Steemit is suffering confidence wise , a lot of people are not buying the steem token ,the reason is the obstacle to withdraw your investment is too high , i respect the fact their is a delay to avoid a market shock but 2 years is too much , 6months should be more appropriate , with this petition i call on @dan and @ned to produce a hardfork to reduce the power down delay to 6 months only.
Dear steemers if you approve my point and follow for more , @dan and @ned need to hear our cries!!!!
#steemit #steem #steem-help #money #bitcoin
The drop in the steem price is in part because the whales are powering down and cashing out. You often see large sales on Poloniex. If they could power down even more, the price would crash down to a few cents.
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Booom I think you make a very good point! It's the 2 year plan that's actually currently working, makes sense to me. Just my 2cents worth and what I know is scary. Cheerz
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What makes this both a unique and uniquely difficult project is you have Steemit the platform and STEEM and STEEM Based Dollars, the currencies. In many ways they are all used and perceived as interchangeable when the ecosystem is discussed.
From a product development standpoint Steemit is still in its infancy. In this phase, the focus needs to be on grabbing market share and users more than investors. I don't think that speeding up the Power Down time frame will help. I have worked in a few startups with Venture Capital, and, generally speaking, my experience dealing with them is they are willing to be patient and play the long game, hoping for multiples of what they invest in down the road.
I think the message being sent to the market about what Steemit is and does is creating some seriously bad expectations in the minds of new users and the rewards system (in its current form) is a pretty serious negative feedback loop, which discourages new content discovery and reward. Why risk finding new content for curation when I can dogpile a sure thing and be assured a reward? Until that is resolved, the user churn will continue and the user retention seems to back that position.
From the standpoint of STEEM and Steem Based Dollars being a crypto, I think the issue of utility needs to be addressed (ie. where can I spend STEEM or STB directly without having to loose value exchanging to fiat first) and the issue of liquidity needs to be addressed (ie increase the number of exchanges this can be traded on). @ hisnameisollie had an awesome analysis on why the price of STEEM is falling currenty https://steemit.com/steem-help/@hisnameisolllie/the-push-and-pull-effect-of-steem-power-incentives-why-the-of-steem-held-in-steem-power-will-tend-to-90-overtime
My $0.02 anyway...
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As a newbie Steemer (is that even the term?) the clarity of the product and the usability of the site need to be addressed if you don't want to to scare people away. Making things difficult, unclear or complicated is a surefire way of losing new users.
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I absolutely agree with every point you have made.
I agree it could help with retention, but unless the curation rewards system is revamped, there will be no incentive to discover new authors. If I dogpile onto a post that gets hit by a whale, I am guaranteed curation rewards. There is zero incentive or reward for finding brilliant, new authors who have something incredible to offer.
While the UX (User Experience) part of he site absolutely needs to be dealt with, it will not have the substantive effect that rethinking the rewards will. I will deal with a shitty platform if I am gaining recognition and rewards. Consequently it can be the most beautiful user experience which shows me just how badly I am not gaining traction.
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So, you think it will instill confidence if it's easier to withdraw? That sounds rather counter-intuitive.
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It will create an initial shock but after a month or less , we should we back to normal, 2 years scares away a lot of investors ,6 months sounds better
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I don't think investors is really the issue. I think people are more "scared" by the seemingly lack of return on the investment. I think the functionality of the Steemit itself needs more work first, namely a better mechanism for content discovery. I think when it's easier for people to find and vote on content they are interested in, people will feel it's a more rewarding venture and that will create much more confidence.
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Steemit is suffering because a million new coins are added to the supply every 48 hrs or less and the daily trading volume is so low it's 30 times less than coins of similar market cap. Reducing the withdrawal times will only lead to an even sharper decline. The only reason it's not back to $0.10 yet is because most of the newly created coins are stuck in SP.
I hope it works out because I love this place.
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I am not in favor of lessening the power down time.
In fact, I think that unless these new dolphins power up before cashing out the climb to an epic platform will be that much harder.
I got nothing against any get rich quick schemes, or using the space to launder money, as long as you agree to take that money out in 104 installments to increase stability.
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