RE: Why are Digital Currency Prices Dropping? Time to Buy Steem!
@jerrybanfield, it's great that you're so pumped on Steemit and think that it's going to $10...I get your reasons why you think so, however you're also looking at Steem from only your own personal angle...someone who came in and invested a ton of money giving you a ton of voting power, which draws other users to you...as well as you're an excellent marketer and you came with A LOT of followers, so you instantly were getting paid for videos you post. I wonder how much you'd like it if you came in with no followers and signed up with no money. Pretty sure you wouldn't like Steem as much as you do now and wouldn't be able to gain the traction you have in such a short time span. Most of the new users, who are the ones that would really make Steemit grow, experience it this way, and it exposes you to seeing some serious flaws in the infrastructure of Steem, which apparently you aren't aware of. Try making a mother account where no one knows who you are, with no money in it, and start marketing then...you'll go nowhere fast. I'm also curious about your thoughts on the technicals of Steemit. I feel like you're analysis is pretty biased towards just the idea of Steemit, without considering some of the analytical side. They're diluting themselves at a very quick pace...they have no advertising revenue either, so since money doesn't just last forever and come free by posting videos, what's going to happen when no one is getting paid to blog anymore and no more new users are coming in because of that. There's more to consider with Steemit than you talk about.....have you actually looked at it as deep as you would look into a stock before buying it? I don't think the future is as bright as you do for Steemit, and I'd be surprised if it ever hits $5 at the way they're going. Just somethings to think about....enjoy your Sunday!
Taylor thank you very much for helping me see the downsides of Steem because I feel it is critical to be aware of the ups and downs of any situation in life to get a true picture. You are right that Steemit does give a huge advantage to those that invest which might make it hard to attract the masses and therefore get a big price increase. What will happen when no one gets paid to blog if the prices goes back to under $0.10 where it was for a while is a good question. Would I still make Steemit #1 priority if I got $10 a post instead of a $100 or would I film a video course I could sell instead? Even with all these things considered, I think Steemit will still do very well because it will continue to attract investments which will pull the price up and continue to bring more followers in many of whom will likely be very grateful to even have the chance to make money with a post or a comment compared to other social media networks paying nothing. Steemit offers more potential than anything I have ever seen online even for someone with no existing following but just because it has potential does not mean it is certain to fulfill it! I appreciate you helping me be more patient with continuing to invest going forward!
My max upvote how you take your coffee? sugar and cream , or black? coffeerdinker51
Excellent post! I 100% agree and understand your perspective. We put in a few hundred dollars into Steem Power to have some voting power and whatnot and it hasn't really done anything. I mean, we've gone from making 1 or 2 cents a post or comment to like 8 cents, 18 cents, with one post making $1.50. It doesn't seem like much when you consider we've 'invested' a few hundred into the platform and every one of our posts are still getting buried the second they are posted because of the big players. Jerry makes a post, upvotes it to like $25-40 and it rises to the top instantly, then after 10 minutes of receiving lots of other upvotes (Because the content is ALSO good), he stays at the top and rides the wave. The new accounts will never get to that stage unless they invest heavily and bring a following.
I really like the idea of steemit and what it represents, but it is increasingly becoming a platform very similar to other social media platforms where the people with the most followers, or the most money go to the top very fast and the vast majority of the readers/users are left at the bottom even though they account for the majority of time spent. From my understanding, the idea of Steemit was to reward the users who contribute and spend time on the platform. Don't get me wrong, I've made more than I've ever made using Facebook ($0) so I am being rewarded (5cents here, 10 cents here), but overall it's not much considering I'm still down hundreds of dollars in a sense to earn a few bucks in total in rewards.
Jerry has made thousands in his first few weeks and I'm very happy for him, he's a great marketer and he's leveraging a platform that's working well for him. On the other side, I've made less than $3 on steemit since I've joined and it seems to be dropping over time and that's with 140 posts that we've made and by contributing around $250 - 300 to the platform in Steem Power. (Yes, content matters, Jerry posts high quality content and that definitely counts, but my point is it's more about being seen. Our posts within 30 seconds become buried just like the vast majority other people's posts. Jerry could make a terrible post, upvote himself and still have it stay near the top because his vote alone will surpass 95% of others)
I think for the success of Steemit, this is a very important topic because I've seen a lot of people on Youtube who have already forgotten about steemit. I don't know what the solution is. There will always be the big players and the small players in anything humans do, but it's interesting to analyze/understand what's happening and the reasons Jerry is able to move up so quickly!
We will continue to chug along on Steemit, since we do believe in it, but it's important to understand people earn a ton of money because they have a ton of money invested in their account. Money makes money. The rich get richer! That's all it is.
Will
Well, will ,go look up Jerry banfield 10 tips to Steemit, just go to his post. Good Fortunes, and nice reply to the problems!! Aloha Al
HI Will, I have a different perspective. Although I think it is good to be realistic, and not over-optimistic to the point of burying your head in the sand, it is possible to do well here starting from scratch. Look at @Papa-pepper. His posts are averaging $80-$300. He started from ground zero. No previous blogging experience or following. I've met the guy in person when I visited my brother in law, @bluerthangreen in Arkansas a few months ago. They live in the same area as homesteaders. Papa-pepper really does handle snakes and geckos and different animals--a super nice, laid back, but hard-working guy that started on Steemit while working a full-time job, homesteading, and raising a family. True, he started about a year ago, but he created good content, learned as he went along, and slowly, over time his posts increased in value. He and his family bought a plot of land--I saw it--and they are going to be able to build their home debt-free because of the revenue he's earned on Steemit! So, although the rich may have an advantage, with consistent hard work, those on the bottom can also increase too.
That's well said, @mattphilleo
Followed you.
Good point my friend. That's exactly the way I feel about Steem. Right now it's like pay to win depending on how much money you have to buy Steem/Steem Power for influence, hence the whales and crypto youtubers are currently dominating the platform. I came in to Steem with almost nothing invested. You really have to work very hard if you're just starting off in here. Right now I see a lot of copy/paste posts, people seem to think that if they just copy/paste photos or articles that they can get rich overnight. Personally, I'm treating the platform like my blog. Just take more time on your posts and make sure it's quality content that you made, if other people on here see that, they will upvote and follow.
Good to read something about this,
bit of a shame also where most votes go to, i'm an early member 22000, usually supporting new writers, fat wallets have no need for my vote, i've seen it myself, i'm supported by a few loyal readers, but most of my income went to exchanges, no cash on wallet no votes. Which is a shame, the power of money.
As for the Steemprice, who knows, just be safe with withdrawing BTC to a personal wallet. Will get messy.
Hi! I need help here! "Be safa with a personal wallet! Does coinbase counts? I've heard pros and cons of using coinbase, but I will appreciate your input! Thanks!!!!
Omwith has to do with the possibility of a BTC-split, if this happens you're never sure which BTC you get(from exchanges) and if you get the BTU, best to read some on Internet, some exchanges stand behind BTC segwit etc but not Roger Ver, also some exchanges will halt trading on august 1 and some withdraw fees have shot up.
Most advise you to put it on a wallet with private keys, Bitcoincore, Electrum and wait it out (go in Alts, like Steemit, but i can't advice there.). Perhaps good trades can be made?! Also when you withdraw best some time before 1 august, to be safe.
Just Google BTC segwit 1 aug etc
Thanks for your comment! I'll do as you suggest!!
Although I 100% agree with you, there is one thing you haven't considered, and if it will save or should I say keep this platform alive is yet to be seen, but...
Remember, that us as content creators are always in the minority, even though we don't see it that way, because in our minds everyone on here is trying to blog and get money, which is simply not true.
On all platforms, the great majority of users are consumers. They consume the content we creators create, and that's how platforms survive and thrive.
Now, with that being said, if Steemit just keeps pumping out articles of people jerking off Steemit all the time, or the same old crypto-currency articles, or Asian chicks taking trips to the Bahamas, well then... this platform will surely die.
Unfortunately, as of now, all the whales like that kind of shit, and will continue to up-vote it all into the "Hot" and "Trending" sections, which may very well put Steemit out of existence in the months or years to come.
@tolkatore, well said, and valid points!
Extremely valid point, @tolkatore. I'm a newbie here, and I'm having a hard time coming across real quality posts. I totally agree with you on the fact that unless quality becomes a priority over quantity...interest of the consumers will wane very quickly.
Here's hoping that the quality of articles here rules, and maybe someday there is a "quality check" process put in place.
The people who created this are smart but also very short term. Dan Larimer is the creator of the system and he has already left. If you just use steemit like a blog platform then you will be fine.
I think you've hit the nail on it's head. That one should just use this as a blog platform, and should enjoy the practice of writing and sharing their stories. The earnings will follow, I'm sure. The moment someone gets into this with only the earnings in mind, I guess that's when they lose steam, become impatient, and quit.
So lets enjoy writing...and leave the rest to hard work, patience, and a little bit to destiny too :)
Spot on dude, +1.