What do you believe is the #1 change required for Steem to take it to the next level and break past $10?
If we could make one change right now, regardless of the difficulty or impossibility, what would it be?
What would it take, in your opinion, for Steem to take off? When I say Steem, I mean the blockchain, not the website Steemit.com.
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This is the thing that constantly occupies my mind, so I will try to answer as best as I understand it at the moment.
Yes, content is great, it creates a set of incentives that attract users to the blockchain. In its current applications, maybe we have not fully embraced it's true potential as there is no way that Steemit, Dtube or any other Daap currently in existence will interest absolutely everyone.
But the solution is two fold. meaning that yes, we need applications that attract traffic, attract users, keep them engaged and interested but it's just as important to have a blockchain that attracts investors.
In this sense, investors might care about the fact that there are many users of a particular blockchain, but only in the sense that it can give them a sense of security (as real or fake as it may be, but that's another subject).
However, investors are interested in one thing and possibly one thing alone: ROI (Return on Investment)
This is precisely why thinking of eliminating bidbots, at least at this moment might work against the valuation of the blockchain. This is of course, if we don't have a proposed solution to increase the ROI of current investors.
So, in other words. To me the solution to this whole thing is creating a system that can increase the potential returns for passive investors. Those who are completely comfortable with taking a big bite and do not feel compelled to post or interact on the blockchain.
Some might argue that they should become curators, but then you are also assuming they have an interest in doing so, or that they could even be good at it. They could easily upvote the people who are already getting the most upvotes in hopes of maximizing their curation and nothing more, making the distribution of Stake even more skewed.
Maybe the answer lies in creating financial services on the blockchain. The blockchain has already the ability to do escrow and honestly we have a pretty good example in @neoxian how the equivalent of a bank could be ran.
At this moment I'm not ready to jump to conclusions.
I understand this is not necessarily a great answer, or at least one that breaks down the steps to take, but I hope it makes some mental gears engage a little bit.
I think we need to increase the number of decentralized applications built on the blockchain. Also, we can focus and concentrate on building better communities to herald the SMT launch.
Since, the blockchain is birthed upon the idea of creating a good and great post/contents. We can decide to make the post payouts unlimited. This will motivate people to create great post since they are aware that their post earnings is unlimited. No rush to fix some shitty write-ups again!
Well said @meno! In fact, your reply partially helped inspire another post about investors.
The thing is, the people who are going to come along and buy 1 million Steem may have no interest in anything but simply buying and holding till they double/triple their money. The assumption that investors are looking for "current income" is flimsy, at best.
but, wouldnt they be...
when i share something on facebook, the 'instance' of said post, allows my friends and i to make comment, independant of the orriginal post.
to be able to do that with resteems might be cool? @themarkymark
is that do-able?
It really floors me that a hedge fund/venture capitalist hasn't had one of the big wheels kid(s) freshly graduated from college, give them an internship and have them run a million dollar investment with the instructions..."Here you go (daughter/son)--show us whether or not it's worth our firm sticking 10, 20, hell 50-100 times this initial investment again in say...6 months to a year." That investment in itself would make that account (or additional 'branch alt accounts') amazingly important on here and could generate some ridiculous returns for that firm if done right at all. Of course ''the right way'' is very relative to each one of us.
I've wondered something similar myself. I was just discussing this with a friend over the phone. What would happen if let's say a "non-profit" (please note the air quotes) would decide they would love to use this blockchain for their "work". (there they are again).
What would we do as a community? Would be run the off, because they shitpost? Would we be OK with them delegating their Stake and getting a return?
What would be the reaction? - Because if we succeed, meaning... if this experiments finally drops the beta something like that could happen. And I for one would not like to lose on the opportunity in the name of "cultist like purity".
Forget non-profit, I mean an a legit venture capitalist that is out to do a R & D test on the real value of steemit. Their interns spend time on here, try to be profitable as much as possible, see if profitability can be achieved and at what scale, and then they can make some legit evaluations. They like what they got, they dive in, they don't, they sell say screw it, or hopefully wait for a good time to sell and get out. I agree, unfortunately I have a lot of reservations with ''non-profit agencies/charitable trusts'' as well. Pretty hard to write off travel expense on a purely online pursuit though that someone can do work from anywhere with an internet connection and a laptop though also. I too struggle with the non profit designation with people getting paid/beneficiary of ten times or more the regular working wage of a given country/state.
Hahahaha I was confident you would read between the lines.
But back to your point, venture capitalist.. that would be very interesting indeed.
I think a bigger Problem is, Steemit is not User friendly.
Think about a Iphone. For most people is it easy and intuitive to use.
A normal user want Fun on a Platform and no Content Discussion or somethig like this.
Steem is at the moment nothing more as a Newspaper or a really Big Blog ( for the normal End User).
Normal User see " hey my like is something worth". But thats all.
I Think Smt are nice, but something like Facebook Groups is a bigger benefit at the moment.
The First and only Rule to succeed is make the Mainstream User Happy.
Conversely, passive investors contribute little to the actual ecosystem and perhaps shouldn't be rewarded. In fact, perhaps passive investors and holders of the currency should simply sell off now.
I mean right now might be the best chance they get to secure a relatively respectable ROI if the price continues to decline. Certainly they aren't really helping to make the ecosystem a better place. The activity level seems more correlated with the price than ever before.
One of the benefits of a massive selloff and crash would allow for the redistribution of wealth to new individuals and potentially folks that actually care about the ecosystem than people that want to milk it.
Looking to cater to those seeking riches simply degrades the quality of product. I want Steem to become less profitable so the investors and wannabe entrepreneurs look somewhere else to make their quick buck and advertise because that's simply garbage content and my list of interesting authors is shrinking rather quickly.
Those people are leaving and this place will be a barren wasteland without them to prop up the value proposition of the platform. Banks and financial institutions won't really mean anything on a blockchain filled with spam and other unappealing ugliness.
I think people tend to forget that in terms of passive investors technically the same thing that is present in most cryptos here. Treat it like a traditional investment.
All the other forms of ROI require activity and go beyond what those cryptos offer. Though this fact may not be communicated very well and that likely works against this.
I think we need more financial products so that it can be treated as traditional investments. We don't have covered calls on any market for example. So everything in cryptos is high risk, highly volatile.
Yes. I agree. I was mainly saying that steem can be invested in by passive investors now just like other cryptos.
The difference is there are other activities posting, curating, etc that give more ROI but take some effort on the part of the user. They are not required though, they are a bonus.
I agree with you in everything you say but we need more than that to achieve the speed of spread and increase the value of the currency
If by speed of spread you mean wealth distribution. Yes, but that is cultural too. People constantly powering down and selling their stake is counter productive to the long time health of the platform.
I thought this was such a good point that I went and fixed it.
Ned to step down from CEO and burn his stake.
And ideally @berniesanders to step up and fill his position.
These comments just get better and better!
Psss hey @trumpman you're so awesome in commenting you should go vote @comedyopenmic as your top witness
witness vote has been casted. you are welcome!
Excellent choice trumpy, the vintage of COM March18 is exquisite with a side of comedic madness
I 100% support this message.
Pssh I support 300% this message; I win.
Wait fuck not this message that message
Oh damn it. :(
@berniesanders taking over? I don't think he'll have the time, or the tolerance to hard drugs, to run things and be The Fun Guy. That job would suck the soul out of you, as is proven by @ned, and you would need to do at least an ounce of coke a week to keep the fun level where it is now.
Do you want to see Bernie in an intervention six months down the road?
I know I don't.
Oh hells no!
I didn't think so! I got your back if you do though. I'll cut you a sweet deal on a kilo. The good stuff, not the shit I gave Banfield a few weeks ago. I think that shit was laced with Mr. Clean or something.
I will help with the tolerance to hard drugs. We can just filter it through my body like they did on Mad Max - Fury Road. I have only partially killed my liver with heavy drinking so we are good to go.
thats the spirit, take one for the team XD
Thanks. You're such a trooper.
I knew you had political affiliations and or, influence;
he's Bernie boom guys BOOM
Ohfak 0.05 upvote in these depression times, Trump is RICH!
I am running low on VP but fuck it.. #YOLO here's a dollar :*
I voted for Trump. ;) lol
Yo wtf, that's more than all my posts combined.
Let's be serious guys, we need a ned as a CEO in order to have Bernie in good shape... otherwise Bernie will be depressed and would not be the fun guy .
Bernie Sanders IMHO overuses the flagging feature. He recently flagged me simply because he didn't agree with me on an issue. For anyone who likes Steemit because it's decentralized/free/not censored etc that really goes against everything this site is about. It may not be Youtube demonetizing but that type of stuff has the same effect and I see him doing that alot.
It's "a lot".
"a lot" and "they're" always get me
I think he may have flagged me before for something. I shook it off, got thicker skin and accepted the fact that sometimes shit happens. It was not the first time I have been flagged and not the last I can assure you but I still think he is a good dude that wants the best for the platform. You gotta roll with the punches and learn to dodge and weave. Hell some of my best friends in real life were people that I got in a fist fight with the first time I met them. lol .
My thinking is that power corrupts and absolute power corrupts absolutely. Essentially I'm saying the same people who bitch and moan about Youtube and any other social platform will do exactly the same shit if they are put in a position to.
I didn't know u could make a post that doesn't get flagged! At a point, I started thinking they had a political bearing against u or something, @berniesanders
All I know about Ned is that people are complaining when talking about him. I personally find him way too boring to listen to and I rather spend my time reading @berniesanders's posts that are more amusing to me! Bernie for president!
He is the fun guy.
Yes, I used to think he was the less fun guy until I actually paid more attention to what he was telling in his posts.. instead of seeing only flag wars hehe.. :)
i like looking at what he's flagged... while sipping single malt whiskey
Bwahahah.....we can still keep ned around create Steemhair.com and he can be director of hairdo 💁 upvoted by style :D
Move over Good Hair Day
Hellooouu Ned Hair Day. 🕶️💇
sweet, finally found some tags to use on my next post about styling the mane XD
Get burned at the stake...
He does have magical hair but surely it's the product of good maintenance not witchcraft.
If he don't step down can we burn him at the stake anyhow?
You mean at the bithumb market? Someone with a lot of $ seems to be buying a shit ton at a pre-negotiated price. Whoops forgot a meme to sum up my point, she is the whale or whales that are selling their steem, the GIs are the new investment entity. Enjoy!
Is this a ned / asian hooker joke disguised as a serious conversation? If so bravo sir.
You to buku.
Maybe. I don't know if he is the kind that bites your nose off not.
Low energy meme, no upvote
how will drumpf recover?
I'm not sure this is really my top, it's maybe second, but my top would be duplicating @meno quite a lot and this one doesn't seem to be mentioned.
I think we need an intentionally-designed structure in place to welcome new users who are able to immediately create excellent content, and ensure they get enough financial and social rewards to keep them here. We talk a lot about acquiring lots of new users but not a lot about what happens to them when we get here.
I personally like playing with gamification, which is why I'm using my own stake to explore building a small system of that sort using gamification at @themesopotamians. But there are other approaches as well.
The important thing is that we find some way(s) to prepare for an influx of new users so that we can catch them as they come in and turn them into consistent contributors who are personally attached to the success of Steem. If we just start adding new accounts without that we'll be wasting a huge opportunity.
As a new user myself (31 days according to Steemd), I totally agree with you @tcpolymath. However, I can see the perspective of you more experienced Steemians too, that you wouldn't want to waste your energies on many of the n00bs who join SteemIt and then never leave the n00bie swamp, those who never progress beyond the upvote-for-upvote and follow-for-follow mindset madness. As you say,
...that is the key, is identifying those who are worthy of investing the time and effort (and maybe delegation) in. I aspire to be worthy. 😎
I very much do not want to imply that anyone is not worthy who comes here with a goal of producing good work. Getting people to come here and learn to do good work is really important, too. But I think that if we can bring in people who have shown they have that expertise elsewhere, they can be a big part of helping the people who aspire to greater things get there. That's how many of the communities I'm a part of in the outside world work.
You certainly look like a good poster to me. Followed.
In order to do that, I think SteemIt needs to market itself more as a "blogging platform" like Medium.com or WordPress, rather than as a "social network" like Facebook. I'm also active (at least I was, until I got here to SteemIt) on Minds.com, a similar crypto-social-network under active development, and the emphasis there at present is very much on being a replacement for Facebook. If you attract the FB crowd, you can expect to also attract the mentality that comes from the FB crowd, and there is a large majority there who would fit in nicely in the SteemIt "upvote-for-upvote" swamp and never get any further. I think you're spot on here @tcpolymath, attracting those who already produce good content, similar to DTube targeting quality YouTubers, is the way to move forward here.
Thanks for the follow, by the way.
I keep reading "Excellent" and "Good" content ...... but what criteria or characteristics does a post require to meet these subjective labels? The 'Trending' page is full of [email protected] posts (by my subjective evaluation) and yet there are many Steemians toiling each day producing what I believe is 'quality' content for no or extremely little reward. Two examples I can think of offhand are @jaynie and @mrprofessor ... now these are not 'Self Improvement Blogs' or 'How to make a million dollars in Crypto' or some other life changing thesis ... but what I expect from the Steemian community .. sharing of cultures, lifestyle, cuisine and just general human interaction.
In my opinion, Bidbots and Curation Bots are killing the platform as they keep the vote pool focussed on the same group of assigned people, irrespective of what that person posts. So how does a 'newbie' get traction if a 'machine' or line of code is doing the voting?
Secondly, the 'New' page has a retention of about 40 second before a post has disappeared. So getting noticed is pretty damn random. I know it is possible to click a tag and then new but that is not instinctive. It would be good if one could 'subscribe' to TAGS such as 'Music' 'Cooking' 'Food' etc. and then when in your profile and you select 'new' it gives a dropdown to your selected tags and one can then navigate to all the new 'food', 'music' etc.
I have been here two years and still manually curate and try greet new users but it is becoming a 'zero sum' game.
Trending right now is heavily driven by pay to win bid bots. It always has had people complaining about it, but it is worse now. :(
A smarter approach to marketing, advertising, and promoting that creates demand for STEEM and rewards content producers as well as promoters and those who promote.
I already explained it here and in the comment section I added more information. It's smart. Everyone wins.
Upvoted for visibility and because the post said to vote the good ideas.
You know for whatever it's worth I'm glad to see you taking a balanced stance on this whole thing.
Enjoyed the cocaine post, but that's neither here or there.
I've bounced around a lot but I think it's time to embrace everything everyone has to offer and bundle it all up into a neat little package that benefits everyone instead of this BS of groups and interests working against each other.
We all want the same thing.
If a content producer gets noticed, curated, and pushed up, they win, along with the curators, while the ad inside can drive eyes to the promotion, so then the promoters win because of the market section competition and jockeying for position, and the one promoting the post gets the eyes they want because their message is spread around to hundreds, and potentially thousands and eventually millions of different places once the idea takes off.
Until then, we're living in Crackville, as predicted.
The other day I saw you take back a flag too. I thought I would never see the day, but the logic is sound. We need people buying up the steem, without investors the tokens are as valuable as farts on windy days.
So I say, let them buy their trophies. Let's move them to a Self-Trophy-Buyer-Page (as you've pointed out) and let everyone win.
We get token appreciation, they get to feel like they got Louis Lane..
I flagged a plagiarist on trending yesterday, and that'll probably be the last flag I give out because nobody else had my back. I confronted a shit poster on trending with honest words, they pouted, so that'll be the last time I say anything because my intention was to help and that gets converted into hate. Words don't work, flags suck, done deal.
The demand to buy STEEM under the current method of promotion is a game for suckers. One buys, they quit, someone replaces them, they quit, and soon the word will get out and people will erroneously accuse these tokens as being a poor investment due to the misleading nature of the current game. They can spend a million and never become a successful act here because the odds are stacked against them. I see people delegate to bots, then buy back the SP that is rightfully theirs in the form of a vote for a potential loss. Is this where the cool kids say SMH?
We can do better, and get rich, easily. Someone can start developing a DAPP today that caters to those who wish to buy steem and promote their work, and we can place those promotions into our potentially trending or hot posts that get eyes from all of the other DAPPs (Steemit, Dtube, etc, etc, etc) The solution is so simple and I'm shocked this has been flying under the radar for so long when one can simply look at a place like Youtube, realize the potential of what I'm talking about where the content producer plays the most critical role in attracting eyes to both content and promotions at the same time, then we can create a money making machine that can't be stopped. So goddamn simple! LOL
For plagiarists @steemcleaners always has your back :) Just use this form http://steemcleaners.com/reports/new
They even reward you with a small amount of sp for every successful contribution.
You're right, they'll have my back. I just assumed, since there are 60000 active members at any given moment, and this post is on trending, someone would see... but as what was highlighted in my post the other day, nobody looks at trending, and that means these people are marketing in front of a dead audience, so hey! Let's change that, and make some real money.
Got a link to the plagiarist?
Oh , dis about to get good.
Blurry images pulled from the internet and some copy/paste text.
Reward the ecosystem to bring in 10million accounts
Have a compulsory (can be interpreted many ways) referral link for signup (in blockchain), create an internal top 100 (weekly, monthly, quarterly) recruiter ranking of new signup and also top 100 recruiter new account's total 1week, 1month, 1quarter accumulated highest earning (or invested SP) / per account to reward top talent & investor recruitment.
Then payout 1% (really it's kinda like a blockproducer finders' fee) of all BP at current 8.85% annual inflation to be shared by these top 100x6 💯 recruiters, or about 3800+ Steem paid out to over >100 people (really 100-600 individual, but most will be duplicate so more like 150 is an average estimate), that's 100 Steem/month bounty for finding new signups per top recruiter (honestly, that's slightly better payout than a Witness at Rank 90 today)
Then watch how suddenly it's in fashion for every Steemian and their dog to recruit every living soul with a phone number and email to signup via Steemit! And even better signup folks who might have some real talent to actually produce proof of brains to get double payout!
Update: this was written 2am in the morning after taking some liberties with alcoholic awesomeness, please scroll below and see the even better idea proposed by @roelandp below
also sorry @themarkymark, i did not fully read your post i was told about @trumpman's funny reply and I originally came to read it to get some entertainment an ended up commenting, not here to win any prize am sure many more suggessions are way more worthy
Retention far more important than recruitment. Also I suspect that the platform would creak if we had more than 200k simultaneous or concurrent users.
as a community builder I can't emphasize what you just said any more, it's paramount
nevertheless, if you're talking about retention in general (theoretically how would we retain 0), it's a balance, we must have constant growth and promote new means of retention as our spectrum of demographics expands
if you're talking about retention of what we have now then it won't solve our valuation issue, have to increase grow to have more rewards (during boom cycles) and we need more rewards to sustain retention, there is no economic middle ground, positive change is the only safe margin of error we are allowed to be competitive
BTW. actually i got that same feeling about the creaking, everytime i hear @sneak or @ned say they want us to be ready to handle the masses, it seems like behind those words perhaps they are not generalizing and they have done some secret benchmark testing on the steem testnet and there are issues with existing performance we have not been told about yet....hence the hf19.4 & hf19.10 multithread implementation, etc.
still at our current snail pace onboarding rate, 200k is over 3.5 fold more than 60k right now which feels like a leap year away in achieving.
at 60K/1.1mil, if we can sustain that ratio of about 6%, then we have room to scale till 3 mil accounts and we should take advantage of this
100% upvoted, 2nd best reply I've seen all day and revealing of what's needed and what's to come
you may think it's funny BUT my reply is probably the only that will actually moon the price imo... and it's quite easy to implement...
remove ned and his glorious hair? it's probably easier to spot big-foot and get that awesome bi-paddle to tap dance
Take away that 1% from top 20 witness since almost all are no longer focusing on actively growing Steem user based.
I bet none of the top20 witnesses will upvote This comment or even reply
i like the introduction of referral system too. but i think the rewards should come out of the rewards the people who got referred in (the new users). this way you prevent the blatant account creation of fake users for the sake of getting rewards.
by getting partial rewards (up to an amount) of brought in users’ before they are “unleashed” you insure only referral rewards are being created from active and real users.
New users have no real rewards to speak of, busy has (had) a 10% referral program for people you referred to it.
btw. that a dap only 30days 10% marky, worst on a pay to create account
which can be bypassed by:
it does not
For Further Details Go See My Respond to Roe
heheh....i just realize, this is so true....i wonder if anyone told busy.org about this problem?
That's where the incentive comes in where your rank is also determined by the new recruits stake in SP. if all they have is the standard 0.1 then it's a minimal rank. if they're an investor and buy 10,000SP you get placed a lot higher in the ranks.
and you scale it so that 100 people buying 100Steem is more valuable than 1 person buying 10,000Steem.
That actually makes a lot of sense to me too, if not the exploit becomes quite simple to distinguish.
That being said, we can't dismiss the hot cognition of attempting a marketing campaign based on referrals. So in my opinion, since Steem has enough FUD as it is adopting anything that comes even remotely close to the likes of bitconnect and Co, should probably be best avoided.
Not because it would actually be a scam, but because popular sentiment is what drives the markets and not so much technical specs.
After all, as a blockchain steem is leap years ahead of competitors with much higher valuation. But those details are missed by 99% of it's potential users.
My two cents, for whatever they are worth.
yeah i feel we might be leap years, but in crpyto time a leap year is less 4 years and more like 14 months, i feel like serious competition is going to start launching later in 2018 and we need to discuss, design, implement and start stepping up our game
how about a marketing campaign based on mentoring? that's more of what I'm thinking, and i think such a concept would be a beautiful baby we can sell to the world and get good karma in both sentiment and organic growth
and yes does it make sense to me too....whole ton of sense, go see the new improve recruitment in reply to Roe
now that! i like a lot
I do like the idea of a referral system, but ONLY one in which any rewards are paid once someone is an actual active and participating member. Otherwise it will just be gamed and abused.
That said... part of a referral system would have to include the ability to actually tell WHO signed up as our referrals. Not for money's sake, but so we could make the effort to encourage and follow those we talked into joining Steemit.
see the rewarding recruitment via active mentor method in my reply to Roe
If the blockchain itself is not ready for mass adoption (needs appbase, hivemind, HF20, and (some argue) SMTs), does it make sense to push to grow the user base at this time or to continue working on obtaining consensus on things which are still outstanding and haven't been resolved (SBD peg, rewards curve/linear, curation percentage vs. author percentage, downvote vs. flag, etc)? I think we need education about what we already have in a way that's easy to understand and digest before we focus too much on bringing in more people who will just end up being confused.
firstly thank you for responding Luke, i really appreciate it when good witnesses like yourself take the time to educate and help everyone see that we need to continually educate especially since we are always evolving this steem blockchain
i'm not arguing the merits of mass adoption, critical mass for Steem will come way past 10million (even Facebroke model came at the 80-100 million mark)
Thought Experiment: if such a reward system is launched in a super near future hardfork it will greatly boost adoption and on-boarding, (this i have no doubt), perhaps even repeating that 500K growth from Dec17 to April18, so think about it this way, to get from 1.1 million to 10 million will take minimal of 20.1 months or in 1.83 years. (about 1.5M to power of 5.7 quarters)
now i expect these things to be launched by then (in 1.83 years), hivemind, HF20, appbase (just look tasteem is here, steemhunt is here, almost every 2 months i see a new appbase....and these fcukers gonna need fresh blood i tell you)
now i wont' speak much about changing rewards (that in somecases can be done in 1 patch or hardfork as long as top 20 witness agree to implements that patch), nor will i address much SBD peg to USD because in my opinion having a forced max 5% liquid pool of Steem (aka Steem dollar) is in reality more a peg to Steem than the greenback, I've tried to explain the economic math is some ill forgotten reply some yonker months ago.
(Honestly: how an we set a generation of 5% limit, that scales from 2-5% by generating Steem equivalent to replace SBD in payout and expect that to ever not be peg to Steem, i forsee the use case for SBD to keep growing not slowing......especially with 10million accounts, then we'll see witnesses proposing raising the limit from 5% to 10% ....which just slows that the inevitable)
ok...micro rant over, but technicality aside, growth speaks loud, 1 great way to show the crypto world that Steem is worthy and serious is continual small but accelerated growth .....price will follow adoption, that is proven by economics already.
thanks again for bringing up these points, awesome to address them!
Maybe, but I think mostly adoption follows price. If people are making a lot of money on Steemit through their posts, their friends will notice and want to join. I'm not sure viral growth math works the way you outlined it, but maybe. And I do agree, some things we should start now because they will take some time to get going, but I also think we have to be patient and think about what the big challenges will be once a viral signup growth happens. Mostly, I think, our challenge as a community will be education and helping people understand blockchains and cryptocurrency (I did some videos a while back with http://understandingblockchainfreedom.com/ for that reason).
SBD is a peg to Steem only if there is no reverse conversion. It's a broken peg. If we add a reverse conversion it should work well. There's already a PR to change the print rate.
When you say it slows the inevitable, what do you mean?
I'm not sure price will follow adoption if investors just see more users on Steem as more users coming to extract value and dump on the markets. That said, I do agree the network effect is what gives any currency value. It's a shared story. A belief. That's where all this value comes from.
We also have to retain the users we already have, this is critical when the bucket has so many holes that 95% of the water leaks out.
I'll take your bait anyway and remind you that the witnesses of the blockchain are responsible for running the network and the multitude of us keeps it decentralized. If that's not worth a small minority cut of the network's inflation, I don't know what to tell you except I hope you come to understand why a cryptocurrency and its network have value.
haha you honor all of us with the bait bite, my apologies for that wording above, (in hindsight it was a bit clickbaity even for my taste) in my defense, it happened in the wee hours into the night and due to some excess alcohol intake after festivities (i think i typed out my thoughts w/o realization it was unfiltered)
firstly i do agree with you block producers are the backbone of all blockchains
I think a 10% network inflation cut in this steem blockchain (>$1 Steem price) is a more than worthy reward for block producers in the top 20 position, this i hope you agree
now considering that we are primarily a social media blockchain, our roles as witnesses needs to be inclusive (at some minimal value) of the social aspect of growth in addition to the technical function of blockchain production, hence the modest 1% contribution
now considering that a witness reward is more directly tied to Steem price appreciation than any other direct method of earning steem
at about current 24,800,00 Steem produce annually, and 2.5 million going to witnesses (not including other fringe benefits of steem stardom that comes with being top20) which can only be matched by a mega-whale with say 7 Million SP self upvoting, or just to note that from a ROI perspective a steem witness earning is unmatched by any other means
it's the old paradigm of where to invest resources. i admit i am proposing do we take a cut 1% cut of the politician or CEO/executive income to expand innovation and bring in new talent, but honestly, i think it's equally if not more important than just the numerous proposal to optimized the existing system (which btw i think is really a moving target)
then again there is no point to reduce executive income if they don't already have a significant stake of Steem (ideally in SP), you don't see the elon musk earning $1 /year or warren buffet capping his pay to $100K without being a major share holder (now I'm wondering if there is any top 20witness with say at less than 100,000 Steem?....so at $10 they will have the minimal million)
i do seriously think we have to address growth continually, and to make it measurable, auditable, and rewarded .... the ways we achieve, that's upto to the proof of community and the witnesses to guide us all there
The plan isn't to take away earning from the top20. But to take 1% from what they earn and distribute it to to recruitment. Recruitment is a function that witnesses should be doing anyway, and some people are just better at recruiting than others.
This would provide an opportunity for witnesses to keep working on keeping the blockchain working as is and allow for an incentive for others to go out and recruit new talent. And we open the doors to more people, so instead of 20 witnesses recruiting, you have 1000+ people recruiting which would be far more effective.
Ah, I misread what you* said. I thought you were talking about the (roughly) 1% of annual network inflation going to witnesses.
*Using two accounts I guess?
No, we're two separate people. That's just my interpretation of dj's view.
DJ tends to take a reasonable approach, I think it's more reasonable to expect people to give up 1% of the rewards than 1% of inflation. Unless he's refering to 1% of inflation from witness rewards, but then you need like 2 different classes of steem which just makes this place even more complicated.
@themarkymark You know shit's real when numbers are involved; hire him!
I like this idea, recruitment = proof of social skills.
see reply to @roelandp even better idea, recruitment = proof of community
This won't do anything if there's no incentive for these new people to stay. There's already too many people fighting over a minuscule slice of the rewards pool.
growth is not mutually exclusive to retention, as we go from 1.1mil to 10mil accounts we need to ramp up support that directly builds encompassing and inclusive retention like @Curie, @ComedyOpenMic, @CurationCollective, @OCD, @helpie and hundreds of other communities and also individual initiatives like that dolphine thingo that @tcpolymath is doing, and we cannot keep rewarding those who do not support retention and do not support new ways to encourage proof of brain to allow mass wealth creation in our growing user base
basically i believe in balance, all cylinders has to be pumping to reach higher valuation as well as continual retention (believe it or not even 10% active posting retention is already super fantastic, very few adoption model exceeds that....meaning 1 million daily active users when we reach 10million account would be close to perfection), but not letting a lagging factor hold back growth of others is also a case that needs to be made....TL'DR (but we can keep discussing ...also competition are launching later this year in 2018 so we really need to step up our game)
also the cause of the minuscule slice is ironically a big part of the solution, talent comes with numbers, investors comes with numbers, and increasing the reward pool comes with valuation, there is no running away from that reality, our numbers and possible FOMO from that will determine if we moon only upto $6-$9 in the next bull run or >$10 to say $16 to $19 (or much higher)...so i conclude again...
100% agreed.....would you mind giving comedyopenmic a witness vote to support retention?
Voting @comedyopenmic as a witness means you don't just supports retention through growing one of the most rare and valuable content that naturally helps retention on any platform aka comedy and humor, but it also supports Charities.....go see:
ComedyOpenMic Proudly Sponsor of ProjectGiving
Luckily I already vote for comedyopenmic, curie, and ocd-witness! Just don't have that much SP for now.
good man...now next questions...why have i not see you drop by in COM Discord?
take a peak insdie....i promise no nudes (I'm probably lying but who knows what goes on in that mad palace): https://discord.gg/MGqKHyK
So, we need more Jerry Banfields? Is that what you're proposing? Hmm...
yes and no, don't throw out the baby with the bathwater, we take Jerry's optics, marketing, and momentum garnering skills but share the reward of that with thousands of minnow instead of just 1 whale/orca, and it also helps if we try to leave out any self-cocksucking
bw. thank for saying this, i was going to ad this too...but didn't
Copied from my recent post. Not entering the contest, I'd want someone else to win it.
Minute 0 voting should be allowed. Arbitrarily soft-preventing someone from voting on a new post or comment they enjoy is terrible, period.
Curation rewards should always be a fixed percentage and independent of the time the vote is cast.
Curation rewards should be higher, possibly around 50% or so. Don't encourage or force the largest vested accounts to also spam us with posts. Let them simply vote to generate ROI, to punish human curation less as opposed to self-voting or vote-selling.
Curation rewards should have identical payout options as author rewards. Do not advantage one over the other with SBD/SP/STEEM payout options unavailable to the other. This is a no-brainer.
No increase or decrease in curation rewards based on the voting order. Coming late to the party should not be so terrible for voters if they want to reward an older post.
The new sub-15 minute curation pool is garbage. Remove the option to auto-vote on post creation if you're really going to do this, as it's disingenuous to leave it as-is without a huge blinking red disclaimer attached.
This is the best place to start.
I really fail to see where they even got the time order voting idea from, it should have been obvious to anyone that it was a terrible idea from the start.
Steem on more exchanges but more importantly SBD on more exchanges.
Investors like having options on where to buy their crypto's and since bid bots have made SBD needed for early investment on content, it needs to be for sale in as many places as possible.
The way it is now if a user only has a Binance account they must sell their Steem as SBD is not tradeable there.
It will not change the coding or anything on the chain but will open more doors for buying and selling SBD over Steem.
Just my two cents.....
T.V. commercials with the hook that you get paid to create and participate unlike " those other " media sites that keep the earnings for themselves. This alone would likely cause an influx of new users and investors causing the price to at least temporarily soar.
Place some billboards on highways and in small town baseball fields. That way people not only see Steem / Steemit advertised on T.V. but also see Steem/Steemit advertisements while doing every day chores.
Signing up to Steemit needs to be instant. If thats not fixed then use the hook that the site is so popular there is a waiting list to join.
Create a Steemit credit card where users earn Steem as bonus for using the card.
I vote for your ideas.... I started to write mine and it was basically the same ideas. Especially instant Sign up.
Great thanks, I think this site would see a big increase with some commercials alone. I think sign ups not being instant hurts this place allot. We live in an instant world and people don't like waiting.
I have youtube Channel, Twitter and several Facebook Groups with over 200,000 subscribers so maybe I will start making my own Steemit Commercials on Youtube. See how that goes.
That's an excellent idea.
I like this one. Aggressive Advertisement is really missing. As we are a social media platform, Steemit Inc needs to take advantage of social media for advertising! I would appreciate Steemit Inc paying for professional video production of how to do basic Steemit things. Like how to understand keys, how SP works, How reward system works, How witness voting works, etc.
All that would be great and very beneficial. Steemit has come a long way without aggressive marketing and I think we would see a giant increase in user base and price if we can get some commercials running.
From reading most of the comments below its obvious not many people understand the difference between STEEM and Steemit. But I am sure most of them didn't read the white paper when they joined, because its about social media to them, not necessarily about the technology behind the token, so Im not suprised.
Obviously we need to see some big advancements like hardfork20 and the release of the SMT protocol so other tokens can be distributed on the steem platform.. Obviously supply and demand will kick in after that, driving up the price becuz there are more companies needing bandwidth and SP to run their platforms on the steem blockchain and there is only a limited amount. (I actually did an article about this not to long ago).
I also think more interaction from the steem dev team and the witnesses, regular updates letting people know whats on the agenda and maybe a timeline of some sort so we have something to get excited about. People are rather fickle creatures and can lose faith in something fast without real communication..
I believe all of these things combined could absolutely take steem to the next level, the technology is solid and people love the idea behind it, but don't u think the dev team of a social media conglomerate should have better communication with its supporters, or its witnesses if nothing else? So the message can atleast be passed along.. I think so..
Steem power should be more distributed and not only dominated on whales and orcas.
There should be guidelines and rules in using bid bots to prevent it from abuse.
I would try anonymity when posting; for the period of when people are allowed to vote your post should stay anonymous and only past the 7-day period the author would be reveal. That would encourage people to vote on content rather than on people they know or follow (following people would either be disabled or only show their posts which are 7days old or more).
thats actually a half decent idea. take my money
I agree with @dunstuff. Not bad you can have my .02
Not a bad idea but when there's a parallel communication network where they can convey which post they're about to drop all the large wallets can still vote for each other.
Yeah, I realize I am being idealistic - they can have codes to insert into a post, FB groups to relay info etc. So I would only work with people who equally care about good content being promoted and not those who want to exploit the system, which is unrealistic I know :-)
Yeah, current voting patterns indicate there isn't much ado about "fairness", that's for sure. The fact that post visibility is tied with earnings potential in itself screws up the content discovery mechanism.
I agree, the whales does not follow minnows for a fact. Atleast with that, you will kniw you truly read through your post.
Make a Steemit Referral Program.
Steemit Inc needs to build and operate a centralized exchange.
The Steemit Market can remain just like it is to cover small volume trades between STEEM and SBD. BlockTrades can remain just like it is to handle simple OTC transactions. The Steemit Exchange would work on a virtual currency system just like other exchanges use. One can transfer STEEM or SBD to the new exchange before trading takes place. That will fix the transaction speed issue from drowning the Steemit Market and provide another option. The exchange will also need to include other currencies. This would fix the volume issue and add revenue. Let's also give multilingual options. Open this up to the rest of the world. German, Russian, Spanish, French, Chinese, Japanese just to list a few.
If Steemit Inc would make an Exchange division to run this exchange and charge a tiny fee just like any other exchange, then they can generate revenue. Exchanges are highly profitable by doing this. Trades between STEEM and SBD can remain free as there is no cost to transfer STEEM and SBD. STEEM will also be a primary trading pair which will boost STEEM as a popular world currency. By adding other currencies and charging trading fees, they create a source of new revenue coming into Steemit to fund Steemit projects and upgrades. This revenue could cover Steemit Inc costs and could overflow into the STEEM reward pool. This would benefit everyone and could kick Steemit into high gear.
An exchange will bring in new users to this platform. Other major exchanges have around 10 million users. Binance has exceeded this in less than a year. Steemit is over 2 years old and barely broken 1 million users. If Steemit Inc runs an exchange, this will create an avenue for Steemit Exchange account users to become Steemit account owners. The amount of visibility to this platform would be enormous. Value would be added to Steemit platform as the value is expected to follow Metcalfe's Law. This is an exponential value prediction that Facebook closely resembled in which value is expected to increase by 4 times for every time the number of active users doubles. Steemit is expected to follow Metcalfe's Law.
By the way, if this idea wins, I would like to pass on the $20 Upvote. You can give it to the next runner up.
I think there should be an incentive to vote for low SP / low reputation users
yeah that's a good idea. Maybe steem could monitor the percentage of upvotes you have given to "minnows" and then give you a larger share of the minnows rewards, like if you support some newbie who is posting a lot, you can support him and get rewarded in a greater way for that focused support.
Why so they can earn more and cash out more and help lower the price of Steem and reduce earnings for everyone?
this is actually a great idea...
Some of the best curation rewards can be earned curating these accounts.
Curation is typically 500-1000% less profitable than any other use of Steem Power, it's a tough sell, especially to whales with a lot of stake.
This is what you can expect from curation rewards as a "good" curator. (Most users are not good curators)
With low Steem Power, curation rewards are even less as they are n squared and yield higher curation rewards with larger Steem Power holders.
While I wish it was different, it's how the current system is. I do agree though with the original comment, finding a way to keep low SP/reputation users is critical. Finding a way to cut the no/low effort low SP users from the users actually putting in effort is another problem altogether.
Good one, if more middle class people are empowered through upvote, with time more people would believe in steem and invest on it.
There's probably a way to create a secondary curation reward curve so that you could potentially get more rewards if voting on minnow / plankton account created content.
I also like this idea - it seems tough to get any considerable number of votes with new accounts, even with quality content without using bid bots or whale-upvoting services... which in some ways make it more of a gamble or related to luck to have posts upvoted for visibility.
It is so simple...
Hi @themarkymark. well, it is not a $20 question but a $1 million plan.
I think we must exploit at maximum the attention economy as a real product, that has an important intrinsic value and where we are taking advantages as a pioneer platform that have half accomplished its aim to reward the time spended by users.
Our fail reside in the fact that we are excluding any kind of possible investment in this platform, because we think that an investor should be another blogger that produce "quality contet". and that is just simply ridiculous. An investor only have to care about ROI. And our aim should be provide all tools needed to take decission of how much they must invest to have an specific ROI.
Attention has not meaning if you can not associate it with an audience and have not any kind of real metrics to prove that you own that few minutes that represents a scarce value coin.
We need the investmet tools that clearly show how much time we grab from that one million users. But it is just the begining, because we must trade for money (investement) that attention time of our users. The problem is that it means that we must develop applications for advertisments, and many others applications wich aims is to catch that little attention to others things different from the original content; that is the price to pay. We must give away some precious minutes of attention of our users in order to have money that keep growing our base of users, and this is inevitable if we want to suceed.
In resume, we must show to the investor that in a blockchain like Steem it is possible to have serious metrics about how much time an user really spend in certains topics, and the most important how much of that attention time could be redirected to his bussiness. This is pure gold in our blockchain.
I think we need to change how bot-nets work. Why not stop them from affecting reputation, and then making reputation ONE of the factors in vote power. Also you would need to introduce a attrophy feature to reputation so that reputation is only upheld when you are actively posting and earning upvotes from people.
steem is dead, yall, time to power down
Reduce the STEEM's inflation drastically reduce to 2% from current 8.7% by eliminating rewardpool.
Assuming that STEEM distribution has completed reasonably (better than ICO such as EOS). New STEEM production will be used for interest on staking and witness compensation.
Demand from STEEM will come from bandwidth purchases from the companies behind the SMTs and speculation.
STINC, as a owner of Steemit will lunch their own SMT. Perhaps they can airdrop on SP holders. All the experimentation on Steemit and other DApps will bottled out.
DApp developers and community will decide on their own reward pool distribution.
STEEM inflation will reduced severely, which will create scarcity, therefore, STEEM's demand will rise. Moreover, STEEM's valution will also depend of DApps/SMT's success and DApp/SMT's bandwidth requirements.
Right now we have a culture that pushes investors to be passive and delegate to the bid bots which lowers their returns and discourages them from investing.
I won't disagree that we need a cultural shift, but I think it might be on a different area.
Passive Investors = Healthy Economy = Bag Holders = Established Floor Valuation
To me the cultural change must come more from the users of Steem. The short term thinking to me is the biggest challenge we have to overcome as a community.
We have an ecosystem where having more than 500 Steem Power on a wallet means you belong to the 1% of its population. Does that not say something to us?
I mean, specially when we know that reputations above 57, 58 would have easily made more than that with their postings.
So in my opinion, and probably my own alone. People are killing the chicken before the adult feathers come out, and then complain they've never had a decent meal.
There is a short term reality that barely anyone will make any serious money on Steem right now and with the low Steem price that helps insure even fewer people will make any serious money now.
I do believe patience is a virtue but I would like to see a higher Steem price now and to do that I think we would need to be friendlier towards investors.
If the Steem blockchain does not seize the bull by the horns now it does more to risk a complete collapse where all of our accounts will be completely worthless.
Yes, point taken... but I happen to believe this graph explains a lot...