An Investor's Story, on SteemIt.
Recently a friend of mine told me this story about how he found SteemIt.
Anonymous Investor's Steem Story:
In November of 2017, I decided to invest in Steem. They were attracting amazing content creators and had a cult-like following for their diverse and entertaining content. Everywhere I went people were talking about Steem's amazing block speed, the number of transactions they could process, their brilliant consensus tool and I knew I had to give it another look.
I signed up using "SteemIt" and found this site had a star trader who made 10 posts a day with trading advice. So many people thought his advice was good, they upvoted all of his posts to the trending page each day!
Obviously, this trader is supported by the credibility of the entire Steem Community. Otherwise, they simply wouldn't allow his advice to be on the front page EVERY DAY! What an opportunity. Instead of just putting my $100,000 into Steem, I decided should quickly multiply my initial investment by following Haejin's advice.
............
How do you think the story ends?
Bonus MEME photo
During the later part of last year, many became 'crypto experts' due to teh astronomical rise in all cryptos. @haejin was at the right place at the right time, promoting the right thing (cryptos). He gained a huge following with his calls and now has very strong support. While I do not find the majority of his posts actionable, I do acknowledge the value in his analysis.
The bonus meme is 😂🤣😂
Just another deplorable who thinks he should get to decide what other peoples content is worth rather than letting the market decide.
Where did I suggest anyone change their content? An element of determining a market price is conversation. Or is that too much freedom for you?
Did you call me a mean name? Oh no! lol
Making up a story to disparage a blogger is conversation?
Are you disparaging my disparaging content?
got triggered the blockchain is witness :)
I didn't flag him. I was enjoying his inability to make a point. However, it was a fun conversation.
@danpaulson where exactly in the whitepaper states that the market decides? :D please share your knowledge!
@starjuno maybe you know? :) (upvote for...? :)
part of the problem is that there's a perception of market disparity.
enough people believe that the market is in fact not deciding...
He is also a part of the market.
He can decide.
One of my friend bought SBD instead of steem power when he made a post in which he
predictedanalyze that sbd price will be upto 40 $ in next few months. He bought SBD when price was around 11 $.MASSIVE LOSS
I think I even commented on that post. I tried to tell some people (may have been them) that the SBD was designed to be pegged to the US Dollar. It had been off peg before and steps were taken to try to get it back on peg. So betting on the price of SBD is dangerous as you never know when they might artificially attempt to drive it back towards $1/SBD.
So yeah, that was bad advice IMO.
just out of curiosity - what was done to get it back on peg the first time, and was anything done this time around to bring it back or was it just market forces?
Well apparently when it goes OVER PEG it is difficult to get it on peg. Which might be why it hasn't returned to $1.
When it is under $1 the witnesses can control some rates that help get it back up there, and they encourage people using the PROMOTE feature which any SBD you spend to get a post on the PROMOTED tab is burned/destroyed so it takes SBD out of circulation and thus increases overall value.
Though I do remember them not being sure what to do when it wen off peg... and then it only hit around $2/SBD. It eventually did go back to $1. Though this last time it has never really returned to close to peg. It even hit $10-$11 range briefly.
I just keep in mind it is supposed to be pegged. So if they haven't given up on trying to force it to peg it is something worth keeping in mind when treating it like other cryptos.
Steem on the other hand should act like other cryptos.
Also I don't know if they are bothering with the peg or not anymore. No clue.
yeah - i joined around the time where it was $11. Was definitely a good opportunity to build up your SP, though I probably only caught the tail end of that, as I was still figuring out the platform.
Given that SBD is tradable externally like any other cryptocurrency, the only way to peg it would be to back it by USD, or to have a system that holds enough SBD to buy/sell accordingly and keep bringing it back to 1.
I haven't read the white paper so i'm not sure what the pegging strategy, but it is somewhat of a concern, to have this grey area and nobody knows whether it will be pegged again or not..
They make more/increase supply to drive the cost down. They do this by paying you more than 50% in SBD. I think at one point, they were giving like 85%in SBD which made it very lucrative during that time.
That's very interesting - I never heard that before - I only joined in November and it's been 50% that whole time.
That would contribute towards controlling the flow of SBD - but as long as this remains a manual fixed process, it's always going to lag behind when deciding whether it should be implemented or not.
If the desire is to truly fix SBD to $1USD, they would need to find a way to automate this and make it a floating value.
This I assume would also impact on the supply and cost of STEEM though, would it not?
I may be wrong about that. I know I read it somewhere, but I never really did the math. Currently, when I check in the history of paid posts, I haven't been able to find an instance of that. I swear I saw it posted in a few places and it certainly seemed that way. I even thought I saw @themarkymark post about it.
Ouch. I remember the SBD post well. Roundhere and I laughed about it.
@whatsup,
The story might be ended with a BIG BAD FLAG from the HE@#$% :D
Cheers~
lol, or three from his other accounts. Going to be a huge wake-up call for some when they figure out the power network he is amassing.
@whatsup,
He got multies :O WTF this guy is doing :D
Cheers~
He is building a Network in plain site. It started with Rancho, who's votes grew Haejin and now he is building starjuno and some other accounts.
i took this from a memo of @scarlet7
2 months ago Transfer 1.000 STEEM to klevn
Thank You for being reasonable and not fighting for something that is first: full of false statements, second: deliberately hate filled, third: something that you don't know the whole story behind. I respect that. I am removing all of my flags from your posts. If you are interested in knowing how Haejin achieved this success, please contact me and I would be happy to talk about it. He's no fraud, and we are making a killing. Thank You for being a real human being that thinks. We all think after our actions sometimes, and that's ok, as long as we are thinking and trying to do better. Again, thank you, and let me know if you want to discuss further.
They are making a killing @scarlet7 says...
Yeah, anyone who can do math can see Haejin is making a killing.
I really wish steemit has rules guiding The upvote system, this way there will be a sort of order
The problem is ANY change to how up votes people come up with can easily circumvented simply by a person using multiple accounts.
It isn't that people don't want to fix it. It is simply that no one actually has come up with a solution that would actually work that can't be easily gotten around, or that doesn't introduce even nastier exploits.
It is without rules and government. Each person is to use their upvotes and flags combined with their stake to influence the site.
The idea is to create code that doesn't require rules. It is an experiment. The figuring it out is messy and in my opinion part of the fun.
well said:)
We also invested 100K in Haejins expert analysis. I know where this ends. . . .
lol the game is on? im in!
I assume all of those boxes are filled with money?
الضحك بصوت مرتفع. الشخص الوحيد الفائز من منصبه هو نفسه.
Lol the only person who profited by him is him
Lol! Wait for Haejin's shillers wrath! :P
It's already started. They are flagging my other posts. lol