He did what any rational person would do if the potential for $4 million was laid out in front of you.
You also need to consider that he holds a delegate spot, which is worth $4,800 per day or $1,752,000 per year. Call me crazy, but he is being overpaid by a lot. I would do it for less than 10% of that in a heart beat. There is no way each delegate is bringing that much value. Lol. I don't know how stakeholders aren't raising a big fuss about this. I guess everyone doesn't want to miss out on up votes from a whale because they spoke up about it. Delegates are whales. Just add it to the laundry list of how unfair Steemit is. |
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@FandangledGizmo I think that your assessment is fairly accurate of Steemit as it exists right now. However, you could also look at buying STEEM as speculating on the amount of usership Steemit will able to garner. If Steemit can garner a large user base, then Steemit can implement profitable features down the road to profit off of that huge user base in numerous ways. Buying STEEM now is a gambling on whether they will be able to turn a huge user base into a profitable business plan. I think it is also short sided to think Steemit is simply a social media platform. It could also be a ratings web site such as Metacritic, Yelp, eOpinions, Yelp, TripAdvisor, Flixter. An Ebay-like marketplace. A crowdfunding platform. Etc... I laid out a decent outline of how to leverage schemas in Steem to make a rating website like Metacritic, Yelp, Tripadvisor, or CNET consumer electronic reviews, etc... I think this could potentially exponentially increase paid advertising revenue and obtaining users through organic search results. https://steemit.com/proposal/@coinhoarder/steem-proposal-create-different-types-of-posts-for-different-use-cases-greater-than-first-use-case-steemit-reviewsPeople are focusing on it as being a social media platform, and judging the economics as such, but it could be so much more. To give a token investment value, you have to create some transaction demand for the token originating from those who had to buy the token (not just from tokens given away to bloggers coming out of investors' pockets).
A decentralized market combined with anonymous SBD transfers could create some demand for STEEM. 😉 I don't think Dan and company have the balls for that though. It would also require a downloadable GUI since that would make any centralized wallet a target. I still maintain paid advertising is a part of the solution. I realize it won't solve the issue because it is not enough money, but it would create some demand for STEEM outside of the STEEM network. They could integrate something like SIA has for file storage. An integrated image uploading solution would be quite handy actually, but I guess people wouldn't be willing to pay for it. Chalk that one up to an unprofitable yet awesomely convenient feature. A DEX utilizing sidechains (read: not derivatives) can be a profitable feature. As long as profit is being made, it would work similarly to creating demand for STEM by offsetting debasement. It might also coincidentally create extra demand for STEEM if the SBD was used as a main trading pair against other Cryptos. Creating a smart contract programming language which allows other people to build apps on top of STEEM which could create demand for STEEM. Aka... the Ethereum business model Gamification could create demand for STEEM. One excellent example would be Bitcrystals... a collectable card game. Collectible card games and block chains make a lot of sense to me, but I am sure there are other types of games. I touched on this up post, but you need to also that any feature that makes the DAC profitable works similarly to creating demand for STEEM as it offsets debasement. A casino and gambling games are a fine example. That would also likely create some demand for STEEM, but most of the gamblers would probably come from within the ecosystem. Side note: I think allowing people to gamble with their locked up SP on an on chain casino would be a great idea. Certainly some would gamble away all their SP which would negate debasement. I can see a lot of impatient people that would do so. The casino would pay out in locked up SP, and of course the house has an edge, so I don't see any consequences for the DAC. Record keeping and notary services could create some profit/demand. Popularizing SBD as a savings account could create some demand. It does pay good interest compared to most bank savings accounts. It does serve as a good crypto hedge while still staying within the crypto ecosystem. Probably a better hedge than USDT or Nubits etc, considering the interest. Offering user issued assets or crowd funding can create demand/profit, but admittedly that space is quite crowded already. There may still be some potential there. Mutual aid societies can create demand/profit. Creating a network of other chain's block explorers via a Masternode-like network to offer governance services to crap to currencies that don't have such could create profit via side chains. Utilizing Masternodes offers up some interesting profitable services that can also create demand. One thing that comes to mind is by offering VPNs or possibly a TOR-like network that runs on a subscription based model. Say what you will about DASH, but I think Masternodes can be leveraged to do all sorts of things. Since transactions are free in the STEEM network, you could setup sidechains for other Cryptos and offer discounted transfer fees. Profit is made off of transfer fees. Someone could send BTC to the side chain to lock in that same amount of BTC, then send it off the BTC chain over the STEEM network to anyone that has a STEM account. See what I'm saying about profit though? If you can create enough profit to completely offset debasement, then it would create demand for STEEM because it is a profitable DAC. Even if you can't generate enough profit, it partially offsets debasement and a lesser amount of demand is necessary to prop up the price. /thinking cap My brain is tired. |
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If you mean the market cap reported by coinmarketcap they exclude some of the coins held by steemit that have never circulated, same as they do for ripple and others.
Yes. Thanks, that is probably it. Maybe my math is fine then. |
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I am trying to do some maths, which is admittedly my weak point. Tell me what is wrong here? The value of SP and STEEM add up to more than the market cap. I was unsure as to what numbers to use on https://steemd.com/ side bar to get the total SP and total STEEM. I think that is the issue... SBD value was obtained from http://www.steemdollar.com/To make the math easier, I rounded each number up or down to an integer... 105,098,670 is the current total of SP There is 89% annual interest on SP Current value ($3.46 per SP): $363,641,398 USD 2,746,591 is the current total of STEEM There is -100% annual interest on STEEM Current value ($3.46 per STEEM): $9,503,205 USD 834,691 SBD is the current total of SBD There is 10% annual interest on SBD Current value ($1.29 per SBD): $1,076,751 USD STEEM Market Cap: $315,540,740 Approximately 2.54% is being held in STEEM, while 97.46% is being held in SP? |
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Why people think a GUI makes a good coin? seriously... a GUI is important, but damn... it definitely isnt that important.
For mainstream adoption it is very important, but Decred is still in its infancy. It at least has a solid foundation to build off of, and solid developers to improve it. I think it is undervalued for the potential it has. Decred GUIs will be here shortly. |
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It can also be your writing style and how effectively you communicate. I'll need to check your latest post (didn't have time yet).
I don't buy that for a second. My writing skills are at least comparable with the posts that make it to the front page daily. I have made 4.0s in all of the English classes I have taken. It is the topics I am writing about, and the fact Steemit is a popularity contest. I have never been good at the latter. |
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The minute speculators stop buying Steem it may collapse because there is no business model or revenue source only the hope speculators will value a site attracting users and not use common sense.
The platform itself may not have ads, but the content itself can be ad-style / ad-supported even include gray-advertising. So, in that sense, purchasing steem power also gives you the power to commercialize products and services by reaching a broader audience. True, whales provide advertising with their up votes. That is why Steemit circle jerk posts make more money because it help create demand for steemit and virality. Steemit success stories make more money for the same reason. Hot girls traveling while making money because they want to attract people that want to do the same (who doesn't want to travel the world for free). "Crypto celebrities" make more money because whales want influential mouthpieces. Unfortunately, the kind of content I like to post and read about doesn't ever seem likely to make much money. I am starting to get why some people call it unfair. It is free money, so I am not really complaining, but my last posts have been at something like $0.50 a hour... at some point it is probably not worth it. |
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Scam is one hell of an incorrect word. Unfair maybe...but then again I could apply the same logic of not having windows binaries to the argument for mining in general.
I mean how "unfair" is it that I can't mine bitcoin like those with ASICs (and the money to buy them) do? Doubt i'll hear much from the community on this, but I can assure you those who hold steem have a team of devs who are among the best blockchain devs in the world who are intent on building value.
Get out of here with your solid logic and reasoning. This thread is meant to ignore the general unfairness of all other cryptocurrencies and single out Steemit for something that exists in all cryptocurrencies... unfairness! We all know how the sock puppets that have been attacking Steemit up and down the forums are going to vote. Bitcointalk polls are worthless. |
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Okay so does that mean I can withdraw $300 worth of STEEM to poloniex in 6 hours?
No, but after 24 hours of your post you will be able to withdraw approximately half of your reward via SBD. In the OP you said you got paid $390 for a post, so you will get approximately 50% of that which is $195 USD worth of SBD. You can withdrawal that immediately and sell on Polo. The rest is paid in SP which is locked in until you "power it down". After it is powered down, it is paid in 104 equal weekly payments over the course of 2 years. |
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50% of incentives earned on site is paid in SP (which is locked in and can be withdrawn in 104 equal monthly payments over the course of 2 years)
The other 50% is paid in SBD (which is a fiat-like derivative) and that can be traded/withdrawn after 24 hours
Only SP is locked in, and you can only buy STEEM on exchanges. STEEM is mainly intended to transfer ownership from one long term owner to another. It doesn't become locked in unless it is "powered up" into SP. It is not a good idea to hold STEEM very long without doing something with it, as it is debased at 100% annually... SP is only debased at about 11.11% annually.
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sheesh...if true I call 'scam' as well or pyramid scheme is more apt...(new money drives price up because old money used and/or can't get spent)
Why would it be a scam just because of that? As an investor, I like that feature. It creates more long term stakeholders. The more people that are vested in the success of the coin the better, and as you said... there is less downward pressure on the market which means it takes less new money to drive the price up. To me those are good things not bad things, but I do understand some people may not like being locked in for a year or more. That is how I invest in cryptocurrencies anyways... long term investments, so it doesn't bother me I guess. |
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BUY SYNERO We're making social media great again by plagiarizing republican trump speak.
We all know that you don't have any decency. Who else would support these slimeballs? Do you personally know the Synereo developers? How do you know they are not slimeballs? Even if you knew them, how could you be sure they are not slimeballs? Everyone thought Mark Karpales, PirateAt40 and Josh Garza were stand up guys once too.  As of right now they are vaporware pushers that got rich off of an ICO. It could easily turn out to be a complete scam, or at the very least a big mess. |
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To give a token investment value, you have to create some transaction demand for the token originating from those who had to buy the token (not just from tokens given away to bloggers coming out of investors' pockets).
A decentralized market combined with anonymous SBD transfers could create some demand for STEEM. 😉 I don't think Dan and company have the balls for that though. It would also require a downloadable GUI since that would make any centralized wallet a target. I still maintain paid advertising is a part of the solution. I realize it won't solve the issue because it is not enough money, but it would create some demand for STEEM outside of the STEEM network. They could integrate something like SIA has for file storage. An integrated image uploading solution would be quite handy actually, but I guess people wouldn't be willing to pay for it. Chalk that one up to an unprofitable yet awesomely convenient feature. A DEX utilizing sidechains (read: not derivatives) can be a profitable feature. As long as profit is being made, it would work similarly to creating demand for STEM by offsetting debasement. It might also coincidentally create extra demand for STEEM if the SBD was used as a main trading pair against other Cryptos. Creating a smart contract programming language which allows other people to build apps on top of STEEM which could create demand for STEEM. Aka... the Ethereum business model Gamification could create demand for STEEM. One excellent example would be Bitcrystals... a collectable card game. Collectible card games and block chains make a lot of sense to me, but I am sure there are other types of games. I touched on this up post, but you need to also that any feature that makes the DAC profitable works similarly to creating demand for STEEM as it offsets debasement. A casino and gambling games are a fine example. That would also likely create some demand for STEEM, but most of the gamblers would probably come from within the ecosystem. Side note: I think allowing people to gamble with their locked up SP on an on chain casino would be a great idea. Certainly some would gamble away all their SP which would negate debasement. I can see a lot of impatient people that would do so. The casino would pay out in locked up SP, and of course the house has an edge, so I don't see any consequences for the DAC. Record keeping and notary services could create some profit/demand. Popularizing SBD as a savings account could create some demand. It does pay good interest compared to most bank savings accounts. It does serve as a good crypto hedge while still staying within the crypto ecosystem. Probably a better hedge than USDT or Nubits etc, considering the interest. Offering user issued assets or crowd funding can create demand/profit, but admittedly that space is quite crowded already. There may still be some potential there. Mutual aid societies can create demand/profit. Creating a network of other chain's block explorers via a Masternode-like network to offer governance services to crap to currencies that don't have such could create profit via side chains. Utilizing Masternodes offers up some interesting profitable services that can also create demand. One thing that comes to mind is by offering VPNs or possibly a TOR-like network that runs on a subscription based model. Say what you will about DASH, but I think Masternodes can be leveraged to do all sorts of things. Since transactions are free in the STEEM network, you could setup sidechains for other Cryptos and offer discounted transfer fees. Profit is made off of transfer fees. Someone could send BTC to the side chain to lock in that same amount of BTC, then send it off the BTC chain over the STEEM network to anyone that has a STEM account. See what I'm saying about profit though? If you can create enough profit to completely offset debasement, then it would create demand for STEEM because it is a profitable DAC. Even if you can't generate enough profit, it partially offsets debasement and a lesser amount of demand is necessary to prop up the price. /thinking cap My brain is tired. |
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Looks like a new search function got added (might have missed earlier, not sure) and a follow button--now I can follow Shelby, smooth and few others without running all over the site.
Has anyone thought about the implications for monetizing constructive criticism yet?
The search function and follow/mute button have always been there, but they don't work yet. A lot of people have been requesting them for a while now Anonymint- not just you. Date tonight... adios |
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I think they did that with the intention of making Steemit.com open source eventually and allowing people to host alternatives.
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Note I thought of a solution for hacker defacing posts, which is to not allow very significant post edits after post has garnished significant votes/payout.
Also I think the use of external social network login accounts to protect against hackers is acceptable if either the social network can store a random hash in private for our app and/or if we give up decentralization of login as per the second case below.
smooth do you know if they are storing the hash of the user's login password on the blockchain? Or are they just storing the private keys only on the blockchain, then storing the hash of the login password only on the Streemit.com servers?
The reason I ask is because if were doing the former, that would be very insecure because the attacker could use a dictionary attack, because they can't rate limit hacker's trials if the hash is public.
You can't edit posts after 24 hours. Passwords are hashed and stored on the blockchain: https://steemit.com/steem/@robinhood/offline-attack-on-steem-user-credentials |
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And what if I busted my ass on the project and then it all ended up being for nothing because the whales shoot themselves in the foot and there is no recourse, because for example even the Steemit code is not open source and now smooth told me the Steem open source has a license preventing forking. Why should I work on code like that if I am not confident they can succeed and even the SP I earned can go to 0 before I can cash it  The code may not be forkable due to the license, but you could fork the idea. |
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I receive little to no love from Dan and company. I would say far too little for the hours I have spent defending them and their projects. I am not even sure he is aware that I do so, as he does not come on Bitcointalk.
I supported BTS because I think decentralized exchanges are needed. Gox, Cryptsy, Mintsy, the list of exchange defaults will continue to grow. The community just doesn't yet realize how bad a decentralized solution is needed. I would like to think that I am more forward thinking than most, and I thought people would eventually realize decentralized solutions are ideal and Bitshares would eventually be a big success. I'm still not convinced that won't happen some day. Bitshares was the first DEX-centric cryptocurrency project, and I support any cryptocurrency project aiming at solving this problem. BTCD's PAX has promise, as does SUPERNET and B&C Exchange. I will support those projects just as much, but they are all mostly vaporware, and for some reason those projects aren't trolled as much as Bitshares so there is never really a need for me to come to their defense.
I support STEEM because it is different from other cryptocurrencies with the social networking angle. It has a chance to be reach the masses more so than any other cryptocurrency. It also solves a problem that I have always thought needed solving... kicking back profits of social media web sites to the users that make them so valuable. Legacy social networks are like sweat shops, but worse considering they don't provide their users with any wages at all. There may be better social networking cryptocurrency designs, but I don't trust that they will be implemented in a sufficient amount of time... they are vaporware. Until they are actually released, I will continue to champion Steemit. Which brings me to my next point...
Dan can actually deliver working cryptocurrencies which are mostly as advertised in the road map or whitepaper. There are way too many projects to name that are perpetual vaporware. Dan has a good team that helps him too. SVK, in my opinion, can make some of the best looking modern user interfaces I have used in crypto.
Dan is also a creative and hardworking guy, as evidenced by his Github account. He is never happy with the way his project exists. He is always scheming up some way to improve them, and as I said a moment ago... he can actually deliver on the improvements and get them into a release. He always seems to come up with some good ideas as to what direction the project should go. He is dedicated to improving his projects, as evidenced by how much Bitshares improved from 0.xx releases to the Graphene release. The only reason why he left Bitshares was because the Bitshares stakeholders didn't want to fund his development efforts any more. Mainly the Chinese stakeholders were very vocal about that. I am sure he will continue working on Steemit for years to come. He is at least invested for 2 years, so I expect to see a lot of improvements during that time frame.
At the same time, I was very critical of Bitshares within the Bitshares community. There were a lot of people that don't like me over there because I was always speaking my mind, a lot of the time going against the grain of whatever groupthink was popular at the time. I defend him and his projects on here because he doesn't come here to defend himself. Which is probably a good thing, because otherwise he wouldn't be able to get much work done. I realize this post sounds obsessive or brown noseyish, but you asked why and I have now told you. I don't really care what people think about me. I honestly think he is one of the best developers in the cryptocurrency industry.
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Morals are not subjective, lying and scamming are universally frowned upon, what he meant was "If i'm making money its good therefore I'm good", I'm not really judging people but I wont condone it either.
Who is lying and scamming? I already explained that someone might not agree with your definition of "lying and scamming". Others (me including) might see things differently. To some a "sneaky mine" is immoral. Others may liken it to starting a business, and equate it to the developers/organizers of a start up obtaining equity in their project. Are all start ups and corporations immoral? Is capitalism immoral? That is subjective...
To some 12% annual inflation is an unsustainable pyramid scheme. Others may liken it as a good way to gain a huge userbase quickly, then leverage that userbase in the form of profitable features that are yet to be implemented. Can a business not change its business plan, or never expand into other markets? To judge something based on exactly how it exists today instead of where it is headed in the future may be a mistake.
There was not a premine or an instamine. It was announced on Bitcointalk with 2 days notice before it actually started. Everyone had an equal chance to throw as much hash power as they wanted behind it. Steemit and co. just threw more hash power at it than most people. That is fair though... anyone could have done what they did. It was announced on March 22, 2016, 07:13:52 PM here: https://bitcointalk.org/index.php?topic=1408726.0Since there was a restart, mining didn't start until March 24, 2016, 10:34:24 AM here: https://bitcointalk.org/index.php?topic=1410943.0That's how the whales like abit and smooth go their stake. They were at the right place at the right time. I wish I would of been paying more attention around then, but hindsight is 20/20 and I am not going to cry about it, as everyone had a fair shot to mine some STEEM. You guys are like the same people that cry about the Nxt distribution when anyone could of participated in the IPO and it was announced on Bitcointalk with fair warning too. Get out of here with your socialistic self-centered condemnation. |
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