Topic: Steemit how can this thing be workable long term? - page 9. (Read 32368 times)

@ Smooth:  When it says Steem is "invitation only" right now, does that mean someone like Anonymint can invite me, or is registration completely down?

Not for comments. How to downvote comment posts? Ah wait I see it if hover the mouse.

There's a flag icon on the upper right.

https://en.m.wikipedia.org/wiki/Concentration_of_media_ownership

The Steemit system ensures viewers will in the not too distant future see a front page of either advertising or government sponsored political propaganda & views not supported by the largest corporate/political interests will be buried.

Assuming it survives to that stage this process will alienate users and freedom minded contributors. This was the downfall of Digg and also one of the reasons Reddit has had user revolts recently.

How do I downvote comments and posts on Steemit

You are comparing apples to oranges here.  Steemit and Reddit are not even in the same market.

Reddit is in the Censorship business (blogs can be censored)

Steemit is in the free speech business (blogs that cannot be censored because they are protected by Satoshi's open source blockchain tech).

Why do apples and oranges cost differently when they are both technically foods?

Because they are in different sectors of that market.

Learn about market sectors and you will see that Steemit currently has no competitors therefore comparative market analysis is impossible.

It's like you are saying that since venezuela has a small GDP, then so should the USA because they are both "governments"

Or like saying, "the orange does not taste like a banana, so when will it's flavor change to resemble the banana since they both are fruits.

Different categories entirely.

You are trying to compare a business that has a monopoly in its sector to one that does not.

Media integrity

Media integrity refers to the ability of a media outlet to serve the public interest and democratic process, making it resilient to institutional corruption within the media system, economy of influence, conflicting dependence and political clientelism. Such a situation enables excessive instrumentalisation of the media for particular political interests, which is subverting democratic role of the media.

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.

Not if they can generate significant transaction volume. Please read the rest of section that I linked you to.

Whereas, STEEM holders are paid nothing while the total supply of tokens is debased by 100% annually. Thus, STEEM holders lose 0.19% per day³, 1.34% per week, and 50% per year of the total Steem market capitalization.

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.

I was unsure as to what numbers to use on Steemd.com side bar to get the total SP and total STEEM. I think that is the issue...

Yes but as I said, 


So you're just relying on a greater fool/speculator buying Steem to support those expenses because there is no actual underlying business model or revenue source.

Steem’s Current 354% Interest Rate!

Per @james-show's comment post below, the current approximate annual average rate of interest is 354% and will decline gradually as follows over the next months.

That's interesting: https://steemit.com/money/@jl777/steem-price-might-double-next-week-liquidity-awards-to-be-temporarily-suspended-new-supply-of-liquid-steem-to-be-reduced

...and from github:

"Due to the controversy of liquidity rewards we are going to evaluate our design and change liquidity rewards if needed. For now, we believe they are not providing enough value to keep around. We have decided to disable liquidity rewards altogether for the time being while we work on a more permanent solution. This is a temporary change. The internal market not charging transaction fees may be enough of an incentive to trade internally that we may not need liquidity rewards at all. All of these aspects will go into our final decision. We encourage the community to voice their thoughts on liquidity rewards and potential changes in a civil and objective manner."

Less leaking/dumping

Incorrect. I added the following to my blog post to explain it:

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.

Each user on Facebook, Reddit and Twitter has a value based on what investors think they are or will be worth to advertisers (advertising revenue) less the running costs of the business.

http://www.forbes.com/sites/georgeanders/2013/11/07/a-twitter-user-is-worth-110-facebooks-98-linkedins-93/#3da863619c12

Steemit has no revenue from advertisers/other to cover running costs and most importantly is paying out large bonuses to attract new users and large amounts for their content. (Which other social media platforms get for free.) So Steemit is just a bottomless pit of expenses and no revenue.

Synereo on the other hand for example does have a business model. A social media site, where the majority of advertising revenue goes to the users in return for consuming advertising content. So that has the potential to be a lucrative, sustainable business model and Facebook killer.

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.

Social media site Soshable graphed 118 stories on the once-fabled Digg front page in three days after the new iteration's release. Six publishers and one influential technology pundit control the lion share of Digg's most important space, it shows.

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).