I've been on steem for a month now.
I had missed steem, and was not happy with myself, when I learned about it from some bitcoin news site. I have followed Dan in the past and was impressed with what he did. I own bitshares and watch anything crypto pretty closely. How could I have missed it!
I got my first real rush when an article I wrote about a lion hunt went above $1900. That was really cool. I woke up in the middle of the night and saw what happened. It reminded me of when i won my first online poker tournament. that also happened in the middle of the night.
Writing on steem to me feels like playing poker tournaments. Every time you play there is lots of luck involved to win, however if you play well you will win over the long run. Only if you win the whole thing, can you actually make money. If you make the final table regularly but don't make it to the top, it will be hard to win in the long run. You really need to win in order to be successful.
In steem it feels the same way. I feel I got lucky, but since then I have never made it above a few $. To me that difference is a little too much. I think it would be better for the community if the payouts were a little more even.
However it is better than anything else on the market. At least until some other blockchain social media system hits the market (ps. I am also invested in a few others social projects such as AMP and NEM).
When I heard of steem I bought a little right away at $0.70. Then I read the white paper and liked it and bought more and more. Starting at around $4 all the way until today at around $0.8. Anything I made via posting I have re-invested as well.
You can see how my vest have been going up steadily. When the price started to tank I just thought that the platform has lots of potential so I started to accumulating. I have done this a lot and for kinda for more btc than I wanted originally.
Today I fired one more time. In tournaments, buy ins are often referred to as bullets. Most tournaments allow you to re-enter when you bust, and the amount of buy its are referred to as bullets.
Every time I bought more steem and powered them up right away, I figured the price has to go up again. This time I will have to stop, simply because of how much I have put into the steem so far.
I am confident in steem because I think overall I like the economics of it as well as many features of the blockchain. I also am impressed with the user growth of steem. I have seen many people post really cool things that you cannot find anywhere in this quality and frequency. I have read many interesting technical post as well as personal stories. You can see how people are trying hard to earn rewards by writing good content. The system is working.
There are a few things that I find troublesome:
- Activity has been stagnant according to the stats (even though it feels like more and better content is popping up all the time). While user growth can be seen every day, the amount of votes and post have not been going up since I joined even though the amount of users has roughly tripled in one month.
- I think the voting does not work as well as expected. I find myself voting like a robot for things that i think will go viral, vs things that i like. My curation reward is usually between 0.01SP and 7SP. A huge difference. Of course I try to hunt the big rewards, instead of rewarding who and what I like. In fact I have voted for many post I thought were bad and things i did not like, just because I thought it was profitable.
- The curve between highest paying post and low paying post as well as the ones in the middle is way to high in my opinion. I think there are many good posts that do not get rewarded, and others that are not that amazing that get way overrated.
However overall I think the positives outweigh the negatives immensely and the issues can also be fixed. Steemit has shown how flexible they can be and steem is still in beta. I am excited for the future of steem. While I might have to be less of a user, due to the time vs reward I put into this site and more of a by stander/investor only, I will try to keep active and contribute to the value of this platform.
Interesting article, you mention you won $1900 on a post. You are one of the very lucky ones or good content creators of this site. Now take that away and consider it all from an investment point of view and tell me if it was a good one. I know you would have to wait 2 years to gather the final numbers but still...
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Yes I have been very lucky. Also got 150 one day for a comment.
And every day I make a few $ with writing and curating. So its great overall. All of it I invest.
All this pales in relation to the amount of money I put into the system by selling my btc for it hough..... so we will see how everything will pan out.
It will depend on how well steem can retain members and keep them active on their site and how well other blockchain social media projects will do.
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https://steemit.com/photography/@knircky/lion-hunting-zebras-and-being-chased-by-buffalo-in-the-masai-mara-afrika
The above post is what got me lucky. Interesting the below i find much better, but i only made a few cent out of it. They are very similar and in my book should be priced similar as well.
https://steemit.com/lion/@knircky/scarface-has-a-hippo-for-breakfast
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I agree however this is basically the real problem (besides that Steem price is no longer being supported by speculators and traders). User activity and retention had suffered a lot lately. I personally think because of minnows don't stand a single chance without investing some actual money. I'm talking about 25-50k in order to properly promote your post, that's crazy.
Good content creators that get rewarded fairly are very few. There are a lot of great ones that only got pennies, so they left. They can't really stand to see such injustice like scammers like Dollar Vigilante getting 15k a post...no one wants to see that man and to add insult to injury, promoted by the founders themselves.
Things like this and many others are what made the system collapse and broke the circle trust that was never there to being with, too many questions and doubts from serious people in the crypto community.
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You get out what you put in. People will see that, and it will be a rich person's coin or a Author's blog.
There is no such thing as creating money out of the air. For most of us.
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I get the same feeling about the poker game analogy. I only vote for posts that I feel are good and others like myself would like. So I only make a few fractions of a cent, that and not enough time to invest. I hate when people say it's a slippery slope, but I think this is a perfect example of a slippery slope if we only vote for what's "popular". That's how Hitler's got into power... I also hate it when people compare things to Hitler.
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love the parallel between poker tournaments and generating content on here. Gotta fire and see how it works out. I'm completely new to this so let's see how this project pans out ;) good luck to you man!
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I find my self also voting in things that will make give me the greatest reward other then the greatest satisfaction for reading it. There is a few things that need to change and you nailed them in your post better then what I have read from others.
I also have been on steem for roughly 6 weeks and I have made maybe 10-15 steem for my posts and invested with bitcoin for the rest, I am at 1200 steem power now. I really like the platform and glad I found it. Like you I think these issues can be fixed in the long run and I plan to stay.
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keep it up. i see a lot of people here being successful by keep writing and getting more followers.
you see in this post i got 20 votes, a few of these are new and some are from people that follow me. If I had 1k followers i would probably make a few hundred each post. This way its only a few cents but its a start.
1200 steem could be worth a lot soon.
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I hope all is going good for you but as it looks, take an screen picture and see for last time that beautiful dollars because Steem is heading to 0.20 cents and lower, there is no way to stop this. so there is a big chance that u can end with 2000k or even lower, buying steem power at this point or even lower sounds very crazy because there is lots of supply and not much demand, I hope I am wrong but charts do not lie, sentiment is not the best. leave your steem Power grow or powering down is a big call for you because you have a descent amount of money there, I do not see Steem going over a dollar ever unless a miracle happens, the question is how low can it be. May Steem will honor his name Steemit peoples money!
The best bet in Steem is becoming a great Blogger thats the strongest point in steem , but rathen than that I will not put a cent on Steem. People is desperately Milking it.
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Why exactly do you think steem cannot grow anymore?
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It can't grow anymore because many have been saying the same thing for months. There's no point in buying Steem or SP, it dilutes indefinitely and constantly. It was in a bubble but now no smart trader will touch it unless there are some drastic changes.
Buying Steem means you are donating your BTC to content creators and people powering down. That's the sentiment on the market and I can't see it changing anytime soon.
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I think its more like buying a bond
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A bond pays you interest and you can get your money back by selling it around the same price depending on the market. SP dilutes like Steem just slower and you can't touch it for 2 years.
The thing about Steem chart is that there's absolutely no indication of a bounce or reversal coming, there's no actual interest in buying it. I personally wouldn't even buy it a 10 cents and I've been a trader and a investor for years now. And I'm just mentioning the technical analysis, I'm a fundamentals guy, so don't get me started on that ;)
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i disagree with that.
The value posters are bringing to the platform is >0. As such there is also fundamentally a bottom to the value of the platform. So while there is dilution as ling as the platform is growing by >10% per year the value of SP should be going up. If the platform is stagnant or declining than as SP holder you are in trouble.
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Fair enough, but you don't think the platform is in complete decline for the last two or three weeks?
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That said, currently the amount of post is declining, so this particular growth is missing. At the same time a competitor (saner) is about to come to the market so these things are bad
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I don't think, I just see.
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right if you look at the last few weeks the charts looks bad. but trends do change. Just because the price has tanked for a while does not mean it is going towards 0.
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the promote button was a great idea from developers to inject steem dlls in the system, but hungry toxic whales, I'm not powering up at the moment until 0.20 cents if happens right now i am filling my bags with, will see what happens.
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You made some great points. I also have been doing the same thing powering up as the price fell. I bought some Steem at .15cents...LOL back in May. I have not even thought about powering down after I fully understood the economics of Steem in the white paper.
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Congrats on getting in early. I agree I and like i said i fired another bullet today.
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Also, if you are not gonna keep buying at these "cheap" prices, who will?
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I did just buy but what i am saying is that i will have to stop bow.
Curious question: Why have you not uprooted my post? Is it because you do not like it or because you do not want to waste your vote?
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Sorry just came back to upvote ;)
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upvoted.
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To me that difference is a little too much. I think it would be better for the community if the payouts were a little more even. I think if the max. payout is about 300$, all the others have to be upvoted more !
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i think a hard limit is not a good idea, because it means somebody is planning the value of a post. Also celebrities would never post for a max of X.
However like i said i think like you the value needs to be spread better. There are certainly other ways to do it.
For me personally i have moved the needly up to $50 on a post, while my min seems to be $0.07. That is the difference that is too high. I would understand something like $0.5 to $3 or something in this range.
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Well they have to find a solution, the rate of active users is going down, today it was 50%.
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Keep it up. I share your enthusiasm. Time will tell what Steemit means for authors.
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will do. thanks for reading and posting.
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