RE: Falling STEEM/SBD Price - Proposed Solution to the SBD Debt to Marketcap Ratio Problem
Very good proposal but there is a psychological issue most people forget when it comes to Steemit.
Almost every single member that joined Steemit comes from the wild west of short investing. People that have been around in the blockchain for quite sometime now, know that you cash the fuck out anything you can as fast as you can, waiting for the next hype. Those who mine, shifting their mining power left and right, know this very very well.
Right now mining zcash and even ethereum is much more profitable rather than trying to mine steem. Any investor that dares to put some money in will see it drained out immediately. The initial investors, the whales, have made ROI already and now is all about a "dog eat dog" situation in regards who gets the last breadcrumbs.
I don't see any solution other than getting all the whales and witnesses to work together. Right now though most of them act like the Titanic is sinking and all they care is saving their own ass.
We shall see.
Regarding the dog eat dog for the last breadcrumbs, I tend to disagree. We are in a phase where they are building out the site, and the community is working on projects that will add value in the long term.
I think this article does a good job explaining it:
https://steemit.com/steembubble/@dan-atstarlite/why-the-steem-bubble-was-an-investment-round-and-not-a-product-launch
The problem we have right now is more of a short term surplus supply/debt one, which I believe can be solved through proper monetary/fiscal policy by the community/witnesses.
I couldn't agree more, you certainly have your head wrapped around the way crypto works.
Also mining zcash currently.