A Chat With A Steem Investor …….. Steemians Speak – Rising Steem Prices....... This Week On Steemit…….. SteemMag – Steemit’s Weekend Digest #28 p.2
A Chat With @snowflake
SM: Why are you powering up? And what is your opinion on the current situation of Steem and steemit?
@snowflake:
I am powering up because I think Steem is very undervalued considering the tech, current development and future use cases.
I think most alt coins will fail but Steem is not one of them because it offers something unique that other blockchain don’t specialize in and it has a solid community behind who wants it to succeed.
I only invested recently (thank god) because I had a lot of interrogation about the viability of this project. Which have now been answered.
I am ranting a lot on the forum because I want the issues to be fixed quickly but I have to say as an investors I am pretty pleased about the pace of development. I don’t always agree with every feature and the way they are deployed but overall I see a team wanting to improve the system and that’s what matters most.
I am not really worried about the price or stagnant userbase, because to me Steem is not ready for mainstream adoption.
There are some issues regarding power concentration and complexity in the system that will have to be addressed.
The ongoing experiment is a blessing, it addresses the 2 major issues on steem which are power concentration and scalability.
It also makes the site more fun, users more engaged and most importantly it finally gives steem power a real purpose. Blockchains are valuable because they empower people. Every blockchains trying to reproduce existing centralised system is going to be worthless because centralised system don’t need blockchains. Steem was doing just that prior to the experiment and it would have died a slow death if something hadn’t been done to give power back to the people.
If the price goes lower I‘ll just buy more, at these prices the risks are very low, it’s actually a bargain.
Regarding slow UI development, I don’t really mind because to me it’s useless to have a sexy UI if the incentives are not aligned with community, so I’m fine with steemit 90’s UI for now. But I think the design is very important, it’s same as clothing, it gives a general feel to the site. Current design looks very cheap
If Steem was only steemit I’m not sure I’d have invested because the blogging model is a bit outdated, but the fact that steem could be used for many different type of site makes it a lot less risky as an investment.
This is why I would like to see steem being a solid base where every post is treated the same, I would like the blockchain to be standardized, simple and polyvalent.
SM: Steem price is rising rapidly? Whats happening? Your take on the reasons why?
I think there are several reasons but take them with a grain of salt as I am not in any way an expert on these things:
The recent freezing of Bitcoin withdrawals on foreign exchanges have lead to people looking for alternative means of making money - i.e. altcoins that they wouldn't previously look at.
We have a bull market and markets run on sentiments - it is a feedback loop. This is feeding into alts most of all - people see a greater potential to make money there - including with Steem.
Some people are getting tired of the problems with large bitcoin fees and the long block times and are looking for alternatives - I have a few friends who are absolute bitcoin maximalists and would never admit this on the record but they have expressed these views in private. The recent price rises are making them rethink the idea that "Bitcoin is the only game in town". There is also growing fatigue with the infighting between the two main camps.
The whale voting "experiment" - controversial as it is may have piqued some outside interest. The votes of many people are now worth a lot more. It is controversial and I certainly sympathise with those who are against flags but I believe it has demonstrated that empowering people could be a powerful tool to increase engagement. I'm speaking anecdotally here though. I would need figures to be sure and could be completely off the mark here.
A lot of interesting events happened this week. And in case you missed them, we’ve got your back. Here are some of the most important events that happened on Steemit this week.
~Steeemit co-founder, @dan Larimer tenders resignation letter to Steemit Inc
~ @steemitblog made a post titled: Update on Simplicity: Cutting Complexity with Steem 0.17.0
~ Steem makes a massive gain from last week's position in the last few days to 12th on the coinmarketcap.com’s crypto
market capitalization list.
~ @good-karma releases updates to eSteem Mobile app.
~ @esteem8 tests new logo and other features
~ For a comprehensive list of dedicated Steem blockchain apps. Check out SteemTools.com
~ Meanwhile, SBD rates ranged from 1 SD = $ 0.93 - 1.19 this week
~$0.069 and $0.32 were the lowest and highest value traded this week for a unit of Steem respectively.
Check out -> Page 1
P.S What is your take on the rapid steem gains over the weekend? Are there new features you would like to see on SteemMag? Your thoughts about the various issues on Steem currently? HF 17? No Whales Experiment?
I would love to hear from you
Great set of updates and information!
I've only been here for about six weeks, so I still consider myself a newbie, but recent developments have been interesting. Whereas the actual implementation of the so-called Whale Experiment might have been handled differently, it seems like it was a proactive move by @abit & cohorts and whereas a few people might have felt hurt, it seems like it revealed a more equitable rewards system is possible... In this case, "It's in BETA!" is a valid excuse.
What the gains are about, and what the result will be longer term remains to be seen. The first spike began when the whale experiment started; the next when Dan announced his resignation... and then it was suddenly off to the races. I don't really care about the price as much as the volume... Steem is suddenly the 5th most traded coin on Poloniex... and if this IS someone pumping up the market, they have VERY deep pockets; trading volume is about 30x its previous average. Of course, I'm more familiar with the stock market patterns than alt coin market patterns.
I Just Listening Only....
True! The no-whale voting has led to more happy users. Hopefully, those who are still hurt over the flags can get over it soon when they realise they aint losing anything as the days pass by.
The recent spike is kinda amazing. From a mere $150k+ in volume, it shot to $5million+ currently. It will be interesting to see how this plays out over the coming week. Hopefully, it aint the classic pump and dump.
THanks for stopping by @denmarkguy . Is there a feature, someone, something you will like to see on SteemMag?
I don't know... I guess it depends on how far you want to take SteemMag, in terms of collaborating with others... you could approach @elyaque and see if he'd be willing to contribute a nice "Steemit by the numbers" infographic for each edition... maybe get with @stephenkendal and see if he'd contribute a "Crypto Market Report" (just a quick summary of the week's highlights) for each edition. You could have a "contests and contest winners" segment... just shooting off a few ideas before the effects of my Sunday morning coffee set in.
Fantastic! Thanks for those suggestions. Will definitely work on them. I look forward to hearing from you. Checking out your blog too.. We should have a chat one of these days.
Interview @edje He has some very interesting suggestions on marketing and other topics. He also has his fun, first experience on trading for newbies to share. I try to learn as well and need all info as possible how to get started.
I wrote a post yesterday to remind myself and help especially all newcomers " Welcome to Steemit" Page . I felt it was much needed to put this guide in a summery.
Thank you for mentioning me. I'll write a comment to this post.
For newbies: you may also refer them to this link "Useful STEEMIT TOOLS and LINKS"; It is a collection of very useful links (https://steemit.com/help/@edje/useful-steemit-tools-and-links) such as the etiquette guide by @thecryptofriend (https://steemit.com/steemit/@thecryptofiend/the-complete-steemit-etiquette-guide-revision-2-0) the help pages (https://www.steemithelp.net/) and a whole set of Steemit tools created by the community (http://steemtools.com/ ). I'm gonna update the link with some of the new posts I've seen which will help newbies as well to quicker understand Steemit, and to navigate through the various services.
I added this link in my post of today as well. I forgot @edje
https://steemit.com/welcome/@mammasitta/welcome-to-steemit-quick-start-guide-for-new-members
No worries at all ;)
I've added your post ((great post BTW) ) for newbies to the same LINK guide.
Great links compilation you've got there.
Thanks @mammasitta for your consistent support. Will check him out. Sounds like a cool guy. Saw your post ysday and it was a nice read.
Another great magazine. Thank you for all your work and thanks for having me on as well!
Thanks @thecryptofiend. It's always a pleasure having you on SteemMag. You've been dishing out really nice posts of late.
Thank you my friend - your posts are some of the best on here so that means a lot to me.
This Magazine is new to me, but as I understand correctly, you interview different Steemers. As @mammasitta suggested, I'm more than happy to share with you my ideas and comments as I'm doing in some posts but maybe more in comments to other Steemers posts. I'm here for bit more than 2 months, so for sure not a veteran, but I may be able to add something to the information flow and ongoing discussions.
Great. It's always nice to meet a new SteemMag reader. Will definite check you out and hit you up on chat asap.
nice guysss
:)
awesome post, nice to hear what others are thinking on the matter, thanks for putting this together! :)
i wonder how long the rise will last?
Thanks for @doitvoluntarily. Your engagement on Steemit has risen of recent. Thanks for all the work you put in it. I wonder where the current boom will lead to too..
Is there anything you wanna see on SteemMag?
has it? i feel like i'm always here! haha is there anywhere to see engagement stats? :)
Check out Steemwhales.com. You can search for your name and see your percentage rise over the weeks
thank you! :) a great resource!!
NIce, my friend ! :) Experiment okay, but it should communicate to all steemians.
Hey! Nice to hear from you again. Its been a while. I think communication flow is getting better these days.
Nice Read, Subscribed/Followed, and Marketed/Resteemed
Thanks :)
Thanks for another editions brother, great updates :)
Thanks @good-karma. Its interesting to see you making good changes week in week out..
I've had the pleasure of chatting with both Snowflake and the Cryptofiend. Both care deeply about Steemit's community and making this platform successful!
Thanks Tom. They are both wonderful people and it's nice that this platform we care so much about is making people happy again.
Yes, I agree. Happiness around here is not rocket science, though. Politics and cannibalism on Steemit seem to reach their height when the Steem price is lowest. When the price is moving higher, suddenly people seem to get along much better.