Steemit how can this thing be workable long term?

[r0ach]

My commentary on Steem...someone had to say it lol:

https://steemit.com/money/@r0achtheunsavory/you-gotta-stop-upvoting-bimbos-if-you-want-this-site-to-work

[AlexGR]

https://steemit.com/steem/@dan/response-to-coindesk-article-steem-provokes-doubt-of-market-observers#

[usefree]

I leave the track to be able to watch this topic.
Anonymint is one of the most interest and reasonable author on Steemit now for me.
His post helps to understand how it really works. (In addition, posts of @furion, and @theoretical too)
Thanks.

[MarketMagic]

https://coins.newbium.com/post/302-crypto-market-update-steem

[dottom]

July 21, 2017 update for those following this thread.

The Steemit supporters seem to be celebrating the success of Steemit (200k users, 14k new posts per day), but the Steemit pyramid will come to an end soon. Here's why:

1. Rewards now are very little, often $0.00 or $0.01 for new users even with some upvotes. Because there is a fixed rewards pool, the rush of new users are all competing for that slice. While a year ago you could earn some decent $ posting even as an average user without the luck of a whale upvoting, now even with a dolphin account upvoting your post, you'll get make 10 cents. Motivation is not there to post.

2. Getting visibility and followers is really hard. They call it the grind - interacting with the community, building relationships, getting followers, aka social networking. But with 14k posts per day and growing, all the posts scroll past the first page in each tag so quickly, you get very little visibility. The success stories are the users who already have 100k+ followers on Youtube and bring them over. But those followers will give up after a week or two when they realize they can't earn much $ as an average user.

3. Since hard fork 19 (HF19), the dolphin and whale accounts are motivated to upvote themselves. The ability to earn $ curating other posts is very small compared to just upvoting your own posts or comments. This makes it harder for new users to earn and be discovered (one of the original premises of the platform).

4. There's a lot of crappy content. If you have 100k Steem Power and a few thousand followers, you need to churn out 2-4 posts a day to make your $100 to $300. The whale accounts that do upvote others tend to upvote the same few accounts, kind of like the 1% only doing business with other 1%ers. Good content is going unnoticed and crappy content such as bad memes, a few lines, reposting old videos, etc. earn $100+.

5. Bots, bots, bots. Some bots are good when they post useful comments or make upvotes to help new users, but most of the bots are just whale accounts auto-voting to maximize their rewards daily. Take the human interactions and curation out (even if they were limited due to the above reasons) and even fewer new users will earn rewards.

Conclusion: Steemit has a pyramid-like dependency on new money coming into steem to prop up the price. Users will start dropping off and new investors who may have looked to buy steem will shy away because it's too hard to earn now.  It was a good ride for a few people who made $100k or more, early whale accounts made 7 figures. Time to power down before the other whales do and tank the price.

P.S.: If steem drops back down to 10-cents, do you buy in and try to ride a rebirth?

[Lena_Storifier]

Hey guys,
Here is a nice visual overview of what Steemit is all about:
https://medium.com/@StorifierCo/steemit-at-a-glance-834754c196e9

[The Enoeht]

July 21, 2017 update for those following this thread.

The Steemit supporters seem to be celebrating the success of Steemit (200k users, 14k new posts per day), but the Steemit pyramid will come to an end soon. Here's why:

1. Rewards now are very little, often $0.00 or $0.01 for new users even with some upvotes. Because there is a fixed rewards pool, the rush of new users are all competing for that slice. While a year ago you could earn some decent $ posting even as an average user without the luck of a whale upvoting, now even with a dolphin account upvoting your post, you'll get make 10 cents. Motivation is not there to post.

2. Getting visibility and followers is really hard. They call it the grind - interacting with the community, building relationships, getting followers, aka social networking. But with 14k posts per day and growing, all the posts scroll past the first page in each tag so quickly, you get very little visibility. The success stories are the users who already have 100k+ followers on Youtube and bring them over. But those followers will give up after a week or two when they realize they can't earn much $ as an average user.

3. Since hard fork 19 (HF19), the dolphin and whale accounts are motivated to upvote themselves. The ability to earn $ curating other posts is very small compared to just upvoting your own posts or comments. This makes it harder for new users to earn and be discovered (one of the original premises of the platform).

4. There's a lot of crappy content. If you have 100k Steem Power and a few thousand followers, you need to churn out 2-4 posts a day to make your $100 to $300. The whale accounts that do upvote others tend to upvote the same few accounts, kind of like the 1% only doing business with other 1%ers. Good content is going unnoticed and crappy content such as bad memes, a few lines, reposting old videos, etc. earn $100+.

5. Bots, bots, bots. Some bots are good when they post useful comments or make upvotes to help new users, but most of the bots are just whale accounts auto-voting to maximize their rewards daily. Take the human interactions and curation out (even if they were limited due to the above reasons) and even fewer new users will earn rewards.

Conclusion: Steemit has a pyramid-like dependency on new money coming into steem to prop up the price. Users will start dropping off and new investors who may have looked to buy steem will shy away because it's too hard to earn now.  It was a good ride for a few people who made $100k or more, early whale accounts made 7 figures. Time to power down before the other whales do and tank the price.

P.S.: If steem drops back down to 10-cents, do you buy in and try to ride a rebirth?

This makes me nervous since I have a lot of steem coins. It makes a large chunk of my portfolio.

[CoinHoarder]

July 21, 2017 update for those following this thread.

The Steemit supporters seem to be celebrating the success of Steemit (200k users, 14k new posts per day), but the Steemit pyramid will come to an end soon. Here's why:

1. Rewards now are very little, often $0.00 or $0.01 for new users even with some upvotes. Because there is a fixed rewards pool, the rush of new users are all competing for that slice. While a year ago you could earn some decent $ posting even as an average user without the luck of a whale upvoting, now even with a dolphin account upvoting your post, you'll get make 10 cents. Motivation is not there to post.

2. Getting visibility and followers is really hard. They call it the grind - interacting with the community, building relationships, getting followers, aka social networking. But with 14k posts per day and growing, all the posts scroll past the first page in each tag so quickly, you get very little visibility. The success stories are the users who already have 100k+ followers on Youtube and bring them over. But those followers will give up after a week or two when they realize they can't earn much $ as an average user.

3. Since hard fork 19 (HF19), the dolphin and whale accounts are motivated to upvote themselves. The ability to earn $ curating other posts is very small compared to just upvoting your own posts or comments. This makes it harder for new users to earn and be discovered (one of the original premises of the platform).

4. There's a lot of crappy content. If you have 100k Steem Power and a few thousand followers, you need to churn out 2-4 posts a day to make your $100 to $300. The whale accounts that do upvote others tend to upvote the same few accounts, kind of like the 1% only doing business with other 1%ers. Good content is going unnoticed and crappy content such as bad memes, a few lines, reposting old videos, etc. earn $100+.

5. Bots, bots, bots. Some bots are good when they post useful comments or make upvotes to help new users, but most of the bots are just whale accounts auto-voting to maximize their rewards daily. Take the human interactions and curation out (even if they were limited due to the above reasons) and even fewer new users will earn rewards.

Conclusion: Steemit has a pyramid-like dependency on new money coming into steem to prop up the price. Users will start dropping off and new investors who may have looked to buy steem will shy away because it's too hard to earn now.  It was a good ride for a few people who made $100k or more, early whale accounts made 7 figures. Time to power down before the other whales do and tank the price.

P.S.: If steem drops back down to 10-cents, do you buy in and try to ride a rebirth?

This is a good write up highlighting some of the issues Steem is facing. Thanks for the update.

[ekin4]

Steemit works like a ponzi scheme so it's not workable long term.
You better take profits and leave the ship before it's too late.

[hungryforapples]

Okay, I'm lost.




EDIT: I read some more, and I'm lost no more 

I'm definitely not going to invest in this ponzi scam, thanks to all the good people in this thread who have thoroughly explained why steemit is a big scam.

[FutureDigiCoin]

Hey guys,
Here is a nice visual overview of what Steemit is all about:
https://medium.com/@StorifierCo/steemit-at-a-glance-834754c196e9

I bought myself some SBD. If 10% of all people over the woorld who're now on Facebook make the switch to Steemit it could be profitable for next years.
But like you say, it eventually will collaps.

The effort you have to do to get a reasonable reward at this moment, is far to big as a beginner. If they find a way to share the rewards better new people will join

[deni1000]

Hello. I bought a crypt Steem from Poloniex, but Poloniex is write "STEEM is currently under maintenance or experiencing wallet / network issues." Deposits and withdrawals will remain disabled until a solution is found, which may require an update from the STEEM team. and audited before enabling. " How long will this continue and can I somehow withdraw my money?
Thank you!

[thaovtt210]

I would also like to point out that although STEEM POWER stakeholders are debased by approximately 11.11% per year, they also have the ability to work for (or contribute and earn) a portion of the inflation for the contribution rewards. It is possible to reduce or negate the inflation by simply participating in the ecosystem. Also, when the value of STEEM rises it reduces or negates the effects of inflation as well.

[DolphinBot]

We are offering a service for those smart people who are holding Steem.  Here's how it works:

1. Get a Steemit.com account and transfer your Steem there
2. Click Power Up button (your funds are now locked in for 13 weeks. You can cancel anytime but will get 1/13 of your Steem back per week)
3. Delegate to Dolphinbot Service
4. Collect daily payments in Steem

YOU CONTROL YOUR FUNDS 100% AT ALL TIMES!

How does this work?!  When you invest in Steem "long-term" by Powering Up, your Upvote on Steem becomes worth something. Example: you can vote on your own posts and get free Steem dollars.  It's a complicated process but to gain the most $ from your Steem, you need to vote every 2.4 hours.  Obviously that's a hassle and not practical..

Enter > Dolphinbot !

We sell your upvotes to content producers who are promoting their posts.  We share 85% of the revenue with you.  This works out to about 25% more Steem per year assuming that Steem price stays the same average rate for the next year.  Steem has already been up to $7 and we think it can be worth $20 by next year. If you have 1000 Steem, in one year you will have at least 1250 by using our service.

Benefits:

*earn steem every day!
*control your funds, we never need access to your account
*you can cancel our service anytime by clicking a few buttons
*full instructions provided in easy to understand format
*invest as little or as much as you like


LEARN MORE NOW IN THIS VIDEO PRESENTATION
www.Steemit.com/steemit/@dolphinbot/how-to-earn-25-interest-every-year-passively-with-steemit-and-dolphinbot-step-by-step-instructions

[smooth]

I would also like to point out that although STEEM POWER stakeholders are debased by approximately 11.11% per year, they also have the ability to work for (or contribute and earn) a portion of the inflation for the contribution rewards. It is possible to reduce or negate the inflation by simply participating in the ecosystem. Also, when the value of STEEM rises it reduces or negates the effects of inflation as well.

11.11% is out of date, and was never correct anyway.

The total inflation is now about 8.5% (declining by 0.5% per year to a minimum of 0.9%), only portion of which impacts SP.

[kokota171]

Reality is 100s if not 1000s of people are signing up and actually producing content. It is not a mirage. I am studying the site metrics now to determine the attrition rate.

[gemmabrown]

Part of the talent is keeping it fresh and not pushing one topic to the point of exhaustion. The best blogging personalities do it well. Subject matter experts are not always expert bloggers.

[DolphinBot]

Reality is 100s if not 1000s of people are signing up and actually producing content. It is not a mirage. I am studying the site metrics now to determine the attrition rate.

Definitely not a mirage, currently averaging about 1 million page views per day on Steemit

[vinaphonez99]

Steemit plaform is for me interesting only as a social experiment. The community forming there is pure utopia. You have society of people dependant on mathematical system and feelings of other members, that together reward each participant of community

[asd12.123162]

Interesting solution, and I do believe that if implemented correctly, this could fix the problem of the same old garbage getting voted for thousands of dollars.
The problem with your solution is that implementing it, while improving the quality of the platform as a whole, would not be in the best interests of the developers. Simply put, people are only using Steemit to make money. Nobody is saying "Wow, look at the quality of content on Steemit!" The ONLY draw to the platform is the profit possibilities. By fragmenting voting into niches, there will no longer be posts earning tens of thousands of dollars. People will see the dollar values going down of top posts (as now money is split more evenly between the topics) and assume the scam is starting to dry out. The longer they can pump this bubble, the better for the few at the top of the ecosystem.