Steemit Trending Looks Great 🤢 🤮🤮🤮 (The Ending Of The End?)


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Steemit Trending is just dick deep in Burn Post. To mitigate out of control inflation on this chain there is the "Steem Experiment" of just burning part of the rewards.

Can you imagine some potential investor / content creator trying to sort through what is going on here? Buy 500 STEEM Power to increase your influence and your vote is worth $0.00 and then the Trending page which should have never just been purely about stake weight is piled high with posts where people just upvote a comment as a last dying effort to protect themselves and their investment from actual content getting a rewarded?

What a strange content platform.

Am I Just A Shit Talker?

I'm one of the most stubborn people around here and I don't intend on leaving STEEM completely. There are a small handful of people here and people out on YouTube that like to hear what I actually think about different projects. I have investments in XRP, Cardano, and other projects that I feel will surge in the next boom but I'm not sold on the projects themselves for various reasons. So being critical towards STEEM isn't just me singling it out. I have voiced my concern over EOS governance as well and it is one of my biggest crypto holdings.

I have never talked smack about eSteem and a few other projects built on the STEEM blockchain. I can recognize when things make sense.

These Platforms Push Little To No Traffic

As we know these platforms aren't really about content consumption so posting stuff here pushes little to no traffic to YouTube videos or other content posted here. You can actually push more traffic to a video by having a brand new channel and just letting YouTube hopefully pick it up and serve it up with its algorithm. That is pretty bad to be honest considering there are people here with over 10,000 followers which equates to a few actual views.

People don't like it when I talk negative about STEEM on here. They feel like it hurts their investments or they don't want to accept the reality of the situation or want it to be a secret from newer users. In the end I have to admit my own mistakes and STEEM has been one of my biggest investment mistakes of all time.

Even I Didn't Realize Fully The Issues Here

One of the things I recently found out was that in the past 365 days STEEM has essentially had an inflation rate of over 17% because of the situation with the STEEM dollar. The economics here are so complex and confusing that even users who were here for 3+ years couldn't have predicted the economic results throughout time. It has ended up being a very expensive experiment for some of us.

Steemit Inc Should Have Went To A Skeleton Crew 💀

There are a lot of things Steemit Inc should have done but paying a bunch of non technical people to do whatever over there certainly didn't help our investment. The continued development of Steem Media Tokens 2+ years after they were announced hasn't helped anything. People are getting excited that eventually there will be a testnet to test the SMTs but how many Boy Who Cried Wolf scenarios are people going to fall for?

They should just have a few people maintaining what was in place after they realized they had made so many mistakes.

The Joke Is On Us

The found a way to pay themselves primarily off our investments so I guess we will give them a slow clap.

This is the most fully developed blockchain ecosystem. This shouldn't have happened.

Downward Spiral

As deserving Witnesses don't get voted in like Partiko they leave.

As proposals don't get approved people leave.

As people's votes aren't worth anything people leave.

As less people come to the site the Alexa rank drops and less traffic generates less ad revenue.

As prices drop further it looks like an increasingly riskier investment that is a sinking ship.

Partial Solution

1) Take Steemit Inc down to a skeleton crew so the ad revenue totally supports operating costs so you don't have to keep dumping STEEM.

2) Do another Hard Fork taking inflation clear down to 1% and convert all remaining SBD to STEEM and get rid of the SBD. It didn't workout and just causes confusion for people.

3) Make Trending not just Stake weight..... a content platform should reward engagement.... Duhhhhhhhh
4) Use the different founders accounts to vote on proposals...... the third party developers actually have gotten more done than Steemit Inc in a lot of ways and oftentimes didn't sell out of the proceeds. They took it in the teeth.

6) Take the power down cycle down to 7 Days instead of 13 weeks as a security thing that a person can put an e-mail in if a power down is started. (Yes there will be a temporary dump but with the next suggestion it will get soaked up by investors.) This will attract more investors because the platform becomes more liquid. The long lockup period just scares people away.

5) Do a series of airdrops for people holding certain STEEM Power Levels who have a certain amount of engagement.

(This will make people HODL and buy more STEEM and bring more engagement back to the platform therefore increasing the SEO funnel which will then produce more ad revenue making the business more self sustaining.)

The crypto winter is far from over for projects that aren't taking the proper steps to protect themselves.

By doing these steps this could stop the bleeding that could go on for another year or more for a project like STEEM. I have done the math for myself and with the current economic situation here STEEM would have to fall clear to $0.01 and I would have to inject $10,000 in and I would need about 5 friends at least to do the same to feel like I had enough influence to self propel my own content and make a positive return.

These are only evasive actions to band-aid fix a bad situation the project is in.

"Price won't fall much more"

"Last time STEEM surged back after hitting a low of $0.07"

Keep in mind that last time STEEM was brand new and payouts were released in mid 2016 and then the whole crypto market came to life in early 2017 so the bleed out wasn't as long as this bear market. If the market repeats itself and the majority of the powerful upward movement in price is in 2021 we are a VERY long ways away from that.

With the current economics it is too risky of an investment at these prices for the majority of investors. It is just the cold hard facts.


Comments 12


All good points. STEEM does suck at the moment, and the chances of it getting fixed are small. Like you, I've been here a while and remember the joy of a post getting $50-100. The dopamine hit of that tends to cover up the deficiencies of the system for a while, but the reality is now those sort of payouts are long gone. So new users are stuck getting cents or if their lucky a couple of dollars, and will sooner or later give up I imagine.

I'm interested in seeing what MEOS does when it comes out, I'm sure the economics and design will be much more robust, and I think enough disillusioned Steemers will jump ship to leave STEEM a second-rate competitor.

07.10.2019 20:08
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The high prices certainly did cover up some of the deficiencies for a short while but depending if people got the money out of here or not really determined if a person made much of anything from it or not. A lot of the gain was just on paper but a lot of people didn't really get much of a benefit on the temporary value of their account.

Seems like MEOS will be Voice but we will see if it is a magnitude better. It really depends on how invasive the KYC / Unique ID system is for it I feel like.

07.10.2019 22:03
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I think there has been a sobering clarity occurring in the upper echelons for some time. The higher inflation rate due to SBD was reported on almost a year ago by @edicted, so there was an awareness of the design flaw.

I have heard talk recently via Whatsup regarding the nullification of most inflation, although based on witnesses and such needing compensated don't see how it would be anywhere near the 1% you mention as a figure. I do think if this occurs the idea that the social experiment (Steemit, Busy etc) will probably be jettisoned. Without rewards most will leave (which could be ok based on many of the posts here made to faucet straight to selling that are low effort).

I remember when I came here and heard terms such as reward pool rape I laughed at the dramatics. I never got mad at those accused of it though, as it seemed to me the flaw rested in the math and a naive assumption on basic human behavior. Give most people the choice of strengthening a community or immediate profit and sadly, most will choose the cash today (bird in hand rather than a flock of birds down the road).

I just can't see the social side continuing if there are no rewards for those paying hosting fees and programmers to fix issues and hacks. Just can't see them dedicating themselves to the monthly out of pocket loss.

I do see where it would attract some investors who stay away due to the high inflation from rewards. How many of those would be pump and dump folks as is common in crypto remains to be seen, although I would assume it would be high at first.

In the midst of all of this, it still seems logical that a new breath of life could be had if Steemit or Blocktrades or even Aggroed with his aggressive maneuvering would tackle KYC regulations and offer an easy buy in of Steem. Most dread the hoops of multiple exchanges and refuse to do it.

07.10.2019 20:26
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I didn't realize @edicted had recognized it so long ago. I realize I didn't foresee it and felt like the natural inflation of 8.59% was too high.

You are right the 1% inflation won't happen because the witnesses wouldn't implement that which would cut their pay down so far. Even if it could magically be implemented I feel that people would still stay to run Witness nodes as we have seen on Chains such as WhaleShares and VIT that have essentially no liquidity.

At the moment even a lot of the 3rd world has peaced out on this platform and it is mainly those with significant power levels still thuging it out trying to recoup something from the platform in hopes that when things get better in the crypto market that all boats will rise and they will get some relief.

It is a tough challenge with these platforms not having easy ways to buy crypto with credit cards. Scorum provides that type of service which is interesting but the price has gotten so low there and the power down cycle is a year and the reward pool is not filled from inflation. It is supposed to be filling from ad revenue but there isn't enough coming in to refill it. So that mechanism has issues as well.

It isn't a great spot to be in for any of these platforms.

07.10.2019 22:26
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Truth hurts.
Real talk.

07.10.2019 20:40
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It certainly does.

07.10.2019 22:27
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Or the beginning of the beginning.

08.10.2019 15:15
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Well considering 6 months is an eternity in Crypto and this chain is over 3 years old losing ground on CoinMarketCap rankings all the time I can't really see it as the beginning of anything.

09.10.2019 19:53
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I'd definitely get rid of SBD as it has no practical use in the eco-system. I've been explained it's technial use while holding it's peg but that means nothing to the masses. That one and a suggestion for instant powerdown with a 5% burn makes sense.

Allow people to get any amount of powerdown in 24 hours with a 5% fee. Makes sense. This is the best blockchain that I can see but it needs direction and simplicity to bring in more people to crypto.

08.10.2019 15:39
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The SBD was interesting in theory and could create a stable value of exchange but unfortunately it had trouble keeping its peg and ultimately just caused confusion because it couldn't stay at $1. I think the situation will just get worse. Poloniex is delisting STEEM and US Customers have been cut off from Binance so that didn't help liquidity issues.

It would be nice to see a competitor that solves some of the issues here but it would certainly be tough to get listed and get liquidity. Development costs a lot if you are going to build it on EOS. Karma looks pretty slick in some respects but making it just for doing good deeds mainly isn't really effective and most of the tokens that launched EOS have been getting beaten up pretty bad because people sell them a lot to gain more EOS and just crypto in general has been getting beaten up on so it is tough right now.

09.10.2019 19:10
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Crypto is taking a hit on all sides so if you look at the factors steem hasn't done too badly. Steem.inc is talking with poloniex as well and hopes to keep the token on the exchange as well as making progress with coinbase to get listed.

Things are getting built here and overall I'm positive that if crypto is to survive steem will be one of the main ones. There are lots of projects being built right now and some that will launch in the next 12 months that could bring more interest to the system. Markets are still very short sighted in what is a new industry so I'm looking 5 years minimum with my choices and the long term value of projects.

09.10.2019 19:26
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Well in the time that I have been on STEEM it has dropped from #3 to #80 plus on CoinMarketCap. Usually when projects fall they can't regain a lot of ground. Even blockchains that have 0% inflation like IOTA and NANO have been getting beaten up on price so it doesn't put STEEM in a very good situation in comparison.

That is good that they are talking to Poloniex but I can't imagine any sort of progress being made with Coinbase. They have had a very strange agenda over there. I mean maybe if Steemit Inc committed part of their stake to being part of the Coinbase Earn program or something and there were other concessions made then possibly I guess.

I just feel like there are so many other options for Coinbase to try to add before they would add STEEM because there have been so many ongoing issues with distribution and governance and attrition here.

Crypto is going to survive and STEEM will still be around but I don't see it regaining ground and getting back to Top 30 or anything like that.

09.10.2019 19:51
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