I think the biggest problem is steem finding value. If we increase the number of users 10 fold and the number of steem currency units increases, then it may become more prevalent and therefore could gain value. Could be that it needs to be based on something like advertising. I have no clue how steem can fix itself without a major overhaul.
Since STEEM Rewards Pool only increases at a certain rate and will continue to decrease, you would assume that increasing the number of users would actually increase the value of STEEM. However, the issue is, STEEM isn't used to purchase very much. It is only on a few exchanges, two of which have trust issues, and the other options of using STEEM to purchase things is almost a complete secret.
While I was going through all of this, I found out that I could use Coinbase to connect to my PayPal and send my STEEM there to convert it to real money. With a 4% charge of course. But, I had no idea about it and I still don't think it would help with STEEM price, because I would just be selling off SBD in order to get real cash.
Exactly, not sure if this can work without steem being sent out from here en masse. Would have to become a more widely used/adopted commodity. Why would any new user come to steemit, unless it were lucrative. May take much much longer for it to theoretically become more valuable, maybe so long that users drop before steem can gain steam...
Coinbase accepts Steem or SBD? I thought I had to change it to Bitcoin in order to put it in Coinbase. Sorry, I'm a noob so I literally was following tutorials, lol. But now Bittrex is ...suspicious. Binance got a couple of good reviews but my browser says it's a phishing site. There's a third I'm checking out. If I could send to Coinbase, that would be cool.
It looks like you still need to convert it to BTC.
Hi there @deanlogic. Would you care to develop further and explain better what's the process to send your Steem/SBDs to Coinbase, connect your Coinbase account to your Paypal and the exact exchange procedures to finally obtain real fiat money out of Paypal?
Thank you!! :)
Further research determined that it was still a Steem/SBD to BTC conversion and then a connection to PayPal through Coinbase. I am not sure if Coinbase is still supporting it or not, because I haven't tried it myself. If I do, I will post an article on it. I just haven't been at the point of cashing anything out.
Oh! good to know then. Thanks for the heads up. Looking forward for the step by step tutorial with names, hairs and signs of the entire procedures and updates on your next post.
Cheers!! :)