I told you, DON'T INVEST in STEEM
After the cyber attack of today some people start to realize that maybe Steem is not "The most brilliant and super mega amazing Cryptocurrency in history". Is not only about security but also is about that we are already in a bubble. Many people have invested lot of $ even when they don't know how Steem works.
I'm not demonazing Steem, I think it is an interesting project and maybe after some time and after improving the plataform, security... it can be a solid project, but come on! in 2 days has been established as the third most important cryptocurrency just because people lose their minds because they think they are gonna be rich investing here, but I have to say that these people most probably are wrong.
There are also more problems with Steem:
How can this thing be workable long-term?
They will have to "print" more and more steems to pay off all the new user's content, there will be new contents everyday and more users everyday.And on top of that they will have to print more steems to pay all the steem power users How can the currency retain its value in the long run? I understand the steem power system where funds are locked so they can't be sold but this is bandaid solution to an hyper inflation system
The payouts are so ginormous now only because the market cap is up.
Basically the more users on the site the less reward for everyone, so how is any of this sustainable long term? it should be the exact opposite.
In the long run, we are all dead, and nothing is sustainable, look at Reddit, LOL.
Indeed, and steemit is an elaborate ponzi. Better get in and out before everyone else.
It is not sustainable. It is like a drug. You get all this money but the money will stop. Then no one will use it.
Where is the downvote button by the way ?
You click the little flag in the upper right corner
Thank you! That counts as a normal vote for my voting power ?
why?
The whole system is indeed elaborate, and it is taking me a while to get my head around it. I do think the devs have reasonably good intentions though. Sure, they want to get rich, but they seem insanely dedicated to the success of Steemit. I think your prediction about less money going around might be true but slightly off.
I think what will happen is the (content quality) bar will be raised significantly, to the point that only extremely unique and valuable content will be rewarded. We will also see the emergence of niche communities within Steemit, where people can be rewarded for being excessively entertaining, knowledgeable, talented, or what have you. Posting a couple of links to some skateboard tricks on YouTube won't be enough... nor should it.
So you post on our forum to tell us how bad our forum is.
No, i don't say that this forum is "bad". I say that Steem is a bubble and many people are acting like religious fanatics when obviously Steem have many mistakes that need to be solve first
You should read the whitepaper if you haven't already.
Good!
Great discussion point. Good to see I'm not the only one that is thinking about this. The coin market will be turbulent for the upcoming year(s) but I really believe in the blockchain as a technology. We do need to look better at the insights of every coin. What team is behind it, is there any management. How strong is the product, is there any product at all? An interesting website I found: https://www.coincheckup.com Every single coin can be analysed here based on: the team, the product, advisors, community, the business and the business model and much more. Check: https://www.coincheckup.com/coins/Steem#analysis To see the: Steem Investment and research analysis.