@rok-sivante Thank you for writting this post. A lot of people have been biting their tongue about the issues around here. Steemit is one of the most amazing platforms and concepts the Internet has ever seen. Sadly it might not survive. It is hemoraging great content creators like yourself who understand crypto. The crypto community isn't that big and it is an issue once everyone has taken a look at this and determined it to be an unfair system. A lot of times when crypto coins die they don't recover. Mintcoin, Feathercoin, Quark....etc. The people with the voting power might figure that we are lower level than them but when all the good content creators who the hell is going to replace them? Your general person out in society isn't technical enough to deal with the crypto and exchange it out. We already have the exchange accounts. We were already ready for this.
Do the people with voting power really think that we are going to stick around and work on this platform for $0.12 / hour while sock puppet accounts are upvoted consistently?
Steemit is 80% the way there but suddenly it has a 50/50 chance to survive. It is alienating almost all the good content creators who know enough about crypto to exist on this platform.
My predicition is that STEEM is going to $0.05 and at that time if the whales don't stop powering down then there is a good chance the platform is finished. It is extremely sad that this amazing platform could become a flash in crypto history.
My monthly chart Parabolic SAR dots are extrapolating a predicted price of $0.15 by November's Steemfest. Your $0.05 prediction is around late December.
Yep, that is exactly what I was thinking. $0.05 in a couple of months. Some of these whales are wreckless enough to just drive the price in the ground at that point. Suddenly it will be like Auroracoin and all the good content creators will have left because the only accounts getting upvoted will be sockpuppets with plagiarized posts.
Auroracoin and whales + Iceland - I'm sure there's a link there somewhere??? sockpuppets with plagiarized posts - I like that line ;)
$10 million has fallen out of STEEM's market cap in 24 hours! OUCH!!!
Good Points.
The only real maneuver left to save it is to pull a Synereo style burning of the ninjamine.
https://blog.synereo.com/2016/09/16/synereo-burns-half-of-all-amps-in-existence/
That is how you strengthen your crypto, brand, and reputation all in one shot. If something similar doesn't happen before Steem drops below a nickle, I don't see much chance for recovery.
It is an interesting strategy. It certainly will be hard for Steem to recover if it drops below a nickle. It becomes way to risky for people to power up because they can't overcome the wave of power downs. New user retention is way too low to make up for the power downs.
If everyone in the top 25 especially @ned and @dantheman would stop their power downs that would at least send a very positive message to the remaining content creators.
I almost think that they know STEEM is going to $0.05 or less but instead of taking action at this point they probably figure that they will stop their power downs at that level. Unfortunately at that point it will probably be too late.
If you have watched bitshares, the constant drain by the founding\witness crew never stops. Every projects minings\earnings is sold hand over fist as fast as possible until it is worthless, investors be damned.
There is only one chance to keep Steem in the pocket change range, by burning the unfair ninjamined coin advantage, and I have not seen anything indicating they have the character to actually do it.
So glad you said that. As much as I've said today on this, I'm a newbie still and Steem is my main intro to Crypto (bought $10 BTC in January, and that's my whole whole crypto history). I might make one more purchase at 5cents if that happens (!) but am keeping my eye on other crypto now, and Akasha as well. Your sock puppet and 50/50 chance comments rang true with me. Upvoted this as well, Thank you.
In my mind the best reply ....
respect for this comment. wins my vote for best reply yet.
As long as the whales can continue to power down and make thousands of dollars each week doing so, then they probably don't care if anyone else sticks around. They may not care even if Steem becomes completely worthless. They've already made a lot of money in the past six months. They can probably easily move on to the next project.
What we need are actual long-term investors who actually care about the success of the platform and the success of content creators - and who also care about the reputation of Steemit as a social media and content creation community. Right now, I'm not seeing many investors who want to touch this. They really don't have a reason to. Something will need to change soon and it won't come at the hands of the few thousand active users who have no influence.
I have said over and over again that I came here to invest. As in real money. I am still investing time, but I just can't find a reason to purchase Steem. To improve my voting power would take too big of an investment for the return.
I love to write, but I don't have an awesome story every day. I think to date I have made a few cents from curation, because I try to avoid voting for the exact accounts which have been referenced.
I don't care that people are talking about Doom and Gloom, I do care the curation motivations are very low.
Those who have talked about the "issues" get flagged and chewed out by whales.
I was an early adopter of Facebook, back when Mark Z. was your first friend. He wasn't rich and powerful yet either. There was a lot of talk and comparisons to MySpace.com. You didn't see mark running around and telling everyone to stop saying anything bad. In fact he interviewed people who were negative and built their suggestions into the platform.
We shall see what the future of Steem/Steemit holds.
Yeah, I don't like thinking of it as a job or anything serious like that. When you have something to contribute, just go for it and don't worry about the pay. Likewise, when you read something you like, go ahead and upvote it but don't feel obligated to vote on a certain number of posts per day or anything like that. Unless it's fun, it'll die.
I have thought about it from that standpoint as well. I asked myself. How much would it take for people to "Whale UP?" The number is too great for sure to make their vote worth anything. I have been here for over 3 months cranking out content and my vote is worth $0.01. I can only earn about 5 Steem Power each week from curation. So let's say I don't have the money to Whale UP the question is would others?
The answer seems to be just like what you are saying. The investment is too big for the return at this point. And it is too big of a risk. The investment could just erode away as the biggest accounts continue to power down.
You are so right about the correct course of action being to interview people who have been on this platform to really figure out how to address some of the issues.
To be fair some of the feedback has been taken into consideration for sure. Hopefully somehow some way we can save Steem / Steemit.
Several guys from this group https://steemit.chat/group/steeminvestors (me included) hold exactly the same thinking.
Actually when I read this I thought it was written by me:
It says there's no such group as "steeminvestors" when I click on the link.
Contact@twinner (by private message) - tell him you are a perfect candidate "per my estimation" especially if you do not meet the general criteria - which is "SP less than 50% of author rewards."
Actually I did that for you. Just if your chat handle is not 'ats-david' in the chat, tell him what it actually is.