A Huobi and @Dmania update
Huobi takes volume
Last week I posted about Huobi listing Steem and even though there was a delay in the opening of trade, all seem to have gone smoothly. Today, (a week later) I thought I would have a look at the volumes and noticed something I found interesting.
From the other post:
Upbit added Steem ~5 months ago and now account for 60% of the traffic volume with most trading across the KRW/STEEM pairing. Binance added Steem a couple months ago and now account for ~28% of the traffic. That means that those two exchanges account for nearly 90% of the trading volume with Bittrex addding another 10% and the remaining fraction spread to Poloniex and the other exchanges with very low volumes.
Here is the screenshot from last week I used:
Have look at this from today. Yes, the volumes are massively different but that isn't what is interesting. Upbit now accounts for ~37% of volume, Binance still ~27% and Bittrex still hold about 10%. But Huobi is already at 23%. I assume this indicates that 40% of the volume on Upbit was actually coming from China and now they have moved back to their preferred trading platform. I am just guessing.
@Dmania to shut down.
A few days ago I posted about Steemit delegations getting audited. The founder and operator of @dmania has decided to close its doors instead of battle through the backlash from abuse allegations. This is a shame but, not really unexpected.
People may be upset that an otherwise well-performing app is shutting down but again, this is to be expected. Start ups come and go at a rapid fire pace and it is not going to be any different here. Plus, with all of the direct funding involved, it is likely that some are going to misuse their capital. This might happen even more here considering that there is very little consequence for bad behaviour.
The app-space is going to develop very fast from now on and with many SMT projects in the pipeline, people should be prepared for the various disappointments that will inevitably come. It is a little Darwinian but, survival of the fittest will play a role and hopefully the fittest wont' be those who abuse delegations and community trust. Of course, with every failure, more learning and space is created for larger successes.
One thing that the app developers and owners are going to have to come to terms with in the cryptosphere is that they are going to be under scrutiny and at times, they are going to make mistakes. If they are unable to learn from them and adjust, they don't deserve to make it through into a prosperous future. What I am hoping is that when these kinds of things come up, the operators are able to take responsibility and own their mistakes rather than blame the community who supported them.
It would be nice if one day, there was a little more integrity in blockchain and cryptocurrencies. Of course, that is going to take time.
You can read the @dmania closing announcement from the owner here.
Since these were two things I have posted about recently, I thought I should do a follow up of sorts.
Taraz
[ a Steemit original ]
Ouch. Never good to see an app disappearing but like you wrote it is survival of the fittest and in this case the smartest!
Lots of people want to exploid the gaps in the maze, I don’t mind thise getting caught. Not that I want to say that this is the case for Dmania!
In contrast I did read the post about the closure of Dmania and he really hits some nails on the head!
I don’t mind selfvoting as long as these authors also spreads out their votes! Like you do for instance!
Not really shocked about the meme thing so many where not original and the earning they were getting for not even a couple minuets worth of work was just odd. I was trying to get a friend who does not blog but loves to meme to at least join steemit and try to make some steem doing that. I would show him the trending and he would just shake his head and ask “what is this trash?” Not really shocking some “odd” things where gong on in that tag.
At least there still the meme contest if I’m not mistaken and other ways for people who enjoy doing nonblog things to have some fun here. Let’s hope they don’t find out about comment sections I’m not sure I will tolerate stolen memes being spammed all over the place.
Why do I find this funny. I have been on steemit for over five months and just when I decided to pick interest in dmania, they decided to pack up. I just posted my very first meme on dmania few days ago and wanted to post another one and found it very difficult login in. I wondered what the probkem was but never got an answer till I read this post. It's crazy mehn but am sure it's for the best, else they wouldn't be shutting down. I need to check out other apps then.
decentmemes.com should be upgrading soon I think so that will hopefully pick up the meme slack.
So painful Dmania had to shutdown. I really love those memes I view from there. Now no more memes 😐
Intergeity is important when dealing with people.
Hopefully it will be in the nearest time.
The problem is that so many are stolen yet, they upvoted them.
Dmania to shut down?!!! 😱😱😵😵
Hmmmm so this is all about integrity, wow wow wow . This came as a shock to me
I agree with you it’s such a painful thing to see dmania shut down . Thanks for the update about steem listing
meh, it was operated poorly in my opinion. Hopefully those to follow do a better job.
Yeah hopefully, things are really happening this days
Steem is spreading into the nooks and crannies of the cryptosphere and that is a good thing. I am glad that I am here at this time. I hope the presence of steem in different exchanges will boost its price real soon.
Dmania shutting down operations creates room for an upgrade in the type of apps that will come on. Developers will learn from the mistakes made and she the lesson to do better, I hope.
It is a young industry, there will be many more mistakes to come :)
Wow that's a sad news for Dmania. Haven't been using it for a while now because of the abuses I've read in some posts. I thought they're going to fix that. It's a lesson learned for everyone I believe. Thanks for sharing this @tarazkp!😊
I'm sad and annoyed. I will get over it, for today...
I'm sick of the drama, the idealists that think everyone needs to see the same platform.
Mostly, I am sick of the petty envy.
Not going away anytime soon. I am tired of all the various scams people run though. A million little things at high and low levels. Perhaps it is just more visible here than in the real world but it seems very common.
I have mixed feelings about this whole @dmania debacle... for one, I totally get that not all users of this blockchain can or even want to be authors, so apps like @dmania must be part of the equation for us to achieve mass adoption.
On the other hand as someone who believes that effort should be rewarded, I think defining what "effort" should be compensated was something that I don't think we found a healthy consensus.
The question becomes, who is king? Content? User Experience? if the answer is not content, then I'm wrong and I should shut up. for the sake of argument lets say user experience is more important that content, which I could see myself agreeing with enough wine in me, or if I wake up on the other side of the bed.... that does not imply that content is not to be considered.
So I'm both happy and sad... sad because I know many will leave, but happy because this ugly pitchforked armed crowd spoke up and was heard by Steemit Inc.
Yeah, the problem was that they weren't even rewarding original memes, just ripped straight from the net. I find a world where people think it is okay to make money from others effort sad. Banker world.
I think there is space for all kinds of content however, 150 SBD for a stolen meme is pathetic as is they circle jerk and alt accounts.
I don't think anyone will leave because of this and the space will be filled soon enough.
We looked up every meme that was rewarded for over a week in steemspeak. There was less than $200 in unoriginal content rewarded.
In the case where people were reusing old memes, who is really damaged by that? I am not saying that I agree with the practice, but to me there has to be some damages involved or else it just seems like trying to control someone else's morality.
I am challenging the statement, out of respect, not in a fighting tone... I would really like to hear your response.
I stopped paying attention to Dmania a few months ago after watching the nonsense and hearing some of the responses from zombee. However, I think when it is Steemit-backed, there should be zero tolerance for plagiarism as it might put them in a bad position legally if copyrights come up. Perhaps this is why they should be careful with their delegations.
When it comes to memes, I don't think they have hundreds of dollars of value in them and I don't think a narrow group at the top should be making so much from them. They were using the delegation like a lottery attractor but, the game was most likely very rigged. If they had spread their vote much wider with a manual curator, they likely wouldn't have got into this mess at all.
I am not a huge defender of memes though as most of the 'good' ones I have ever seen get little more than a chuckle at best. I would rather see 15 lame memes rewarded 10 dollars than 1 lame one get 150.
Thank you for the response. :) It is appreciated. I get the part about SteemIt shouldn't be picking the winners and I know some are concerned with copywrite laws.
As for the rest I just see it as personal preferences, which you have every right to defend.
Funny enough i have also been looking at trade volumes on exchanges. Was trying to look at what impact they had with a new listing. Steemit is fairly established so we should see the benefits. Just surprised that Bittrex is only 10 percent. I thought you had to have an account with Bittrex if you want to move funds out of Steemit.
Had no experience with Dmania so I won't comment as I have never even looked at it.
There are many ways to move Steem, you don't really even need a trading exchange as @blocktrades will transfer it also.
Thank you for that useful information. I had no idea that was an option. Will have to look into it. Just haven't thought about it as the aim is to grow and not take anything out.
I am not the best person to ask about this as I have not taken anything either. I do trade but every now and again, I pull steem back in and power it up. I actually have more Steem powered up than I have earned here.
You know more than me. I powered up first time yesterday. Thanks anyway as you have taught me something with your little knowledge on this. I will find out what the best way is.