Where are we going with Steemit?
During the past 2 weeks, the $ value of upvotes has gone down about 60%.
Whatever the reasons are - lower Steem value, increased user numbers, more upvotes having to be covered by the upvote pool and some other factors - we are soon back to where we were before HF19: that a upvote of a lowly minnow is worth nothing. With the only difference, that you can only give 10 meaningless upvotes per day instead of 40 .
If that trend continues, it will soon be over with the rapid growth of Steemit member numbers. And even some who are already members, will be discouraged to invest more effort into the community.
This is not good. I think, the people in charge of Steemit should seriously think about that, and try to find a solution to stop this developement.
I'm still fairly new here, myself. But I think Steemit has the potential for something great, and I would be sorry if this potential is not being used. Lets see what solution can be found to counteract this trend.
image: downloaded somewhere 10 years ago, no source known
In think that is because Steem Dollars value is down back to 1$, which is his target value. In HF20 Steem will be burned every time a new user register, I do not know how it will work, but it may help at increase rewards a bit.
In my opinion the way for increasing rewards is add more advertising to steemit, and burn the steem advertising revenues.
I'm not sure if I understand what you say. You mean, the amount of Steem available in total gets decreased, to raise the value of 1 unit?
I dont see how that would help the issue I adressed. But I'll let it sink in and try to get more info on that.
Yes. If the Steem price goes up, the rewards also go up.
There are some projects for helping minnows, @minnowsupport for example.
I totally agree @beatminister I will follow you
Thank you, @happyhousewife !
Your so welcome @beatminister
And the Dollar value of an upvote goes down retroactively.
Threads and comments I had that had a 0.01$ expected value, went down to 0.
I already had a 0.01$ voting power, and then a post which got another upvote still went to 0.
In my experience, posts and comments that score less than 0.02$ are not being paid out at all. You can see this on your old posts - if they had a pay out you can see how much it was by clicking on the little arrow. 0 or 1 cent posts just show 0.00 and downt even have the arrow. I had that a lot, especially at the beginning and before HF19.
And if the vote value keeps falling, we will be back to that again soon.
How is the value of an upvote calculated against SP? Is it linked to the current price of Steem? I have watched my vote fall from 0.02 to 0.01 and close to 0.0 in a week. It is quite demotivating.