I think 2018 can be the year of $10 STEEM. It is not going to just magically get there on it's own though. As stakeholders, we have a responsibility to take an active role in improving the value of the token. I am interested in hearing people's thoughts on what needs to happen to get us there.
Keep in mind that while Steemit, Inc. is one of the major stakeholders, they are not the only stakeholder. Ideas on what Steemit can do are OK, but I do not accept the idea that we are 100% dependent on them to get us there. I am really most interested in hearing ideas on what we as community stakeholders can to do increase the value of the token.
Please respond in the comments below:
I remain fundamentally in the camp that the number of active users determine the value of the currency. The model I follow is the Mayer Multiple in which social media in general have their value quadruple when the number of active users double.
How to grow the user base?
Technology
Rocks Db to shrink RPC node requirements.
Velocity to speed up the signup process.
Make account creation super simple and have a tool that makes it simple for websites to include it.
Community
For people to come here there has to be community. Folks that come and don't find a home leave. We need to support community. This has technology aspects of SMTs and Communities, but also has to do with whales investing their Steem Power in growing communities that benefit the ecosystem.
Opportunity -
I'm not anti-bid bot. It's better now than when the deals were all behind closed doors and no one could access them. That said, it would be better if whales would sponser curation initiatives. We have tools that make having centrally organized accounts to resteem and vote content much easier. It would be swell if whales would organize communities and sponser their growth by putting as little as 20k SP into an account meant for others.
Down Voting
There has to be more down votes. There's a lot of shit content. We're not goign back to exponential rewards, so that means we have to have a way to clean up what sucks. We need a down vote pool.
Distribution
This has plagued this platform since I got here. The ninja mine lead to one of the worst economic distributions I've ever seen. It's terrible. You can't kill everyone and seize the steem. So, let's slowly distribute it. The best way to do that is inflation and making sure inflation goes to the active users (who typically aren't investors). This provides incentive to be here and write and earn.
Support Businesses and communities
If you're on the platform and want to see things go well buy stuff from others. If you need a server go to someguy. If you want a story go to the writers block. If you want entertainment hit up Steemmonsters. If you want to see the ecosystem grow you have to support it.
I agree. Undoubtedly, the number of active users determine the value of the currency.
This is why companies like Facebook and Google and Netflix all ploughed ahead, making no profits whatsoever in their formative stages, reinvesting all their resources to grow the number of active users, gain the network effect, and take an unassailable market lead. At that point, they monetized the numbers.
This is why bidbots are a bad idea, though, albeit I agree they are better than secret deals.
Since bidbots reapportion funds, from user base growth and retention, back to the holders of Steempower, active users are stagnated, borne out by statistics that show total active user numbers are no longer growing.
Since in a corrupt system, all parties tend to corruption, and the biggest losers are always the most altruistic, a Steemit solution requires altered algorithms, perhaps ones that reward curators more, as suggested by Luke Stokes, or maybe some other idea.
That said, another solution would be to give up on Steemit as a lost cause, allow it to stagnate, and go after new Steem users through the decoupled SMTs. That's where Ned is being really smart, because a better platform than Steemit can still be built on the Steem blockchain, through SMTs, even if Steemit itself ceases to grow.
"number of active users determine the value of the currency"
And this is our very sad report on those active users from @arcange:
I'm one of those content creators steemit is supposed to want to attract. Out of the 20 or so people I brought in this year, only my son @bxlphabet is still here. The others left - mostly quickly. The last two left last week. One said:
"There is no way steemit is worth all that effort. I'm going to stick with fb, pinterest and instagram where I get more better results for much less work."
The other one said:
"Not one of my moron fb friends could ever figure out how to post on steemit. They might be morons, but they are my morons."
Back in January, our number of redfish on @arcange's report was pushing 170K. Seeing it drop so far has been discouraging to me. And the dead fish category is now near 900k - so 9 out of 10 people fail. A few of my people who left are sill voting with auto-voters, so the active number is somewhat inflated.
I have no answers about what can be done, but I thought this report was a good addition to your post. Praying we all succeed here.
Yeah, well, I tend to think this whole thing is basically about hourly wage. When the price of steem is high the wage is high. When it's low the wage is low. Couple that with being new to the ecosystem people have to put in time, and as you note not every facebook dad can just hop onto steemit and roll. That said. I was on facebook for 5 years and never made a penny... so, even when I made a penny here it was better than 5 years over there.
Folks have to learn that getting your free lambo takes time.
But sadly, steemit advertises itself as a place content creators can get paid for their work. Then you get here and Oops! Not really! And then we get the lambo references or discussion about "greedy minnows." That phrase drove one of my guys out.
Many of my content creating friends - including me - do make money posting on fb - either with our pages or groups. We are not on social media to be social, but to earn a living. I get affiliate sales, book sales, and coaching work from fb. Some people do well with fb ads. This is a difference between content creators and casual posters. But neither of those categories of people seems to have a place here on steemit that makes sense.
As long as SBD is overvalued, the most obvious and almost non-debatable (though I realize people will debate just about anything) thing anyone can do to increase the price of STEEM is to vote for @burnpost. The blockchain takes $1 worth of STEEM from the reward pool and uses it to create 1 SBD. That 1 SBD can then be used by @burnpost to buy $1.40 worth of STEEM from the market and destroy it. This represents a net demand of $0.40 STEEM bought and permanently removed from the market (or an immediate 40% ROI to Steem stakeholders on the reward pool payments). (Other helpful things done by @burnpost such as fighting spam are a bonus.)
There are many debates about whether rewards are being put to good use, whether the pool is being raped, etc. but even the most worthy uses would probably have a hard time competing with an immediate, guaranteed 40% return on investment. The less worthy to completely non-worthy ones are likely not even break even, so the choice to instead realize a 40% return should be quite obvious.
I seem to recall a certain bellyrub bank preaching 40% return on investment, you may want to take the 40% number you used, (even if accurate), and change it to something else. (for psychologically insecurity reason associated with that term 40% ROI). People may not believe it even if it is true, and see it as just nothing more than another bellyrubbank type scam.
Now then a question...Would not a post declining payout, then voted at 100% by 7 of the biggest whale have the same effect? It is my understanding that declined payouts if any votes are received are burned up, like a high level dustvote.
Declined payouts are not burned, they are left in the pool and then distributed among other posts (and comments).
Thank you I have been trying to find out what happens to the declined payout funds, you are the first to enlighten me about it. There are just so many small parts of the "code" that is not known or understood by the general population of steemit., so I do appreciate you taking time to let me know. I just figured it would be like the dust votes - poof all burned up.
Dust votes are also kept in the pool (and therefore reallocated to other posts/comments) I believe, but I'm not 100% sure.
Then on that I was misinformed, Tim Cliff implied or stated that they were burned up, not returned.
A few things that come to mind that would surely help:
Probably a lot more things but these are my main points for now. Feel free to discuss my points in the replies.
If there was a well-funded account with lots of Steem Power could upvote a new user as soon as they registered enough to give them the Steem Power they need to start posting. If there was a template that a new user could enter info about themselves that would make an intro post and it would automatically be upvoted as soon as they posted it. On that post only the rewards could be paid instantly to their account, funding it. Problem solved. Instant account creation.
Indeed a good solution!!
@acidyo
That is more or less what we did with the @sbcbot. It is a bod for the Sport betting community. Depending on the content of the applicant the blog will get whitelisted for the bot. Once a day, the than member can use the sbc tag to get an upvote from the bot. They don't have to purchase share or donate to the bot, the idea is to give these guys a push in the back, because they are rarely supported by other communities!
Besides quality posting and record keeping of their bets, we don't ask anything in return. Most members are red fishes but most of them appreciate the work of the community, so they donate 1 SBD to the bot per month. These funds are used to power up the bot, or to fund some contest organizes by our members!
We regularly control the post of the members and advice if needed. We don't require that our members make a profit with their betting, we just want them to be open, and luckily the blockchain is a great tool for this.
An upvote from out bot is around $0.15, which could save some members from leaving the platform. The biggest problem we have is that the bot is mainly dependent on delegations for the moment and mainly on one. Which always is a danger!
Something like this is possible for each kind of niche. You just need some people who are willing to put in the effort, time and some delegation!
But it is worth it. People are starting to interact with each other, which is our biggest dream!
We are a firm believer of interaction on the blockchain. This is according to us utmost important!
Cheers,
Peter
I think SMT's to attract more projects and the Hive to create better tools for application development will be crucial. I don't think all that will happen this year, though.
That sounds smart @acidyo.
Regarding middlemens:
While there are many who simply don't give a f* about content, blacklisting & whitelisting -blacklisting users removes potential customers and overbidders, if you know what I mean (There was a time for Smartsteem when the number of bidders got pretty small due to our strict blacklistin) - I believe middlemen, in general, aren't the problem. There will always be good actors and bad actors.
Now, I'm very much interested in your opinion as one of my biggest concerns for Smartsteem is the longevity of the promotion-market on Steem, which makes it difficult to scale, plan and advance the service. What if oracles & communities decide that promotion-services aren't allowed? What if Steemit Inc changes the algorithm?
So I want to do as much as possible, to create a fair and transparent service for users to promote their content, without getting abused (which is pretty tough - as we can't look into the future and say: yes, that person is going to stack bid-votes to 1000$ with a low-quality post). But when they do - we'll make sure to blacklist them.
And most importantly: working on a business model that has a future on Steem.
Now - as I said before - I'm very much interested in hearing more about your thoughts, so when you have time and of course; if you want: let me know on discord @ therealwolf#2442
I think the points you have mentioned here could help a lot. One thing I want to add is a potential Dapp like dlive could increase the demand of Steem a lot.
Agreed👍👍👍
Decay witness votes, Way too many passive incumbents leading to complacent witnesses.
I'm completely new, know nothing really, don't pretend to, but I just cast my first witness vote for Luke Stokes, because I saw his diplomatic and generous-spirited video where he nails the problems with Steemit growth stagnation (ie self-voting, secret deals and bidbots that deplete incentives for new authors), and makes great suggestions as to how Steemit growth can be re-incentivized.
@transisto that is something I didn't think about. How would that work?
Main things we can do that don't rely on Steemit, Inc. are:
Get more people to join and teach them how to succeed, which includes investing in STEEM at least $100 to start. (Obviously works more realistically for Americans/Europeans/Japanese, etc. than many parts of the world, but there are upvote pools those of us in richer countries use to help developing country folks get started stronger. I'm actually in the process of sponsoring a few people in Ghana with a daily upvote equivalent to them having put $100 into STEEM.) I have a course I create with video, linked text, etc. on how to get started on Steemit well and how to monetize your writing here successfully. Honestly, if I was 100% committed just to seeing STEEM price increase or Steemit grow I'd probably make it a free course, but the business consultant in me just won't let me do that. I did put a paltry $25 price tag on it (where my courses are normally $149-349) and I do give out A LOT of free coupons, but I still can't quite stomach putting a zero value on my labor in creating it. At some point I probably will make the course freely available though. I've seen that people do much better more quickly being guided on screen with explanations on why you do this or that as well as how. Apart from my course, more and more training materials in general that really break things down in a way a non-technical person can get it when the system really is pretty complex.
As part of education, emphasizing the benefits of powering up, at least until you reach the monthly income that really makes a difference in your life. This just comes down to having the math spelled out for people. I know how much I need to make off Steemit to be able to make writing here my primary income source, so I'm powering up everything until I hit that mark. Only then will I start selling rewards earnings for USD. Which brings me to my third point...
Have more ways to use STEEM to buy things without needing USD. I still would rather people powerup when they earn STEEM, but having STEEM really function as a currency could help massively to attract people not interested in content creation. And even when those of us earning STEEM spend it to buy things, so long as it doesn't get traded on an exchange for another cryptocurrency, it still doesn't bring down the price of STEEM.
We need to also educate on the incredible profit potential of STEEM. I honestly can't believe how many lists I see of passive income coins, or profit making coins apart from price appreciation, that don't include STEEM. Crypto or not crypto, where else can you get a 25-30% return just by loaning out the power of your investment, while still holding onto the underlying asset at all times?! It's unbelievably good an investment. That's before you consider the 10% per annum baked in plus the potential for price appreciation like any coin. Of course, I'm someone who buys delegated SP instead of selling it, so I'm not seeing that 25-30%, but I know the people I'm paying it to are! And it's a good deal for me too, because I'm using the extra SP to build up my own without locking up too much of my cashflow in crypto when I want to hold all crypto longterm.
In general, people using STEEM need to make sure they really understand STEEM themselves and then really talk it up. I talk about it at parties, on other platforms, at dinners, even with Lyft drivers and movers. Any chance I get, I spread the word and educate, and more of us need to be doing this.
Now I also have a long list of things Steemit could do too, like communities and getting rid of Trending completely, but that's for another post per your request.
a) I agree with @aggroed that the value of a social network increases dramatically with its number of active users. Yes, you are talking about STEEM while I wrote "social network". I am well aware of the fact that the STEEM blockchain doesn't consist of Steemit (or a social network in general) only, but it is a fact that the masses (if they join) will connect to the STEEM blockchain through socially interacting with other users.
One big problem is that new users aren't supported well enough. Experienced members should do the job (yes, it's hard work) to manually watch out and vote for posts of new users instead of auto-voting friends only!
I have tried to convince many friends to join Steemit but unfortunately most of the time if I wouldn't vote for them they nearly wouldn't earn anything if if they are writing interesting articles, many comments or upload dance videos on DTube or DLive.
As many others already mentioned, it really has to be as simple and fast as possible to create an account!
b) We have to make self-voting, circle-voting and spamming less attractive, for example by ...
... thinking about a reward curve which started as n^2 / exponential (thus flat), and then later changed into linear which would work against self-voting as well as excessive rewards.
@clayop had a similar idea.
... implementing diminishing returns when upvoting the same accounts (including own ones) again and again.
... reintroducing the restriction to four (or less) full paid posts (including comments) per day (from some hard forks ago) which was very reasonable. Just think at @haejin for example ...!
... considering also other ideas like the one of UserAuthority from @scipio.
Community building initiatives are huge. Steemmonsters is a wonderful example of adding value to the blockchain. Not only is there a group of people with a common interest (community) that is exclusive to steem, but there is an incentive for others to join that community from outside of the walls of this platform.
These need not be games, but ways for communities to engage. There are many other examples that I can think of. P.A.L, Utopian (off the top pf my head)... All groups that encourage community involvement are the key to adding value to the blockchain. There are also special interest groups emerging. I am involved in some Hip Hop groups and I am sure there are all kinds of other interest and cultural groups on this platform.
Some ways of providing initiative for being a part of the community are always great. Steemmonsters has some big whales supporting its movement and that has made a huge difference. We can be playing games for large prizes because of the big money injected into the movement, but also the publicity it has gotten because of the high profile users who are involved with the project. I am not sure if there is a person or a place that I can approach to apply for funding for community initiatives? If there is such a place, it needs to be far more publicized (cause I can't turn around without seeing steemmonsters), and if there isn't... that could be a huge plus for creating these community groups. Once people have found their place and their people, the need to milk the rewards pool is not so pressing. Friends tend to do that to us, they put things in perspective and life is about many things, many more important that making money.
If we are to use this blockchain to mine currency for personal gain... this blockchain will not last long. Gaming the system is the largest problem that I see and it is not only found in vote bots. Whale voting patterns can be just as bad, or worse, as vote bots. WE, as people who believe in Steem and Steemit are caught up in a prisoners dilemma with this issue. Everyone is raping and pillaging trying to get all that they can before the walls come down, why shouldn't I? If everyone stopped raping and pillaging we could have a sustainable community that could be rewarding (in more ways than one) for years to come. If this place is getting bled dry, I want my piece of the pie too. That is a dangerous mindset for our platform. People that care for steemit end up gaming the system because the ponzi is going to fail at any time. People already assume this place is not sustainable so they milk it for all its worth. We need to stop this mentality and I think that can be done by strengthening communities (likely with delegated steem).
Seeing the length of this comment, I am going to write a post about this topic and link it to your article. I appreciate the effort that you put into this platform and have never questioned my vote for you as witness. Keep up the good work.
Well said, what ever change there will be, it should discourage this behavior.
It is a tough one to break. I was shaken awake to see the error of my ways and I think others shown the clear choice that we are given would likely do the same. Make some money on the short term and kill a good thing... make some money sustainably for the rest of your life and pass on your steem account to your grandchildren.
If its up to human nature then the abuse will outweigh the good intention.
Unless there is a strong community to support a sustainable vision for steem. That is the most important thing to the success of steem in my opinion.
Here is a bit more thought out comment but pretty much says the same thing as I said above.
https://steemit.com/steem/@allcapsonezero/usd10-steem-in-2018
Steem/BTC needs to go back up to 50k satoshi and bictoin needs to go back up to 20kUSD
Then steem will be worth $10 exactly. haha
BUT you're wondering what things can we do to add value to the system encouraging people to want to hold on to their coins as price rises... k ...
New users
RETENTION OF USERS
This!
Oh, God, YES!!! PLEASE!! We could also kick out dead followers and people who just troll for the heck of it. Every other social media platform has this. It should have been built into the system here a LONG TIME AGO!!!
Couldn't agree more.
Thanks @timcliff. Well, I saw this Post and I have been thinking about pulling the Trigger to get some more Steem and turn it to SP>
So after seeing this I went to my CB account and went ahead and bouht 947 shares of Steem and powered on up. And "NO" Iam not just conveniently making this up or saying to get some kind of spotlight here.
This is exactly what happened. I had been thinking of the $10 barrier so this Post kind of reinforced it.
Iam not versed as far as the actual tokens and what needs to be done to get to that $10. But I believe enough in the platfrom itself with Steemit to invest more.
And I think $10 is not unrealistic by beginning of 2019.
My brutally honest answer is that the total market cap of all cryptocurrencies needs get back to an uptrend.
But I think STEEM can reach $10 eventually when SMTs and the Hive are launched and when SMTs and pay-to-play apps that use the Steem blockchain start cropping up everywhere. I'm unable to quantify how many such applications there need to be, how many users and how large a turnover they need to have in order for STEEM to reach a transactional value of $10 instead of a speculative value that high. But there is a good chance that it will happen once the technical capabilities are in place. It will take some time, though. But once SMTs and the Hive are released, there needs to be serious marketing.
I can tell you the answer to this question:
What you've always demonstrated and encouraged by your efforts on ensuring that steemit.com/welcome makes sense, etc.
Holding steemit / steem a secret, to those that think they're lucky enough to know about it (and not tell anyone else) is wrong.
More users, more activity, more eyeballs, more commotion, and a bigger splash on the internet will create VIRAL steem. VIRAL want for steem power, and VIRAL buys for steem.
It will create VIRAL developers, and VIRAL apps, and VIRAL media press
...and when that happens, STEEM itself becomes VIRAL
What happens when something goes VIRAL?
It goes to the moon. If that happens, you won't be asking about $10 steem. You'll be asking about $100 steem. :)
More buyers than sellers. ;) lol
Seriously though I think if signups move forward and ratings improve the price could hit $10 this year.
It seems like SBD would have to be around $1 to make it happen though so I'm guessing this year will end at around $5 Steem.
my thoughts on that:
We need new Dapps like the ones I wrote about :
https://steemit.com/teamaustralia/@itstime/5-steem-dapps-that-should-happen-asap
Higher rates of adoption, a better search function and the relaxing of the anti-cryptocurrency climate.
There actually have been quite a few better search functions developed by various people. I think Steemit just has to actually incorporate one.
Going to try some out. Any suggestions?
I almost never use them. But I do have https://steemlookup.com/#/ bookmarked it seems.
Thanks
I'm using Partiko right now and it has pretty good search function!
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The economics of what can make steem rise in value really breaks down to spreading the ownership of steem out over many more holders. To do this we need more newbies to come onto steemit and stay long enough to become hooked.
We have been trying to help support newbies with the Pay It Forward Curation contest now for 11 weeks and hundreds of plankton have gotten some much needed support. Goal is to help hundreds more and increase the amount of support given to those featured in the contest.
It's my belief that if those who produce good content see some recognition and even some rewards they are likely to continue to stick around. This recognition needs to happen on a regular basis and preferably over a period of time that spans 60 days. This seems to be a major break point in people leaving.
There are other things that will help for sure that have been mentioned over and over by others like a functioning instant onboarding process.
But overall IMO nothing matters unless those of us that are already here are willing to help the newbies get started. It takes serious time commitment and I get that, but without these efforts the newbies just leave never getting hooked on steemit.
Since Steem is an inflationary currency, it's growth is dependent on the platform's ability to bring in new customers.
Unfortunately, this is also the definition of a Ponzi scheme. In a ponzi scheme, the payments to existing investors comes from the new investors.
Bernie Madoff's ponzi scheme ended poorly. The Social Security Ponzi scheme hasn't crashed yet.
No idea why I feel the need to answer such a off topic uneducated reply to my comment, but I do. Not sure why you would compare this to Madoff's ponzi scheme which didn't tell people that they were stealing their investments to pay interest rates on previous that couldn't be achieved. This is completely different then what steem is. Steem lays out exactly what the inflation factor is and that inflation is what is used to pay current stakeholders.
I like this you are comments
My comment hit the core problem steem faces.
Steem is a currency. It faces the classic problems of all currencies.
Most of the currencies in use, including national fiat currencies, do not have equity behind them. People who accept the currency today are dependent on someone else accepting the currency tomorrow.
You stated that you want to see SteemIt build up the price of Steem simply by bringing in new investors.
This is the classic definition of a Ponzi scheme. The payout for current investors is based on new investors.
If the focus of SteemIt is simply to increase the price of steem by suckering in new investors; then the platform will ultimately fail and will fail in a way that hurts a lot of people.
The long term value of steem has to be based on getting Steem accepted as a currency and in building real value.
BTW if you did not notice that you suggestion that SteemIt should concentrate on inflating the price of Steem by bringing on new investors is the classic structure of a ponzi scheme; then you are the person who is uneducated.
If steemit follows the route that you advocate (paying off current investors simply by bringing in new investors), then, at some point, the people who invest in the platform will get hurt.
My background is in finance and economics. Nothing about the definition of a ponzi scheme is steem.
There is no return on investment because new investors come in. This added money isn't being paid directly to those who already own steem as a dividend or interest. This is a free market where you can see the total float, total amount tied up in steem power, and total SBD issued. This market is traded on multiple exchanges openly and freely.
Nothing about a ponzi scheme is in the open. Hence you are uneducated.
Not one thing about what I said included "paying off current investors simply by bringing in new investors". What I said is we need more total demand to increase the price as currently the supply is outpacing the demand. That is how free markets work, not ponzi schemes.
We need to spread information about the greatness of blockchain steem through the news media.I want to create a writing contest about Steem in mainstrem media but not many Steem Power to give upvote post participants.
Steemit.inc has to do something about the kind of exchanges they associate themselves with, when you visit steem.io, at the bottom of the page you will see three exchanges such as OpenLedger and some other two, which should be exchanges they can vouch for right?
My OpenLedger account was hacked on the 2nd of June, there was an unauthorized transfer of all my funds out of my account.
Im still here waiting for the security team to get back to me.
If steem is going to be any good, it cannot keep associating with these kind of irregularities.
If steem can boast of security, then it should stand by that.
I think through fixing little things like this will not only take steem to the moon, but will also keep it there...
I havent given up hope on OpenLedger anyway, i really do hope something can retract the entire transaction. It is painful
Good call. There is a more up-to-date list here, but OpenLedger is still on it.
https://steemit.com/faq.html#Which_exchanges_are_STEEM_and_SBD_listed_on
I'll take an action item to address both issues (the lack of exchanges on steem.io, and what to do about OpenLedger).
We need to deal with bidbots and shit content in trending. It's an embarrassment. That means people need to develop curation and community tools.
Steemit itself...should look into either getting rid of trending, implementing another tab, or at least implementing some of the suggestions made months ago. One example would be incorporating promoted into trending or one of the traditional ad spaces, like the top or side. While I am quite positive that for most the whole "advertising" aspect is just an excuse, it would at least remove that, and burn some steem regularly. Implementing a few solutions would likely at least reduce the abuse to a certain degree.
Additionally, people need to flag the shit content that has insane upvotes. Right now they're afraid to. Separating the flags from downvotes might help with this. Flag/downvote rewards might also help.
What exactly do people think happens when so many users abuse the system like this? People come here and see this place as a pay to win joke. It hurts the price of Steem immeasurably.
There are a ton of other small things that we can and should do, but it all comes down what we can do to make Steem look better. It's a good coin. The main thing is probably to stop letting people make it look bad.
We collectively need to provide more products and services that meet the needs of our community. We are in the early phases of this, but there is still so much potential.
The prices of Steem (and SBD) still feels highly speculative. We can't increase the value of Steem until we can prove that it has "real" value as an exchange for products and services.
That would be apps that provide value to theirs users and that cost STEEM or SBD to use. That's the best way to create demand for STEEM and SBD that does not depend on expecting the next guy buying them at an even higher price.
Empowering the minnowers by whales and encouraging them to power up regularly and empower other minnowers. I Think this will seriously improve the price of steem, because this was actually the idea of the creators I guess.
When a large number of steemians are empowered it is easy for them to support more new users.
we need to break the tie that binds...Steem to BitCoin
This is one way
Other ways are to update 'stuff' that newbies see initially. Like the white paper, the FAQ's, etc.
Another way is to destroy all 'bots. Either that or be honest about them. The WHOLE point about the looooooong 'onboard time' (what's it take now...a month?), or so I understand, is to make sure the noob is a 'real boy'.
and yet 95% of all votes are by bots..
the hypocrisy must be a slap in the face to the noob.
inconceivable.
What Everitt said ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^
I do agree with you. Chances of them getting rid of bot is nil though.
Btc rise to 50K.
that one is a safe bet... lol.
Hahaha that's true!
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I think the best way to raise STEEM price is to reduce the supply of STEEM in drastic way. For example, 17M BTC has been mined and few millions are lost, 4 millions can be mined in next 120 years, therefore BTC is scarce. 99% of EOS are sold as crowdsale. On the other hand, more STEEM will be produced in next 10 years than current supply. At current inflation, STEEM needs exponential growth of users who have to be investors too.
The radical way is to reduce STEEM inflation only to PoS interest and wetness compensation with decaying rate as suggested by @transisto.
STINC can launch their own SMT and reward as similar fashion to STEEM. All top sites can launch their own SMT. All sites can experiment with their own SMT reward distribution policies: stake based voting, one account one vote (1A1V), cap on voting power. Any controversies within the site will be bottled within the SMT sites and will have less effect on STEEM's price.
STEEM demand will rise due to bandwidth purchase from the SMT launchers (e.g. businesses) and scarcity such as most of them are already mined.
Initial distribution is a big issue. All the top coins has initial skewed distribution. PoW has stigma of consuming too much power. STEEM has a decent start with PoW mining and later distribution through hybrid PoS and PoB. Therefore, STEEM is already distributed widely to think of next phase- SMTs, DApps, reward policy etc.
What I believe scarcity and demand can raise STEEM's price drastically. STEEM has demand, but its overall supply is supplanting it. On the other hand, if current inflation rate is to be continued then exponential growth of users is very much required. Among them, there should be large number of investors/creators who should want to buy STEEM for speculation or influence.
TL/DR: Reduce STEEM production to PoS interest and witness compensation with decaying rate. STINC has to launch own SMT to reward in Steemit. All major sites should launch SMTs too. STEEM will be very scarce similar to BTC. Or, exponential growth of users (10M) is required who also should want to invest at current inflation rate
Burn it
While it must be reassuring to someone that steemit has 44,309,388.179 STEEM sitting in an account. It was not acquired in the way it should have been least to my understanding. It’s a massive liability on the system even with it just sitting there not doing a thing.
Destroying $116 million worth of currency. That should send some shockwaves around the cryptocurrency verse. Just because people say it will never be used does not me it won’t be one day. No longer making it an option is the only way.
Exchanges
Bigger adoption rate on exchanges. 2017 seemed to be a great way for steem getting listed. It’s great we are not so limited anymore. Still, an area that needs to be worked on. Everyone everywhere should have an exchange they know that we are on. We don’t want this to be what hinders our growth if a couple of main, once we trade on, have issues like in the past.
Targeted Advertisement
The world should know we have dlive, dtbue, and a whole host of other things going on. Word of Mouth only gets you so far. Granted some companies have gone to the moon and back with it. Even for casual users of this site I often wonder how much they know of the opportunities that are here to create.
Front Page
A more intuitive flagging system being able to categorize the reason. There a big difference between flagging for “disagreement of reward” and flagging because it’s a scam, plagiarism, or illegal. A large hinder to our ecosystem is when people see our trending page and they see yet another blog of a snake oil salesman or someone running some kind of scam. Yet in our system, they are one and the same. Once trending the masses upvote it to upvote it. Even if the comment section is filled with giant red letters “THIS IS A SCAM.” It can just sit there basking in our sunlight tossing shadows on the platfrom
If top 20 witness, whales, or high reputation members who have been around for over a year start flagging something and categorizing it as Scammer, plagiarism, or illegal it might be something not worthy on trending for steemit. No matter how much that author chooses to spend on it to keep it there for days on end. At least some kind of time limit. How can something days old be trending on a site that has a 7-day cycle?
New Members
Introduceyourself tag is so abused and spammed I don’t know why anyone would read it anymore. Not sure if it’s possible to have an “only able to use this tag once every 6 months” option. When people just google translate their intro post and repost it every couple of weeks with so many other accounts and people trying to get those free votes for using that tag. It’s just a bloody mess. Maybe communities update will fix this or have some solution may be more thought needs to go into it.
Some kind of interactive first-time user tutorial that pops up for a new user. That gets people to make their first post an “Introduceyourself” It should walk them through the basics let them know about our top ten by volume used apps like dlive/dtbue , take them a basic tour around the site encourage some engagement. Maybe show them the top ten friendly new people communities they should consider joining. More than make sure they understand about private keys.
Whatever it is we need something to try and engage them without making it a massive burden on everyone else to in trying pick up the slack. Quite a number of other sites don’t just leave a new sign up dangling in the wind. Even if they think to go look for an FAQ that is a very long and intimidating page.
100% Agree. Power it down (at least half of it) and 🔥BURN IT!🔥
Even if Steemit Inc needs funding for future development, I'm sure $45 million for half is more than enough, but the benefit of the burn to the overall health of the ecosystem would be well worth it.
Even an incremental burn if the price of steem gets to low could be one way to help things turn around. Would be an interesting fail safe if it was used like that. Investors would know once the line in the sand is crossed they start burning. Sadly line in the sand measures don’t hold up well over long periods of time. Market is going do what it wants to do and people sometimes exploit such knowledge to gain more out of the system.
We should at least burn the STEEM and SBD sitting in the Poloniex and HitBTC wallets during hardfork. That currency was transferred there by Steemians and Poloniex and HitBTC has abandoned those wallets for 5 months now, yet they still trade their virtual supply. They are never going to fix the wallets. Let's just burn that supply and cut them off. They will be better off in the long run anyway as they are trading a fake virtual supply of currency.
Magic pixie dust!
But seriously, I think that a move past $10 is not happening without a successful launch of Smart Media Tokens. Tweaking the reward pool, fighting or embracing bots, building Communities . . . all of that is at the margins. SMT’s are the Holy Grail.
The irony is while steem is a community coin and is more useful than other shit coins, yet steem is never in level work them in price. Why? Steem needs more than just that. So much for a coin that is supposed to be better....
Hmm...
1- Regulate the Bid-Bot user
2- Accelerated sign-in delay
3- Create more dapp (usefull to mainstream)
4- Talk about steem/steemit The most as possible on the other social Media
5- Try to get partner With big Communication enterprise
6- hold your steem :D
this is how i see the things , But im interessted to see what other user thinking.
thanks for asking us.
Where does the value of Steemit come from? Because of the transaction volume, right? Most blockchains today are valuated in that fashion. But that is just speculative value without understanding the benefit of the platform.
Our search needs to be improved. google search is not appropriate inside a community. we should be able to find articles that we want faster and under categories or scopes.
We also need deep tagging. today the tags give us a feeling of classification into groups. i think content needs to be tagged so that it reflects the nature of the matter written. say #educational, #tutorial, #level101 are the tags. these are additional tags that will allow me to find beginners educational tutorials in #steemit (as an example). so we need extra deep content tags to be implemented.
we all need to become better curators with proper guidelines for effective curation. I dont mean upvotes. we must be able to tag articles that we find with curation tags (like deep tags that i dwelt on above). we must curate at least 10 articles per person each day
Good question, with a lot of possible good answers. My answer is to get the foundations SBD and STEEM back to the way they're suppose to be. All else can build off that. In short...
Get rid of the dual currency economy that is now in place, with both STEEM and SBD serving 90% the same purpose. STEEM should be the only tradeable currency, and SBD should be brught back to being what it was designed to be; a debt instrument worth 1USD of STEEM. The peg needs to be repaired, and bidirectional conversion put in place to keep it their. While we have both SBD and STEEM serving largely the same purpose, the system will only work against STEEM by bringing it down with SBD. Both may reach $10, but neither will stay there the way things are working now. It is a barrier to entry for business not having a stable SBD peg.
I posted about this in a little more detail here if you're interested. With SBD approaching 1 USD the time to act may be very near. I hope we don't miss the boat again.
More of the newer users need to buy Steem! I purchased mine in person at a meet up. This platform is fun when your vote is worth .03 but really fun when it is worth $.25! Demand must increase faster than supply, now is the best time to buy because prices are low. You can make back your investment if you post and comment every day.
Some weeks back, steemit celebrated 1 Million users, but did we realise that out of the 1 million account, there are some dormant and abandoned account. So, what we need is to revive the abandoned accounts and get more people into the system by openly advertising steem on other media like the social media, Radio and Television.
Secondly, Seminars should be conducted at intervals to get more people to invest on Steem. There are people out there that have huge capital but have not gotten the right info from the right source to take the risk of investing. Good Customer services should be provided for them to get the required information.
I have problem with them bots. I feel this system will be better without them.
And Lastly and most importantly, I've noticed that Steem has some synonymous behaviour with Bitcoin and if serious work is done to see that Steem stands alone and even when Bitcoin falls in price, steem still stays up. Tell me why anyone wouldn't rather choose steem to other cryptocurrency.
Thank @timcliff for asking around. You're certainly a good head for Witness Category
Maybe make Steem attractive for real investment? Maybe not put so much emphasis on creating content via interfaces and utilize the blockchain’s great features for other purposes? Maybe find real blockchain revenue/distribution models? Maybe stop pretending that STINC will have ANY solutions or innovative ideas that they can actually deliver?
Other than those, I can offer this:
https://steemit.com/steem/@ats-witness/block-change-you-can-believe-in
And I should note that prices for STEEM are still pretty much completely dependent on price moves in the general crypto environment (namely, Bitcoin sentiment). Or when Koreans feel like pumping. The prices don’t appear to be affected much by what happens on this platform. Maybe we ought to consider that reality as well...and try to figure out why nobody seems to care.
Oh boi you hit the nail on it head
"And I should note that prices for STEEM are still pretty much completely dependent on price moves in the general crypto environment (namely, Bitcoin sentiment). Or when Koreans feel like pumping. The prices don’t appear to be affected much by what happens on this platform. Maybe we ought to consider that reality as well...and try to figure out why nobody seems to care."
Lots of folks are still under the illusion that content creator give this token value without realizing how important it is to engage the traders/ speculators and investors... We have successfully kill off the Koreans traders buying killing off their favorite asset, I assume you probably come across their discord or telegram channel...
Steem would be at 10 dollars, the traders are committed, but some stakeholders have been relentless dumping on them, these folks don't realize they kill off enthusiasm....
If you want a higher price, we have to kill off the supply, and there is the unlikely way of doing it but most people are not open to the idea...
Like all things that have great potential, it just need promoting. I completely understand that its decentralized, and that's why I'm here.. and that means there is no official advertising team (which also i like) Its up to small-medium sized investors to go out and promote Steemit. I often buy people @anonsteem accounts instantly in front of them - I think its 4 or 5 so far.. but yeh, no adverts means Underground (which again, I like)
We cannot forget how early we all are - anyone that is even just reading and researching Crypto to be buying, is also very early!
Most of the coins and token's (not the new obvious fake ones) don't even have a wallet, and even more are just a piece of paper, that's how early it all is :)
The predicted due fall of main stream media will cause the masses to start looking for alternative news places and social media platforms. There are many new accounts being made but its takes long to process, but the more Steemit grows, the more dormant accounts are created but then as time goes on.. word will spread and people will remember that they already have an account from even a year ago!
All Crypto is a ticking bomb packed with financial freedom which will be used after the "Shift".
Thanks for that question, I'm looking forward to reading the other replies also!
Fix the signup process.
Fix the signup process.
Fix the signup process. lol
Marketing.
Marketing.
Marketing. Not lol
Launch communities in a way people like
Improve curation and post discovery
Take steps to improve perception of Steem, such as by making use of the ninja mined steem held in @steemit that annoys the crypto world so much (such as perhaps using it to tackle bid bots as I mentioned in this recent post).
Produce better educational materials and communications (i.e have SOME!).
In short, much of the world has never heard of Steem - yet love it when they understand it. I have lost count of the number of opportunities that have been missed because there is no real marketing or community team operating in a professional way.
Most of the major stakeholders are against Steemit using their stake to upvote/downvote content.
If they create their own bid bot that undercuts the competition and which returns the money taken in for the bots into the reward pool, it solves a variety of problems in one go:
It would not be Steemit Inc's choice as to which content gets voted for or against - so I don't really know where the complaints would come from - except from owners of bidbots.
That is quite debatable. Most would spin it as Steemit is using their stake to counteract the wishes of the stakeholders.
It is a complex issue, yes - certainly open to debate.
If the market of steem users buys the votes from Steemit, then it can be said that 'the market has spoken' and the userbase has no problem with it. I'm not sure who exactly you are referring to, but I don't see the big SP holders flagging bot users very often (ever) and I am pretty sure they are not beyond using bots themselves. The key issue though, here, for me - is that the bot owners will be continually growing their SP forever - meaning that if they aren't already, it won't take long before they ARE the major stakeholders and obviously they are going to be against Steemit Inc. doing anything to put them out of business. So it is that there is a kind of face-off .. The community and Steemit must decide if they think that potentially being held to ransom by bot owners and their friends is better than having them leave in a huff and having to then bring in more investors with a cleaner, more balanced platform.
Something in me suggests thinking of women breaking free from pimps! ;)
A large number of the large stakeholders are against Steemit using their stake for voting - regardless of how 'good' or 'bad' the intent. Even though it is a good idea, it is pretty much a no-go.
I just made a new post that expands on this idea and adds in the element that the money used to buy the votes goes straight back into the rewards pool. I think this should negate any complaint about rewards pool dilution, leaving any complaint form stakeholders lacking substance.. Unless I am missing something (which is certainly possible!).
https://steemit.com/steem/@ura-soul/a-way-to-neutralise-bid-bots-on-steemit-steem-while-still-allowing-votes-to-be-bought
Of course they are, because Steemit declining rewards inflates the value of their own stake. That doesn't mean Steemit is required to listen to them.
I don't think using it to go to war with bots or anyone else is a good plan, but they could delegate it in chunks to curation initiatives, or follow @hr1's vote, or something.
I'm actually thinking of running a bot and trading between stable coins. It would be micro volatility trading. Earning about 0.3% every day. With 0.3% profit, you would triple your money in a year, and nine times it in 2 years. I hope exchanges start adding stable coin pairs. A volatility of 1% could bring you a 40x return in a year.
https://www.binance.com/en/trade/TUSD_USDT
Interesting idea
I think this is a really safe way to invest. It just takes time. Stable coins have remained constant, even throughout the worse market crashes. Unless TUSD or UDST collapses, I think there is very little risk. Usually with altcoins, when the market goes down, people become bag holders for months. If these coins drop by 1%, they will bounce back the next day. All you do is figure out the average low, and the average high, and trade in between. You will lose 0.1% trading fee on the buy and sells. So if you can work within a volatility of 0.5%, you get to keep 0.3%.
When this catches on, and people start to pump and dump, the volatility should increase. If you can find a stable coin pair that fluctuates by 1%, you're golden!
Stable coin pairs are the only pairs, where your usually guaranteed a daily profit, no matter what the market conditions. You're not wasting time, sitting in idle.
Even with 0.3%, If you start with $100 you could get
1st year $300
2nd year $900
3rd year $2700
4th year $8100
5th year $24 300
6th year $72 900
7th year $218 700
8th year $656 100
9th year $1 968 300
10th year $5 904 900
Just do an exponential growth calculation.
http://compoundaily.com
No. I think it is not about bid bots or Steemit interface. This is about how to reach out wider audiences outhere. Steemit is too focus on “closed” community, meaning steemians. There is no benefit for users who can spread their works on other social media.
I think Steemit should begin to use Google analytic as part of user’s contribution to this platform. So we need to talk about SEO and other elements to get bigger attentions from Internet users worldwide.
Steemit can create a social media team who promote good contents to the world.
Steemit needs to redesign its frontpage as a great media outlet. So people can get some intetesting articles they need.
Maybe if the registration process becomes faster than what it is now, yes.
Something else could be, making it easier for new users.
As suggested also by @heymattsokol bots are a big problem too, normally on the other socials they are not that visible as here.
P.S. This are more considerations about the technology, but in a way are correlated.
We can use Facebook Groups to bring people over from Facebook. Artists and original Content creators who are very much interested in actually getting paid for their original content, that is what brought me here from Facebook.... http://www.facebook.com/groups/steemitartists
In my opinion, we depend on the general trend of the main cryptocurrency. STEEM does not grow against the general trend, so it does not fall against the general trend. First of all, if the main crypto-currencies (bitcoin, ethereum, and so on) begin to grow, so will STEEM.
In addition, you need to get rid of internal problems. They are bots. Secondly, to increase the popularity of the platform - fresh blood. The greater the demand, the greater the supply.
This is mostly true, but over the weekend all of Dan's coins were down about 17% while BTC and ETH were down more like 7%. So while whether things are generally heading up or down may be set by BTC, there are independent trends in specific altcoins and groups of altcoins.
One way to help Steem is to give it a real use in the real world. Saying that, we investigate right now an easy way for a customer to pay in our coffeeshops with steem.
Some percentage of the collected steem is planed to support steemprojects with real world inpact that focus on developing cities in 3rd world countries (energy and waste control).
This is a really good discussion. I think the price of BTC plays the major role. If BTC rises, Steem will follow.
And the rest is not so important for now.
Steem needs to get listed on lots of exchanges.
Most of the people don't know about steem, therefore steemians should inform another people to join steemit and make investments
Well it is a hard question to answer but the great thing is that if you can combine all the answers given here, we will have a decent shot at reaching $10 before the end of the year. Regardless of being tied to Bitcoin, regardless of the launch of SMTs (while this could certainly help).
At the moment it is claimed to be a social media platform, well I beg to differ.
It has everything to be the next social media platform but the most of us are to focussed on the money, we can not already predict that while the value of Steem is low, the activity here will drop! But that is the answer on another rant from my side, so more about it later on in a comment or post!
Interaction and engagement
At the moment there is a post/comment ratio just above 2. This is ridiculous low compared with old social media platform where it isn't possible for John Doe to earn some small nickles!
People should interact more with each other and that's were communities comes in. It is hard to set up a community but it can increase engagement and interaction. We have recently started the Steem Betting Community (@sbcbot), where we want to give sport better blogger a push in the back. This with small upvotes (free of charge) and lots of advice about the steem blockchain and sports betting in general. For sure for these kind of post, it is hard to get support from other communities, so the burn rate is much higher here than the overall already high burn rate!
Now, this real life example is about sports betting but could be valid from all kind of niches, from sewing towards climbing!
The whales, orcas and dolphins should give the good example. Form flagging content which deserves it towards spreading some votes downwards the ecosystem! I do know that there is a sport to catch a whale, but it should be the other way around! I am not telling that all whales ans witnesses are just counting their money, which they did delegate to bid bots. But let's be honest lots of them do. How can we then expect from red fished toward dolphins that they don't do the same!
They must understand that starting now, could feel like a nightmare and that it would be great to see some activity from the leaders of the chain!
Just my 2 cents!
I do hope that this brainstorming does add value to the Steem price!
I understand your position, and I see in the comments the people's difficulty in understanding blockchain steem, and the importance of giving value to it with hold. In this dynamic formation of communities, we find many barriers, ranging from the individuals who want to win in the short term, the fight of egos, and a string of the different language.
In my country Brazil, the real is very devalued, and investing in steem is taking a very high risk. And even though I and a community that we formed @brazilians, we are trying to identify who adds value and does steem hold in SP, to value the platform.
Unfortunately many do not understand the importance of forming a community, and hold, but we are able to grow every day. What is very difficult is because to attract people, we do a leasing, and we can not sustain the leasing without donating SBD, because the cure does not offer a free token. We're also trying to post more. We have posts of extreme quality, which encompass health, music, literature, and other topics.
In spite of the decentralization of the network, very little comes to us, even if we do not have a representative share that justifies also, we have a great potential, in a country that 160 million people have access to the internet.
I believe that identifying communities that consolidate hold thinking, and adding value to steemit, is of extreme importance for its growth, we have an average profit per posts of extreme quality that revolves max1 SBD per post, most 0.5, making us resort to bots
which does not attract many , since in my medical profession I can gain much more, but I believe in the potential of the platform, and that with strong decentralized communities, steemit can be much larger.
As it says in the whitepaper, non-recognition makes people not adhere, if you have a project that helps projects like @brazilians, and others to grow, steemit has a lot to grow.
Congrats on the job! We believe in steemit, and even if we do not get more support, we will do our part in adding the proof of brain that steemit innovates and proposes!
In my opinion the basic and core thing is more adoption and for that we have to do effective promotions and have to showcase all Economy of the Steem Blockchain to people so that they can understand it's true value and they can adopt Steemit, because users who are joining here they have very limited thoughts towards this opportunity means blogging and rewards and firstly we have to come out of it and this doesn't mean that it's not important but Steemit is much more than Blogging platform, and Steemit is Business Social Media Platform so if user base of Steemit increases then the visibility of the platform will increase and more businesses and advertisement companies can attract towards the Steem Blockchain and inturn they will create Steem Profile and they can power up their account and more more money will flow in Economy and Steemit is Multidimensional Platform.
So the most important aspect is we have to see increase in user base, more investors, businesses and advertisers on Steemit Platform and the most important aspect is Listing of Steem in more and more exchanges.
Thanks for sharing this post with us and wishing you an great day. Stay blessed. 🙂