My Body is Ready for 7 Cent STEEM! And Yours Should Be, Too (And You People Better Upvote This Because I'm Being Positive for Once)
STEEM has been continuing its downward spiral and as we speak, it's on its way below a dollar in USD terms, currently sitting at 0.00016 BTC.
I've been called the negative Nancy of Steemit quite often, but I'm actually a bit puzzled as to why the low price has so many people so depressed.
Even people not living off of the blockchain. I understand that those who are living off of it, are now depressed because they'll lose their homes and stuff. But I mean the rest of you.
I think that a low price for STEEM is the absolute best thing that can happen. Almost a godsent, to be honest.
A low price for STEEM can potentially help fix the main problem of the site, which is still the bad distribution.
The lower the price of STEEM, the more STEEM you make by posting - and the cheaper it is for you to buy, obviously.
A lot of people will now ragequit Steemit once their infinite money supply runs dry, and I hope the few manual curators that we still have are taking notes, and pay attention to who bolts and who sticks around.
A low price of STEEM means that some of the worst spammers may leave the platform, leaving more breathing room for those of us who still produce, or hope to produce, something even a bit more legit here.
Seriously, though. This price crash is an opportunity for anyone dissatisfied with Steemit to buy that influence that makes one's voice heard here.
Use it for flagging, use it for self-voting your posts for visibility. Use it to make bid bot promotion less profitable, which will hurt the business of the bot owners, hopefully driving them away. Whatever the case may be.
My point being that instead of crying @ned, or hoping that someone else comes along and fixes the problems of the site, you yourself can increase your stake and your say here.
And this price crash is the best damn opportunity to do so.
I know I'm going to be buying back in and powering up.
Also, even though the dollar amount on your posts is going down, remember that you're still making the same amount of STEEM as before. As in the amount of STEEM tokens allocated to your account through upvotes is still the same.
So, like I said, unless you're living off of the blockchain, there are next to no negative drawbacks to STEEM's price tanking right now, in my opinion.
This place was a lot more fun during the 7c-15c days anyway.
I'm not one to say people shouldn't want to make money. Making money is mostly what we're here for. But I think it's fair to say that the higher price of STEEM attracted an entirely new bunch of get rich quick schemers to the site, and they, in turn, attracted their own groups of sycophants to ride their coattails.
I'm happy if a price crash drives them away, onto new projects.
Also, people willing to produce content even for less money are generally those who put some sort of soul into what they do. They're not just hollow, empty, and heartless shells of content, crafted with the sole purpose of mining another extra $300.
The quality of content has always been inversely proportional to price.
So, all-time low price of STEEM, I'm ready for you! Please, wreck shit up already!
I am ready for investing to Steemit. Low Price is a chance for us.
While that may still be a problem, getting more people buying in won’t matter much if they’re just going to end up delegating to bots because of the piss-poor incentive structure here.
Stakeholders are showing us that the incentives/protocols are not aligned with what many of them and others have expressed as their goal for this blockchain. But nobody wants to discuss or even acknowledge that. No amount of redistributing will fix this glaring issue.
If you want to see what the results of this new distribution would look like, just look at the posts on trending. You’ll see how our current redistribution has simply consolidated stake into a handful of popular bid bots that are used to “promote” an even lower quality of content than we had previously - including scammers and spammers.
If our incentives for stakeholders don’t change, then why should we expect any behavior to change?
Those of us who are against that, can buy up and flag.
It doesn’t even take that much to flag paid content into being unprofitable.
That will make it stop.
No one will buy votes if it’s unprofitable.
Trending posts using bid bots is just a result...one of many negative effects of misaligned incentives. The problem is that stakeholders understand that there’s better profitability with less time/effort by delegating to these bid bots.
What makes you believe that more buyers of STEEM will result in more downvoting as opposed to more delegating to bots that offer passive returns? And how could the very few people who are left and who care actually combat several millions of SP into those bots - at their current sizes?
Also - would it not be easier and more practical/beneficial to simply adjust the incentives? To implement these incentives at the protocol level so that everyone is on the same playing field and so that we have a functioning ecosystem and “economy?”
We pretty much all see and acknowledge that “something is broken.” Why do we keep plodding along in a “broken” system instead of trying to repair it...or worse - doubling down on the same ideas from the same people who caused the break?
The biggest problem is that those bot operators earn always more curation rewards. Especially when we return to a low price.
The ecosystem and economy are working just as intended, by the way.
I have been buying for a while and will continue to do so, I hope you are right and more people will join when prices go lower. It would benefit the blockchain for sure.
But in my experience so far on Steem it seems most sell when the price goes down and complain when it's to high to buy back and call it unfair.
Ofcourse, this was in the period of easy and cheap Steem though. Maybe this time it's different.
Let's see.
I would consider it a pretty bullish signal when you start buying :)
Well, there are always people who call every scenario imaginable "unfair". I wouldn't give them too much attention.
But that was kinda the point of my post, too.
A lot of people have a lot of things to say and criticize. Well, this blockchain in particular offers everyone the opportunity to get a larger stake and say.
So, I feel that if someone is very angry at Steemit, but doesn't buy at this incredible opportunity to do so, it's his or her own fault. And they have almost no right to complain, to be honest.
Lol.
I think the show has already started, let's see how it goes.
Completely agree - people bemoaned missing the days when Steem was cheap(er) back when it was 7$, yet here come those days again.... And still they moan.
Problem is that people now have to wrestle with the risk factor of an uncertain future. We all love hindsight. That's investing for you - it's not for everyone.
I am entirely with you. I hope the price does crash. And I say that as a Steem supporter who has been here for nearly a year, posting at least 2 quality posts (a free high quality photo or a new haiku translation) every single day and who intends to stick around. It is the same reasons you list. The same reasons I am hoping for BTC to fall back down to pre-bubble levels of around $1k. Shake out all the spectators, all the get-rich-schemers. Bubbles are unhealthy for markets anyway. We need history, we need a slow rise, not any sudden jumps. As Steem drops, I will be buying more.
Well, thats one way of looking at it. :)
However, this is not a Steem or Steemit problem. The entire crypto scene, with Bitcoin leading, is deteriorating. Especially Bitcoin after it got corrupted by Wallstreet, and that is dragging everything else down with it - justified or not.
And all that is a big problem for many crypto enthusiasts, who invested heavily in cryptos. Those who milk Steemit may turn away to find something else, but some other have invested their savings and are about to loose that.
State regulation is strangling the market more and more...
That issue comes on top, in different degrees varying from country to country. A concerted ban in, lets say, the the "western world" as in the Americas and Europe, or in Asia (China, Korea, India ect), would probably put a sudden end to the whole crypto thing.
But whats eating away the foundation of Bitcoin (and therefor all cryptos) is the trading of Bitcoin derivatives, without the need to own actual Bitcoin. So the trade volume can be indefinate, which totally disables any fair price discovery mechanism. (See gold and silver markets)
Thats the way to screw up cryptos without using nasty repressive laws.
I am one of those nutjobs living off of the blockchain for the most part right now, and I agree with you, as fucking horrendously stomach-knotted as I am. Fuck the goons that have taken this place over. Whatever I have to do to NOT sell SP and buy in for the long term seems to be the smart game right now.
NOICE POST BROTHER.
You got this, man. If anyone can pull to the top right now through with and effort, it's you.
I made a stupid decision to power down some of my SP to pay down my credit cards early last year, so I'm right there with you. Come hell or high water, I'm buying and holding.
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Thank you, man. I am pursuing alternate income options, but am gonna have to choose between selling off some SP, or another of the alts I’ve been saving. Just the fuckin’ reality at this point. Not a fun decision.
One never knows what tomorrow holds, though, and to get out entirely would not only leave me stranded creatively, but would also be a stupid move.
Something will work out. Always does 👍✨🔥🤘🏼💚🎶👽
I hope this all works out for you, man! It sure feels wrong that we-know-who has been given the opportunity to self-vote his own insult comments into triple digits with delegation - while someone like you struggles.
I'm ready too brosef !
Let's be ready together, brother MEMRI!
I'm broke as fuck but I don't care :D if this is not going to succeed it should better crash
It will pump again eventually. All of crypto will. It's up and down. But a complete crash may cleanse the place up a bit, and improve distribution.
I'm happy if a price crash drives them away, onto new projects.
I couldn't agree more @schattenjaeger.
Once I got that the lower the price of STEEM, the more STEEM I make by posting I couldn't see why people wre upset with the low price. Excpet those living off their earnings of course.
I've been buying a little bit this week and powering up and i hope the price stays down or goes down more so I can increase my steem power as much as possible before the next rise. 😁