upvote 50 USD. They are making 10 full votes a day. They get 125 USD from curation rewards. They make 45k a year from curation. Since they voted other whales or rented it for upvote bots the whole ecosystem does not grow and steem price dropped to 0.75 Value of their assets at the end of the year 545 000 steem = 408 000.
Scenario two: Whale bought 500 000 Steem. Steem price is 1 USD. One full upvote 50 USD. They are making 10 full votes a day. They get 125 USD from curation rewards. They make 45k a year from curation. Since they find time and spend it curating quality content, new talented contributors come to the platform and they bring new people with them, platform grows, demand for steem is increasing. Price rises to 1.25 x 545 000 = 681 250
While there are different other scenarios but this is just to illustrate how everybody would benefit from keeping ecosystem healthy and profitable for everybody.
there seems to be a huge lack of understanding about how to create value on a social network...
Exactly. Because noone comes and tells everybody like some dude came to facebook and told everybody how to do it. This is decentralised platform with no leader that act to a loose set of rules and try to play a system finally all they play is themselves. Decentralised blockchain is good - decentralised platform with loose rules not that much it seems.
On the other hand if they had time and conditions to distribute tokens more evenly majority of the problems would be absent. Like EOS are doing their token distribution for a whole year to give everybody a chance to get some. While on steemit too many tokens are concentrated in too few hands why the system fails.
Some are talking about democracy while this is being more of oligarchy. So no wonder that a platform built and suited to work on democratic and liberal setting is failing due to oligarchy power distribution.
Thanks for treating us like adults @stellabelle!
I think Apple and others proved how valuable a healthy and growing ecosystem is.
I like you how present these scenarios which spell out the difference in viewpoints I alluded to above. For me, this place is the answer to a lot of injustice that takes place in the world. There are 2B Facebook users (so they claim) who are basically paid nothing for their efforts. The steem blockchain is the first opportunity to get people paid for what they do. That said, it isnt about "gaming" the system so one maximizes his/her profit. Rather, it is about contributing via upvoting, posting, and commenting in an effort to have the entire entity grow.
You see the only way to truly maximise the profit is increasing the price/value of unit. Billion tokens with no value is much less valuable than thousand tokens with a value of 1. And that is where most people fail to see the point.
And the only way I can see to increase the price/value of unit is to have more activity which attracts more people which stimulates more activity.
I doubt that the steem token would be worth under a dollar with 25 times the number of people on here posting, commenting, and upvoting.
I doubt it too but i thing the development team abandoned the idea of building steemit as a major platform instead creating SMT that will fuel up many other solutions and apps with Steem as a backbone currency which will rise their price. As for steemit as a platform... i have serious doubts if it will survive the competition as a front end application.
All valid points.
Do you think that an app like busy.org steps up in its place or is your view the entire model is broken since those apps read the same blockchain?
No, model is perfect. You just need to do UI changes. Hide the wallet of the author for example, or hide value of the post which would be only revealed after upvoting it so that your decision is not influenced by the current value of the post. That would have helped a lot if done at the right time. Or most importantly more even token distribution at the distribution stage like they do with EOS. They run distribution for a while year so everybody has a chance to get some.
busy.org which i use too, bescouted.com which we built steepshot.com are just few of many front end applications that will be bulilt and empowered with SMTs. Steem blockchain is an amazing reward distribution mechanism with steemit rather poor front end application implementation with it's known faults. There will be thousands of applications running on it in longer term.
My compliments on steepshot...That is a wonderful app...taking on instagram...very impressive. I wish that the shots (like the zaps) didnt end up in the blog section on steemit. From what I understand, that is something that can only be changed by the steemit developers. If people start sending out 20-40 steepshots a day, the site will get very messy.
I am glad to hear that it is just a UI problem and that you are very fond of the model.
Maybe you can answer this...is SP controlled by steemit or is that a function of the steem blockchain in general?
I fully get and agree with what you are saying here - but its obvious some of the whales do not get this. Maybe I am wrong but many of these people are techie people, not business people, and the same with the witnesses. We need people at the top that understand this and are willing to work towards this
People at the top who build the very Steem blockchain do. I can not tell why those guys who invest heavily do it. Maybe they just do not have time to curate manually. So they just rent it out to bots to keep it spinning.
well, let's get them (or us) to the top.