RE: HF21: What Makes Steem Valuable?
My worst mistake in crypto.... STEEM. Everyone get out why you can. I'm 1000 miles away from my keys so I can't power down and get out so I have to watch it be drained to a point where it will be about #150 on CoinMarketCap
The worker proposal funds will just go to the witnesses and large stake holders who already drain the system.
Stack Steemit Inc on top of the chaos and you are in for a financial beating. Don't invest your money here.
Congrats Luke you have everyone fooled into thinking you are doing something for STEEM. I would be embarrassed if I made as much money from this system based on everyone else chasing the carrot.
Your posts aren't any more valuable than someone like me throwing up pictures from vacations or random other things at this point.
Slow clap for running a witness server and being part of the club.
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I invested ~9 BTC into Steem when it was around $3 and $4. Steem is my worst cryptocurrency mistake (financially) also, but it's also been the best for other valuable reasons I describe in my post. I still believe in what this platform is attempting to do, and I still think it's undervalued by the market for what it is doing. Part of that, IMO, is that speculators fear utility. If I was just about the financial side of things, I would have left a long time ago. I hope you find something more useful to spend your time on as you go elsewhere. I'll enjoy not having to deal with your rude (and often, from my perspective, incorrect) comments anymore. :)
Define "drain"? Did you even look at the data I linked to in my post: https://steemit.com/cryptocurrency/@lukestokes/exchange-transfer-transparency-for-2016-2017-and-2018
You can see right there who is "draining the system." Worker proposals, ideally, will go to developers building value so we don't have to relay on a central system like Steemit, Inc who we already know can't manage funds well (and thus had to fire 70 people). Throw as much shade as you want, but I think anything would be better managed than what we've seen so far.
I do exactly what I've always done: I create content and run a trusted witness node. Being a trusted member of the community and running a reliable node is the primary job of a witness. It's insulting to insinuate I'm attempting to deceive or fool anyone. If you don't like the way people vote, take it up with the voters. Go vent somewhere else.
I'm not embarrassed for the content I've created or for the witness node I run. As I already said, I'm not even close to ever making my initial investment back and if you take a look at the data I linked to above, you'll notice I'm not someone cashing out like many others.
And who gets to determine that? The entire point is that value is subjective story telling. If you think the people who vote for my posts shouldn't, then take it up with them. What does that have to do with me?
I'm glad you're moving on from Steem. I sincerely hope you find something better.
@lukestokes I think a lot of people initially bought into the idea that you weren't a complete ghost figure like a lot of the witnesses and with your programming experience and Ivy League education you would actually build something. You continually say that a witnesses job is to just maintain a reliable node.... etc
Well I guess you are right. You and several other witnesses continue to stack coins up but how many people see what is going on and don't say much but take their money elsewhere?
The subject has came up several times at EOS related events when talking about problems with STEEM. Most other people who are front and center aren't going to say anything. They will just go on and move their money away from here.
I'm not saying you are some sort of scammer or something and I guess you positioned yourself well with minimal effort but a lot of people who understand what is going on just take their money elsewhere.
I would still be embarrassed if I got as much STEEM for no more than you have done here. You refuse to realize you are part of the problem around here.
STEEM is only going to get worse unfortunately. The market has spoken and we will likely all be sitting on a pile of dust very soon.
If I made as much STEEM as you I would have certainly utilized those funds to build something. At this point it is mainly impractical to build something here if you are self funded because it would just be more profitable to just put that money into a crypto that isn't in a death spiral. Worker proposals in principle is a good idea but it will back fire because the same exact people reaping the largest rewards will become the beneficiaries of the worker proposal funds. People will see what is going on and roll their eyes and take the rest of their money away from here. Sometimes the truth hurts.
This place was busted from the start. It is going to get a lot worse Unfortunately. The main winners will be some of the overpaid people st STINC, a handful of witnesses, and a select few others
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If it's so broken, why are you still here? Why still participate?
I don't think there will ever be a fair value distribution system anywhere in cryptocurrency space. Either you have cheap electricity and technical ability to mine, you get votes in DPoS for being popular, you run an ICO, you ninja/pre mine, or you buy your way in with POS and earn even more.
As much as we all like to complain about the unfairness of STEEM distribution (I do a fair amount of complaining on that topic myself), there was no ICO and anyway can, in theory, earn at least something by doing something which might actually be considered valuable to the world (curation, content creation, etc), unlike most other cryptocurrencies which are just making pointless hashes.
You just continually say that it isn't the role of a witness to build something. It just reminds me of someone who sees a stack of papers fell off of a table in an office and instead of picking them up they say that isn't their job.
A better analogy of what is happening is when a kid's dad is the coach of a sports team so that kid is automatically playing all the time even if he isn't as good.
Kids start leaving that team and playing another sport and everyone just talks shit about the situation over there.
That is a lot of what has happened to STEEM. People just see that everything is an unfair joke and keep pulling their money out.
It is like you are oblivious to this.
My suggestion would be to either build something or use part of your stack to commission others to build something.
I powered down from 10,000 SP down to 2,000 SP and put it in other cryptos. Now from what I continue to see I will likely power down to 200 SP just to keep a pinky toe in over here and move the rest.
One of the only reasons I'm still here is because I'm trying to get a little something out to lessen the blow and I can't power down right now while I'm in Cali.
People just aren't impressed with the situation with most of the Witnesses, are annoyed with Stinc, and don't really see any future here.
I guess you could continue to just be one of the few really stacking anything from this place.
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Because it isn't. This has been discussed at length and as I already told you, a previous hardfork change to reduce witness pay made it clear. You saying otherwise doesn't change this reality. It's also why HF21 includes the SPS.
That said, different witnesses add value in different ways. I certainly appreciate those who are building things to add value to Steem, but I'm also frustrated to see witnesses like @jesta outside of the top 20. Look at how many awesome things he built over the years and still maintains. Why is he not being supported? Because he's also involved in EOS projects? I think it's a great loss to Steem to lose someone like him.
Ultimately it's down to the token holders to decide which witnesses they want and why. I've been helping people understand cryptocurrency and STEEM for three years with my content here. Some find that valuable. Maybe that explains why they vote for me. Ultimately, it's up to them, not me. I'm just doing my thing and people are voting.
If you think I'm oblivious to the problems of Steem, you haven't followed what I've written about. I also don't waste time complaining about things I can't directly change. I also know there are no easy, quick fix answers. Many strong arguments to move in one direction have equally strong arguments to move in the opposite direction. Now that we have Steem Engine to experiment with different tokens, different interfaces based on those tokens, and different reward models, I think we'll start to see some interesting things happen. We (hopefully) won't be as reliant on Steemit, inc to make changes. If the SPS includes projects which have great upside potential for Steem, I would certainly consider funding them above and beyond the SPS inflation.
I appreciate your suggestion to build something. I could ask you or anyone else to build something also. Witnesses run nodes. Product builders build products. Sometimes they are the same people, sometimes not.
Congratulations on cashing out your Steem to more profitable cryptocurrencies. I mostly have not because I do believe in the long-term value of this chain.
It was agreed upon by the rest of the circle jerk crew that witnesses can just chill and passively stack coins ? Did @freedom decide that for you guys?
Again the people with the technical competence to also be doing the same thing aren't amused by STEEM and all the BS.
By continuing what is going on is just making the problem worse because even the people who have stuck around and saw potential in the project can't really recommend it to anyone.
I tell my YouTube following. How many EOS? How many Litecoins? How many Monero? And I tell them that Steem is a bad investment at this point.
Asking me to create anything for STEEM doesn't really make sense. I have never really made any money with STEEM. Also I was building a multiplayer game for STEEM and have a website for it and all that but stopped because to go the distance I was going to have to hire other developers and I weighed out the pros and cons and decided that just keeping more money in crypto opposed to spending money to pay developers to finish this thing made more sense.
The same was true for developing the same thing for EOS. I felt I was better off letting the value of my crypto go up.
The proposal funds will for sure go to those of you in the circle jerk power positions which will be lucrative in the short term but will further implode STEEM and alienate more of the community members.
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