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RE: How marginal utility suggests a price dip after the hardfork
I can honestly say I don't understand it all but it sounds important so I am learning whatever I can, little by little. Following, upvoted and resteemed. Thanks.
You're here, so I know you're smarter than the average bear, which is what matters long term.
You can learn your way out of ignorance, which is pretty fantastic when you think about it.
Are you struggling with the concept of marginal utility, or the difference between linear and exponential rewards?
I get the gist of your article, I get the examples of value you presented. I understand that hard fork 19 is happening today and have been reading and listening to posts this morning regarding this. I think that a hard fork is a major change that happens when growth demands it? I also think that you are saying not to be worried about a dip but to expect it. It is just all new to me. I am excited about steemit. Already learned so much and eager to learn more. I kind of understand what you mean by both "marginal utility" and "linear and exponential" but it you would care to clarify if a little more, it would be appreciated. Thanks.
The bitcoin hard fork has come along because some people believe bitcoin needs to be able to allow more than it's current 7 transactions per second.
The steemit hard fork is different. It didn't need to happen to allow for growth, it's just a few tweaks the witnesses agree would be improvements.
There will probably be fewer hard forks as steemit gets closer to leaving beta and launching officially.
Marginal utility is the proper term for the concept I touched on.
A third car might not provide enough 'utility' to justify it's cost, putting it on the 'margin'.
The law of diminishing marginal utility just means you value each possible unit less than the ones you own, since they're already meeting your higher priorities.
(Driving to work, picking the kids up, running errands etc)
Linear just means its a straight line, like a ramp. Each dollar you have in the bank increases your buying power by one dollar.
Exponential is more of a curve, like a skateboard ramp.
Each additional digit in your PIN increases your security x 10
Thanks so much for taking the time to explain this. It helps. Still so much to learn. It is an exciting time to be alive. So glad I found steemit.
Absolutely. In the years to come, anyone who joined before 2018 is going to be revered as a very early adopter.
This place is only just starting :)
Yeah!!!!