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.
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.
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.