RE: I See The Writing on the Wall, This Will Be Steemit's Downfall
The whole distribution thing while I know were beating a dead horse is an interesting point. I know Jackson Palmer recently has been big on talking about centralization and how if the distribution isn't done right or if too many people hold too much it makes it a centralized currency. I forget the list of the most centralized vs least centralized but off the top of my head I believe Ripple was one of the worst with the top whatever percent of accounts holding about 95% of all ripple where as something like Bitcoin while people claim a small amount of people hold a lot of power is actually one of the more less centralized ones. I think NEO was also very centralized.
I thought your comment at the end was interesting. I hear about and have seen some documentaries about how difficult life is in Venezuela and how messed up some things are, I actually purposely kind of go out of my way to support people I see in Venezuela because I realize my miniscule 100% upvote potentially could actually be pretty meaningful to someone there.
I have seen this comment echoed a few times by various people, basically if I lived in a third world country without all the opportunities available to me Steemit would be pretty attractive, however with so many opportunities available to me its kind of peanuts. I regularly get contacted by people through my Youtube channel who are from Venezuela or really all over the world but many people don't have access to paypal or stripe or can't join various affiliate programs simply because the country the are in or they have to jump through hoops setting up workarounds for a VBA or virttual bank account to be able to accept paypal or payoneer or whatever else so we as Americans definitely are kind of whiny when we talk about how hard it is to make money because in many ways we have way less challenges than people elsewhere.
I agree I think Steemit should be a top 5 crypto if for no other reason than there's actually something here. So many projects aren't even live but have all this hype. Other projects are very robust but not really used I mean Ethereum is great and all but aside from cryptokitties which imho is dumb as hell your average person isn't doing anything with it, like you say most of this stuff is only used by cryptonerds not your average person where as steemit while needs work is very easy to use and normal everyday people are using it
Yeah Ripple is terrible from so many angles. I held my nose and purchased some of that garbage and then peaced out on most of it. You just have to use it and lose it. STEEM has pretty bad distribution when it boils down to it. The STEEMIT account has so much and then there are like 10 or 20 whales that really have a very large percentage of the pie. All the initial STEEM was basically mined for around $5000 worth of electricity. So just imagine someone spending $500 or $1000 and mining an unfair distribution and ending up with accounts worth millions and then being a god king on here and being able to pay themselves and earning more and more. That is why in 2016 a lot of people who got on here just rolled their eyes and peaced out.
Oddly enough some of these Bitcoin forks end up with a really solid distribution because it leverages the distribution of Bitcoin plus the Satoshi coins are unlikely to move much and it is unclear if some of the other big accounts are still able to control their funds and recover the forks in the future as well.
I get what you are saying about some of these countries being rough to really make a go at things. I think our biggest disadvantage here is how everything is pretty expensive. Same with a lot of European countries. So much tax and insurance and so on and so forth so a person has to overcome that.
From everything I have read and seen it almost seems like if you go to some of these places like Thailand, Costa Rica, Mexico, Argentina......etc with our knowledge and some money a person could really live a lot better than you could here because you can be comparatively rich compared to a large portion of the population.
Another thing besides the distribution issue that STEEM suffers from is that it is easy for Investors to be getting "dumped on" by all the people trying to earn extra income off this platform. So it can create an imbalance of people cashing out. But it is an attractive investment in other ways because of the potential to earn. So hopefully that can balance itself out in the end.
I hate to say it but automated upvote bots actually are an enticing thing for investors with bigger pockets. If a person can earn 20% return / year off of it and they see long term potential in the ecosystem as a whole they could take a chance on it for sure.
I can see this clear vision for STEEM where in one platform such as STEEMIT or BUSY a person will be able to do all the live streaming , post videos, post pictures and video from a mobile app. Like everything will be on one platform.
I'm actually surprised someone with deeper pockets hasn't gotten funding to really take everything that is here already and make one new platform that will do it all based on this tech. I know there is going to be Appics which is supposed to be built on a SMT but that isn't out yet and the issues with anything built on a SMT is that it also suffers from the poor distribution of STEEM because a person has to buy STEEM to have power in a SMT application.
Over all we need to do what we can to really create a better more consistent payout and then when these other platforms come online we take the alliance over there as well and move as a crew onto every platform like that.
Yeah, the kinda "problem" with Steemit is unfair distribution. But does it really hurt a lot of people? I would not say that. Still you can earn decent money from the platform, especially if you invested a couple hundred bucks in it. Many people post garbage, but that's why you can raise almost easily.
The unfair distribution hurts the different times when we have been dumped on. Steem went from $4 to $0.07 in 2016. The peaks and valleys have been pretty severe but that all being said There are a lot of things that are happening that are positive here. Like I just livestreamed from my Android device yesterday to DLive. That was pretty cool!
Man, can't imagine what blow it was for people posting on Steemit. Like almost 7x decrease in price. I maybe even would give up if I were there.