I love it how you put it and i totally agree with it:
"it has a really good chance of killing Steemit, the social site"
Exactly my thoughts!
"it basically makes a mockery of quality content."
Could not have put it better!
"Steemit potentially being a potential game changer in social media is out the window"
If nothing changed - i totally agree. Hoping for change... probably not much...
"A bunch of desperate bottom feeders doing "whatever it takes," which pretty much only serves to enable a handful of "fat cats."
AWESOME way to put it.
"Ned can have as many "fireside chats" as he wants, but every single rewards-for-content site over the past 20 years has struggled with something like this, so pretending that Steemit is somehow "different" simply because we're on the blockchain is basically sticking your head in the sand. The greedy elements of human nature could care less whether there's a blockchain"
Agree 100%
We seem to be very much aligned in our thoughts but you put it in words in such a succinct and elegant way!
Well @bix, let's just hope it all sorts itself out. I try to keep in mind that the big vote sellers are-- ultimately-- deeply invested in the Steemit ecosystem, and they tend to suddenly turnabout when it becomes evident that their investment... best represented by the price of the Steem token... is heading down. If you own 800,000 SP and Steem is at $1.00... and you watch that price slowly degrade, odds are you'll change your strategy before your investment is worth 1/10th of what it was...
So please help me to connect the dots.
Let's say Someone has hundreds of thousands or millions of SP.
ok, they see their investment slowly degrades.
What would they do? Rent it out more?
They can't cash it out. My understanding is that it's not a liquid asset.
They can benefit from delegating but then again what the difference does it make if the dollar value of it goes down?
If someone is sitting on this asset they would want to put it to best use anyway, regardless of the value.
What is the best use for them then if the value decreases?
Thanks.
Nobody changed their strategy when the price fell from $4 in the summer of 2016 to $0.07 in March. Many large stakeholders were dumping into the all-time lows. I don’t expect things to change this time if prices continue falling.