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RE: The Guiding Mission, Vision and Values of Steemit, Inc.
I have to be honest though. What is the nett positive of listing Steem to exchanges? More short term money in from speculators?
If the core value of the Steem ecosystem isn't properly dealt with, what's Steem to any other shitcoin people pump and dump with?
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People are incentivized for using STEEM Social Media. Don't kid yourself that this place is sooooo much better than any other social media platform. Without the incentives, this place would be dead. The problem is we are incentivized in a currency that can easily be edged out. If it is not available everywhere other currencies are, then it is not a currency. If it gets worse, the currency could die and the incentive could go away and thus people will quit STEEM and this place dies with it.
Listing on an exchange does create a short term pump and dump, however, the coin will experience higher prices over the long term. In addition, adding STEEM to more exchanges exposes potential new users to STEEM. The problem with STEEM is that Bitcoin dominates and creates immense market pressure. STEEM can potentially overcome the market pressure if the numbers of active users can grow to a substantial size. By walling ourselves off from the rest of the world by means of not exposing STEEM to the external markets, we will never get those numbers of users. We are a great community of hard core enthusiasts and STEEM currency is an amazing product with zero transfer fees and 3 second transaction times. The solution is to tear down the economic wall that prevents our currency from being used by the rest of the world to expose new people to STEEM.
Don't forget that until recently Steemit Inc's sole income to pay for development, Steemit.com, and staff was entirely from ninjamined STEEM in which a significant amount has been sold to keep Steemit Inc alive. Now, Steemit Inc must resort to layoffs, advertising, and potentially postponing SMTs forever to keep from selling all of their STEEM holdings. The advertising is not going to save-the-day by preventing the sell-off of Steemit Inc's holdings and it aggravates users who wanted an add-free home. It is in Steemit Inc's best interest to strengthen the coin that pays the bills so that they don't have to sell so much. It also has a indirect benefit by creating a path for new users to become Steemians. That in turn increases the number of STEEM users and grows the network. Go research the numerous mathematical models of network growth vs. value. They all have something in common. They all show that value grows exponentially with the number of (nodes) users.
Creating Dapps and polishing community projects without fixing the currency problem is like trying to drive a car with no wheels. We are focusing on fixing the dents without adding the wheels. We will never get anywhere doing this.
There is a Ether based micropayment social media called Cent.
There is a LN based micropayment social media called Y'alls.
If by your logic, listing Steem on Exchanges means better awareness, How many exchanges must Steem be listed if it were to grab mindshare away from Ethereum and Bitcoin?
That is why in my opinion listing on Exchanges does little to the ecosystem as a whole, other than creating more avenues for arbitrage and pump and dump.
Mass listing on exchanges is a strategy for a shitcoin. I haven't resigned to the narrative that Steem is a shitcoin.
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Since Bitcoin is on every exchange and is a trading pair with just about everythig, then STEEM would have to be on every exchange and be the major trading pair of everything else to break away from the Bitcoin dominance. That is not going to happen.
STEEM is far better than Bitcoin in terms of transaction time, cost to transfer, and scalibility, and yet none of that matters. All that matters is how many exchanges a coin is on and how prevalent the coin is as a trading pair.
Ever wonder why Litecoin does so well? The simple fact that Bitcoin and Ethereum take so long to transfer and costs are so high creates a need to have a tool to transfer currency quickly and cheaply. It is called Litecoin. We can take over the need that Litecoin provides, but first we need to be everywhere Litecoin is.
Exchanges are fully aware of a need to edge out Bitcoin, Ethereum, and Litecoin with respect to providing an alternative to them as central trading pairs. This is why most major exchange have their own coin. They have the unfair advantage of pairing their own coin with everything their exchange has. Binance coin is a perfect example. That coin is growing extremely fast in popularity.
You are making that statement as if only shitcoins have that strategy. That is the strategy for all coins.