Yesterday, I had another small throwback again. After I had read a great article on steemit I wanted to support this person with my full 100% upvote and I was pretty surprised as I haven’t seen a big difference on this article’s overall votes after mine…
We’re going backwards
I headed over to steemnow and it said “Your 100% vote is currently worth $0.07”. WHAT?! That’s horrible! I mean when I started on this platform my vote was worth $0.01. Of course, all of us started like this.
Then I invested some money and got something around 48 Steem Power which was worth $0.02. Not much of an increase I know…
After a few weeks I took all of my Bitcoins and swapped them into Steem and powered it up which gave me something around 300 Steem Power. At this time my 100% vote was already worth something around $0.14.
And today? Well, my Steem Power has doubled to over 600 and the value of my vote was cut into half. Pretty frustrating...
APPICS ICO with no effect on Steem value
Some of you hoped for an increase of Steem value with the start of the APPICS ICO. I already told @adetorrent a few days ago my doubts and that I didn’t believe in a significant increase with the ICO only. And it seemed like I was right. Steem is all red again.
If this should really have an influence on the value of Steem I guess we will have to wait until the actual launch of SMTs and the release of the final APPICS app.
These were just my thoughts and a quick update for today.
If you enjoy my content and you don’t want to miss the next video make sure to follow. Don’t mind to upvote and resteem as well and what's most important…
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Steem's value will only increase when things are proportional. If you have bots doing all the valuable upvoting the ecosystem will be drained which is one reason why your votes are worth what you say they are worth. Steemit doesn't care about long-term growth. If they did, they would find a solution so new users didn't abandon after posting 1-2 times. Sites need to be sticky for new users. I wrote a hack script to see what's going on and I concluded the obvious. The imbalance of power (minnow to whale) creates low-quality content from those with power. Whales do not create anything of value. They abuse, extract, and funnel steem to put what they perceive as value into their pockets. If you don't have significant steam power you have absolutely no power so all the power is held by steem collecting voting bots and whales like @jerrybanfield who will sell minnows a post-vote in exchange 1 Steem. Shit, if someone wants to send me 1 Steem I will take the time to at least read your post and maybe vote and comment if I can add value to your post.
No steem related ICO is going to do jack shit. Why? Because this platform wouldn't do jack shit without bots. The folks at steemit know this. In some ways, this platform functions like a pyramid scheme but it's not as blatant. Furthermore, SMT's will also fail, because, again, the bots are the only thing keeping this place alive. You need to focus on new users to build anything worthwhile. Without new users, you have nothing but a bunch of money-grubbing content creators who can post complete shit and still hit the trending page. This platform has NO algorithm because the team is not capable. Writing a voting algorithm is some basic shit. But this site is not about creating and voting on good content. It's about extracting money. I would love to see Steemit close all rewards for 3 days and see how many daily active users, postings and comments the site gets. This is beta, you should experiment to learn.
Steemit calls this Beta. But beta means to iterate and change things early and often. I haven't seen much change, especially to the obvious things. I get it, they want to be the pipes, but if the pipes are corroded with slime you won't get very far when installing something new like SMT. The team has clearly lost focus. You can only do one thing really well. If you want to do many without applying what you have learned you will fail.
Want to read why the market is down? here is the real reason.
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Congratulations! This comment received a 100.00 % upvote from @liveyourdream, an actual human being who appreciates other people creating valuable content and actually reads it instead of using bots or voting trails^^
Okay, so you say the ecosystem will be drained with bots doing all the valuable upvotes which sounds legit of course but what I don't understand is that since the value of Steem decreased, the reward pool itself raised according to steem.supply.
That's a phenomenon which on the other side also sounds plausible again and which we have seen in the past already according to less activity within the community. Do you have an idea how this is working?
In general I share your fears and doubts about the long term development of this platform like the imbalance of power, whales creating trash and upvoting themselves, etc.
And these are exactly the reasons why I lost a lot of trust in this platform within the last few weeks. Of course, there are some "good whales" who try to accumulate as much people as possible to fight against this abuse but it's like you already said.
As a minnow with almost no influence how can we stop them? We would use all of our voting power only trying to stop this abuse. Which would mean again no rewards for us. I have better things to do with my free time than this...
I will read through your article probably tommorow as I have to get ready for a trip. Thanks for your in depth reaction! :)
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I don't have enough experience on this platform to give you an answer as to why the "reward pool" is up and to be completely honest, I don't even know what the reward pool is. I have never heard of it because I didn't come here for the money. I came here "blind" because I invest in crypto by reading white papers, playing with prototypes, betas and researching the team. I wanted to use this platform first hand. I actually paid to create my account because when I attempted to create an account the registration was buggy. This should have been my wake up call that the team is sub-par and that the platform is not what it seems. By "blind," I wanted to experience this platform like a new user would. Why? Because if a new user has a piss poor experience, the project will not see enough the traction necessary for mainstream adoption. In its current state its just not possible.
If I were heavily invested in STEEM I would be concerned with the teams inability the execute and grow organically. When I look at investments, I view them like a venture capitalist would.... for lack of a better analogy. Due diligence would reveal all the flaws of this platform. Right now, its a shitcoin with a front end that is essentially hiding the scam if you understanding what I am saying.
By enabling voting bots and whale abuse this platform is entering the point of no return. I am not sure minnows can do anything. This platform isn't designed for minnows to gain influence organically. There's nothing organic about this platform. Read my comments on other post and you will see where I am coming from.
Trust is earned, not given. For me, this team has a lot of work to do to earn my trust.
Sorry to rant. Nobody is seeing this besides you.
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This is an interesting topic that I honestly have not thought about until you brought it up. I came on to the platform in mid February and since then the price of STEEM and SBD have been fairly low so I have not noticed a substantial change to my account value. It sounds like anyone that got involved late last year would have seen the exact devaluation of their account as you experienced. I am curious to see if these abuses are going to iron themselves over time or if this is going to turn into just another 1% taking most vs the rest of the 99% fighting for the leftovers. I guess only time will tell and we have to remain patient for the time being. On a personal note, I am enjoying creating content and DtubeDaily is an amazing group to be a part of so I am sticking it out weather we go to the moon or sink into failure :)
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I guess it will be exactly the way you mentioned above because this system is not different from the capitalistic one we’re living in.
The rich ones who have the money to invest into Steem will drain this platform upvoting themselves and the rest will have to fight for pennies.
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We can’t expect an increase in value of STEEM, only because of the Appics ICO. As you also me Tino the DMT protocol is not even finished yet means actually there is nothing different.
All the money is currently going into the Appics development. I believe when Appics is live than we could expect an increase of STEEM.
But l want to say something else.
I think that the XAP TOKEN will increase faster in value compared to STEEM!
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Exactly! I guess there was some misunderstanding out there because I heard a lot of people say two days ago "APPICS is starting tomorrow!".
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Maybe they thought the application will be start but it was the ICO. :)
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WOW AWESOME!
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I knew this would happen when I watched through the raw material xD
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I'm pretty new to steemit and it is a bit confusing how upvoting works here. It's definitely a lot different on youtube, where it's just a button you push that helps promote a video. I think a lot more before I push the thumbs up button here. It is a bit frustrating, but I'm glad we aren't censored here and I hope that DTube and steemit do well. I'd like to see YouTube taken down a notch or two.
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It’s frustrating for you? That’s interesting. When I started here I was happy when I saw that your voting power was limited because then you won’t upvote everything. Instead you maybe think twice it a post really deserves your support.
And of course the flag button is great to take support away from trash content or hide spam.
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I think when many of us joined on, the price was certainly hyper-inflated a bit, so seeing steem hover around that $2 mark has adjusted our expectations perhaps a bit. I think we will see it slowly climb over time, but I think it will be more measured. To your point about APPICS, it's all speculation until they deliver applications and show some proof of concept. Any investment now should be viewed as no different then going to Vegas and playing roulette :) Nice to see you back making videos!
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Thanks Captain! It feels good to be back on board :) I agree with you that it’s just speculation right now. I want to see the final product and if it’s good and the steemians will love it, this may be the next big step making crypto easier for all the people who had fears about steemit until now. Being too complicated and stuff like this.
And I believe there are a lot of those people out there who would like to join but just need that last small push. I guess an easy to use application might be the answer!
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I enjoyed your video Matthew. You have a really nice way of explaining things. This is a topic that I haven’t paid any attention to, so videos like yours and the subsequent comments are really informative.
Nice to see you posting again.
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Thank you for your positive feedback :) Sometimes I have the feeling that I'm explaining stuff too complicated or that I'm talking about too much details around the actual topic. But I guess that's just to prevent from misunderstandings^^ But I'm trying to improve on keeping things shorter and simpler.
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That was short and simple Matthew, and that's what was so appealing about it. I enjoy listening to you and get a lot out of your content. Your outlook is realistic and that's nice to see.
Also, I realised that I wasn't subscribed to your channel - sorry about that! I didn't even know. It's fixed now :)
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I have to say I'm a little surprised about the lack of movement of Steem during the ongoing ICO. This may be due to a few reasons:
There is also so much negative news in the Media, which is affecting the general attitude towards cyrpto currency. I hope things change soon, and I still believe it will. I think.
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I wouldn’t go that far right now to say that I believe but I definitely hope for it. I knew that this flood of bad news would come some day and they are getting more and more as the powerful people see that the plan’s paying out since the investors who consume these news and care about them react the way they are expected to.
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I just gave you an upvote and it went from 39.07 to 39.06!! THAT is really bitter!!! XD
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Awesome! Thank you for your support. These are exactly the upvotes that I’m looking for :D
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You‘re welcome! XD
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Great video man keep up the great work
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Yea, the devaluation is brutal. It feels like a bunch of ninjas went into my savings and just had a sword fight. I've done it off 100% content creation which is a tad different than your story but we all feel the burn. Amazing content my friend. Solid audio, video and presentation.
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