A higher Steem price in a few wishful steps...
My plan for a higher steem price...
Everyone wants a higher steem price, and in my opinion we could probably make it happen with a few key announcements.
The only caveat is that these announcements will have to come from Steemit,Inc.
Without further adu, my thoughts on how to get the price of steem higher in the near term...
I think all it would take is for Steemit,Inc to take a few key actions and then blast a press release, or multiple press releases, that highlighted a few key points (and some that haven't quite happened yet).
The press release(s) would say something like this...
"We are now generating $100k a month in ad revenue, which is more than 99% of crypto projects. With this ad revenue we are now getting to the point where we will no longer have to sell steem to fund operations. This is significant in that we have been selling steem to fund operations basically since steem launched back in 2016. This would mark a significant milestone in our project as we no longer depend on market prices for our survival.
Also, we are now focusing all our resources on building out SMTs and Communities and expect to have them completed in the very near term. We believe these two developments will add tremendous value to our platform and our community/users as they will have more tools at their disposal than ever before.
Also due to the development of SMTs and Communities we have decided to shelve the previously proposed EIP. We think that it would better serve our community for these new features to be tested first within Communities and SMTs before we launch them on the Steemit.com platform. If we like what they are doing within that context, we can implement them on the broader platform later on.
However, that being said we will continue to work and tweak some of the finer points of steem and steemit.com in order to help it be the best that it can be. Some examples would be getting rid of some of the un-needed complexity surrounding voting times and other smaller features that we feel take away from the overall user experience.
We also plan on going forward with a new fund that is set up to help pay developers for their projects. Initially it was set to be funded with 10% of the overall inflation, but we have decided to start it at 5% instead to see how it goes first. If you have a great idea that you want built on steem, send a proposal and you could get funding!
Finally, with the dramatic increase in ad revenue we are experiencing, not only are we no longer going to be selling steem on the open market, but we are anticipating that in the near future some of the surplus ad revenue will be paid out to qualified bloggers as an additional revenue source to them, or used to buy-back steem and burn it, and/or used to fund a large advertising campaign. We feel any and all of the above would add tremendous value for our users.
Thank you for being patient with steem and steemit over the past 12 months. We are finally getting to a point where we are going to start thriving again, buckle up!"
Something along those lines would really get things flying again in my opinion.
TLDR:
- Announce that you are making $100k per month in ad revenue
- Announce that you are stopping selling steem on the open market
- Announce that all resources are being put into developing SMTs and Communities and they are coming soon
- Announce that you are scrapping the proposed EIP as it currently stands
- Announce the SPS but reduce the inflation going into it from 10% to 5%
- Announce that some of the increased ad revenue will be paid back to qualified bloggers/or used to buy-back steem/or fund advertising campaign etc...
(That last one is mostly pie in the sky dreaming on my part, but perhaps with enough revenue and cost cutting we can make something like that happen)
If some combination of the above, or all of the above, was done, I think investors and users would start to feel confident about steem and steemit again and the price of steem likely would get some wings!
What say you @steemitblog @andrarchy @elipowell @justinw @roadscape @vandeberg @gerbino @birdinc @ned ?
Stay informed my friends.
-Doc
If you look at their announcement this way, it totally makes sense that they should be making a bigger deal of having such a nice stream of income and cost reductions so fast, especially when you point out that they are probably generating more revenue than any other crypto project without having to sell anymore and just announcing that to more public will increase ad revenue even more with the new interest it might generate, a nice money making cycle.
Yep, we just need to get that money making cycle started!
Great thoughts. I think it’s important for inc to announce what they’ve been doing to the public, that we steemians know it isn’t enough.
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Yes I mean steem and steemit mostly gets talked about in the media because they had to lay off 70% of their staff... How about a come-back story where they are generating more revenue that most other projects now?!
Yes .... thanks for doing this. All great points.
Maybe mention about steem engine and tribes ... even it is not their project...
Yes, these were just a few points off the top of my head. The fact they are encouraging and supporting 3rd party developers/development is huge. Why we are not trying to make steem the gaming platform of crypto is beyond me... free transfers is a huge advantage over most other chains when it comes to gaming...
From your keyboard to God's ears.
Perhaps even just to Inc's ears would be ok. :)
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Thanks.
The steem buy back is the absolute best idea imo! Less progmatic selling by STINC would need to be done as the price won’t be higher creating a virtuos circle
Yes, if they were able to generate a surplus of revenue, buying back would be my second choice, after revenue sharing with bloggers.
I hope Steemit Inc are listening. They have a chance to really boost the platform.
Yep. It's a shame that every time steemit and steem are mentioned by the media is has to do with them having to fire 70% of their staff... would be nice to have a turn around story about them generating $100k a month in revenue now...
You should mention some of the team members, so that they could see your post.
You should mention some
Of the team members, so that
They could see your post.
- abdulmanan
I'm a bot. I detect haiku.
Sure I will include them, thanks.
I think that one of the biggest failures is the lack of press-kit/releases. If people do not know you exist then it is easy to pass you by.
One thing that the people at Steem.io should do is take a look at the Press releases from IBM. Perhaps a shift in thinking is needed at the top. While it is nice they did the experiment for a "Social" block chain that does not preclude them from selling space on their block chain the same way that IBM does.
IBM even though it is thought of as old Hat are still relevant in today's market. Why? Because they let people know what they are up to. How many people using steem even realize that IBM has a Blockchain. That they have tools and people set up to help you create you own blockchain environment on top of theirs?
Marketing needs to start somewhere, and a simple monthly progress report press release would go a long way in getting eyes on the steem blockchain.
Yep, it sure does. Though press releases cost money and there simply hasn't been much of it apparently these past few months. However, if they are able to start generating some nice revenue via ads, they certainly need to start going this route for sure.
FYI they aren't really making $100k / month in ad revenue...they had one month of near that amount which I'm pretty sure all came from a single large, one-time deal.
Interesting... how do you know that? If true that would certainly change things...
Call it a very educated guess, but in any case we'll see how the revenues look going forward.
Yea on the post from @elipowell they seemed to imply they thought they could continue to dial in the revenue numbers and fine tune things to get to an even better spot than where they are right now. We will see if they are able to keep an upward trajectory or if this was just a one off... which is why my post mentioned much of this was wishful thinking at the moment. :)
Hi there! Sorry about offtopic'ing here, but I'm out of other ideas. If I recall correctly, you're in charge of "MattyIce" GitHub account? Any chances you could take a look on https://github.com/MattyIce/bottracker/pull/49 ? That fixes some serious bugs in rewards-calculator.. although to be honest so much time passed since I posted that PR that today I'm not even sure if the formulas I fixed are still up to date (--') But! at least! the JS bitwise shift()/and()/or() routines don't go into negatives giving ridiculous results..
It's pretty much insane that steemit.inc don't seem to have a press officer. Or maybe andrachy is meant to perform PR as well as generalized marketing and communications.
My last job was in Comms and I had to handle multiple roles including internal and external marketing. Well written, strategic press releases are integral to building reputation. We could do with a bit of that right now.
You're suggestions seem pretty good @jrcornel
I'm not 100% sure why (if they're earning 1.2 million/year from advertising) steemit.inc can't buy back steem and either burn it to inflate the token price, or use it to fund the SPS. I was very vocal in discord when the SPS was first proposed that it shouldn't come from inflation. People moderating in the witness chat back then shot me down without actually addressing the point I was making, and seemed to be working an agenda tbh. My point was that from any informed content creators perspective, funding from authors rewards is a further insult in a system that already doesn't work well to the original stated USP of steem, 'rewarding good content.'
From my perspective, I think the first 3 of your points are the most valid. Press releases about all of those issues:
should be getting sent to all major crypto news entities. Also, more generalized marketing on traditional social media. I mean, we're in the age of the millennial. If we could just entice the crypto-savy on twitter to cross post with share2steem and get involved in the community here it could make a huge impact on steem's price.
There's a tone that could be done but isn't.
Very good points. I agree.
Regarding the SPS funding coming from inflation, I don't like it either, especially not all of it coming from the author pool. It likely is going to continue to be a drain on steem prices as whatever projects get funding are immediately going to be dumping that steem for fiat... and I imagine the majority of these projects will fail in adding any real value to the ecosystem, some won't hopefully, but most likely will.
We're on the same page for sure. I see it as somewhat of a flawed idea, as it can be used as a money grab. I'm sure that many legit projects will build using SPS, but as you point out how many will succeed?
That means under this current proposed system, the content creator is expected to pay (from low ass rewards at it is) for all sorts of projects they might know nothing about? It's crazy. If I could choose to approve, or not, a project I might feel differently.
I got bored of pushing these points in discord after a while as no one seemed to want to acknowledge it was even a problem. I had one person say to me:
'why shouldn't it come from authors? It's not fair if it cones from witnesses as authors are the biggest drain on the pool.'
This is laughable. As I understand it, top 100 are earning a yearly salary through running the witness node.
What's fair - if it has to come from inflation - is that it comes from all inflation, across the board. Author, curator and witness rewards. Otherwise, it's another fck u to content creators who are the current community and audience of steem at this time. If they keep getting shafted like this over and over again, the whole system will collapse when they all leave lol
And don't forget the interest to SP holders as another inflation category. But yes I completely agree. I supported it coming from multiple sources as well, as did the vast majority of the community that commented, yet here we are with it all coming from the author rewards... sigh.
Why do we need zteemit to do anything for Steem to be successful . Satoshi hasn't been around for over 5 years and Bitcoin continues to grow. If we properly develop our community development and decentralized repo governance we can far surpass bitcoin's community based deployment .
My comments were necessarily about steem overall in the long run, but more about how the price of steem could be boosted in the short term, and for that I think they are needed, for several reasons.
Not using the steemleo tag yet eh?
You know it's an investment community?
Of which I'm sure almost all your posts apply.
I've got 22k coins staked,
free rewards friend.
Does it help if I don't have any leo? I didn't have any coins staked at the time of the airdrop... ugh.
The whole point is that you create content that is exactly within that niche.
You are literally the only person I follow for "investment advice",
and TA and all of that.
Don't you want to try to bring value to a new project and get extra rewards for the work that you were already doing anyway? These new communities are currently primitive but they will eventually serve as a way to organize the information on Steem in a much more useful way.
New value is being generated out of thin air,
as is the promise of crypto and abundance.
Alright, you've convinced me, what do I do? :)
Use the #steemleo tag :D
#winning
step 3: profit
Haha thanks! I will do that from now on. Do I need to buy any tokens in order to receive votes or anything?
nope... just use the tag
Done. Thanks for your help!
Edit post and ad steemleo tag for the start.
Done.
Sounds really good!
I think so as well, we need them to be generating this kind of revenue and more going forward though as a starting point for all this.
This is perfect!!! Jrcornel for Steem Ambassador.
Bahaha thanks. However, I don't think I am saying anything that most aren't also wishing for. Most likely many of these things are just not possible currently (yet), though some are.
And we banned bots and stopped malicious downvoters and unreasonable self voters.
Lol, now we are really getting to wishful thinking :)
I kind of knew it that it'll be too much but I couldn't resist, hehe.
Cool @jrcornel
Simple steps indeed. This is really workable. As long as the say the truth a
littlegreat loud brag in a press conference is badly needed! I don't think that has been done enough in a long while.@nevies
It hasn't. It's ok to brag a little when it's true, especially when mostly what we hear about steem and steemit in the media is the negatives...
While I think this idea is the shortest path to a better price, I think what has been done by the community already is going down a path of more decentralization to avoid the pitfalls of any one stakeholder in the ecosystem.
Posted using Partiko iOS
Possibly, but overall I don't think the EIP as constructed is the way to go.
STEEM will have it's 15 minutes of fame again one day. Perhaps not soon but one day 🤷♂️
When? :)
Bookmark to read later
Cool, let me know your thoughts.
Congratulations @jrcornel!
Your post was mentioned in the Steem Hit Parade in the following category:
Thanks.
You're welcome.
Great post... love the recap and suggestions 😎
Thanks B-man!
Nice thoughts 🧐
Thanks!