Liquid STEEM Report July 3, 2018

in #steemit6 years ago

This is a historical graph of both Total STEEM and Liquid STEEM supply

Liquid STEEM is the remaining STEEM that has not been converted into Steem Power. (Orange Line)

  • When STEEM is liquid, it can be readily sold and purchased. When locked away in SP, it is not liquid, It takes a significant amount of time to convert it back to a liquid form.

The linear line (dotted line) is a line fit to the Liquid STEEM to show if Liquid STEEM is going up or down over the entire time period.

I created this chart with data that I collected over the last few months.

Why is this graph important?

STEEM is created at a high rate. Currently 8.83% per year. Many Steemians have a concern about STEEM inflation with the high rate of new currency creation. This graph shows since February, more STEEM has been converted to SP than new STEEM creation. This means that even with the high rate of new STEEM creation, the available supply has decreased.

I hope you enjoyed reading my Blog. Please remember to Upvote, Resteem, and Follow. Thank you.

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For a breakdown of how Steemit Rewards system works:

https://steemit.com/steemit/@socky/steemit-rewards-breakdown-a-simplified-explanation-with-illustrations

For a breakdown of Steemit Keys:

https://steemit.com/life/@socky/do-you-understand-your-steemit-key

For a breakdown of why Steem Power is Important:

https://steemit.com/steemit/@socky/why-is-steem-power-important-beginners-read

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@socky you are so nice in explaining.. nice explanation woth historical graph.. kepe doing like this

I'm glad you like it.

it is immediately evident that people here understand everything, unfortunately for me this schedule is not clear, but now I see that I need to see a lot that would understand this. Thanks you.

What can I do to help explain?

Do you think that people understood the importance of investing and increasing the sp?

Eventually it will catch on. There are people like myself that understand it. When STEEM supply gets really low due to new investors buying it up, then people will realize the importance. Then it will be too late because STEEM will be expensive.

You are totally right my friend, and thanks for your explanations that make me understand better and learn things as I should

Thank you. Upvoted. Resteemed. I will vote for you as a witness. I like your work!
Joy

Thank you for supporting witnesses. I am not a witness, however you can support my cause by promising to use a witness vote to vote the witness that gets STEEM or SBD listed on a major exchange. You can do this by responding. Here are the details.
https://steemit.com/steemit/@socky/74ibcs-how-you-can-get-steem-or-sbd-on-an-exchange

Ok. Thanks for the link. So what are the numbers next to the names? Not votes?
Joy

That is the number of vests. The amount of SP equates to vests. It is the weight that your vote is worth. There are two types of voting weight. The first type is for your normal voting. These vests are a combination of the amount of SP you have and the amount of Delegated SP. Then there is the type that is only for witness voting. These vests are only calculated from the amount of SP you own and does not include delegation.

Lets say for instance:

  • To be ranked as a whale, one would need 1 Billion Vests.
  • To be ranked as an orca, one would need 100 Million Vest
  • To be ranked as a dolphin, one would need 10 Million Vests
  • To be ranked as a minnow, one would need 1 Million Vests

To put this in perspective, our combined voting power so far is about 1/3 of a Whale Vote. Right now there are only 37 active whales on Steemit.

Whoa. I am so glad i asked. Thanks. I had no idea.. Off to steemworld to check mine.lol
Joy

The one thing that does concern is how things might change once Steem gets mass adoption. Right now it's mainly the tech savvy people who are on Steem, so they're more likely to be smart and invest in Steem Power. I don't know how that's gonna change when the average person on Steem doesn't have the slightest idea how it works and just wants to cash out. Makes me glad all the websites I know of using the Steem network automatically invest a portion of your earnings into Steem Power.

Here are my thoughts. People don’t need to invest to use. Steemit account gets people access to many add free apps. For those people, it is perfectly acceptable to use for the social, entertainment, and educational purposes and not invest. What I predict in the future are businesses buying SP to invest and to reach their audience. Businesses, Investment groups, and entrepreneurs will be buying up the supply. It will be those entities that have the resources and the desire to learn about how to generate revenue.

That makes a lot of sense, but if the average user can't or doesn't really know how to use Steem to make money then what's gonna be the catch that drives the droves to Steem? I mean if there's a lot of good content creators then we have that which is cool, but the week-two week wait is gonna put a lot of people off especially older people.

It is not the content that will bring people to Steemit or a faster waiting period. It is the currency. Steemit Inc has the power to make STEEM currency one of the top currencies, but they choose sit back and let STEEM organically grow by itself. I plan to change that. No one cares about quality content even though a few preach about it relentlessly. After 30 minutes, the content is already old news and forgotten. The real influence to bring people together is currency. We have just over a million accounts on Steemit. Compare that to a major exchange where that number is over 10 million accounts on just one of many exchanges. That is like a giant neon sign pointing out that currency is King. Currency is the key to growth. Countries with distressed currencies are flocking to Steemit. Why? Because Steemit is a social currency in which the local community members have accounts. People can send money to each other with ease and it is free and fast. Just look at Venezuela. That country is converting to STEEM even though their country forbids it. There are villages in Africa where you can buy a range of items from a pack of cigarettes to food with STEEM. It is catching on, but the real limiting issue we have is accessibility. People have access to Steemit accounts, they just don't have access to exchanges. They want to use STEEM, they just have difficulty converting to and from STEEM or SBD. It is such a hardship, that many are reluctant to make the change unless they are forced by economic circumstances.

Wow. I knew Steem was getting popular in places like Venezuela and different African countries, but you can actually buy goods with Steem there? That is unbelievable. I think you're right, but I still think quality content is key. The main reason things get lost in Steem now is that none of the websites have playlists or usable archives so if I like a piece of content from a creator I have to dig through an unsorted list of content. There's a few other problems with how things get on trending and the like, but I think those are mainly problems with the websites that are using the Steem network. If their interfaces mature then I don't think we're gonna have those problems. For instance Dsound doesn't even have a search bar. That's a major problem, but the fix is relatively simple. I think we partially just have to wait for these websites to mature and then we can start making some real headway.

Thank you. Upvoted