My Thoughts and Theory on Steem Price Sustainability
It has come to my attention that some people may have slightly miss interpreted some of my points last night on @pennsif's amazing radio show!
What a group of people in the discord, from the presenter, to the guest speakers, to the amazing steemians listening in who were typing at a rate never before seen (I still have rows of discord text running thought my mind). But what amazing inputs and suggestions there were from everyone!
Most importantly, its so great to see that there is a community of people who care passionately who were bought together by the likes of @llfarms to see what some of the biggest project leaders are doing on the steem blockchain.
I wanted to reiterate in a more clear way hopefully, the point I was making about creating and retaining value on the blockchain. I know that some people may have slightly mis-understood what i was saying from the jumbled words of my passionate rant, and I wanted to clarify some of those points in the video below so that people could more accurately digest them.
The main point is that value in must be greater than value out and that value must be captured and retained in the price of the STEEM token if we are to have sustainable growth. In the video I go through the following points:
- 00:00 Basic Culture Shift for Sustainable Steem Growth
- 01:04 Speculative vs intrinsic value of the STEEM Token
- 04:46 How to pull the price off its ass
- 05:40 What value in to the blockchain is
- 11:52 What value out of the blockchain is
- 17:19 What creates the price (and coin market cap position) drops
- 18:49 What creates price increases
- 19:25 How a start up on steem can capture value and retain it in the steem blockchain
- 21:30 How an existing business can capture value and retain it in the steem blockchain
- 22:28 How a charity can capture value and retain it in the steem blockchain
- 24:25 How a user can capture value and retain it in the steem blockchain
For those of you interested, HERE is a link to the radio show done by @pennsif last night
I hope this helps clarify how I think we can all contribute to increasing the value in the steem blockchain.
I am happy to continue the discussion in the comment and I look forward to your inputs and improvements to my theories.
Steem on!
Good ideas clearly expressed.
Thank you for this good overview @starkerz I'd like to add two things.
Absolutely!! Check out @share2steem!! This is the perfect app for doing this sharing outside but still being rewarded using the steem reward mechanism
And I just read about steemapps.com - exactly what is needed to drive speculative value: https://steemit.com/steem/@therealwolf/alpha-steemapps-com-the-frontpage-for-apps-on-steem
Great points - it's so important that people in general upgrade their awareness of what Steem is, to include the understanding that it is effectively a socioeconomic system and not just a social network or a cryptocurrency. As we already discussed an app that can track the profit/loss performance level of an account somehow would be really useful. It would be difficult to create accurately though as it would require a degree of manual input to link some transactions to each account and each of those might be open to manipulation/fakery. I will look at coding something like this on steemocean asap.
One of the issues with user retention is definitely the feature development of Steem based UIs and knowing what people really need on social platforms.. We can onboard new users but to retain them they need to enjoy their experience and also consider that their experience here is preferable to Facebook etc.
I feel like I have a good understanding of that, but I don't have time or budget to build a UI - so if any UI builders want to work with me on that, I am open to it. Ultimately though, it's not so much about what any single person thinks is best - it comes down to the real world choices made by the market. Agility is therefore, key - which in turn means having a creative coding capacity that can produce new features at speed.
It would be amazing to see that change to steem ocean!! It’s a really crucial thing to see! But will need maintenance! For example we bring money into other accounts than our own at times.
Absolutely need flexibility. Decentralized systems are not convenient due to their decentralised nature. That is s true down side. If we can solve that with the steem community, we can put ourselves head and shoulders above other block chains
Yes, being able to connect transactions to accounts in ways that aren't recorded on the blockchain currently is needed. The best solution to that would be to add extra tracking ability into the blockchain directly at the blockchain level so that there would be an extra value in the accounting that tracks who the instigator of a transaction is, in cases where it isn't obvious purely from the transaction data we currently record. It would be good to have an accounting systems expert to provide a tried and tested way of handling that. I have accounting systems experience, but I am no expert in them. I could come up with a solution anyway though, I'll get to it in January most likely.
I gave a talk at the weekend about decentralising the entire world and as part of that I quickly realised that distributed systems are hugely better than decentralised systems - but more challenging to create and refine. Whoever creates the next gen distributed network for these kinds of applications will be onto a huge evolution.
@cryptocreator is a finance expert and I’m sure has expert knowledge in these systems
@cryptocreator is a finance expert and I’m sure has expert knowledge in these systems
I will listen to this in the car in the morning...
I think some of the things that have been said here @starkerz excellent, everything usually has to have a middle point, a balanced system, the most important thing to apply it, that the community understands it and in unity it sustains, I think at the beginning steemit, I had a great vision, we have to recover it.
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Absolutely!!
The core problem .... Steemit Inc owning around 80 mil of steem, and selling huge amounts every week and months.
We can kill our self thinking and it would not corect this. Maybe it is even better the price to go down even lower.... and they sell it all. So, then the community can rebuild this place on solid ground with no single point of faliure.
Absolutely agree. Teams should be supported by revenue models where possible, not by selling steem. Unless the project is in start up phase (for the first year or so) until it is bringing profits in.
In essence, the situation is that the creators of the system are gradually selling it to the world over a few years - but not announcing this. They (and we) would be seeing a dramatically better outcome if they had formalised this and scheduled it officially in some way as other projects do.
same opinion to steemit inc.
Agreed, one could argue that the work that has been done by them but not completed should be the property of the community and should be handed over, since the community has paid for it
Amazing list you have there. That is a lot to digest. But it should become 101 for all serious Steemians. Keep it up!
Thanks @flauwy!! I am interested to hear other poeple's thoughts on how we can create a culture that helps us collectively raise the steem price and move ourselves back up the coin market cap listings
I will maybe upload a video response to this soon... but you have already said most of what I would say from the financial perspective. :)
Business 101 you need to bring more money in then u put out
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I put a 27 minute video together to say what you so succinctly said in 13 words! :)
resteemed...this needs ot be heard...im also going to analyse my behaviour when im done with the university shinenigans once again:P
:))