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RE: STEEM Dollar has collapsed under USD 1$ 📉 📉 📉

in #steemit • 7 years ago

The market does have some effect on it yes. Investors know bitcoin so the rise and fall of bitcoin affects other cryptocurrencies more than it should.

A couple of other things have factored in;

  1. Steemit has experienced EXPLOSIVE growth. Unfortunately the majority of that growth has been low value users trying to "get rich" and posting copy-pasted content or low-value posts like "upvote-for-upvote". This is not good for the growth of community value and has caused many of the quality content producers to slow down their own posting and voting.

  2. HF19 "Equality" has taken HUGE bites out of the voting pool! Where a minnow used to be able to cast 40 $0.01 votes a day, she can now only cast 10 or 11 $0.02 votes or 20 every 2 days. This has significantly reduced the number of upvotes on posts and comments!

  3. TROLLS!
    It only takes two or three people willing to invest $5,000 in their Steemit accounts to ruin the experience for hard working bloggers that are trying to earn our dimes.

I believe Steemit has the opportunity to be something greater than bitcoin because instead of being an arbitrary currency that only exists because it's users agree it has value, Steemit actually provides a REAL PRODUCT on which the value is based. I hope to see a growth in value in the near future.

Hopefully that wasn't too negative ... just my 2 cents

7 years ago in #steemit by
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     7 years ago 

    That's not at all negative @timeshiftarts. Thanks a lot for providing such a great input. All your points are valid and makes sense. I am sure with people like you this community is going to get better over time and the shortcoming we are seeing currently will be curbed gradually.

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     7 years ago 

    Love your response here. And I agree with you a decent amount.

    • There are certainly a ton of low quality posts in the "New" section, but I think once these users realize they aren't getting anywhere either they will improve their content or leave the platform.
    • HF19 I've found detrimental in terms of fewer eyeballs and upvotes. However, what has helped is now my SP allows me to upvote others with more value so I've joined a couple of curation trails to help out and spread the love as much as possible.
    • Trolls come to every successful platform and they'll only continue coming.

    Steemit has to figure out how to govern the Rich Whales down to the Lowly Minnows better. But, as they says, come for the money, stay for the community, which is essentially want turned me from pure investor in STEEM to actually participating.

    Steemit really feels like the social network of the late 1990's (i.e. LiveJournal) with few features, low-fi look and feel, and a small community of passionate individuals. Honestly it's refreshing from the complicated mess that has become our standard social media services.

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     7 years ago 

    Hey @gamerveda, thanks a lot for extending the inputs provided by @timeshiftarts.
    Coming to the points you guys have mentioned

    1. Yes, the platform is currently being abused by newcomers and it is also true that they aren't getting success in get-quick-rich so the non-genuine users are leaving after trying couple of days
    2. "With great power comes great responsibility", I guess HF19 has made it possible. Earlier users with higher SP were giving away upvotes easily now they are giving it more responsibly to deserving content only.
    3. Yes, it's an open platform so TROLLS are going to be there. We just have to see how steemit handles then and get rid of them.

    Steemit has got good potential and even I feel that down the line it will emerge as a highly valuable crypto currency as it is backed by very good concept. Let's see what happens. We will be in a good profit if it rises. Fingers crossed! :-)