I got some questions from other Steemians on my previous vlog that I like to answer.
Starts @1:20.
the price and volume of SBD in the market has been falling every day. SBD died? @jsantana
No, it's actually back to the value it was originally designed for. 1 US dollar = 1 Steem dollar. When businesses come to the steem blockchain you don't want products/services priced in STEEM. It fluctuates too much in price. What is needed is a stable currency. The roll of the SBD is to provide this stability. It has been trading for a premium for a long time >1$. I don't know why that happened. I traded some of my SBD for this premium. It was a good deal. I'm glad to see it's back to $1 and I hope it can stay there.
Hi Mark @exyle I really respect your opinion, as you know. Something occurs to me that perhaps you would like to address in your vlog (I know I'd like to hear what you have to say about it), and that is gaming the Steemit system. I don't know how else to put it, but what about those who are using Steemit merely for profit, in other words? As Steemit looks more and more like an opportunity to make money, what about those who just want to take advantage of it? Is there potential for them to ruin Steemit?Do you have any thoughts on this? @chessmonster
The more Steempower you have the more it hurts if the Steemprice goes down. Ruin Steemit would mean the price would go to 0 cents. This is in nobody's interest.
But what is often forgotten is that having Steempower is also a huge risk. Even for you, you have 22.000 dollars in Steempower. That's a lot of money you are putting on the line. If anything happens to the Steem blockchain it's all gone.
So for that risk, you get a stake and influence on the platform and I believe that's fair. How you use that stake or how anybody uses their stake is not for me to say. Self-voting can be seen as a way to mitigate some risk.
I make around two posts a day and I upvote those. The rest I give away to others on their blog or on comments I receive. For me, that feels fair, but for others, it might not.
The Steem blockchain will slowly grow and become much bigger in the future. The Steem price will also go up. When that happens I think the need to mitigate risk will become less and the need to keep the blockchain stable bigger.
I talk about it more in my Vlog.
Follow Me @exyle
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Really great answers to two important topics. With SBDs coming back down to their implied value of $1 US dollar, I am now holding them, not selling. I agree that having a stable SBD is important for business purposes so buying/selling has a stable currency to conduct transactions within the community. SBDs have sort of taken on a life of their own and been trading as their own crypto on exchanges, a little strange in my opinion b/c of what they were designed for, but I believe they've been seen by some as another investment product, which I fully understand. If their premium goes up, I will sell again to convert to Steem Power. With their implied value being $1 US dollar, they could also be used as a hedge against a falling Steem price, especially is the value of a SBD falls below $1US dollar. To me, this just goes to show how Steemit is organically growing to solve multiple problems.
As for upvoting, I agree 100% this a personal decision. Steemit has something to offer for everyone, and if we start implementing rules all we will do is ostracize members and become an extremely nichey platform. I think this is where creativity comes into play to show the average person how Steemit can benefit them. Steemit is a social media platform, but since it's also attached to Steem, it's an investment asset as well. Steem Power can be looked at as an investment and savings asset due to it's multiple functions. To really grow Steemit we need to promote all aspects that make it great, not pigeonhole it by focusing on a very narrow view of it. Great post as always. I enjoy hearing your opinion on these matters b/c you're extremely knowledgeable and your answers are well thought out. Resteemed.
@exyle Hi Mark, thanks for answering my question! It's good to get your feedback.
Thank you, I hope it was ok.
Those two videos sounded really sleazy to me: not in the spirit of Steemit at all. That's why I asked and appreciate your thoughts, Mark. @exyle Thanks again. 😎
Thanks @exyle for clarifying concerns regarding SBD price fluctuations and clearing newbies doubts... you were very convincing in the video...Keep up the good work!
Thank you for answers some questions I had in my head. You are helping the Steemit community a lot. I think that you are very nice person. Thank you so much for your great post and videos.
@exyle I think you should become a witness on the platform, you seem to always have a ethical judgement as to how things should be run on STEEMIT.
To become a witness you need to run a node. I don't have one.
So many people on Steemit ask the first question, I think there should be some kind of starter guide emailed to you on signup or a help section/link when you look at your wallet. That should hopefully help people understand the difference between SBD, STEEM, and STEEM Power.
"But what is often forgotten is that having Steempower is also a huge risk. So for that risk, you get a stake and influence on the platform and I believe that's fair." I totally agree with this.
Although people may think they are gambling with their steem power I don't think there is a huge risk that steemit fails.
If anything it will succeed and I know you already believe in how great steem is going to be but some people just don't have the confidence that they should have with the coin.
It was pretty cool to see when SBD fell bellow $1 as I've never seen anything like it before. To be honest, SBD is one of the safest storage of money as if it falls below $1 it will quickly recover and if it goes up then it's profit for you.
Thanks for answer my friend @exyle. Grande abraço e ótimo sábado para você!
Obrigado!
Really good explanation and thoughts. i've been seeing more and more posts about self voting. I feel one of the great things about steemit is decentralization, (hope i spelled that right :) ) and freedom, if you start limiting the personal freedom members have to do what they want with their vote, then steemit is already over with. it should about free will, not control.
Interesting point of view. I also am having fun, but part of that fun i in the game of trying to maintain a daily level of income. I try for $1. I figure this is a great return on my investment. I will ponder the amount of fun I have outside of the rewards.
I completely agree with you @exyle on both your answers. First is SBD pricing. It actually hurts that SBD price is falling especially when more and more people are connecting with this platform. But for a greater good, I think it's pretty necessary. Actually SBD was designed to be equal to 1 dollar. And now it has done justice with it's design.
Secondly, if I talk about steem power, then having high steem power when pricing is going down is very bad investment like this is happening right now in the crypto market. So, it would be kinda wise to power down if you have great steem power. As crypto world is high volatile and it's wise to be on safe side just in case.
Anyways thanks a lot @exyle. You did a pretty good job so far. Wish you good luck in this Crypto Recession.
Good analogy! @exyle I'm Staying the course of economic success with "Steemit Platform" and will pay myself 1/3 along the way ~ The trend is always your friend until there is a shift then you reassess...
Thanks!! Appreciate it
@exyle
Hi, "Mark." (Great name you have there.) :D This is the first time I've come across your blog and I am very pleased to follow, upvote, and resteem your blog - for answering good, real questions from the Steemit community. Please continue to interact with us and educate us about the proper use of the Steemit platform, as well as sharing your thoughts and other advice about it.
Also, I'm adding you into my voter-bot.
I would like to ask for your help: I am giving away $10 SBDs to whoever convinces me to give it to them, here: https://steemit.com/contest/@bi5h0p/here-have-10-steem-backed-dollars (In other words, I am going to hijack your post, to promote my own contest, trusting in your good graces not to flag me for it. LOL!)
Again, thanks for answering our questions. Please keep up the good work!
Great post my friend.
your posts are really helpful, some of my questions are already answered by this question and answer like it is FAQ. thanks.
Another great video !
I think this is the time when we should trust the entire ecosystem of steemit blockchain...price of cryptocurrencies are bound to fluctuate....we cannot expect an up move all the time...its good to see steem is forming a solid base at current levels...I'm sure people who are banking on steemit will only reap profits in the long run.
meep
I was just finding answers at youtube about every inch of steemit and finally i landed here on steemit itself! I'll follow you for future beneficial posts! Thanks
thank you for this answer to the questions session proven very helpful to me
Another good one. You're consistent. Questions are great.
I haven't thought about losing SP. Usually the thought of that would scare me, but ever since I got on here I'm having fun and I'm doing what I really enjoy. I have faith, I try not to worry too much.
Keep it up :)
Nice, see this amazing photos i took.
https://steemit.com/people/@jabra/76qgbb-photography-is-the-story-i-fail-to-put-into-words-destin-sparks
We will see my froind how it will go from here.
Thank you for sharing your views on steemit block chain. wishing u a happy grill session :) Keep steeming
Thank you fro providing the answer. It was helpful.
Really Good
Thanks for all of this important info
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