Today is Hard Fork day and it's not the first time I have trouble seeing what will happen.
Personally, I have no real issue with this.
I saw a lot of Hard forks already and when you think about it, it all has lead to where we are today and I believe the Steem blockchain is stronger than ever.
I do believe getting in the hard forks now and looking for that sweet spot where everyone benefits the most is smart. The bigger the Steem blockchain gets the harder changes will be in the future.
If this hard fork creates the right effect and it gives minnows more influence than I only can see more users joining and more growth.
But unlike computers that just do logical things the Steem blockchain has a lot of human interaction involved that can throw a wrench in perfect logical thinking.
It's one thing I love about this place. It's very organic :)
My eyes are not just sighted on this Hard Fork though.
My mind Is already further ahead in the future.
I talk about it more in my Vlog. I also talk about businesses on the Steem blockchain.
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Not sure why the inflation rate has to go down close to zero though. An inflation rate somewhere between 5% and 10% seems like a better idea, no?
As long as the rate is predictable and newly created money goes back to the users.
Where would the rewards come from for the content, if the inflation rate is close to zero?
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It's possible to divide a cryptocurrency by many zero's after the decimal point. So 0.001 STEEM could be worth a dollar one day. Steem price needs to increase a lot of course for this to happen.
So for example: if the reward pool would be 500 STEEM per day (very little) but it's worth insane money a payout of 0.005 STEEM could still be decent.
If the Steemprice is still low 20 years from now we are in trouble :)
I like cryptocurrencies because, in general, they are deflationary, unlike fiat wich is inflationary (and why money in your bank account loses value every year).
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I do get that 0.001 STEEM could be worth a dollar one day. And that would be amazing, right?! :)
But having a very low inflation rate would also mean users would have to have a huge amount of money invested in the platform (at this higher price). With almost getting no return on investment when creating content.
Why would I keep my investment in Steemit if other investments could pay a higher percentage in dividend? This also counts for a content creator.
Inflation in itself is not that bad. It's where the inflated money supply is going to that can be good or bad. In the case of Steemit, the money goes back to the best content creators.
I'm studying the concept of inflation at this moment and I am planning on doing some articles about it.
I'm still not convinced a near to zero inflation rate makes sense on a platform like Steemit. Or the money would have to come from somewhere else, for example advertisement or other creative ways to have the reward pool fill up.
But that would be a whole other debate.
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Good to listen to someone so genuinely interested in where the platform can go... I can see the excitement in your eyes when you talk about the potential development opportunities ahead! Great vlog!
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Thank you so much, man!
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I'm waiting on the HF. The stress of seeing how my votes are affected has already changed my behavior! I've sunk to giving 50% votes starting today and I don't like feeling like there's only 10 super votes to give. It stinks. I'll get over it, I'm sure but as a huge advocate for the 100% power vote for all members less than a whale since the advent of the vote slider, it feels like a kick in the jimmy.
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still not sure what the HF entails precisely other then a rebalance of how the rewardscurve runs. I'm sure there's a lot more to it though.
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All quiet here on the Western Front @exyle - the Daily Dose was a breeze today for us here in Europe! :)
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Totally right, white paper should be updated...
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HF19 - Lets see what all the hype is about.
:-P
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let's all keep our finger crossed and hope the best for HF19.
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thanks for sharing
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i don't think it will effect the overall payout but im worried that changing the default to 1/4 votes per day will really hurt peoples desire to share with others. They won't vote for better content either, i think a lot of votes will be done strategically for personal gain.
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Yes, it's effects are hard to predict with high accuracy. We'll see with time... There's a wide range of predictions and opinions on how people will be affected and I got lost reading comments on the original Steemit blog post. I'll just wait and see.
Thanks for sharing your knowledge.
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Thank you!
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I'm excited to see its effects. If I have time after sushi tonight (birthday dinner with my boyfriend <3), I'll switch on the pc real quick to see how things are going. I hope there's less drama than with the previous HF!
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Congrats on your birthday (or his birthday)! I'm also interested to see what will happen!
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Thanks! It's mine :-)
I just got back and checked and oh my gosh I can't believe my eyes! All of my pending post payouts have trippled or more!
I have to say I couldn't have asked for much more for my birthday from Steemit :D
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I like your mind from future!
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Can't wait for the hardfork to happen. I'm really curious to see what it's going to happen. :D
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Following you, love you insight and look forward to more of your video's. Thanks
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hardforks are fun, enjoy the ride
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hi. Would like share with fellow Steemians here my two cents thoughts on this :)
Some thoughts on equality on the eve of hard fork 19
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Fingers crossed and hoping for better playing field for all those that put in daily efforts here. All will surely go well.
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For you it is a lot of changes but for me it is all new. The older members are blogging about it alot so now I am very curious. As a newbie -I do not have much to lose but a lot to gain I imagine. Nevertheless, I took a printscreen of my Blog and my wallet as advised by another Steemian. (I only make pennies but still want to see what changes)
My only concern is that the new voting system might not benefit the newbies since there will be less votes so that is not good. It might mostly benefit the older members who will vote for each other. They are valued more and will then earn more. Being on Steemit is not only about money but we cannot pretend that the rewards make a difference. I am curious to see the impact.
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I only have afraid of pool reset on HF...
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I don;t think this will happen this time.
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nice
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Thanks @exyle. I hope the changes go smoothly. I think if the Hard fork gives slightly more clout to newer users, it will encourage retention. It may be difficult for new users to see their up-vote as almost powerless to stay and continue to contribute.
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I am nervous @exyle haha :)
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Youre right, we have already seen few hf since we started in the platform and every time it happen lots of issues are being discuss on the table, but still, we will never know until we do.
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Lets see what will happen :)
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Now its here, amazing increase of rewards. Any idea on its effect to the price of steem/sbd?
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Hello my friend
I welcome the complicated rewards being turned into linear rewards for this hard fork.
I think most users probably agree.
Of course some of the whales may not be ^ ^
Now let's meet after our hard fork ~~
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See you on the other side, my friend!
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Great perspective on the future of Steemit. Your thoughts on how businesses could utilize the block chain is excellent. Being able to make fee-less transactions and as the community grows, niche markets are bound to pot up aplenty. A business could directly market to their target demographic very easily and with virtually no ad spend. A very enticing proposition.
What an amazing day it has been with HF 19, I tried to keep up with it as much as possible from the office. I agree that there will be a time when the value of a Steem token has to increase in value substantially as the community grows. Hold that Steem power and keep working towards the future, for I feel Steemit has a very bright one.
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I had the same issue, like your father, at the beginning. It seems difficult to find information regarding the platform and it's development outside of the Steem community itself. Although I don't think we have issues with upscaling and attracting new people at the moment it's something to keep in mind.
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HARD FOLK
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Y right sir exyle very nice post great work
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I' m dead. The HF 19 is the best thing that can happen to US.
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