UPVOTING BEST COMMENTS: How to increase the demand for Steem Power?

ew-and-patterns (70) · 5 years ago (edited)

It is actually very very hard to make 18%+ ROI every year for your average small investors in the stock or bond market.
On Steem it is as easy as delegating your SP via minnowbooster to receive that ROI as passive income no questions asked. I don't understand why 18+% pa is not a HUGE incentive to hold steem. The price is stable around 40cents for now and has the potential to increase a lot over time.

I think it just comes down to people not knowing about this at all.
We don't have one webpage explaining all there is to know about steem. How should anybody know unless he stumbles upon it by accident? Wikipedia is not helping, in fact, it only highlights the faux pas of the past.
We need a knowledge database on the front page of steemit.com asap.
Searching info by reading thousands of posts on steemit is not how people should learn about steem. Yet that is how the best-informed people gathered their info over the years. It's ridiculous.

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4 votes

donkeypong (75) · 5 years ago

Keep the current reward scheme. Let people upvote their own content for profit if they want to do so.
Make on-ramps and sign ups as smooth as possible.
Promote the heck out of the opportunity that exists here for investors to make a huge profit on their returns.
Create an SMT for content rewards and curation purposes. It should be account based, since stake based rewards have been a failure when it comes to content. Design and manage rewards, moderation, and economics appropriately (I'll leave that to someone smarter than me).

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cryptoctopus (74) · 5 years ago

Always right on target @donkeypong, if you get a moment, hit me up on discord ;-)

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mys (62) · 5 years ago

Steem Power delegation should be rewarded by partial curation going back to delegator. I propose 50/50 split. So that SP hodlers could delegate to the best curators in the community and get profits too.

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angelro (58) · 5 years ago

Survival and Success of any SOCIAL MEDIA platform and especially in case of STEEMIT depends its out reach to common man and how much interest these Medium can be provided to these people and their intensity to their involvement.

With some monetary reward and the variety of topic it is covering Steemit rightly have the essence and ingredients for a diversified categories of people.

Since the number of users are important, it is essential to handle the newbies in the platform very carefully, which I feel at present is not upto satisfactory level. Though there are many teams now to welcome this newbies, I doubt no one is least bothered about what these new joinees are upto, how they are performing, and after an induction period - say one month - do these people have any understanding of how this great platform works.

So as a basic requirement to answer your question, when most of the members in Steemit are unaware of STEEM and STEEM POWER how others will think about investing about. So does it look good if there is a MENTOR group from established members to teach these newbies the pros and cons.

And I also feels, a simplified method is to be adopted for explaining the technicalities of this two terms for others to have serious thought on it.

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dakeshi (68) · 5 years ago

There are no merit to convert STEEM into SP for many investors because of long power down periods. If we can reduce it to 1 weeks or 3days, I think that it would make new demands for SP.

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distantsignal (64) · 5 years ago (edited)

Make the Steem experience - especially the first day or two - effortless. Right now Steem suffers from being too complex and confusing. We need to make it extremely easy to use so new users can have fun and easily choose their experience. Without that they don’t stay and so they don’t even bother investing. 100% of everyone I’ve signed up has stated difficult use and confusion as the reason they left and 100% of everyone I’ve signed up has bailed.

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bitcoinflood (77) · 5 years ago

Honestly I believe it will be systems outside of steemit what will fuel the next growth for it. However Steemit has some serious power hungry people though that are just collecting steem and can sell it left and right.

I think steemit needs to correct some reward type issues to help stabilize the overselling of it including themselves and I believe SMT if ever released will fuel it through systems that use steem like we have seen with palnet.

Palnet honestly have give steem some serious value as well as steem-engine. I believe we would be back at $0.30 again if it was not for steem-engine.

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gikitiki (60) · 5 years ago

Simply compare the ROI's of steem/steempower to the stock market. The returns are far superior.

Market it to Wall Street.

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hitmeasap (71) · 5 years ago

I believe people should start to avoid promoting STEEM as a decentralized place and target the "average" Facebook, Instagram and Twitter users out there instead. The average users doesn't care about decentralization. It's not sustainable to focus on the "underground" anarchists-types of people if we ever want to see something similar to massadoption. I mean, you can obviously mention the decentralization part, but you shouldn't use that as the most important part, which people seems to do whenever they promote STEEM. - This alone would bring in more people in the long haul.

Another important thing is to stop all the "tech-talk" as this is basically nonsense for those same "average" users I just mentioned. None of them understands blockchains or how blocks are being produced... And the majority of them doesn't care, so there's literally no need to talk about that.

Another important part is to not promote STEEM as a personal cash-cow. It's not easy to make money on STEEM and people should avoid stating that, because it hurts our user retention in general. People join STEEM with hope and dreams of luxury only to find a few cents or a few dollars for weeks or even months. That is definitely not sustainable either. The distribution, and how much people can earn is not as important as the truth. If we give users the truth, they will realize that they earn more on STEEM than on Facebook, Instagram and all those other social medias, even if they earn 1 dollar per month.

With this said, I truly believe that people would invest more in STEEM if we saw these changes I mentioned. People would become more motivated to invest both time and money, and we would ultimately see STEEM flourish.

Long story short:
Know your audience and target the right people.

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cryptoctopus (74) · 5 years ago

I think you are right...now I believe it is in the hands of front-end softwares like palnet, tokenbb and others to create an interface that appeals to the masses and foster communities that fulfill all of the above you mentioned.

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improv (67) · 5 years ago

Add to that, that it needn't be about making money at all. Just a system free from the algorithms that dictate what we see on FB is a huge bonus.

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girlsfoundation (66) · 5 years ago

Logically it is said thag what increases the demand of a commodity is dependant on the social usefulness.

All people need is enlightenment, the best way to increase the demand for steem and steem power is to through more light about steem and its usefulness.

We run a charity organization through the steem blockchain and with our statistics we actually enroll more individuals to the steem blockchain whenever we through more light on how steem works and what investors can benefit from the steem blockchain.

We are planning to organize a seminer that will enlighten individuals about steemit, in your free time you can visit our blog and we hope to gain your support.

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slider2990 (63) · 5 years ago

Easier sign up process. (some dapps are working on this but they do not have enough RC to make a dent)
2.The social media aspect of Steemit needs improving. The trending and hot pages are hogwash and it is way to time consuming to find groups of people with topics you are interested in. We do not need to reinvent the wheel just include aspects of Facebook and Reddit..

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4 votes

achim03 (63) · 5 years ago

The best way to promote steem would be to have a programm that takes newbies by the hand and showes them around the steem ecosysteem. We need more users who know how things work...

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cryptoctopus (74) · 5 years ago

is more education the solution or simpler onboarding?

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achim03 (63) · 5 years ago

I think it is a bit of both. It should be reduced to something as simple to grasp as possible and let people start immediately. At the moment the first frustation comes with the limited rc. People need to understand and use. Only then they will start to invest. Now you almost need to invest before you can use. In my eyes this is the problem. So whatever energy is put into getting new users is lost because of the limitations linked to new accounts or the complexity of the whole concept.

Another problem is the variability of steem. It gets complicated and time consuming to build up a course for example when things are changing constantly. You have to update regularly. I don't say that change is bad but it doesn't make things easier.

An anwer would be to have an affiliate program where recruters get rewarded for bringing new users that sign up even with free accounts.

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fucho80 (71) · 5 years ago

According to your friend, it is necessary to implement strategies that encourage people to invest in steem and want to work continuously on this platform.

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tsnaks (63) · 5 years ago

Well I think that just right now it's really motivating to buy Steem and Steem power.
But most people just don't know about the oppertunities.

For me it's games to make money from

There is steemmonsters, Nextcolony and more to come and more that I don't know of yet.

The games are fun, and i think people would enjoy these if they just know these existed somewhere.

We need promotion outside of steemit.

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cryptoctopus (74) · 5 years ago

Are you compelled to put your hard earned cash into those games at this point?

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haikubot (54) · 5 years ago

Are you compelled to
Put your hard earned cash into
Those games at this point?

^{- cryptoctopus}

^{^{I'm a bot. I detect haiku.}}

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tsnaks (63) · 5 years ago

Into steemmonsters. Yes !

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chrisrice (59) · 5 years ago

When Steem-based projects start sharing non-reward-pool profits with their delegators.. the demand for Steem Power will increase.

Delegating Steem Power would essentially be equivalent to receiving dividends along the lines of what people receive with stocks.

If Steem is successful it's not a question of if this will happen but when 😁

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armadilloman (58) · 5 years ago

It would motivate if this social media was actually social. Interaction is so limited and actually rare. You might get 200 votes and only have 6 set of eyeballs on the post. Why invest in what is mostly a bot party? So real engagement would go a long ways toward motivating people.

Its a chicken and egg problem...better price action and a higher price would beget better price action and a higher price. There is nothing here that would not be made better with a higher price for Steem. This place is hopin' when people are making some money.

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chekohler (70) · 5 years ago

I still feel like e-commerce is the best way to increase demand! Even if she start with just selling digital products! For example gift cards or if we got digital subscription services who would use Steem as a payment method, camming sites, it could work so well for creating trade opportunity so people can buy, sell or trade services for it with no transaction charges! It’s just really about adding more touch points and reasons to trade it for digital or physical product

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cryptoctopus (74) · 5 years ago

I understand the rational...but one of the issue is that the competition (real dollars and CC) have made it stupid easy to buy stuff online. Use crypto, for the average person, is an extra hoop to jump in order to buy something.

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chekohler (70) · 5 years ago

I 100% agree with you! We’ve been hooked on cheap fake money and the transition for all crypto to compete will face the same issue!

While I’d love to have steem be a mainstream option what I was thinking of as a jumping off point is the fact that steemians are selling their Steem for a reason to buy goods and services outside the ecosystem

If we can bring in vendors who can provide even 1 service it helps us recycle the supply and bring in real work value!

From there we can continue to pull in more services over time by collaborating with service providers!

Imagine for example we partnered with Netflix and people would pay their $10 a month in steem!

Steemians could then blog about the shows they watch creating content for Netflix which they could upvote and distribute some inflation to subscribers! Which gives them an incentive to hold steem to reward user, it would bring more Netflix users into steem too!

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motoengineer (63) · 5 years ago

Why would a vendor use something that has variable value? I don't see any crypto beigg very useful in transactions that are intended to compete with fiat. You can't have a crypto that competes with fiat, otherwise regulation would destroy the ability for the crypto to be mainstream.

What crypto is good for is really 1 thing, validity (hence the immutable ledger aspect being the golden cradle crypto). How we can use validity to bolster the value of a crypto coin is the question I think we want to answer.

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chekohler (70) · 5 years ago

They would want it because it’s an appreciative currency and for diversification of assets! Fait will always continue to lose value so wouldn’t it make sense for businesses to collect income in various means?

In my business I accept my local currency as well as various international currencies as well as cryptocurrency!

In my personal finance I hold money, stocks, policies, crypto, real estate and gold! Holding only one kind of value set is an archaic principle!

Even if Steem is worth 40 cents now and never earns an additional satoshi higher which is unlikely, the fiat inflation will eventually see it rise over any fiat current and continue as the buying power of fiat decreases!

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jadams2k18 (64) · 5 years ago

You can't have a crypto that competes with fiat

I don't agree with you

According to CryptoNewz "Bitcoin surpasses Russia’s monetary base and become the 8th largest currency in the world"

So, Can you imagine instead of STEEM, we earn BTC or at least ETH?

I think things would look different

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motoengineer (63) · 5 years ago

What I'm referring to is political competition.

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jadams2k18 (64) · 5 years ago

Oh! Sorry! Mad Bad! Maybe, I lost in translation 😉

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lunaticpandora (69) · 5 years ago

I really like the idea of a mass internet tokenization and so far Steem has been lagging behind on it and the effort is just picking up steem (ha) thanks to the efforts of the Steem-Engine team and Snax.

Steem and tokens run on the Steem blockchain should have a presence all over internet social media, not only here, you should be able to earn steem on reddit, twitter, facebook, instagram, etc... The Snax team is doing an interesting experiment and I would love to see the results of that but it could be a way of making it work but I also know that a lot of people wouldn't want to link their social stuff on the blockchain for one reason or another.

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improv (67) · 5 years ago

Easy and fun user experience is necessary, with communities people want to be a part of.

It's tremendously hard to convince anyone to abandon traditional social media, even if they hate it, just because it's so much easier and their friends are already there.

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stevescoins (68) · 5 years ago

put the devs to work on building communities which make it easier for people to find and support those folks working in their areas of interest

this is the only way to develop minnows->dolphins->orcas->whales on an organic and consistent basis

we as a whole should stop worrying about what other steemers (whales/bots) are making, and start helping each other build up. communities are the best way to do that

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fonteynb (52) · 5 years ago

I think for a lot of newer persons on steemit, it's rather difficult to draw attention to their posts.
When you spend time to create quality posts, but these posts just pass unseen, people lose their motivation.
Once you can see that your posts can reach a wider public, it will motivate to invest in it as well, like buy more steem to add to your steem power, to increase your influence.
It seems difficult to get attention just by creating quality content. As long as your steem power is not high enough people skip the content since it's more rewarding to moderate content from people who are established.

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screwballpsyche (49) · 5 years ago

I believe their needs to be better content and more quality control on poor content. This will make the platform more attractive to big Youtubers who are feeling the strain from censorship over at Youtube. If we can make the content better and poach some talented creaters from Youtube, it will make people more confident about the longevity of the platform, and people will be more likely to invest.

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yaanivapeji (65) · 5 years ago

I think for some people like me, we don't need any thing to motivate us to buy steem, but we don't just have the funds to buy steem.

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deniskj (63) · 5 years ago

The discussion on Steem Power starts at curation. Nobody wants to lock up their Steem if they can use it to buy upvotes or even withdraw it.

Especially for new users on the Steem blockchain being able to feel invested in the platform you have to be part of a community that supports you. Not necessarily getting 10+ dollars in upvotes on every post but generally getting more than $0.5.

Can we get communities that are focused on manual curation or even automated curation where the big Steem holders help weak holders to grow? Eventually, they themselves will have enough Steem Power to support new users.

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discernente (76) · 5 years ago (edited)

Like the reputation, we could have another number in the account that means how much SP that account staked over time. It could be called something like a "steem fidelity" index.

Your fidelity index would increase X points for each Y Steem you stake for T time. It would be great to see the ranking of this kind of index.

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fucho80 (71) · 5 years ago

In my opinion it is about profitability, it is the profit generated by your investment. Many people keep only the necessary steempower to publish and comment and stop accumulating because there is very little that they will receive in exchange for their investment.

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healthiswealth (67) · 5 years ago

Hello @cryptoctopus
I have been in sales 30+ years, my experience is offer sales, discounts and bonuses with each purchase based upon investment dollar value.
ex. Get 5% free STEEM with $100 purchase.
20% free STEEM with $1000 purchase of STEEM
The Free STEEM could also be made to be locked up.

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mulletwang (59) · 5 years ago

Create or promote more games like Nicehash.
https://www.qwoyn.io/#/garden

The reason I suggest this is because of how the structure works. To get a plot of plan you must delegate 20 SP. This will force those who engage in this blockchain game to hold SP. Those SP then get used by the service to upvote and distribute benefits to those who are actively "playing" (watering their plants).

Let's say SM worked like this. You needed to delegate and when you played you got some sort of benefit/payout from the SP.

I think this is a great alternative to self upvoting... Like all products/ Services people just need to become aware/ understand the benefits of such a service.

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lenonmc21 (68) · 5 years ago

Hello dear, @cryptoctopus

The chain of Blocks of steem is already a very veteran project, constituted since 2016, really the prices that we see today in the market reflect the real price of the STEEM currency which responds to the community that we have now, in a few words, we are facing the real price of the asset, because no new potential investors have entered with enough capital to raise the price, now regarding this position I have for me what could help us all buy steempower or steem is the following :

First Steem and its chain of blocks has excellent tools (DAPPS) enough to create any business model or entrepreneurship and from there to boost each one's brand, thanks to the great work that the witnesses have done they have created great things and not yet they are being exploited at their maximum capacity, for this reason what I think could work is the massification and promotion of these tools, to carry out as many campaigns as possible regardless of which community or region, united to that end, without We could doubt draw attention and call new investors, people interested in creating new things and undertakings is what I think is needed.

I hope my humble opinion is very helpful. regards

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elprofe62 (63) · 5 years ago

I am of the opinion that the delegate of Steem Power should be rewarded on the basis of his or her contribution, through objective, rational and impartial healing, and that income is shared fairly and equitably.

This would translate into healthy competition that would generate greater participation, which would result in our community growing and developing by increasing its potential for investors, strengthening the value of our currency (STEEM).

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jadams2k18 (64) · 5 years ago

I suppose that new users will understand that it is necessary to buy SP obligatorily when they see that they cannot publish and comment on everything they want from the beginning. A little guidance is also necessary as then you will not see any gain in investing time in the platform initially.

Perhaps introducing them to the different Steemit communities and DApps, could attract a little attention and even commitment. It is also important to make known a little about the world of blockchain and cryptocurrencies.

Once they fall in love with Steemit, I think they themselves will invest more in STEEM. Because it is not the fact of buying them but of keeping them that allows the stability and liquidity of the cryptocurrency.

Remember that blockchain technology is continually evolving as it is disruptive. I'm sure STEEM's blockchain has barely grasped its usefulness. Once we understand that, the possibilities are infinitely positive and profitable.

Cheers

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steemitboard (66) · 5 years ago

Congratulations @cryptoctopus! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

You published more than 400 posts. Your next target is to reach 450 posts.

_{You can view your badges on your Steem Board and compare to others on the Steem Ranking}
_{If you no longer want to receive notifications, reply to this comment with the word STOP}

To support your work, I also upvoted your post!

Vote for @Steemitboard as a witness to get one more award and increased upvotes!

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willsaldeno (68) · 5 years ago

To help buy the STEEM must be given greater utilities or use, that people need it for something, what the different games do is one of those forms of utility, the new token and Steemengine for communities is another, because it is based on STEEM the purchase or as base currency and you must buy STEEM to buy any of these tokens, but you must seek is that most producers of STEEM is attractive to stay with him instead of selling it, can be raising a little more the percentage of curator in the reward, 40% for curators and 60 for the creator. Another way is that the STEEM can be used in the economy of a country or stores like eBAIL or create something similar, but the purpose is to look for greater amounts of utility, which is used or needed to buy things. Take advantage of the speed of operations with the STEEM, countries like Venezuela that have a lack of cash, where you can not buy a currency that maintains stability and circulation is devalued, the STEEM would be a great solution, accept STEEM as the currency of payment for products, which adds an immediate transaction. The bad thing is that there is no condition for now to do so, but it is an idea of use.

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cloudspyder (59) · 5 years ago

Everyone is encouraging with big desire. And most people across the globe has a big appetite for money. In my opinion, let it be the profit for sp holder encourage them. Fraction from ads sale will distribute to SP holder according to the percentage of SP they have and just keep the existing reward distribution as well as self vote.

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