My Steem Power Position Earns More Than the Minimum Wage

eeks (68) in steem • 8 years ago (edited)

View this post on Hive: My Steem Power Position Earns More Than the Minimum Wage

8 years ago by eeks (68)

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govannonfrei (55) · 8 years ago (edited)

As time goes on Steem will continue to grow, but it will be aggregated to the top 20% of its users. not everyone will get 20$hr. also, you can only get 1% out a week. if a new user gets 10 steem he has to get 10 times that to withdrew, that's 1steem a week at current rate it's 3.50$ that's not a living wage.

with your steempower
23,891.387 STEEM you get 229 steem a week @ 3.5 = ~800$ a week

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2 votes

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blakemiles84 (67) · 8 years ago

but is it sustainable?

Billion dollar question right there ;)

I've tried to think of attack vectors, but aside from hacks (which I also doubt due to blockchain), I can't identify weaknesses or what could facilitate a massive drop in price. I think the price is seeking out equilibrium based on the rapidly increasing demand.

I think we've got a long way to climb yet

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5 votes

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eeks (68) · 8 years ago

The key is new users, the attach rate of SP to new users, the ratio of SP:Steem extant, and the flows to and from the exchanges (b/c flows from exchange are likely Steem being powered up and taken off the market for awhile).

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2 votes

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getssidetracked (57) · 8 years ago

Is there a site that shows stats for powering up and down? Not individual users but all.

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4 votes

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eeks (68) · 8 years ago

Good question. I've seen the number that 98% of all Steem is powered up. But the source of that, I'm not sure.

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getssidetracked (57) · 8 years ago

Don't underestimate the masses that will be buying soon when it starts hitting other exchanges!

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1 vote

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pharesim (74) · 8 years ago

The rate at which your SteemPower grows is shrinking as more people power up. And the price of a Steem is expected to fall, it won't rise forever. All the dynamics will keep changing until a sustainable level is found.

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1 vote

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eeks (68) · 8 years ago

Is there a good place to see the ratio of Steem to Steem Power and also what % of those who are powered up have now started to power down?

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1 vote

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business (61) · 8 years ago

Yeah, even I've noticed this. Mind you, the founders are powering down, which helps some.

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jupiter00000 (60) · 8 years ago

not if your crappy BOT keeps deleting good comments.

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pharesim (74) · 8 years ago

The bot tells you what to do when you see a false positive.

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jupiter00000 (60) · 8 years ago

I dont think that fighting with your bot over a false positive is a healthy way to spend my time. Thats YOUR job. #spammer

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pharesim (74) · 8 years ago

When it's healthier to complain, go ahead. I don't care.

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betterthanever (49) · 8 years ago

how could it be sustainable?

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1 vote

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cryptoctopus (74) · 8 years ago

More than a billion people on the planet has internet. Plenty of space to grow.

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3 votes

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betterthanever (49) · 8 years ago

ya it will continue to grow, but will he be able to maintain $20/hr all the way through the growth. i would guess no, but have no idea.

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dana-edwards (74) · 8 years ago

If 1 Steem becomes $20? Then people with Steem Power such as the thread poster will be set to retire. And $20 is a very reasonable price for something like Steem over the next year or two.

The higher the market cap the better off Steem Power holders are. If they can retire or not will seem to depend on the strength of the market cap which seems to depend on demand for Steem which would seem to increase when network size increases. If we have 500,000 people by the end of this year then $20 becomes reasonable.

This is all without the referral program which could speed it up even more.

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1 vote

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nimblebodhi (46) · 8 years ago

Uhhh and were does all the money come from to pay these people for their content contributions?

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logroller (25) · 8 years ago

speculators on exchanges maybe ?

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himalayanguru (57) · 8 years ago

What are you calculating this based on? For you to get this amount of steem power, how much steem do you have to hold?

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1 vote

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govannonfrei (55) · 8 years ago (edited)

Check his wallet he has steempower = 23,891.387 STEEM.

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mai-makoto (25) · 8 years ago

Can I short now, please ?

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1 vote

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cabi5boh (50) · 8 years ago

wait

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1 vote

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eeks (68) · 8 years ago

Go for it. Short this with conviction. Return back here in 6 months, if it's not a rubble heap by then, and report back on how that went.

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cabi5boh (50) · 8 years ago

of course not, do not be naive

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1 vote

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jonnyrevolution (59) · 8 years ago

That is awesome...it may be sustainable if you continue to post valuable information. Looks like some of your DOA posts have done really well. Great work.

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1 vote

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sitaru (56) · 8 years ago

i dont want to be pessimist but i think like you, its to good to be real...

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1 vote

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jamessmith (43) · 8 years ago

until the number of new users dries up, right?

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