Firstly, I must admit I have spent more time thinking about Steem(it) than I have been paid for by it. And to be honest (and disappointing to readers/whales and me as far as payouts go) I have found more than a few BIG Problems with Steem. Problems that if not addressed, will lead to its ultimate failure. Now, you might not agree with me (very likely) but they will.
And I love Steem and I do think it is a few shorts changes short of being “The Game Changer”!
OK that was the intro, now to the point…
I consider [Why I Want to Short Steem Beyond Trading –part2. 08/23/2016 post of mine, the greatest insight in the Steem space, that I (and most writers that I have come across) ever got.
I also totally understand why most of you will find the believes of mine expressed there “stupid” “silly” “outdated”, but that take of yours does not makes them invalid or not true. Actually they are as true as when Adam Smith first thought of them….
Back to the present…
Yes, I do not believe; “The company’s worth is what N million customers are worth to Facebook (or 100 times more in Steemit’s case)”, especially when the company has NO CLUE how to monetize on those customers….
And today this changed (maybe alittle, maybe alot [1]) by the introduction of “promoted posts”
With promoted posts we can see how the system / all Steem power holders can benefit from someone trying to come to the system and pay his way in to all SP holders!
It is a great new feature! The best in my humble opinion. The best I have seen from Steem really.
And that’s why I will donate ( donate more or less really) a good sum of SD to put this (Badly written as far as English grammar and spelling go) post on that same list.
Other (mostly less controversial posts of mine):
- [Beyond the STEEM Whitepaper – 1. Blogging and Curation Rewards Fund; Steem Backed Dollars Creation](](https://steemit.com/steemit/@james-show/3gkvw3-beyond-the-steem-whitepaper-1-blogging-and-curation-rewards-fund-steem-backed-dollars-creation)
- Are all post written for 5 year olds', so they have to be picture heavy???? ..Uuups sorry, I have not written this one yet, but really???
- Ohh what TF just scroll the blog posts on my home page!
I like that the promote feature is kept separate, gives more opportunity and still leaves people the other options to be seen.
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the dude dropped $77 on his new post lol
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What is the problem with this dude's post?
English aside?
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nothing . Just thought it was funny.77 is a bit to get back
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I appreciate your daring attitude testing this new feature. I hope you get your investment back man and a nice ROI too.
There are so many ideas Steemit can integrate to increase engagement and new user adoption but right now these are all done by separate developers, on-affiliated to Steemit and sometimes it kills the buzz. Looking forward to future developments...
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I think that it would be great for Steem if eventually its entire ecosystem was structured in the same ad-hoc manner. Loyalty to steem has its own reward, in the long term, because the longer it sticks around, the more people will figure out what to do with it, and it's this utility that gives it value.
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instead of burning steem in the promotion process you can also simply powerup other users and keep the steem in the system for the good of all :)
https://steemit.com/steemit/@bigsambucca/powering-up-other-steemers-another-way-of-tipping-back-into-the-community
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There is an important difference between burning Steem and Steem Dollars. By burning Steem Dollars you effectively destroy debt that otherwise would have to be paid back, while Steem (Power) is a volatile asset (meaning it's value can possibly fall down to $ .00001 instead of being "paid back").
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I think burning it has the same effect, and its effect is equally distributed. It takes part of the supply of Steem permanently out of circulation, which decreases supply, and the reaction of the market will be buying pressure. The price goes up, and everyone profits. Except the promoter. They only profit if they pay less to promote than they earn in rewards. I like how it is a nice, clever 'render unto caesar' type of answer to the 'waah i can has attenshun?' 'not fair' crowd.
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Burning doesnt necessarily have the effect of a price rise in practice. Other projects have tried this and it didnt work. IMO converting the dollars to steem and distributing as SP will have a better effect, at least psychologically, by acting as a stock split. It also has the same effect of reducing debt and further incentivizing long term holders.
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Well, it's a lot more complicated to implement as well. Reducing the currency in circulation, all else being equal, does increase demand, but it will not be by a great amount. Deflationary assets are beneficial to economies however, by incentivising saving. Central banks play around with interest rates all the time due to some concept of 'ideal' inflation rates.
I just think that as a place to put the funds for self-promotion, burning it is the only method that everyone can agree is fair. If this promotion option ends up being unpopular, nobody uses it, and nothing of value is lost to those who chose never to use it.
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I think it's a great feature, and the economics will balance out really well in the end. If someone's estimation of their post quality is accurate, they will make money. If it's not, everyone's tokens rise just a little bit in value. It also creates an avenue for investors to promote projects, which nobody involved in them may not have enough rep or ability to power up SP to get noticed.
I'm not sure if I will ever use it, but I am loving what a clever little riddle it gives to the people who think they are not being given a fair viewing and thus denied votes they think they are being denied. To the extent that they accurately estimate their worth, they profit. So it's a little like gambling. Unlike the lottery, however, where only the shareholders of the lottery operator profit, well, we all are shareholders. The extent to which people choose to use this feature, will contract supply of the currency, which benefits everyone equally, just as the hypothetical lottery company dishing up dividends when a buttload of people buy tickets.
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абсолютно съм съгласен
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Shorting steem would be more trouble than its worth anyway. First of all, lenders are going to charge at least 0.2% per day. Otherwise, they could just power up and get the same rate of return. If you are wrong, not only do you lose on the trade, but you have to pay the high fee also. I suppose you have a better chance of price going down with the high inflation rate, but it remains to be seen what effect that will actually have on the exchange rate.
Today's spike looked like a massive short-covering rally to me, although im not aware of any exchanges that allow shorting yet.
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There is an important little difference between powering up and lending. One can lend for 2-3-4- or ten days and and get ALL his steam back, as opposed to waiting full 720 odd days. This fact alone will keep the interest charged much closer to other coins interest. Probably a tiny bit higher but for all practical purposes generally the same.
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me follow and i vote are you willing to back my vote bloggers ?
I feel happy if you vote me my work
https://steemit.com/photography/@zein/my-work-together-nikon-d3300-original-photos
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shorting steem should be very expensive since the steem loses 300% of value at current prices.
i would also not short it right now.
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See my response to @helikopterben above/below.
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yep. finnaly!
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