Would Mass Adoption Make Steem More Equal?

in steem •  11 days ago

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Would Mass Adoption Make Steem More Equal?


Its great that Steem is becoming the blockchain that helps people in difficult economic environments to grow. It proves the fact that Steem is indeed the only blockchain actually functioning as an economy within itself and rewarding work outside of the coder community.

However, despite those positive factors and, despite the lowered price of STEEM, the cost to work your way out of the worthless upvote category and get yourself into just the $0.01 upvote value area requires 220 SP in today's market or a $61.60 financial investment. That's not extremely difficult for many people in the United States with a $10.50 minimum wage, but it can be rather difficult in many other places in the world. Even for thriving economies people often think twice about buying into anything online in the $50+ range.

It is undeniable that as more and more people adopt the Steem ecosystem that it will become more expensive to buy STEEM to power up your account for resource credit and upvote uses. For example, I bought a bunch of STEEM at $1.10 and at that time it required 125 SP to be able to dish out $0.01 valued upvotes. This means that it cost me $70.40 US dollars more than it would cost someone else for that same upvote valued at $0.01. Gradually, prices will go back up as online communities begin to recognize the value add to integrating Steem in their blogs, podcasts and what have you... This means it will become more and more difficult to acquire a large amount of STEEM to power up your account.

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Its humbling to be called a minnow and outright insulting to be called plankton, yet that is what the majority of Steem users are referred to as. In fact, its not easy to NOT be plankton on Steem for many people. Some folks are doing financially well, but Steem also draws in many people truly struggling to make an income in life and are putting their hope in being able to find others that value their hard work online.

Even when people can afford to get themselves out of the plankton or minnow categories they might ask themselves if its worth the risk investing a bunch of money in a social experiment. Sure, the banking system is terrible, but people tend to stick with the devil they know.

Well, I'd like to help you out with a more positive angle on the situation. Do you need a lot of STEEM/SP to succeed on the Steem platform in the future? I say no and I hope you will give me the opportunity to explain why I think this way.

In the early days of a blockchain very few people enjoy the benefits of rapid coin acquisition and that very same event was experienced on Steem. However, after the immediate accumulation of large sums of a coin the owners of those coins often start selling some off. This isn't bad, it increases the amount of humans actively owning and utilizing the network. Additionally, as the community of coin owners for that particular network grow liquidity increases, as well as value per coin.

Okay, so that's a generic example, now let's discuss Steem. This blockchain is primarily meant to spread throughout the internet and be utilized by social hubs, personal blogs, news sites, podcasts and many other forms of content production sites. Let's look at some hard numbers:

"23% of total Internet usage time is devoted to social networks or blogs."

"The average person watches 182 online videos per month."

Source: Writtent.com

Stastista.com reported that 350 million blogs exist on Tumblr during July 2017.

InternetStats.com stated on June of 2018 that as many as 1,883,637,867 websites were online.

Imagine if Steem was adopted by only 1% of the websites online, from the math above that would mean no less than 18,836,378 new Steem accounts with enough SP to actively perform daily tasks using resource credits.

Let's round down for simplicity, far down to just 18 million new accounts. Currently, we need about 5 SP per account to reasonably function, but this might go down over time, still, for now, let's use the 5 SP standard. At 5 SP for each of these 18 million accounts we have 90 million STEEM locked up in plankton accounts as SP.

That sounds great, but this is just the tip of the iceberg! We're just talking about sites, not the visitors of those sites. But also, we want to hammer down the potential of the opensource platform known as Steem as accurately as we can. So, how should we go about that? I suggest we reflect upon Wordpress statistics.

"WordPress is the most popular CMS in the world and is used by nearly 75 million websites. According to WordPress, more than 409 million people view more than 23.6 billion pages each month and users produce 69.5 million new posts and 46.8 million new comments every month. It also powers more than 25% of the world's websites."

Source: Forbes

Let's pretend Steem's growth is stunted at 10% of Wordpress' success. That's 7.5 million sites with at least 1 Steem account and 40 million people that view these sites each with individual accounts. Cool, so that puts us at 47.5 million accounts each with 5 STEEM/SP powered up, which results in 237.5 million STEEM locked up in plankton accounts. There are only 324,270,212 STEEM in total supply right now, and inflation reduces by 0.5% every year.

The Lambo Effect


This will drive a huge increase in the price of STEEM, which will make it more difficult to acquire large amounts of STEEM. However, where will all these people get their STEEM? Simple, from people that already have it right now. Sure, this does mean the people with STEEM right now will make a lot of money off the newcomers, but it also means they have to give up some of their STEEM to make that profit. Lambos don't buy themselves...

A perfect example of this is Steemit Inc. which owns a large amount of STEEM. But hey, everyone has bills and the only way to pay those bills is by self-voting or selling the STEEM. Obviously, as they keep powering down it means they are selling their own supply. This isn't something to be worried about, its a positive. As the whales take profit the network becomes more and more equalized and more network owners or sharehodlers come into existence. Steem gains traction as a valuable asset and people keep flocking to it and using it.

In the future, what if we got Facebook level success? 2 billion active Steem accounts with only 500,000,000 STEEM in existence? On average, that would be about 0.25 STEEM per person. How much STEEM/SP do you have? One day, you just might find that your plankton account is actually a whale.

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@crypto.piotr has invaded me to give a comment here.

I read your post with great interest @hobo.media
One thing everyone wants is to reach the vast majority of users in Steemit.

As many people point out, the registration process is a problem that must be solved.

There are alternatives to being registered right away without giving phone number and email address but will cost some Steem.
Currently, there are those who have a little Steem who can help their friends with a quick registration.

Or investors who want to see Steemit take off as a social platform with giving a little of themselves to the registration of new users.

Steemit also needs a face lift on its design and a better user experience.

But one thing is certain, Steemit has already given hope to many poor people in the world and helped make some extra money every day.
We can all give these people a better hope through Steemit

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I agree with you, Steemit must look for the ways and ways in which the inscription in the platform is not so traumatic and delayed.
This platform is excellent and, as mentioned, helps thousands of people in the world to earn additional income. In my country, Venezuela, there are many people who use this platform to be able to have some money and cover part of their expenses, before the severe hyperinflation that affects us.

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Nice to hear @rafaelj25

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Excellent comment @rafaelj25

Steemit must look for the ways and ways in which the inscription in the platform is not so traumatic and delayed.

You nailed it.

God bless Venezuela. Yours,
Piotr

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Thanks for the post xpilar, I definitely agree with your points.

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Dear @xpilar

@crypto.piotr has invaded me to give a comment here.

Invaded? OMG. Im very sorry if I made you feel that way. I didnt mean to invade you in any way at all. Wow.

Thank you for your amazing comment. Seriously good read.

But one thing is certain, Steemit has already given hope to many poor people in the world and helped make some extra money every day.

That's very bloody true.

Yours
Piotr

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Hi @crypto.piotr

hehe, english is not my language :)

Of course, it should be written that you invited me to this post

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hehehehe I found it quite funny @xpilar :)

you mind telling me where're you come from? just curious

Yours
Piotr

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I am from Norway and my town is called Fredrikstad

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Pleased to meet you @xpilar :)

Did anyone ever called you Viking since you're from Norway? :)

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@xpilar there is also an option to claim new new accounts by burning RC - but it requires about 6k SP. :)

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Would you like to explain it a little more @svemirac

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Of course @xpilar,
Since HF 20 and implementation of RC mana and voting mana, you can claim accounts by burning steem for creation fee or burning some RC mana, depending on the rate of account claiming; 2 minutes ago it was 9750 RC.


Onsteeminvite.com If you want to make multiple accounts - you can use implemented claim bot which will claim accounts until you run out of RC mana.

As co-founder and supporting witness of teamserbia community I have already invited few people and raised awareness if anyone wants to invite friends to contact me for instant invitation. It works like a charm.

Hope this helps :)
Cheers

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Hi @svemirac

Thank you for a very good explanation

I have resteemed this to the Members of the Steeminati!

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Hey rich, thanks so much! I really appreciate your interest.

Excellent choice of topic @hobo.media

It is undeniable that as more and more people adopt the Steem ecosystem that it will become more expensive to buy STEEM to power up your account for resource credit and upvote uses.

But isn't also true, that if price of STEEM will grow then you will need less SP to have 0,01$ upvote? If price would grow 10 times (to around 1STEEM=2,5usd) then you would need 22 SP instead of current 220SP.

Am I right or wrong?

I hope you don't mind that I will share this post with some people I follow (or who follow me) and I will bring some traffic? Would you have time to reply to their comments?

Yours
Piotr

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You are right on the value of your upvotes requiring less SP to get 0.01 I am just not sure of the exact percentage but when sbd was at $15 and steem around 7, it took about 30 or 60 sp to get that 0.01 upvote. When i had about 600 sp my upvote went as high as 0.12 before the downward spiral we have had for the last 6 + months.

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Thank you for your kind reply @bitfiend

Appreciate
Piotr

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Yes when i started also the steem was 2x stronger than now and 75Sp was enought to get 0.01 vote.
This post is good but actually the question is how to solve this? How we can get more users?
Maybe i am old fashioned but i think it will be also good to use steem to make some real world ( not online ) businesses. And the delegators instead of tokens they can have they percentage from the monthly income. For that income of course the person who make his project will buy sbd or steem and with this helping the price to stay stable or grow.
To make projects online is also fantastic idea but important that we also give back something to the steem ecosystem.
By the way thanks for your message anytime you can share me a content i am happy to read😉

P.S. Right now i think partiko is doing the best for us for the mass adoption. They app and work is fantastic.

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I agree, I've been thinking a great way to onboard people to Steem is a coffee shop. You could make a special deal to customers for them to get an account for $3 plus $47 for powering up the account and if they delegate something like 30 SP to the coffee shop they get free coffee for as long as they remain delegated to the coffee shop.

Then the coffee shop could utilize the delegated Steem to upvote their own promotional posts and upvote others that promote their coffee shop on the Steem blockchain.

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Wow that is a cool idea. And the best that i think it is possible to make it. Doesnt need even a big capital.
I have also some ideas. But the one i really like is to make a projekt here to fundrise money or delegation to buy eletric tricycles. or if there will be a big interest than eletric jeepneys. Here in phiippines most of the time is sunny so even it is possible to charge with solar power. So all the expenses is just the drivers and the permits. And than the income can be tranfered to the delegators. I already saw in my imagination the smal eletric vechicles with a steem sign on they side running with they passangers😊
But this is just one from many. And actually yours can be miad more easily. If you can do it than lets try it. You cant loose nothing😉

Posted using Partiko Android

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Great Idea! I too have been working on this Coffee Shop idea but I'm pretty sure that Steem is Dead and @ned is moving on to go screw up something else.

The coffee shop could use delegated Steem, not to upvote their own post, but upvote the posts of the Staff or the people working for the coffee shop. Perhaps SteemIt INC should've looked at themselves as a coffee shop instead of a ninja mining group.

Onboarding has always been the biggest problem with this network. Hard to get people to adopt something that the inventors themselves cannot use.

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Steem wont die, once the bad actors give up the keys we bring back the n2 and a vote cap of 500mv and let sign ups run wild.
The math was working to attract users before ned kneecapped us.

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You are absolutely Right! Steem is not Dead but merely KneeCapped at the moment.

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Hey freebornangel, nice to see you again. A vote cap sounds good to me for sure, but I remember in our last conversation you brought up n2... I looked it up but found nothing. What is that suppose to be, the inflation rate?

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The n2 was a rewards curve that kept stake in one account and made bid botting math harder.
It also rewarded popular content by adding weight for each successive vote.

Take this link with a grain of propaganda salt.

This link is outdated, but talks about how things were before stinc, et al, kneecapped us.

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I am not sure in this. By the way until we are here the steem will be not dead😉 And anyway if you check the other social media platforms steem is the best oportunity right now. Just as they use to say in marketing the 3 year old business is still young😊

Posted using Partiko Android

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Thank you for your kind comment @gabbynhice.

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Your welcome😊 I am always trying my best i belive in this community and in steem. I wanna say thanks @crypto.piotr to share this post with me and since i also gave you a follow o saw more interesting posts as well.

Posted using Partiko Android

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That's absolutely correct. I think at some point we might have a lot of members that only have 0.01 SP. That sounds crazy right now, but the math makes sense if you believe, as I do, that Steem will reach Facebook level popularity and have around 2,000,000,000 accounts. At that point, I would think one STEEM would be valued around $1000, which means 0.01 of a STEEM would cost $10.

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Good morning @hobo.media

It seem that Ive managed to get you some extra traffic and several valuable people did drop some valuable comment :) Im glad to see that.

Hope you're enjoying and replying to everyone :)

Perhaps you could also drop few comments in different topics and engage with other authors Im trying to promote?

That would help me to establish more healthy connection between you guys.

@robertoueti:
https://steemit.com/steem/@robertoueti/the-past-we-had-internet-now-we-have-steem

@pangoli:
https://steemit.com/life/@pangoli/yysnqeg-you-re-not-good-enough-to-be-discouraged

And also please check out my latest post and drop some comment too :)

Cheers buddy
Piotr

The logic of all that sounds fine and hopefully these things will come true. The problem is that as Steem is diluted by more and more users, it becomes more and more difficult to earn a piece of the reward pie.

In the past, we had a very few early adopters who spread their votes to a very few others and everyone grew together. Then more people jumped on board and the votes from the very early adopters became more difficult to get unless you were one of the ones already getting votes. Voting circles formed where those with high SP voted for each other to get the best bang for their votes. I'm sure a lot of this continues today. There were some who wanted to grow the platform and actively assisted the newcomers by finding and voting for them.

Then a whole bunch of people from countries where earning a USD meant a lot to them flooded onto Steem. This greatly diluted the reward pool and people struggled to earn any votes at all because their content just wasn't being found. Those with lots of Steem saw this and capitalized on it by creating vote bots that were supposed to help you grow. In actual fact, these bots simply took your hard-earned Steem and gave you back roughly what you paid out but pocketed the curation reward at your expense. They grew exponentially bigger while you stayed at the bottom.

So now we reach our current time where all crypto-currencies are suffering from low values. If you believe the price of crypto's will bounce back, then you better BUY some now, because earning it is near impossible under these conditions. Once the prices rise, the opportunity will have been lost. It is when the price of Steem is below $1 that you actually earn the most. As the price of Steem rises over $1, it becomes more and more difficult to make gains.

And finally, if 2 billion people each have on average about 0.25 Steem per person, who is going to give you those big up-votes you need to earn anything decent? If Steem is evenly distributed and there are no whales, there won't be anyone to give you a big vote. Without big votes, you can't earn anything. WHO is going to invest at that time to increase the value of Steem? Just because something is hard to get doesn't necessarily increase its value. There needs to be some OTHER underlying reason to want to own Steem. Steem cannot survive on its own. It needs to have utilitarian value. Steemmonsters is one example of how Steem can be used as real currency. We need more of that. We need a marketplace where Steem is the currency.

I believe in Steem and want it to become a real currency. That is why I started posting a Buy, Sell, Trade page every Tuesday. If you believe in Steem and want to help it grow, you should consider supporting initiatives such as mine so that it gets past the critical tipping point. It requires enough participation so that others feel it is worth also participating in. When hardly anyone uses the page, others feel they won't get the exposure and also stay away. This hump NEEDS to be overcome by individuals that stick through the lean times in order to benefit long term. Until there is enough volume of traders alone, the page will offer self-promotion. This is where you can post links to your articles and hopefully get a few more eyeballs on them. To find my weekly pages, look for the image that says, Promote Yourself.

There is no reason that these weekly pages can't become central hubs where people go to post their own items or go to to see what others have to offer. These pages could become our own little Craig's List of sorts.

It is through real commerce that the price of Steem will be sustained, so why not help make that happen?

Self-upvoted for visibility.

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Agreed, and Steem will not just be integrated by other social media networks without 3 important factors:

  1. An Open source initiative to make it plug and play for all websites with very professional step by step tutorials for NON-PROFESSIONAL WEBSITE developers in different languages
  2. A specific plan to get deals done with large corporate social media platforms and hosting services to provide WYSWIG integration, and plug-ins.
  3. the resources and team to do such (designer, developer, marketer, tech writer, a blockchain expert, social media expert, server hosting, project leader and small budget)

Probably could be kicked off in a couple of weeks and alpha out in a 2 months and early adopters could be worked on simultaneous for alpha phase....

Interested in going for funding, I would be willing lend a hand work on the project...

contact me at GHPB@steeminati.com if you want to collaborate.....
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Those three items you mentioned are definitely important for the growth of Steem.
I'm not a programmer, so can't help in that area.
My project doesn't need funding, just active users.

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There is the problem. You have to choose between growing the platform (voting for new participants) and rewarding old participants for long term engagement. If you only vote new participants then the old leave and the new replace the old and you don't really grow very much in terms of long term engagement.

People post on Steem and then leave after getting their $2 because why post for years on Steem if it's not a meritocracy? Your long term posting isn't valued. A post which is years old doesn't get you anything.

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What you said is very true. That's why Steemit Inc. needs to find other reasons for people to want to own Steem. Using Steem tokens as currency is a good reason.

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Sup happyme, very nice lengthy post! I appreciate your comment and I'd like to share my thoughts on yours.

First off, I'd love to check out your project and I definitely will go see what you're doing and how I can help. As for getting people past the tipping point, I fully agree with you. Right now the most effective thing people can do is join some kind of upvote "circle" if you will, a guild, curation trail or stream.

That's actually why @hobo.media is offering a delegation upvote service. The idea is to help people get out of the dustbin and increase their visibility. Its just a curation stream service, if someone delegates 10 SP to @hobo.media they get put on an automatic upvote stream. If you want to have your posts go up by +$0.01 all you have to do is delegate 10 SP and you'll get your own stream activated. Its not a lot, but the idea is that ever bit counts, and I hope others will do it too and more people can get more $0.01 upvotes from people.

So that 0.25 STEEM average would not likely be the real average, probably something more like 0.10 or less. This is because there will always be some whales, but these whales will probably have something like 4000 SP rather than the enormous numbers we see today. In this scenario I would think something around 0.10 SP would give you a $0.01 upvote. So, I'm assuming that the average person would actually all have a $0.01 upvote value. I think that is an ideal number.

Why is it good for everyone to only have a $0.01 upvote value? Because this is more diversified, and it also means that you're not being rewarded by just having some whale buddies, but because you truly have built up a solid fan base. Unlike Youtube and Twitter, people have more incentive to upvote people on Steem, so I expect a better ratio of upvoting from people using Steem than those earlier platforms. So, on Youtube when you see a 100 views to 1 like ratio, as frustrating as that can be I expect that not to happen as much on Steem. So if you get 10,000 views, that's $100, which is not too shabby...

Ultimately, the average Steem user is not going to be a content producer but a content consumer. The content producers will come up with all kinds of ways to incentivize people to buy STEEM and use it to upvote their stuff. People will get Steem accounts and SP because businesses will make them feel their SP is their power to have fun and engage on the network and they will hop in and start participating.

As for the bots subject, well, bots are here to stay. That's just how it will be. @ned is into the idea of upvote bots being the future of advertising, and even before he said that, it was exactly what I was thinking. I realized that the bots are sometimes profitable and sometimes a loss, but the visibility they get you is valuable, which means its an advertising innovation.

How is it an innovation? Simple, when you want your post promoted on Facebook, you give them money and never see that money again regardless if you profited from the exposure or not. When you use upvote bots you usually get all your money back in 7 days, which means you got free visibility while the bot profited. Whether you like the concept or not, this is innovation in the eyes of people trying to sell products and services so its going to be a thing. We can hate it all we want, its happening.

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Thanks for the lengthy explanation. I have a few additional thoughts about your reply:

So if you get 10,000 views, that's $100, which is not too shabby...

I don't think even the top bloggers on here get 10,000 views, although the numbers do sound nice. Unlike YouTube, we only get 7 days to attract the viewers. Most posts are almost dead after the 2nd day. With more people blogging, having your post seen gets even more difficult. I don't know what makes you think that things will swing to having most people being consumers of content because what I'm seeing is just the opposite... everyone is so busy trying to write articles to get votes that they have no time for reading.

Don't get me wrong... I'm not arguing one way or the other; I'm just stating my observations and thoughts about what I'm noticing. Everything is subject to change and I hope it does change for the betterment of the platform. On-boarding more people is crucial, but the current situation is not suitable for growth. Things need to be done in order to keep the economy growing. Under the current conditions, on-boarding more people simply dilutes the reward pool so that nobody makes any money worth spending your time for; and like it or not, the current situation is that Steem is just another speculative coin. This is starting to change. However, in order to really make a difference and set Steem apart from other coins, there needs to be a market for tangible products. After all; once the Steem has been distributed, who is going to be selling Steem to the newcomers? How can one buy it if everyone only has a fraction of a Steem? What can I buy for 10 cents worth of Steem? I know... your going to say that the 0.10 Steem will then be worth maybe $100 to $1,000 USD. I wish! And maybe it will be. But I'm pretty sure things will have changed by then.

My guess is that if people knew that they could earn at maximum a vote of 1 cent, they wouldn't stick around very long. It is those curation trails with the big pay-outs that hit you every now and then that keep people excited.

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I expect Youtube to eventually have their own SMT, it makes sense to have one off Steem that does everything they want rather than spend time and money building their own. Eventually, people will stop going ICO crazy, probably already happened. At this point, I think most of the blockchains that will exist do exist.

Bold thing for me to say... Why am I confident about that? I'm not saying there won't be any new really awesome blockchains, but I doubt many will come up, and I doubt they will be from huge corporations like Google. The reason is that blockchains have to be a public software, and its just much more logical for these companies to go the ERC20 route. But for social medias, SMT will be ideal and will interact with other sites, providing liquidity.

Tokens meet the needs of most corporations for their gift card type of monies and built-in ecosystems but with none of the hassle of needing to be a cryptographic fortress, that's the blockchain's responsibility. Sweet deal.

Okay, now to respond to your comment about most people being writers, artists and such. Yeah, for now that is true. What I'm thinking here is that the future apps will drive the consumer market. Right now, our community is actually quite small and we do need to bring in a larger audience for it to meet everyone's meritocracy hopes of rewarding people for effort.

Long term, I don't think STEEM will be thought of by anyone as a currency. But Hobo, its called crypto-"currency" man! Yeah, I know, but each crypto coin seems to be used in different ways. Delegation and the inflation-based reward system are the killer applications for Steem but due to that, plus the creation of resource credits, the script has been flipped. Like Ethereum's ether, Steem is more like a fuel. It powers your account to be able to do stuff by utilizing resource credits, and it empowers you to contribute on the network with upvotes that have value and social importance/authority.

As STEEM becomes harder to come by SBD will become more available on the network and people will not be able to earn much STEEM but will get larger amounts of SBD for upvotes. Therefor, the SBD is the cryptocurrency that will likely be used and the STEEM will be utilized. People will buy STEEM for influence or the ability to do cool stuff related to the steem platform.

Ultimately, I think it is very important not to think of Steem as being connected to a social media platform. Steem is meant for being on everyone's personal blog, podcast and the like. Its less of a social network and more of a tool for all social media networks. I expect steemconnect to gradually become hugely popular, the one primarily trusted sign-in. Imagine how revolutionary this is, no more signing up for sites, your Steem account opens all doors and makes you an instant member to any site that coordinates with Steem.

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That's an interesting view of the future.

Do you know about Steem Keychain? I prefer that over Steemconnect. It sits in your browser as an extension and removes the need to copy-paste that long key all the time. Log in once and Keychain stores your key in your browser for future use! I love it.

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I know of it, I haven't given it a deep enough look yet though.

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Dear @hobo.media

Im glad to see how responsive you are buddy. I'm not much into this particular dialog between you guys but Im still impressed :)

Yours
Piotr

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Thanks!

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It requires enough participation so that others feel it is worth also participating in.

Well said and good call @happyme. I basically agree with you in everything you've highlighted here through your comment. :)

It is through real commerce that the price of Steem will be sustained, so why not help make that happen?

And If after click on the link.. someone doesn't feel in the mood like reading so much for a peaceful weekend, well yeah, over here a shorter summary of that old post. };)

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Thank-you. That is a very good video to understand how the economy works.

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Thanks to you babe. For giving me the opportunity to complement your wise comment. I'm glad you liked the video. :)

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Best comment i've read all day. Sadly, i cannot resteem

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Dear @happyme

Thank you for your amazing comment. Seriously good read.

Yours
Piotr

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Thanks! I'm glad you enjoyed it. Thanks to you for pointing me to that article.

I was invited to discuss @crypto.piotr. There is one moment with which I cannot agree. There is nothing humiliating in the name "plankton". This is a small organism, but, it is very diverse and beautiful, if you look at it through a microscope)) This has its own charm. Collecting on crumbs and eventually moving to a new level. It would be awesome if you click on the fingers to go to the next level, but it’s not easy. I would still be a plankton at the 300-350 SP level, but my friend @haejin helped me with his voices. He did it disinterestedly, it is difficult for me to answer him in the same way. I am very grateful to him for this. For me it was a miracle.

You need to do your favorite thing and wait for it to bear fruit. Bears, as is known, periodically go into hibernation, I hope that this bear does not suffer from insomnia.

I believe in miracles and in the fact that $ 20,000 for Steem, this is not the limit. Need financial control. Today, an ugly situation is developing around dStors. But, I know many, and I was among those who were deceived, did not return voices, or simply lured money. People need to know where to turn and where they can find financial protection. This will strengthen the faith in the community and strengthen Steem. This is a free society, but, charlatans should know that they do not belong here. How to do this, I do not know, I am not an expert in the chain. But, I know that this is a big power for everyone.

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Thanks for your comment barski!

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Im glad you decided to share your view with us @barski

Appreciate it a lot
Yours
Piotr

Just as a point of order, it's never seemed like an insult to me to be a minnow. I didn't know people thought it was. That's enlightening. Thanks.

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Fair enough, more of just a point I was trying to make. :) Thanks for comment improv! Nice name too.

Hi @hobo.media, I was invited by @crypto.piotr to read your post and if I could give my opinion on the issue you have explained here. I have to admit though that I am ignorant on Steem economy or anything related to cryptocurrency and blockchain. I have been on Steemit since January last year, and never did once I have earned cash from it. I have invested probably not more than $150 Australian dollars in total, because I am one of those

people that often think twice about buying into anything online in the $50+ range.

I could only invest that I would not regret losing. I believe I'd be foolish if I buy worth $200+ just to increase my SP, but I don't mind losing $20-$50 every now and then to increase my SP. But I think it makes sense that for the value of Steem to increase, people should be willing to invest, and not just to expect instant earning. But I agree that

it can be rather difficult in many other places in the world.

For me, there's really no reward for me 'financially' to be active on Steemit, but what I gain is more knowledge when I read posts from people all over the world and when I interact with them. So I guess, just to add a little bit of SP maybe once a month won't hurt me, because at least, I am able to contribute even for $0.007 when I upvote their posts and comments, anyway, there are whales out there that can help people like us through their upvotes.

I know it sounds selfish of me to think that way, but I also have bills to pay and I can't just spend my money to increase my SP exponentially when I also have doubts about whether there is future in Steemit. I hope I do make sense in this comment and I am able to relate it to your post, @hobo.media. Thank you for your great and well-detailed article, by the way!

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Hey evlach, thanks for your comment. I think it is great to just do something like $50. Honestly, to me, the Steem ecosystem would be so much better if it had a lot of people with just $50 in SP. This is even distribution and encourages an ecosystem where everyone is able to contribute $0.10 to content creators they enjoy.

As an aside, I think it is great that you're into Steem even though you don't take much interest in cryptocurrencies. That is exactly what Steem needs to do, attract people of all different kinds of interest.

Thanks so much for your post!

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I will never take interest in cryptocurrencies, as long as I know how to convert dollars to bitcoin then convert it to Steem Power, I'm happy. I just hope that Steemit will never shut down because I don't want to lose all my posts. It's all I'm worried about.

Thank you for your reply.

Blessings,
evlachsblog

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Even if Steemit did shut down, people running full nodes would have copies of the blockchain, and all posts are stored on the blockchain. So your posts should definitely be save on Steem. :)

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Oh, that's good to know. Thanks, @hobo.media.

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What an amazing comment @evlachsblog. I totally appreciate your time and effort.

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Thank you, @crypto.piotr, for your memo, and for your kind words. :-)

This is why i power up my earnings! Can the network handle such mass adoption? How much would the price go up? I think it can only go up when considering long term. I am still a minnow with over 800 SP but with time, a $100 steem is possible and i may be a minnow now but I feel like I'll be a whale just with what I have now so I can imagine how much I'll have when the price goes up.

Pay me 2500£ per month today for my bills. I will blog and collect 0.01$. And later from that billions I will pay you back.Deal?

Awesome content!
You got a Resteem and a 38.69% upvote from @cleansingpoetry courtesy of @crypto.piotr!

Send 0.05 SBD / Steem to place your bid and get an Upvote and Resteem.

This service is provided by Steemit @poetsunited Community.

Delegate to this Bot to get a share from the daily profits.
To delegate use 50SP 100SP 250SP 500SP 1000SP

Yes. We need to spread out the token distribution.

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Hey dominion01, thanks for comment. Definitely agree with you, it will improve with more people joining up.

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And if you do that then how do you retain the long term participation? We could just reward all the new participants but then who will stay?

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I'm not saying the early steemians will leave, its not an all or nothing deal. Let's say a Steemian owns 20,000 STEEM and the price of STEEM (really wish ticker had been abbreviated STM) goes up to a whopping $100 per STEEM. Okay, so that's lambo time and the guy sells 5000 STEEM while keeping 15,000 powered up.

Sure, he could just upvote himself and earn money, but even at such high values, the quickest way to get that lambo is selling your own STEEM. Sure, he could just sell it all and walk with 2 million, but in all likelihood, he's going to liquidate just enough to buy that lambo and maybe a shed full of Johnny Walker and then keep on Steeming. Only, then it shoots up even more later on and he starts thinking about how he regretted getting a yellow lambo.

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Money isn't everything. What if someone has millions of dollars and doesn't care about money anymore? What keeps them?

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I'm not sure what you mean? I suppose if someone stops liking the idea of Steem they can sell all their coins and leave, or they can keep them all and walk away.

I doubt the ladder will happen, but it could and that's fine. I see no reason for it to be a problem for someone to never use or sell their coins because they only count if they actively upvote. The inflation pool rewards people based on upvote activity, thus, inactive whales really don't hurt active minnows in their efforts to profit.

Additionally, inflation serves to reduce the prominence of inactive whales because more supply enters the ecosystem to non-whale accounts re-balancing distribution.

The problem regarding Steem has nothing to do with charity and unequal distribution, most economies function perfectly fine with inequality. The begging for upvotes had to stop and HF20 for the most part solved that. Crypto prices are depressed and people keep comparing this platform to a year ago when they were not.
SMTs are comming soon which should help drive demand. Plenty of progress has been made with communities whose purpose is more than just to derive a quick buck. The recent price drop has helped me and many others to easily increase our stakes.
Look at it this way, my account with 2200 steem (most bought within last 30 days) has cost me less than an Xbox with some games would. A few nights of drinking could easily set one back more than that too, so can drug use, a quick vacation, a tailored suit and so much more. Yet the entertainment and investment value is potentially much greater with Steem.
There are issues with mistagging and low quality content but the community will police itself. But instead of begging for upvotes and asking us to curate plankton who haven't deposited a dime or their time , why don't we show everyone what value there can be in investing in Steem. Be it time or money.

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Hey crypticat, thanks for your comment!

I think you might not entirely get what I was going for in that post, perhaps I just wasn't clear in my meaning. So, the idea was to encourage people with the thought that as whales sell some of their STEEM it does increase the size of the community, adds diversity and more equalized SP totals for the average account. So their 50 SP account or whatever it is has value, that's what I was getting at.

I'm not saying there will not be whales and I'm not saying they won't profit. I'm saying the whales will want lambos and this means selling STEEM to folks that don't have any. As for inequality being fine and dandy for a healthy economy, I absolutely cannot agree with that statement. Violent revolutions in history didn't happen for no reason, a common reason is financial disparity. For example, China and the communist regime. They literally have a card game called Attack Landlord because the land owners were oppressive.

I love the idea of free markets and control over my own money. I'm not a person seeking hand outs, however, inequality does not work. Inequality sustains for a while and looks like it works while nobody does anything about it, but inevitably it leads to somebody losing their head... Life is simple, when people don't design unfair systems they keep their heads, but if worse comes to worst, the masses reserve the right to take their heads. And that's what the poor and middle class call a top-down approach. ;)

Heellooo @hobo.media, and nice to Steem you! :-) Thanks for your article, that could sparkle a cascade of comments! I'll begin with your introductory mention that "Steem is indeed the only blockchain actually functioning as an economy within itself and rewarding work outside of the coder community".

As far as I know (and I'm not omniscient, hehe) there are at least other 15 blockchain-based processes having built a cryptoeconomy which allows its actors to be rewarded for their content creation, or even just on the basis of their social interactions and the added value they provide, thus not only opening the rewards outside of the coders community, but also outside of the bankerized users (I myself have no bank account).

Among those projects we may find other blockchain-related "social networks" (Sapien, Akasha, Sola,...) - there's more or less one project of this kind launching each month -; and projects that integrate the Universal Basic Income (UBI) regime, rewarding any users activity on their streaming platforms (like Musicoin, Bit.Tube, Vialy,...).

I'd say that one of the conditions for a sane and enriching debate to unfold here on Steemit is avoiding being (too) STEEMcentric ;-)

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I think we need the glue that can connect us to those before they do it the other way!

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Agreed @richatvns! Developing cross- or inter-chains processes :-)

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Hey ijatz, thanks for the post! I'm aware of those other projects, but I really don't value them. Not meant as any insult to anyone, I use to be active on Sola, its still kind of cool, and I signed up with Bit.Tube and might like it. But honestly, I think they will all fail. I even think Minds.com will fail and they actually do some cool stuff I wish Steemit did.

Not to argue with anyone, they can like whatever they want. I'm not a maximalist coin type of person, I do believe that 50+ coins will live on and be adopted, but I doubt they will have similar roles. I expect the copycat coins and tokens to either die or exist in a lame way, sort of like MySpace, where it is technically there, but no one cares and its rather valueless.

Don't get me wrong, I'm actually working on a social dApp myself, its going to be called Steether and its a merged social coin between Steem and Ethereum for Web3. But I don't believe anything competing with Steem will win in the end, but dApps that work with and support Steem will likely be adopted and do well.

I'm not saying forks and new ideas can't succeed and co-exist with the earlier ones, but they have to provide something truly valuable that the earlier one does not. For example, a lot of people think they're going to get rich off of ADA, and while I love Charles Hoskinson and realize ADA has not pumped yet so it could, long term, I don't see the value add. Where is it? What does it actually plan to do that Ethereum doesn't plan to do? All it promises are different from Ethereum but not incredibly important ideas, and the main claim is that it will be developed with better quality, which I find very debatable. Ethereum has the legacy, it has the reputation and it has big name brand clients chomping at the bit to use it. Nah, Ethereum already won.

Likewise, Steem already cornered the crypto social media market. Its what the dApps want to build on, it has the SEO prowess, when I type something in crypto there is a very good chance that a Steemit page comes up. Right now, even huge blockchains like BCH, which is a major player want to carve out Steem's spot for themselves because they see the value in what Steem is doing. The problem is, its not a win-win situation on sites like Honest.Cash, you spend money and hope to gain from it. Steem allows people to not ever lose their money, the unique inflation as compensation model cannot be replicated by BCH, BTC or anything else. They could use a token, but it still wouldn't actually be their real coin, and it would not be something to build upon like Steem is.

Steem is a toolbox for developers and businesses, these other sites are just single sites with limited functionality. Nah, Steem already won...

Nice one, @hobo.media

Except... most of these projections seem to depend on hope. Don't get me wrong, I believe very much in the Steem Blockchain and its potential (especially with SMTs dropping soon), and believe it will greatly increase in social and economic value. But the cryptospace is so unpredictable that the same stats that meant success for praditional websites could as well mean failure for us.

And about equality, I don't really think it will matter much. More known users will still get more upvotes than newer, upcoming users and the proliferation of steem accounts will mean even less posts of the newbies' will get to be seen.

That's just my opinion, though.

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Hey Peter, yeah, predicting anything has a good chance of failure. However, I do expect Steem to do about as well as Wordpress. I think wordpress is a great example to pay attention to with regard to Steem's potential, and the Steem plugin for wordpress was one of the wisest things that could have ever been developed, but whhile that is happening @ned is going for a widget that would easily exist for any site and give Steem functionality. That's very promising.

Honestly, I see Steem as more capable of spreading throughout the internet than any other crypto, where I think Steem is doomed is the outside world. I see BCH and ETH expanding into the real world in a lot of ways, but I think Steem will experience a ceiling on that market.

As I foresee the application of steemit, not just with content curation but it can also expand to internet marketing, HR platform, social media, and all others fueling mass adoption and would make Steem more distributed.

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Agreed. Thanks for comment!

I guess more user will increase the market cap and increase in market cap will sure increase STEEM value. I remember when STEEM value was high, a plankton can vote with $0.01 value.
With the current price it is impossible.

More people involved with increase equality and some might be millionaire whale, but the will spend more to some plankton/minnow to have more STEEM.

I really agree with mass adoption, but currently it is not easy to register with steemit. Some paid registration services turn off a lot of content creator because they got used to YouTube like ads revenue.

STEEM needs a lot of money from whatever sources to pay for new registration. Hope more investor can look into this because those people they help to register on STEEM may benefit them in the future.

Tldr; Hope there is a solution to have more people to register to STEEM for free.

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That's true, sign up is difficult.

Thanks for comment farizal!

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It's never that simple. Retention doesn't exist so even if you have new people who come in then it's a matter of how to keep them. Why should they stay when in a few months even newer participants come in and get the upvotes?

Steem does not offer very much if any incentive for long term participation. The economics suck.

First of all, it's not a good idea to compare the minimum wage of the US to the ability to buy Steem. $10.50 is not the country's minimum wage. It is still $7.25 for the whole country; however, many states created a state minimum wage for which they follow. The state minimum wages vary a lot. Minimum wages aren't a good indicator of purchasing power. As minimum wage rises in the US, food prices, and other goods rise in price to maintain a profit, pay their employees, or just stay in business.
Second, mass adoption of Steem will for sure increase its value since the more useable or tradeable a cryptocurrency is the more valuable it becomes. The question I would ask is: What will it take for the masses to accept and use SteemIt and its cryptocurrencies?
Third, where did you find, or how did you figure out the inflation reduction percentage for Steem?

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That's interesting, where in the US is it $7.25 still? I guess I'm wrong but I was pretty sure the news said it was nation-wide, but hey, I've spent years outside of the United States. Oregon is $10+, my brother told me.

For the masses to take on Steem it just has to grow in popularity with apps. Video games are a great way to do it, and delegation memberships. So, for example, let's say you want to get great news online, a lot of news sites are struggling to be profitable. This is where delegation proves to be one of the best features on Steem. News sites could make membership require delegation before having access to the news articles, then the news site could utilize SMTs and high value upvotes thanks to delegations to compensate journalists.

Delegation-oriented membership services to me seems like the most effective way of onbaording new people. Businesses need to offer a really cool service/product and make access to it require Steem delegation. This way, the new person gets a steem account, delegates 15 SP to the business' Steem account and then has unlimited access.

Imagine something like this being done for eBooks sort of like Kindle Unlimited where people have to pay $9 every month, but with Steem you only have to keep 15 SP delegated to the business and you continue having unlimited access to books. This means they pay once for that 15 SP, still technically own the SP and benefit with free access to books simply by keeping the SP delegated to the service. Its massive cost savings for the customer. The same kind of service could be done for something like Netflix. Want to make millions of dollars? Do that idea, make Steemflix! Or make Steemdle Unlimited... ;)

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It's still $7.25 in quite a few states. This website has the 2019 minimum wages per state: https://www.laborlawcenter.com/state-minimum-wage-rates/
Delegating SP as payment for services or access to goods is a great idea. Thanks for replying.

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@hobo.media Thanks for the invite to comment here.
First, mass adoption will probably only happen when we get a product that works, and is simple for the masses. All of the updates from the Steem Inc people are updates on techie stuff.
People want to sign up, then use it - it's that simple. The general public is not involved in programing for apple, they just want to buy an iphone, then use it. Steemit could use an updated look too. We are not in the 90's, and there is already one reddit.

Here is business in a nutshell:

  1. A product that works: better, cheaper, or both.
  2. Sales/Marketing
  3. Adminstration
    ..that's it.
    I would hope at that point adoption would take care of itself.
    Steemit does have first player advantage, so that's cool. I would imagine, at some point, there will be serious contenders, as more of these types of networks are popping up now.
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Heu melbooker, nice points. I agree that Steem needs easy to use dapps. Steemit Inc. is working on a widget that might do something along the lines you're talking about with ease of use. Let's hope!

Thank you for your detailed and very interesting article.
The advantage of Steemit is that it is decentralized.
Everyone has the opportunity to write their own content.
Steemit lives on the fact that it offers very good content.
Content with value, and good information is very valuable for Steemit.

Unfortunately, people who deliver very good content and
are still beginners have little opportunity to write in detail.
The RC value is always in the way.
The plankton writing very good content should really be promoted.
They have long thought about their content.
Good quality should be rewarded.
For owners who have a high value for SP,
it should be aware that valuable content is also good for them.

My opinion is:
Look at plankton that provide good content.
Promotes plankton that motivates writing.
People with enthusiasm needs Steemit.

Thank you for your interesting article.

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Thanks for your comment!

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Highly rEsteemed!

What does it mean to be "equal" on Steem?

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Well, let's start with what's not equal, upvoting and downvoting. The ability to downvote someone, which is a form of censorship is an ability exclusive to those with more SP than the one being downvoted. Additionally, the upvote value earned from upvotes also increases followers, upvotes, resteems and curation trails regardless of the quality of work or effort put out by said individual.

The amount of SP a person has causes many forms of inequalities. That said, were the STEEM to be more evenly distributed among the community this would not be so at all. More people would have $0.01-$0.10 upvote values and good content would be rewarded by large audiences rather than a small minority of whales.

Is there something you feel is being missed in my definition? I'm not quite certain what you mean by your question. :) Thanks for commenting dana!

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Life isn't equal. What matters to me is whether merit is rewarded on Steem. Currently it's not. The amount of SP a person has if they earned it is based on what they contributed. The problem isn't that people have unequal amount of SP. The problem is there is no reward for people to participate long term. Why play the game if the only wins you can get are short term?

Mass adoption will happen eventually and I feel it will happen all of a sudden. I totally agree with your view that today’s minnow accounts will be considered whales one day . I was very interested in your statistics on online users and Wordpress . This is one of the reasons I believe we will be successful as we are one of a few crypto currencies that have a use outside of crypto. Thank you for sharing this. Have an awesome day!

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Thanks for commenting mickvir!

Interesting prospect you posit. I think that people now who are here will benefit greatly from the future of what the platform will bring. I would like to get to dolphin status by next year this time but who knows what the future will hold.
I did find your alternate perspective on the STInc selling their stake. I found it frustrating but then your thoughts changed that, it’s good they are selling their stake!

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Hey cmplxty, thanks for your comment. I'm glad my humble post was able to give you another way of seeing a situation, that's something anyone putting out content wants to here. I appreciate it!

Congratulations @hobo.media!
Your post was mentioned in the Steem Hit Parade in the following category:

  • Comments - Ranked 9 with 68 comments

Hola, me ha gustado mucho este artículo, @crypto.piotr me invito a leerlo. Claro que no soy un experto en crypto, pero la explicación es muy clara e instructiva. Me parece entonces que es recomendable para todos los que trabajamos en Steemit como una fuente de ingresos el seguir publicando sin perder la paciencia. Es una labor a largo plazo, que si se hace bien, generará más recompenza... Buen artículo @hobo.media voy a hacer reestem de el... Saludos.

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gracias!

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I wish to understand spanish @latino.romano lol :)

Hey, @hobo.media!

Thank you for your contribution to the crowd. We are the Steemit project dedicated to empowering The Wisdom of Crowds. You can find more about us on our official website or whitepaper and you can support us by voting for our witness and joining our curation trail on Steemauto . We are also inviting you to join Crowdmind Discord server. Don't forget to use the #crowdmind hashtag and happy crowdsourcing!

Fully agree, there is so much potential in steem and such a good community

I think there will be more and more app using the platform for many different activities. Let's look into a great future, which we can form by our ideas.

NICE ARTICLE

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Thanks!

It's great to see these quick accounts we make to see how much Steem can actually grow at the moment.
I'm trying to help the new accounts by delegating to them some SPs so they do not have problems with RC, but they do not last more than a few months active. I think our biggest problem today is not having a mass adoption, but ensuring that the new ones do not leave after a few days / months on the platform

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Definitely agree with that. So, what I would say is the problem is that Steem promises something it can't accomplish right now, and is not accomplishing. The idea behind Steem is that people can earn crypto for providing valuable content, but at the moment this is not successful. In the future, sure, but not in the early days.

An interesting study is that in a depressed state like today we must continue to be active in steemit. We realize the value of steem is low, but we must not give up. For people who have money, of course, it's time to buy steem at the lowest price, and we are sure that someday it will rise in price or return to normal then the position of eating account that had a small reputation will change to become a whale, has great strength. Well, for those who do not have money, of course we must continue to struggle by paying attention to the credit resources owned. The limitations of this credit resource are certainly thirst for attention so as not to run out.
For accounts with high reputation and having a large sp, it is expected that they can help the community, especially with delegation or support to developing accounts.
don't we enter steemit not just looking for coins but also fostering good relations with fellow members?
thank you @hobo.media
Thank you steemit
Warm regard from Indonesia

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Thanks for your response rokhani! Very true, we can't let Steem go quiet.

Very interesting ideas @hobo.media , @crypto.piotr thanks for invitation here. I love the Steemit ecosystem , I am sure this concept has bright future. You have to offer quality content to have reader's vote , because it is limited. On FB your thumbs up can be endless and you can waste them for shit posts and this difference between FB and Steemit is great. Many people also don't want to spent their time for creating quality posts sotheir existence here on Steemit wouldn't make a sense.
I have also recomendation (I am sorry for this ad) forr newcomers. Social platform kblog.io is on level where Steemit was two years ago. They use crypto Superiorcoin (SUP) and functions of kblog are similar to Steemit. When you post there you get nice reward from kblog whales and finally, you can change easily SUP for Steem thanks to user @sydesjokes .

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Hi hairyfairy, thanks for the comment. I agree that people are wiser with upvotes here and have more incentive to actively support content producers.

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Dear @hairyfairy, thanks for your amazing comment. I really appreciate it.

Veeeery good question! We have allowed ourselves to create the same question on Discutio. Link: https://discut.io/topic/discutio/would-mass-adoption-make-steem-more-equal

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Awesome thanks!

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Oh, hey, I checked out your site, and I think its pretty cool.

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Thank you!

great points. i agree.

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Thanks!

This post has been included in the latest edition of SOS Daily News - a digest of all you need to know about the State of Steem.



"One day" does not pay bills today. Investments with a return of 0.01$ do not pay bills, you can't even exchange to fiat money so small amounts. Good bloggers are not rewarded, whales just upvote themselves. Upvotes are sold automatic for curator reward, most of tge ussers don't read just spam.

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I would love to see Steem paying people's bills too, but at the moment it can't. This would have been true for a lot of things in the beginning. Youtube was not immediately profitable for youtubers, Twitter was not either. Nowadays, famous people get $100,000 for a shill tweet...

The overall value of Steem is that it is something that can truly spread across the internet. But honestly, it can't ever make you enormous income from the upvotes unless you become very popular. That popularity is on us, not the Steem blockchain. We have to be interesting enough to people to draw in that kind of attention.

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Yes, the popularity is on us, just play around and look for ideas.

At 5 SP for each of these 18 million accounts we have 90 million STEEM locked up in plankton accounts as SP.

Most new accounts get there SP delegated from @steemit. So it's not really locked um in the plankton account.

One day, you just might find that your plankton account is actually a whale.

No, whale is defined as someone who has 10⁹ VEST — approx. 500.000 SP. But it might be that there are no whale left. And that would indeed be a good thing.

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Hello krischik, thanks for commenting!

Is @steemit doing that still? I don't think they are, well, maybe if done the 2 week waiting period way, but I've made accounts for friends, family and multiple accounts for myself. Every time I have to spend 3 STEEM and then I get an account with 0 STEEM/SP in it. The account can literally do nothing, not post or anything until I put at least 5 SP in it. Lastly, @steemit can't delegate 5 SP nonstop, at some point it would be too many people.

On the "whale" term, yeah, you're right, but my point was just that we would likely adjust the definition of a whale at that time. These titles are really meaningless, so we could just adjust the definition of what a whale is to scale to a realistic expectation of the situation. At least, that is my opinion.

I look forward to your future comments and posts!

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Steemit reduces the SP delegation while you gain SP. I.E. you gain your first SP and delegation is reduced to 14. That continues until you have 15SP and the delegation becomes 0.

As for redefining what a whale is: Yes, we could do that. Divide all definitions by 10 might be a good start.

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