It seems to defy the Keynesian way of thinking that we can actually have an economy of abundance. Traditional fiat money is built upon scarcity. Can somebody enlighten me on the value of holding on to Steem since we cannot use it to purchase everyday goods?
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Well im not keynesian minded anyway so it wouldnt be an easy debate :). Steem purchase for goods are coming over time so imo, dont worry bout that.
Haha. Unless there's mainstream adoption that Steem is actually "money", it will be quite hard to purchase everyday goods. Now, let's think for a moment, how do you value a loaf of bread with a blog post that took 1 hour to write?
Which is more valuable? To a hungry person, the loaf of bread has more intrinsic value than a blog post. While a university professor might forgo some of his wages by working less at the university to satisfy his intellectual curiosity.
At the end of the day, there's no way to create abundance. Scarcity creates value. If Steem is readily available simply by publishing tons of blog posts, then it is inherently worthless.
Maybe I'm missing something here.
Theres scarcity in its production, but the culture of money can be one of abundance :) doesnt mean we should just waste it all though - i think you get what i mean
The reason why bitcoin is valuable is that it's scarce. For the same reason, gold remains a good way to store value.
Now, if money is so readily available and one can obtain it easily, then there's no inherent value. Similarly, there's no reason why we shouldn't waste stuff that has no inherent value.
Could you please explain the what you mean by the culture of money?
By protocol Steem is limited too and I'd agree with valuable being associated with market availability, of course. However, I think it's a mistake to assume that Steem can be obtained easily. After all, it's easy to see on trending that people are getting good amounts. But by all means, it's just the same as Bitcoin distribution, just through different mechanisms. The fact that I can vote and give u a dollar or two now may seem like easy money, but it was through luck and difficulty (same as BTC or any mining) that I acquired the Steem Power to do so. Culture of money = spending, distribution culture / habit / activity.