Real Talk: The Future of Steem
Just a few minutes ago, the 4 hour long radio show The State of Steem Forum #2 ended.
It was mainly about Technology regarding Steem (API nodes, RocksDB, SMTs, RC Delegation Pools, Account Creation), but drifted heavily towards development.
I gave my thoughts here and there about the different topics. However, just now, after the show ended, I realised how passioned I was about a certain topic. Now, I felt it while I was talking about it, as well. But the aftermath is, that I feel quite exhausted.
Why? Well, because it's a damn important topic.
Optimism & Realism
Sorry for the strong word.
It's just - I'm normally the optimistic person here on Steem. You probably have read at least one of my posts in the last month. And in them, I usually talk about how important it is to keep a positive mindset, which is something I truly believe in.
However, even if a positive mindset is important, realism is essential as well. And sometimes, reality just kicks in - and a shift in thinking is necessary.
Now, I want to say one thing first: all the people on the show were amazing - I felt the passion every single one of them had for Steem. I had a lot of fun on the show, and I'm very grateful for it.
Especially, since it brought me to a very important topic.
Steem is lacking in development
And with that I don't only mean Steem as in the blockchain, but also in Steem as an eco-system. (tools & apps for Steem)
Now, please don't get me wrong - we've got great projects on Steem (Steem Monsters, Utopian, Dtube, Partiko, Steempress, +30-40 more), but is that really all, for a blockchain, which is 2 1/2 years old?
The only real desktop wallet Steem has, was updated about a year ago. And keychain (like metamask) was only released 2 months ago.
As much as I know that the 53th place on CMC for Steem is not good enough, I don't really believe in it's current state it deserves to be at the top.
EOS is only half a year old and has already tripple the amount of apps, than Steem. It has a newer technology with faster block-times and is attracting more developers than Steem. Even two of our most important community developers on Steem saw a future in EOS - which I'm not condemning in any way, but it's a fact and we have to take this fact seriously.
Now, am I saying that Steem as a technology is not good enough?
Not at all, but over time - this gab between Steem's tech and the state of the art will become bigger and bigger. And if we're not able to change something, the best developers will not choose a 2 1/2 years old blockchain, but probably something else.
I'm with Steem - but something has to change
Before you might think otherwise: I'm still with Steem.
I've build quite a few projects here already (https://therealwolf.me/projects) and am planing to continue my path on Steem as developer, witness & steempreneur.
However, a good amount of realism is important and something needs to change.
- We need to attract more a+ app developers (like crypto.talk) and give them an incentive to build their app on Steem instead of on EOS, Ethereum, NEO or any other blockchain.
- We need to attract a+ blockchain developers, so we're not dependant on Steemit Inc. (I'm honestly tired of running around the tree talking about the fact that Steem needs RC Pool delegations, Incentivised Downvote and other important changes, only to realise nobody is able to implement it and Steemit Inc doesn't have time. And what good is a community repo, if nobody uses it?!)
- We need to keep the developers, entrepreneurs & project, who are already on Steem, here on Steem! (Could you imagine what would happen if Utopian or Dtube would decide to leave for another blockchain? Not saying that they would, but they are still businesses and if Steem wouldn't recover ..)
- We need to have a landing app for Steem users, which doesn't look like it's been in maintenance for 2 years. Besides the redesign to green, nothing much has happened to condenser since I'm here. Please don't get me wrong - this is not an attack against Steemit Inc, but a statement of what is currently wrong)
- We need to make sure witnesses have an incentive to keep building. I know, after HF 16 and the major cut-off of witness rewards, the only task for witnesses is in making sure the blockchain runs - and I agree. But there are a lot of (backup) witnesses who do major work for Steem's success (just naming a few: Holger80 with beem, emrebeyler with dpolls, wise.team with engrave & wise, and of course myself) - but the rewards we're receiving, it's not much of an incentive. (On EOS it's normal for block producers to provide A+ tools, why not here as well?)
And last but not least:
- We need to use this god damn but amazing reward pool to incentivise value creation for Steem. Over 20 Million Steem has been generated through inflation this year alone and just a friction of it has been powered up. Most of it was probably sold. I personally, have powered up 99% of it and my plan is to keep it this way. I've even powered up every post for the last 30 days - thousands of Steempower)
I'm not writing this post to take a sh*t on Steem - not at all.
I'm writing it, because I care about Steem - probably too much.
I want it to succeed, but I'm honestly not sure if we will ever reach anywhere near of the TOP 20/10 if we keep on the path, we've been on for the last year. (2 1/2 years)
Is the possibility of Steem 2.0 being created on EOS a real threat? Definitely - without a doubt. And even if not, technology is advancing extremely fast.
Normally, I'd say that we have time - but the reality is: we don't.
The longer we wait, the more competitive the market becomes.
Will it be easy? Not at all.
Do I know exactly what needs to be changed, besides what I've listed? No.
But what I do know is the following
Support the right projects & people on Steem
The same way, this bear market in crypto has forced people to stop believing in ICO hypes and invest people in real products that bring value - in the same way, we have to make sure our actions on Steem are supporting the right people & projects.
Do we want more Partikos, Steem Monsters, Utopians & SteemApps.com or do we want more lazy people, cashing out Steem?
Now, when I say we - I don't mean to tell you what you have to do. If you think I'm an idiot and wrong, that's fine, but if you believe that what I'm saying is true - then feel adressed with we.
I truly believe that the biggest strength this blockchain has are its people - its community - including YOU!.
I personally have decided that I will focus the next year on Steem (as I've done this year) - as long as I see that this community is making the right decisions.
Are we going to attract more Dtubes, Steemhunts & top notch developers? Are we able to develop the blockchain without relying on Steemit Inc?
Or are those just empty words, we're going to talk about every few months?
Are we going to find ways to solve the problems Steem has, to secure its success in the future and bring it back to its place in the TOP 10?
If the answer is yes, then please comment under this post what you think needs to change and what you can do to bring Steem into the right direction. I will read and answer every single on of them (as long as they're valuable).
We need less theoretic talk and more doing!
The future of Steem is relying on you - and me - and us.
WE ARE STEEM!
Do you believe that my work is valuable for Steem? Then please vote for me as witness.
EOS block producers are paid in a month what Steem top 20 witnesses are paid in a year (more or less, not sure of the exact numbers). The resource requirements for EOS are higher, but not that much higher.
It is true this depends on the price to an extent. EOS launched with a heavily marketed and promoted ICO (e.g. signs in Times Square) which attracted an enormous amount of capital and helped to create the high price (and also funded the developer team with billions of dollars without ever needing to sell a single EOS). Steem launched with a ninja-mine which has Steemit dumping millions upon millions of Steem constantly for years just to keep their lights on and doing no marketing, killing the price.
Different models, different inputs, different results.
I wish it weren't so, but if we don't get a ton of Steem-growing output in return for all those millions of ninja-mined Steem that have been dumped and likely will continue to be dumped, destroying the price, we're fucked. And unfortunately we have not been getting it. There is no way for the rest of the ecosystem to replace that lost value on the back of 29c STEEM.
Sorry to be blunt. As you say, optimism vs. realism. Hopefully the situation will improve.
this 110%.
Top EOS BP was making $3M/year at one point. Top 20 Steem witnesses make $21K/year. Less than top 20? Then you are looking at $3,000 or less /year now.
Just the way Steemit has to function (selling ninja mined Steem to pay for development) is self-destructive to the price.
That's a bit of a strange comparison. The highest EOS earnings vs the lowest Steem earnings now.
Top 20 Steem witnesses were making $400k/year at one point. Maybe not EOS territory but far from shabby.
They still making almost 700K/year. Still dramatically different than 21K on Steem. Below top 20? The difference is 800% lower at best.
You get more than 21K working at Walmart. Most top 20 are likely spending at least $5,000 a year in hardware, expected to delegate all their SP to communities, host a full node for another $10,000+/year, not power down, pay 35-45% in taxes, and review and write blockchain code. All the while getting paid in a token you can't touch unless you power down.
Okay so 35-1. I didn't know the exact ratio but that's an even wider gap than I thought. Thanks for the numbers.
TOP 20 block producers on EOS are making 700+ per day. Top 21 - 80 are making between 368 to 100 EOS per day. (https://eostracker.io/producers)
Now, putting this in comparison with STEEM, TOP 20 witnesses make around 220+ SP per day. Top 21 to 50 make around 40 to 20 SP per day.
Regardless of the price, that's still much more in terms of pure currency. But since EOS has a 10x higher price to FIAT - the difference is actually much bigger than that.
EOS has 4x higher total supply so that is isn't a direct comparison. In fact accounting for that there isn't much difference (IIRC 1% annual inflation in EOS goes to BPs; in Steem it is 10% of total inflation so around 0.85%).
Still in terms of fiat value its a huge disparity, something like 35-1 which explains the difference in willingness and ability to fund development via that route.
change the market cap of steem to match eos.
then compare the witness vs bp earnings. thats the best way to compare them.
Do you see it as something that can be resolved or is steem fatally flawed?
I'm not sure what to make of that animated gif.
"I'm shocked you said something like that."
you say they dont market... we have a massive community... we won a listing on netcoins... which was fun for a week but hasn't really done much on the demand side of the market.. and we have hundreds of thousands to millions of steem power that is voting and dumping everything they make... there is a lot of selling pressure... we need the price in satoshis to go up up up... around 7000 satoshi is very close to the lifetime low... plus steem was one of the few cryptos that did not go up when the other coins were up over 11%
One week out of almost three years. That demonstrates my point nicely I believe.
That's not ideal certainly but it has always been and will be for some time to come far smaller than the ninja-mined stake getting dumped.
We need Ned & Steemit Inc to go get outside funding and stop selling Steem to fund shit.
That would send the message that they actually care about stakeholders value. Pretty sure the investors are tired of paying for guitars and plane tickets and fake raffles.
And burning Steemit Inc's stake. That would send the right message. But I doubt that would happen.
I guess a hardfork where we force burn it and cut them out of the loop is also an option worth considering.
Speaking of which, where is ned?
No-show-ned? Who know's it's like a where is waldo book at this point.
Him doing the disappearing act he did last Tuesday was complete disrespect.
I will never forget that.
It's not just him disappearing. He may have had some personal issue that kept him away. But someone else from Steemit could have let the community know. They are all responsible for the unprofessional and disrespectful no-show. Or "irresponsible" might be a better way to put it.
It was about respect and also integrity, plus just being an adult and doing what you say you are going to do.
I'll never forget it either.
Burn it or airdrop it to the right people
Let's pretend for a minute we were going to entertain that idea... How does that work? Isn't it theft?
The problem I have with the relationship with SteemIt Inc is there is no accountability. No way to hold a vote of No Confidence. We don't have a board or any influence at all on what they do with their stake.
So, No confidence by fork... How does that work?
In effect, you create a new coin with some balances copied over, some not.
People are free to choose which to support. If there is indeed No Confidence, then very few would want anything to do with the old coin and the new would have a lot more value.
It's a lot like an airdrop. So IMO no it isn't 'theft' (original coins still exist, just not copied over) but it also isn't something to be done lightly. If a community is willing to do it once, then it might be willing to do it again, and that could undermine confidence of future investors. On the other hand, Ethereum hard forked to erase the DAO hacker's stake (or more precisely create a new fork without the DAO hacker's stake; s/he kept it on ETC), and it doesn't seem to have hurt them in practice (setting aside philosophical views on whether it was 'the right thing to do').
I personally wouldn't have any issues with doing it considering how Steemit Inc & Ned have splurged the stakeholder money by not developing RocksDB sooner and paying for high server costs for years.
They didn't pay for their coins so they are basically using the investors as a piggy bank to do whatever the fuck they want. And they have demonstrated their lack of caring by overspending.
SteemFork, would not be listed on the exchanges, would have no name recognition, and a split community along with a split in the apps as well.
How will we know which accounts to fork out? I'm willing to hear more about it, but let's not over simplify it.
it's hard to market a platform that takes 3-4 weeks just to create an account. :P
Except for the crows, almost everyone is quiet. :)
I appreciate your comment, @smooth!
Wouldn't it be a way to increase the output for witnesses, including witness-decay votes? Or is there a big argument against it? Usually, witnesses are a great group of people competing for a top spot, and in thus trying to provide as much value for Steem as possible.
I agree. That's something I've noticed as well. As much as I hope there is still coming something out of it, looking at the transfer history is not a way to increase the mood.
And by the way: https://medium.com/ethglobal/ethglobal-2018-wrap-up-and-looking-ahead-to-2019-d9676e141eca
It could be very difficult to catch up.
Ethereum example is interesting because unlike EOS it didn't launch with billions of dollars of funding and didn't start out with a huge valuation. In fact they went through some rough times and almost ended up needing to largely disband the core organization (though I'm sure people would have continued to work on it) before it really started to take off. What has Ethereum done better than Steem? Obviously the times are different, situations are different, but I still think we can learn some lessons.
I don't know what difference you think witness decay would make in the short term. What share of the witness votes, stake-weighted, are stale in the sense that voter is inactive or doesn't care? Because if the voter is active and does care they will just refresh their votes (almost certainly the case of the larger ones, with a bot, meaning no more human attention will apply than now). IMO it is very low and won't change things much if at all (the largest stake-weighted voters are all active as far as I know).
I do support vote expiration (I don't see a feasible way to implement decay in the consensus logic) but it is more of a longer-term theoretical concern to me (dead voters, etc.) and not something that is going to make a real difference now. In that sense I'd suggest we focus our efforts and resources (limited though they are, relative to other projects, as per other discussion in this thread) on things that matter.
To really be honest with everyone, I'm super excited about the future of Steem and Crypto Currency as a whole ????
I look forward to sharing the future with you all ???
EOS sounds great, where do I sign up?
I will provide a little bit of different perspective here. Price drives most of the activity in Steem blockchain. Steemit hit the highest Alexa ranking (below 1000) during last all time high price.
It was mostly pumped during the bull market by Korean whales at Upbit exchange. Other exchanges just followed upbit. That means speculators (mostly Korean traders) drived the price during December and January.
Now, the speculators left in droves for other hyped coins in pursuit of profit.
If you look into DOGE or Bitcoin Diamond, which offer nothing but some PnD opportunity to speculators, have relatively higher marketcap. Holding higher marketcap does not suggest technical superiority or innovation at all. What innovation BCH, BSV, BTG provides, nothing but little tweaks in mining algos, but they are always in the news which attract speculators or investors. Even when Justin Son founder of TRON with 650K twitter followers ask ETH and EOS developers switch to TRON or troll Vitalik, TRON gets publicity. By the way, @ned has less than 10K twitter followers. Outside of Steemit very few people know about Steem, most crypto enthusiasts have negative or misinformation about Steem such as 100% inflation or, whales controlling rewards, 70% firing etc.
Steem is lacking speculators big time. Moreover, pessimism from the community and mis-steps from STINC drove away a large number of speculators and investors.
Another issue is the supply side of Steem as you mentioned that 20M Steem were produced in last 6 months. It put lots of stress on the Market. Steem has relatively high inflation (9% a year) vs those ICOs which has 0% inflation. ICO holders (e.g. EOS) will not sell heavily during bear market since they have bought them at first hand. On the other hand, 9% newly minted Steem can always be dumped in open market without losing the initial holding.
My proposal is to further decrease Steem inflation to 2-3%. For example, 1% for the witnesses, 1% for PoS, 1% for upvoting. Or, Upvoting can be totally replaced by a new SMT. Say, Steemit SMT for Steemit. It will drastically reduce Steem supply and when Steem will be traded against SMTs, Steem is destined to rise.
It is similar to ETH. ERC20 ICOs raised the demand for ETH.
Another way to think if Steem had 0% inflation, it may not have lost its market position from 25 to 54 too. There are lots of literally worthless ICO's holding their position due to 0% new supply, for example, nano or IOTA.
Finally, aggressive marketing. Steem already has superior technology to be in top ten. It lacks branding. If an ICO without a viable product can easily rank above in CMC, then it is all about marketing. Marketing is also essential when a product has limited exposure such most crypto-enthusiast misunderstand Steemit for Steem, Steem has 100% inflation etc. Another big issue is that nobody is pushing Steem to BitFinex or OKex. It could be due to expensive node issue, however, ICO owners aggressively push their coins to exchanges, sometimes offer renomuration.
Even if you set the inflation at 1%, you still have
The Steemit Inc selling is like having an additional +10%+ baked in inflation.
Also with an inflation at 1%, it's going to incentivize the content creators and witnesses to do even less things, since their paychecks will be almost 90% lower than at an inflation of 9%.
Idea was to keep witness's inflation to same level as of now. And moving reward pool to multiple SMTs. The advantage of SMT will be that it can be experimented with different reward distribution algorithms.
Unless SBD falls below $1, having large amount of liquid SBD is not an issue. However, currently SBD is a mess and trading 60 cents and ratio of SBD/STEEM is not incentivized to convert SBD to Steem.
Steemit INC can Sell an ICO for for Steemit SMT to fund Steemit condenser. Or, they can look for different funding sources. Selling insta-mining Steem in bear market is not helping Steem cause. I had another idea whose time has passed but may be a thought for future:
No disrespect bud, but if you think the inflation in Steem needs to go away, you just don't understand the concept of Steem. Its whole value is wrapped around its inflation. On Steem, the concept of what makes this blockchain valuable is its variety of methods one profits on Steem, and this depends upon the inflation-based incentive model.
It is steadily reducing the inflation rate yearly by 0.5%, which is a satisfactory number. This gradual deflation rate allows for a sense of scarcity over time which benefits early adopters while allowing newcomers to enter without an immediate sense of unfairness. What was unfair is when the inflation rate suddenly went from 100% to 9.5%. This is why there is such a wealth disparity and why the meritocracy of the most promising opportunity for a meritocracy economy went to crap. Dropping from 8.5% to 3% would only be a repeat of this tragedy.
All the coins are technically inflationary, unless they are just automatically not mine-able coins.
I like a bit of real talk now and then.
Also to put a little shining light on the pace we are moving...
We first started talking about SMTs after Dan left. In that time, he fund raised, engineered and built EOS. We haven't accomplished much in that time.
I'm still here, but also getting worried about the community continuing to look towards SteemIt, Inc regarding development.
Keep doing what you are doing and you will keep getting what you are getting.
I think he was already working on it before he left, certainly design if nothing else but possibly code too. He made a number of posts about building smart contracts on Steem, and that included reporting on having implemented some code to the proof-of-concept stage at least. Also, there was a reason for that whole dust-up over making the Steem code open source without management approval that happened right before he left (days, IIRC). My guess is that he already had large parts of the EOS design built on top of the Steem code mapped out, if not already implemented and needed the license change so he could use that work on a new chain.
Anyway your point on relative rate of progress is valid. It applies equally to other blockchain projects with well-functioning development not just EOS.
Yeah, I agree he might have been engineering it, but seriously a year-long ICO and building and it has already been out for 6 months.
Meanwhile, we are getting ready to accept SMTs Lite from SteemIt, Inc. Yeah the market took a rough road the last 2 months, but what about all the months leading up to that.
If they are our only plan,... I don't feel good about the future.
Yup we need drastic change. Keeping the same leadership will only continue to get the past results.
We must start from what and where we are now, not what and where we have been in the past or what and where we will be in the future.
What we are in the future is what and where we are now.
Change is now, the future is now, not yesterday or tomorrow.
When you want to change and make a plan to change tomorrow, you are still the same today... because tomorrow = today ...
I think you bring up valid points. This is something at @fknmayhem touched upon a number of times. We need to attract developers; they are the most important thing to the blockchain right now, even more so than users.
We have a great foundation here in terms of the people but it needs to be built upon. People who are dedicated to Steem need to express that.
I think it a major positive that we have shows like S.o.S. to talk about these topics. I agree that it is not the same as action but it does put the topic on the table. And as yourself and @soyrosa showed, in a week a lot can be done just by seeing something amiss.
We need a lot more to go forward and we need the circle of serious people to keep growing. Not all on here are going to dedicate blood sweat and tears like some of us are. But if we can keep finding them, there is a chance of growing and expanding.
It all starts with the developers because they are what will attract the masses in the future.
Thanks for the mention, @taskmaster4450. Obviously, I agree with all and also with Wolf’s post.
Steem is the base. A base which has mechanics not many blockchains can offer. We truly need to get out there, and possible also with hackathons. But those may have become too expensive, not just to organise but also to send core dev members over to the event. Because more than anything that personal connection with potential founding crews is the single best pitch.
More than a year ago I started a site to highlight the good on Steem, by which I mean the great products. Sadly enough it just ain’t happening (yet). There’s some great apps already and I love seeing that evolution but not enough are already showworthy enough to attract investor attention. Or to truly push a platform organically to the next level.
I have been happy to see the effort put in recently though and I believe that the listing on State of the Dapps is a great evolution already. These are platforms which are checked by developers.
Not only by developers but also by crypto news authors.
A new internet is being built. The Steem blockchain is not a match for every project and for some EOS may indeed be a better platform. For others, Steem undoubtedly offers the best mechanics and also most active userbase. Maybe even the most passionate userbase.
We may not have the money Blockpass and EOS have to organize worldtours but we have other assets. That needs to get out.
First and most important task to improve that: write OFF STEEM. Almost all work (also highlighting of great) is done ON Steem. That’s like being in the kitchen and telling the chef and sous-chefs how great the meat and sauce are.
Personally, I have been happy noticing how the tone recently has changed. That’s a great thing and possibly the best thing which could have happened to Steem. I respect Steemit Inc but this is a decentralized platform. It is up to the community to make it happen and I look forward to see active (dev) players being interviewed in podcasts and answer real questions, and also share struggles, about life on the Steem blockchain.
100% agreed with writing off Steem. Will post about it soon. It must be done more systematically.
Small note: I did not say “WRITE OFF Steem”, I said “write OFF STEEM”. Meaning effort need to be made to start publishing’s about Steem without it being published only on Steem.
There’s thousands of cryptonews sites which never get to hear of what happens here. THe attitude has to shift from “must come here” to true outreach work.
No it's not.
Steem is lacking in community building and consensus.
Code will never catch up to human behavior. The moment you try to build code, to match human behavior, you will soon realize it is a race that cannot be won.
We're experiencing it now.
"There is faults in the code, the hardforks, the RAM requirements"
... really?
It's more faults in building community spirit, engagement, and understanding by the users at large...
Not code catching up to human behaviors.. Code can never catch up to human behavior.
It is also lacking in development. In (most of) the time it took EOS to be designed, implemented, tested, deployed (along with a year-long ICO) we've gotten a few tweaks in HF20 and SMTs which aren't finished yet and may never be.
That's only one example. There are countless others in the blockchain space which have accomplished far more in the same time, often with less resources.
getting big time social media players involved with steem apps will be a good way to market.... we got HodgeTwins for a while before we lost them cause DTube flopped on them and the market went down, I think they got burned by the market but anyways im exhausted and rambling on... ... point is, get people with millions of followers to start talking about steem, also get the steem community to spread the word, get developers involved... post job postings that lead people to steem... get creative people we are free on here
Not 100% sure about mass recruitment at this point. The entire cryptoverse seems to be waiting for a fast and low transaction fee chain to skim Proof of Work Coins across due to their, yet to be solved, scalability issues.
The corporate patented Lighting Network would bring on the bulls if and when it gets off of testnet and into production. That has been almost as ellusive as SMTs. My gut is saying it will not be a user friendly experience should they make it to production without the need of mass centralization; which may have been the plan at Bitcoin Core to begin with.
In my wet dreams steem is the open sourced Lighrning Network and no one trusts the over governance of EOS (witnesses able to agree to suspend transactions like a credit card company) to entrust it with their serious transactions. Still good for buying Amazon Gift Cards, however.
The orphaned POCKET Project has allowed me a peak into how SMTs may be and more confidence in the Steem Network as a viable paynent method to be, somehow, employed by POW crowd.
Two things seem required for the longlivity of the steem blockchain, in my opinion.
That steemit, busy, et all, be seen as wonderful dApps on the steem blockchain and not the full and only potential of the steem blockchain. This would go a long way to reducing FUD and other sky/price is falling posts.
STINC delivering on the rocksDB module. Let's not wait like we have for SMTs. If no test releases are out there by Febuary then let's get some delegating/donating/witness voting campaign going so that @blockbrothers can do the job.
STEEM On! ✌💛
I don't usually drop links, but this post is a direct response.
https://steemit.com/busy/@whatsup/re-therealwolf-real-talk
Witnesses like smooth and marky saying that running anything on top of the steem node will be too expensive? Muahaha. They earned hundreds of thousands of dollars worth of crypto in the past, and could literally run the whole network on their own with their profits.
But now steem is 20 cents and it gives them a good excuse to remain useless? I guess they should use it.
Perhaps you should look into what I have spent in the past when the revenues were higher (never anywhere near as high as EOS though). Hint: I was the main sponsor of busy getting developed, among supporting many other things. There have been numerous periods, even at higher prices when I was literally running negative as a witness for months after paying for initiatives and sponsorships (also ignoring that witness rewards were and are not liquid, including when it took two years to power them down)
So first of all stop talking about things you don't know anything about and second, none of this addresses the question of why EOS BPs currently pay for a lot of development and Steem witnesses currently don't. Looking at the revenues being currently $700K/year vs. $21K/year does explain it.
Its cool buddy, we like you. Thanks for the hard work.
What are you talking about?
I've made 10,358.765 Steem Power as a witness for the last 15 months combined. That's worth about $2,900 USD. I can't assure you, it isn't even remotely worth it financially.
If Steemit Inc can't run the entire network on $2,000,000/year, I don't see how I am going to run it on $2,900 over 15 months.
Now before you respond saying at $7 Steem it's worth x, I haven't powered down, so I'm stuck holding it all at the current $0.28.
on top of the losing money as witnesses these two characters also 'spend big bucks' on their bot-flagging operations, AND ALL THAT BECAUSE THEY LOVE STEEM
they are criminal beyond belief , call the police people
cabal is desperate to hide their crimes , follow the steem , just follow the steem . this place is so rigged it boggles the mind
We have that already but it lacks decisive support. Have you ever considered delegating to @steemflagrewards? Every little bit helps.
We've worked with you to deal with the abusers on your service but we could really use support in terms of Steem Power to flag them in encouraging these more productive course for the blockchain.
What say you, @therealwolf?
I'm glad you wrote this because I think about it a lot. While it doesn't answer most of the issues, I think it is really important for the community to embrace @share2steem to grow our user base which will in turn make the blockchain more attractive to developers because the user base will be there.
Going to instagram influencers and showing them how easy it is to monetize is a no brainer. I've done it. I make more on my crappy instagram than most people with 100k followers lol. There are 10s of thousands of instagram influencers who need @share2steem and they don't know it. I talked to a guy with 1.2million followers last night and he's interested. Bringing in those people will put strain on the rewards pool because they won't be that active on other steem apps unless they really get interested but it can bring in tons of users and active accounts.
I appreciate your comment. I like the concept of share2steem and agree that it will reach a lot of users, but are these users really going to be happy on Steem? I mean somebody with 1.2 million followers, will feel completely under appreciated on Steem. And the current interface is simply lacking of the modern style.
I believe we need to fix the UI and economic model of Steem first, before we bring people here from other platforms. Especially since the reward pool shouldn't be used for people simply coming to Steem to get some rewards, but for those wanting to participate in the system - who are powering up Steem and play the game.
I agree on the "to get some rewards part" but using the reward pool to get people to come to Steem who also bring a lot of followers (who stay and contribute) is worthy IMO. That's real added value in return for the rewards.
I agree with your point 100% but I would say that yes those people will feel appreciated because will be compensated. it's also a fertile recruiting ground because they can have their followers follow them on Steam where they both get paid. It's the best way to grow membership but like you suspect it's very one-sided. my thought is if we have an active user base because they're sharing on Instagram anyway then we can attract more development because the users are here. we will never be able to compete with social media like Instagram so recruiting their members and offering them something it's a good plan. I don't see much growth in quality membership here and it worries me
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