You are viewing a single comment's thread from:

RE: Steem Price Falls Further... Do We Need A Culture Shift? @Promo-Mentors: Conceptualizing An Education Platform

in #education6 years ago (edited)

I will definitely check out your discord space - this is an interesting move. :)
When it comes to price drops of Steem, I think a big part of the issue is that, by design, Steem guarantees that a percentage of the money used to buy Steem will just 'disappear' into the pockets of witnesses and Steem posters (whales).. So as a 'classic' cryptocurrency that can be relied on to grow in value just due to it being attractive to investors, it is not so great. If the utility aspect of the token were more balanced and posters could be rewarded more equally (without whale sized accounts just taking most of the rewards regardless of the quality of their posts), then more people might use the social networks and thus also then more people might be able to see past the fact that a significant percent of all money paid into Steem will 'drain away' through the social aspect.

In short, the social network aspect of Steem MUST be a success for Steem to increase its value and this has been lagging behind.. But maybe the next 6 months will change that.

Sort:  

Hi URA! I'd like you to explain this part, I think I know what you mean, but not sure?

When it comes to price drops of Steem, I think a big part of the issue is that, by design, Steem guarantees that a percentage of the money used to buy Steem will just 'disappear' into the pockets of witnesses and Steem posters (whales).. So as a 'classic' cryptocurrency that can be relied on to grow in value just due to it being attractive to investors, it is not so great.

Some of these "mechanisms" inherent to the Steem Blockchain have a more positive effect, when the whole context is understood. Particularly This One...

I say more positive, changed from much more LOL

Yes, the mechanism has a positive purpose, but it needs to be balanced with a thriving social dynamic to be reassuring to investors.

followme followback

Source
Leaving comments asking for votes, follows, or other self promotional messages could be seen as spam.

More Information:

The Art of Commenting
Comment Classifications

follows do so little...
You need to join #minnowbootcamp Instead! :)

When it comes to price drops of Steem, I think a big part of the issue is that, by design, Steem guarantees that a percentage of the money used to buy Steem will just 'disappear' into the pockets of witnesses and Steem posters (whales).. So as a 'classic' cryptocurrency that can be relied on to grow in value just due to it being attractive to investors, it is not so great.

You touch on a very complex point in my opinion, there can be a whole post dedicated to this, which is why I would like to talk more to you about this in a DM.

In the end I think it all comes down to whether we are able to create more value inflows with our content, communities and dapps than value outflows. If we don't sell all our steem that we receive from the network we will go a long way. And I think to achieve this we need a mixture of a good code and culture.

#undy's bot helper lol