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RE: Travel log - African Nights
1/ Build a great social network with sticky features that stands on its own
2/ Possibly write a software upgrade that would allow the SP inflation rates to be adjustable by witnesses so that they can be adjusted down. (Essentially make the environment attractive for short term speculators.)
3/ Get people outside of Steemit selling Steem/SP to investors & market makers
I am focused on 1/ and 2/. Unfortunately I am traveling and on speaking circuit, which is taking my time from responding to questions on the forum. I will elaborate on the outlook for Steemit's roadmap and my thoughts on Steem this coming week once I am back from Africa and before going to Amsterdam
yeah inflation is a beast in the current mode where the top 100 accounts have 85% of the steem. The simple inflation on your account is more than I could earn in a year of posting...
Agree the whales hold the masses of steempower but I always figured it was like that until the whales all came to the same realization as the minnows did. Technology has obviously pushed us all towards the same objectives on different routes. Interestingly enough we all agree that steemit is the end-game platform but the need for knowledge must grow. In efforts of every human being I still believe a life4alife will link us all back together, synching our frequencies to those of interstellar light.!
OR
Code the Universe
I think you're focusing on the wrong thing, it's more long term investors that we need. If enough people are buying Steem to power up, then the market makers will provide liquidity as a profit making service. Particularly we need lots of smaller investors as this also solves the 'distribution of power' problem. In other words the goal should be to make holding Steem Power more attractive without reducing the long term commitment. Especially more attractive to buy/own in small amounts, which is borderline pointless at the moment. This can be done by taking a different perspective on Steem Power.
I like where this is going!
Check this link for further explanation on how it could work.
https://steemit.com/steemit/@beanz/increasing-demand-for-steem-power-with-status
I have been suggesting something along these lines. Though I am not sure that a mandated value (voted on by witnesses) is the best approach. I have proposed throttling the conversion rate that results in SP inflation/interest based on the percentage of steem in the vesting fund.
Right now, the overall money supply is increasing far too rapidly. This is due to too much of the money supply held in a form earning the highest possible interest. If we can throttle that interest and promote a more stable relationship between SP and liquid Steem, we can achieve the goal of SP balances which are immune to the dilation effects of an inflationary monetary policy. As of now, the money supply is growing at a rate which can't be compensated for by SP interest (which is ostensibly a buffer against inflation/dilution).
Your statement implies that the interest rate should be adjusted down. And that is clearly necessary. But I don't think it should be up to a vote, based on the preferences of witnesses. For better or worse, witness behavior is the result of political considerations, and pressure can be placed on witnesses by SP holders. Monetary policy should be insulated to some extent from political manipulation. I'd prefer to see the vest to steem conversion rate respond to the market and user habits in such a way as to enforce a determinate rate of inflation.
In the short term, this means that a lot of the Steem that is held in SP balances needs to be liquidated. That might result in some overselling, which is unfortunate. But it is an important step towards stability.
I heard you speak about the need to have outside money coming in in your talk from Vegas. I was very excited. I think this is key. Changing the inflation rate i dont think is going to be the solution. The market will adjust to the real price eventually. What we need to focus on is creating value and creating reasons for people to invest.
I think bounties on post can be a solution to this. Please check it out:
https://steemit.com/bounty/@knircky/wanted-how-to-bring-value-into-the-steemit-ecosystem-usd200-sbd-bounty
To make my point in a simpler way, can you answer a basic question about Steem Power?
Why should a regular user buy $10 worth? $100 worth? $1000 worth? None of those will make your vote capable of either worthwhile curation or supporting content creators. Yet Steem NEEDS power distributed like that.
It is indeed possible to make holding such small amounts attractive to users beyond pure speculation.
This is very great that you are supporting people in africa to participate in Steemit - Steem on!