NOW Is The Time To Be Acquiring Steem! 🚀
If you’ve been on Steemit for a while, you’ve seen the price of Steem tokens burst higher, crash lower, and muddle through going seemingly nowhere. Sudden spikes caused by Korean crypto daytraders, FUD-related nosedives, sideways languishing because of concerns about the liquidity of the Italian sovereign debt market. Yeah, I made that last one up. Nobody’s good at explaining sideways markets.
Through it all, new Steem has been created daily. Actually, new Steem has been created every three seconds. And most of it has been paid out to authors and curators. If you’re reading this, you’ve probably earned some of it. You’ve griped about the Trending page or seen other people gripe about it. You’ve been fascinated or bored by whale wars. You’ve spent hours writing a post that’s earned $0.02 and seconds on a comment that’s earned $17. And all this time, every three seconds, more Steem has been created.
So far at least, it’s been relatively easy to earn Steem. Oh, I know, it’s not fair, the whales have a huge advantage. Well, duh. The whales here basically all gambled. They used real world currencies to buy into a startup crypto because of a whitepaper, an idea. They got lucky. Yay them.
Look, I’m just this Schmoe. I joined the site a bit over a year ago, posted a few things that I’d written for earlier failed blogs, earned zilch, bought a bit of Steem Power here and there, wrote some new stuff specifically for Steemit, eventually earned a bit of Steem and SBD along the way, purchased dribs and drabs of it here and there, earned some more, yadda, yadda, yadda.
Nothing fancy, just slow growth. No existing YouTube, FaceBook, or Instagram base to build from. No stellar social networking skills. Not even a hint of a niche. Just grinding it out, like a mid-stakes poker player. And here I sit, thirteen months later. Out of the 980,000+ Steemit accounts, I now rank 1,826th in terms of Steem Power.
It’s been relatively easy. So far.
But it’s going to get harder. A lot harder.
Steem’s inflation rate is slowly decreasing, currently it’s about 8.89% annually. But I’ve done some back-of-the-napkin calculations that show that the number of Steemit accounts is increasing by more than that monthly. Something in the range of 10-11% per month over the last few months. So, even with Steemit’s currently slow manual sign-up process, the number of accounts is on track to grow by more than 100% within the next year.
And this is before Hard Fork 20, faster on-boarding, or the rollout of Smart Media Tokens. What might the new normal be if the number of accounts increases significantly at the same time that the demand for Steem tokens is increasing significantly?
Will Steem still be relatively easy to acquire?
A few of my older but related posts:
Disclaimer: This should not be construed as financial advice. I am not a registered financial advisor; I don't even play one on TV. Do your own due diligence. Batteries not included. Objects may be larger than they appear in mirror. Some assembly required. Do not taunt Happy Fun Ball.
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A Great post from a brother in the land of ten thousand potholes... 😉
Oh, if I could go back in time, to when I joined Steemit in September 2016, and posted every single day as I've tried to in 2018...
Always powering up, never cashed out!
To everyone reading, you can't go back in time, but you can maximize your future!
Contribute quality content, be sincerely interested in what you're posting about, and forget about the money aspect.
Money follows passion, not the other way around.
My thoughts joining Steemit were to have an online diary of the neat stuff in my life secured in the Blockchain should anyone desire to look back on my life (think children, relatives, etc).
That my account is worth $23,000 US Dollars now is a bonus (especially since I haven't bought in except for attending both Steemfests out of curiosity).
YOU CAN DO IT!
We're all still early adopters 😀
Great post man,
hope to see you at a MN Steemit meetup!
Nice comment scan0017. Producing quality content is it. When I focus on that, Steemit makes sense, the time it takes makes sense. When I lose track of that, it stops making sense. Thanks for the reminder.
Excellent post. It will never be easier to earn steem than it is right now.
If it were easy it would not hold value.
So many good points! Whales either Held through .07 cents or they bought. Either way, they deserve to earn on that risk.
Agreed
You hit a whole bunch of key points here. Whales for all the gripe they hear, were first movers who took a chance, a gamble and they should be rewarded for that. As steem and steemit grow and the price increases, the available amount will decrease so you’re definitely right, now is a perfect time to load up.
Question: how did you find your overall SP ranking?
steemwhales.com used to be the easiest way to check on Steemit stats but it’s gone into limbo as its creator has concentrated on D.Tube
The two best sites right now are https://mysteemitfriends.online/ and https://steemdb.com (there, go to Accounts, then Richlist and sort by SP/vests).
Cheers
I could not agree more. Even the ones (like myself) who feel they’ve signed up too late (a few months ago) are actually early adopters.
Now we tell newbies they need to step up their game, because they have to compete with more than 2k others. But once HF20 is implementeed, they will have to compete with many more . Steem is only in it’s ‘early days’.
New applications are being released at warp speed, which will make Steem even more popular.
i think it's a valid question and let's be honest any of us that have been here for more than a year will be trying to acquire more steem -- i've tried to have a measured approach to it because i know websites and technologies seem to have a 'two year window' on them -- not so with blockchains it seems so that's an interesting thing to me, i guess the thing to watch the most is the sentiment of the coders who work on the background of it to make sure that is there because if they lose the passion for the project then eventually the platform dies -- right now, all i see is positivity and promise.
Completely agree with it all!
One way I look at it and always stress, is that if you’re gaining equal to Steem’s inflation rate, you’re average! This is a harsh truth. In the early days it’s been easy to drastically outperform this. But as you mention, with scale this becomes much more difficult. Steem is not a limitless well of rewards. An “average” minnow beginning their journey with 20 SP when Steem’s inflation rate is 9%, can only expect to have 21.8 SP after 1 year! It’s a tiny number that no one wants to hear...
The optimists will realize they’re doing better than they thought, pessimists will pack up & leave... Either way we need to move beyond Steem only being about monetary reward. That just needs to be the add on benefit to a robust & active social platform that people want to use regardless of earnings.
first of all, I should be so lucky as to have a post hit 17 bucks!
but the thing is, I believe people who come in will have more and more trouble getting the attention of whales I feel. I'm still not honestly like an expert at all on crypto but this is how I see it
of course folks can come in and purchase steem rather then create content for it but that's a different angle from what I was thinking
Focusing on trying to get the attention of whales is a fool’s errand. There are 37 whales.
Post, curate, comment. Wash, rinse, repeat. Ignore the whales, they’re ignoring you.
sure right now but there will be more whales at some point
the factor that is in play at varying levels is people can buy steem as well. to me that defeats the purpose as I look at it as free money but there will certainly be idle rich who get involved at some point
There might at some point be more than 37 whales, but not a lot more. It takes a billion vests to qualify as a whale, just under 500,000 SP. Even if all Steem was owned by whales, there would be less than 600 whales.
So glad I found Steemit when I did. Wish I joined the first time I heard about it though.... I used to work in call centers, I didn't want to give my phone # and become a "lead" of dummies who fall for online scams. Glad I finally fell for it! lol
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In the future it will become harder to get the Steem, the value of the crypto will increase.