Agree influence great but what is bring value into this system. Come and go bloggers just powering down and decreasing our SP over and over again. The reason I think Steem will most likely fail is one simple fact. Every social media company (even adwords) makes there entire earnings off of ad revenue. Where Steem is going wrong here is the fact no one is getting a return on there investment longterm. What they need to do is get advertisers to start buying Steem and burning it to run ads. That's one way how we end the vicious cycle of Steem leakage.
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Steem is a blockchain platform. Steemit.com is a social media app on the platform. I'd call it the flagship app. Implementing ads right now would be a waste of time. It's too early. Need to be able to retain users before you start putting ads up (shudders).
Excellent comment @drunk.
What you see as a "vicious cycle of Steem leakage" I see as redistribution from the hands of few to the hands of many and the market deciding on a base price, given the current value offered. That said, as I've been reporting every week in my Exchange Transfer report, the number of people caching out has always exceeded the number of people depositing. Until that changes (IMO), the price will continue to fall until an equilibrium is reached. I'm surprised the price has stayed as stable as it has. My hunch is coin speculators are keeping it up.
I agree, advertisers promoting posts here could be great for Steemit. I could even imagine seeing highly promoted posts showing up in our feeds some day (just Twitter does). Better yet, maybe even let people opt in to that and gain a portion of the promotional costs. That would be a neat idea. Ultimately though it depends on mass adoption before those ads have any value. The fact that steemit does not have ads is valuable to the users and may become even more so as privacy goes down and ad sales on other networks become more and more intrusive and personal.
I agree with you this has a lot potential and that's why I invested but right now we wanted to see developments and new releases, not just vague rambling. If, when, later, however........ There's no excuse. They had plenty of time to get this out a beta by now. People are losing big money here with their science project.
I empathize with that, I really do. I've talked about it weekly in my reports.
That said, they should not invest what they are not willing to lose, especially in an early stage, highly speculative platform like this. That's my opinion after bootstrapping my own software as a service for the last ten years. This stuff is hard. It's easy to throw stones and judge what they should have done and what priorities they should have focused on, but I remember when the site was crashing hard constantly because the technology could not handle the load and that was the primary complaint. That took time to fix. Now we're on to the next thing. It seems logical to me, but again, that's just my opinion.
Well the inflation rate is about 9% now which is in line with most other crypto tokens at this stage. I do agree strongly with you. Its just a matter of time once that balance is struck b/t the whales powering down and the growth of the platform. If we can just get the growth going again this thing will turn around. IMO at least back to the ATH market cap at 400 million. If we longterm growth the sky is the limit. The advertisers will be beginning Steem team for space and Steem to burn.
Well said. The funny thing is, when that happens people will probably find other things to complain about. "There's too much big money / advertiser interest here! Steemit sold out! It's all about corporate influence now!"
Heheh. Can't make everyone happy all the time.