It is another of those days when I remember why I am nervous about investing big money in crypto. I am not much an investor generally, but do have various savings. I have bought some Steem and may have to look at buying more. I see lots of people saying this is just a glitch, but it seems the market panics easily. I heard that Litecoin had some issue, but why should that affect all cryptocurrencies? Looking at the top 100 on @coingecko I see only a very few are up in the last week including ChainLink, 0x and Swipe. Steem is down, but still not the lowest I have seen and others dropped a lot more.
Steem Dollars are seriously off the peg at around 62c, but nobody seems too worried about that. We do not earn it these days and the trading volume is tiny. Has it been abandoned?
I do see a major difference between Steem and most other coins. With Bitcoin etc you can hold (or hodl) it and hope it will improve, but Steem is not passive. By being part of this experimental social platform you can be earning more of it whilst also helping others. That is radical. So much of investing is just about looking out for yourself, but with Steem you can be altruistic. In history there were rich nobles who were patrons of the arts so creative people could dedicate themselves to their craft. We can do the same on Steem whilst actually earning from it. If you are happy to give larger amounts you can buy art for Steem.
It does not alway have to be about maximising personal wealth. Money does not necessarily make you happy. Helping others can bring joy.
I may be buying some more Steem at this lower price so I can do more. I see a few people I know becoming 'orcas', but I am still a long way off that.
Spread the love.
I am seeing more and more small and new accounts getting big votes and with small stakes. It takes a good article to get it though. This is how it should be.
We can get the big curation from simply discovering these 'gems', voting, and resteeming. I cant count how many times I have done this.
it's a win win situation.
It should be about quality. I have highlighted a fair few posts that picked up big votes later. The curation rewards are nice, but I don't worry too much about them. I won't give big votes to the majeself voters. I want more rewards going to good people who struggle.
I like the way you conceptualize Steem @steevc,
It is indeed the true utility of this crypto, which is why it will stand the test of time. It sounds like quite a claim to make, but unless something truly catastrophic happens with all crypto's, and the entirety of crypto fails, Steem will remain, of this I have no doubt. (Or shall my name be shunned into the abyss of the internet 😛)
Steem is not a perfect system however, even with newsteem, but there isn't much to complain about here really. It takes hard work, just as anything of value in this life, and one thing I find myself struggling with, is finding a perfect curation system. This one is tough, because I cannot afford to invest, but I know if I vote high value earners early, I will make more, which will increase my ability to help others. Because of the fact that "time" by way of vesting weight reduction is the medium here, it becomes apparent that you will help less, if you try to vote to gain more.. (of course you'll help the big earners, but the small fish won't get a bite as often) What a mind bender!
My curation efforts are to help others earn, and so that means for me, I have to step my game up with content creation! That is the ticket I truly believe, that way I can sacrifice a little in curation by helping small users, whilst making up the difference in post rewards.
It comes down to intent.. And no one knows your intent better than you. I definitely think you have some good intentions with Steem, and I hope we adopt more users like yourself :)
No it doesn't, but you'll sure find out you have a whole bunch of friends you never knew you had if you end up having a lot of it! 😂
My old man used to say:
"Money doesn't buy happiness, but if you have enough of it, you can choose your misery."
Looking back, it's kind of hard to argue with that logic having lived under bridges various times in my life.
It gives me joy to help others too, and having to chase money 24/7 robs me of time which I could be using to help others.
I think it's safe to say, I don't really care much for money. I don't think humanity needs such a thing, it only benefits the few, while the rest of us work tirelessly to live paycheck to paycheck.
Keep up the great work!
Cheers!
Thanks for the encouragement. Steem can keep going as long as we have some witnesses. It should take effort to earn here. I am fortunate that I don't need what I earn here, but I know a few dollars can make a big difference to some. We want to give them that potential, but they will have to provide some value.
I've said many times that Steem will never be perfect, but it's one of the best models I've seen for paying users. It's up to those users how it succeeds.
it's a shame that #newsteem was needed for this. I would certainly not call it altruism, rather normal capitalist behavior. But ok, as mentioned earlier in the comments, it remains a win-win situation. The reasons why someone is curating are therefore not that important in themselves.
Besides that, content creators also have to show some responsibility. Success doesn't happen by accident. Yes, sometimes you have to be lucky, but it's mostly hard work. I often get the feeling that some people overlook this.
I have opted to compromise what I can earn by not self voting and not optimising my rewards by voting in those who always do well. I have done well from Steem and want to use that for good. It's that altruism? It just seems that few other platforms offer this opportunity.
I have learned never to generalize, so of course, there are a lot of people here with good intentions. A lot. It was certainly not my intention to condemn you in any way. But you can't deny that, since #newsteem, a lot more people are suddenly starting to curate. And that has nothing to do with altruism. But that doesn't change the fact that we indeed must be grateful that we even have this opportunity.
No offence taken. Sometimes you have to change the rules to encourage better behaviour and this has worked to some extent. There were some good curation projects before, but the vote sellers dominated. There are still some who don't care what they support, but they may be persuaded to change if their clients keep losing rewards.
No. The peg broke some time ago when the market cap of SBD exceeded 10% of that of STEEM. When STEEM recovers, so will SBD.
I wouldnt mind the alt coin market continuing to drop if it means finally clearing out all of the shit coins from coin market cap. Crypto would be a great investment if only viable projects existed. I believe that steem will survive the long haul though because it has a useable product with a pretty dedicated user base.
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There needs to be a purge. It seems ridiculous that Steem ranks so low when it has real utility.
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I'll have a look later. I do not play the markets so it's just out of curiosity that I monitor the prices. Of course I want to see Steem do better. I've experienced the highs and the lows. It's sad to see it ranked around 80th when it has real utility.
I think the DAO pays out in SBD correct?
I think that puts a lot of downward price pressure on SBD as projects sell to pay for whatever theyre working on, but that is complete speculation.
I haven't invested any fiat into Steem yet but Im jealous of those that can. One day I hope to be in a position to invest something other than time.
I've not looked into the DAO stuff much, but I doubt see much talk about SBD. Even spending a few dollars on Steem can give your account a nice boost. I may try to put some aside each week for that.
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It was definitely shocking to see how far it had slipped this morning in my favorite coin listing. I know it is probably just a temporary thing, but it still is a bit of a shock when you initially see it. If I had the funds, I would definitely be picking up some more.
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