Steem Down - What Can We Do?
When are we going to stop seeing this sort of thing?
Everyone who has invested in Steem over the past 2 months has lost money!
On the one hand a lower price of Steem allows new users to buy in and buy more, which in theory, quickens the pace at which power rebalances away from the so-called whales, but with a never ending downward spiraling price of Steem, there will be little motivation for new investors to get in.
There are obviously more sellers than buyers, possibly because buying Steem is simply not attractive enough for most right now. I see a few reasons for that, including the following two:
Investment is locked in too long (2 years or more). In the quickly changing crypto-world, this is a very very long time. This problem could be tackled by introducing a minimum power down allowance, which would make it easier for small investor (but not whales) to power down and thus hopefully encourage more small investors to join us. In particular this would appeal to small investors who are currently being held off by the 2 year lock in.
The second problem is that there is no noticeable gain from investing a small amount in Steem Power. One reason to power up would be to gain voting power, at least in the case of someone who is here to engage with the community. But you need to invest something like $2000 in order to have a 1 cent vote (on a new post). I really don't see millions of people invest even a fraction of that. One way to make low SP holders' votes matter more would be to scale down exponential posting rewards.
Those are just some of my ideas, but what are your thoughts on this?
Is there anything we can do that could stop, even reverse the downward spiral of the price of Steem?
Or should we just leave things to run their course and hope for the best?
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I think the only things we can do is try to improve the platform with new ideas and suggestions, promote it wherever we can and make new people feel welcome as much as possible. Your previous reward suggestion may work to help things too by spreading rewards out more.
If they were doing the minnow math to the 10th decimal we would at least have a chance of adding to something some time this decade, but as it is there is not much reason to put up with all the rejection.
I understood total upvotes also boosted visibility? If so, then your upvote might keep the post on trending long enough to be spotted by a whale.
I don't know about that @mattclarke, maybe.
I do know that if steem goes from .50 to 5.0 those numbers that got dropped just became relevant.
I haven't gotten a good answer as to what exactly the numbers mean, the number created by this link: http://steemdollar.com/dollar_per_vote.php?name=freebornangel is subjective.
Your vote will almost certainly not be that number when you vote it, it can vary greatly both ways depending on a lot of other data.
All I'm asking is a good reason not to do the math to the tenth decimal and include the minnows a little more.
For instance, if the math was done those upvotes on your comments would actually get included rather than rounded down.
I thought it didn't count anymore towards trending, and that was now purely rewards based.
(This comment should have nested here, don't know how I screwed that up.)
That too! Voting impact is zero in that situation. Why would they even bother?
I thought it didn't count anymore towards trending, and that was now purely rewards based.
well i got in at 1650 and at 1400 and at 0760
mmmmm I LOVE MY STEEEM
You've bought an awful lot!