The State of Steem - Let's Talk About It
THIS IS NOT FINANCIAL ADVICE; THIS IS MY JOURNEY. YOU ARE RESPONSIBLE FOR YOUR MONEY.
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Cliff Notes:
Right spot right time: SMTs, RC delegation, Steem-engine, thinking of ways to scale steem for all. Steem is like WordPress with built-in curation incentives.
Steem inflation is a little over 8% and reducing by .5% each year until .95 is reached. little less than 20 years; 75% of inflation going to the reward pool.
Smart Media Token break down:
SMT won't replace the reward pool anytime soon as the dominant form of PoB rewards in $. (IMO)
Steem will always be the most decentralized, liquid cryptocurrency
The reward pool is shrinking, regardless. SMTs will be forced to play an increasing role, that is how the system is designed. But it isn't knee jerk, it is gradual. When people rather earn SMTs then Steem rewards, because either the reward pool has shrunk and SMTs can offer higher ROI through various niche tags, or SMTs have had the time to mature and become liquid. - This is a free-market choice though, let the market decide which they rather have.
Keep in mind, there is a very small portion of the population that can even be steem whales, that's why we have SMTs to further decentralize the Proof of Brain process.
The same issues on Steem will happen on SMTs, some issues even worse. SMTs will be created by people, just like tribes. those people will set the rules. not everyone will like those rules, so those people leave and make their own community with their own rules. some people don't like those rules so they...
So, in the need to have perfection, you end up chasing your tail.
Steem inflation is good for onboarding, decentralizing governance.
5% (and shrinking) inflation isn't why steem price is down. Having a shit
economy for so long is what hurt steems price. its the lack of commitment to the vision of merging social media with crypto rewards. The same vision big guns like Vitalik and Larimer are currently pursuing full throttle.
Trying to make something perfect will strangle it with love and cuddles. FB and Youtube are savage, go read the comments. they even debated removing comments because ppl were purposely saying crazy shit in large profile YouTuber’s comment section trying to get them banned from adverting.
Referring to the Steem Whitepaper:
Page 15 steem WP:
Eliminating “abuse” is not possible and shouldn’t be the goal. Even those who are attempting to “abuse”
the system is still doing work. Any compensation they get for their successful attempts at abuse or
collusion is at least as valuable for the purpose of distributing the currency as the make-work system
employed by traditional Bitcoin mining or the collusive mining done via mining pools. All that is
necessary is to ensure that abuse isn’t so rampant that it undermines the incentive to do real work in support of the community and its currency.
The goal of building a community currency is to get more “crabs in the bucket”. Going to extreme
measures to eliminate all abuse is like attempting to put a lid on the bucket to prevent a few crabs from
escaping and comes at the expense of making it harder to add new crabs to the bucket. It is sufficient to
make the walls slippery and give the other crabs sufficient power to prevent others from escaping"
page 29:
A social network can maximize the value extracted from a set of content by maximizing the quantity and
quality of connections. Curating content is expensive and time-consuming while being near impossible for
computers to perform in the absence of links. Steem rewards users who are among the first to find and
identify new content.
By incentivizing curation the Steem network is able to use automated algorithms to extract the most
valuable information from a massive amount of content.
▶️ 3Speak
Steem is the most amazing thing that happened in the past 4 years
I agree with you on the SMT issues, it's very obvious there would standards and rules in each SMT but it's for the best of all users. FB and YouTube are more than Savage if you ask me. I don't think anyone really has freedom of speech on these platforms. I enjoy your videos on @threespeak and blogs. Please don't stop what you're doing. Best regards 👍
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I highly respect you and for what you all do for the blockchain. I do agree with your point reward pool be finite.
Can you kindly look into @threespeak VP being used wrongly by users to upvote just lame or normal comments because that is also somewhat mis-use of reward pool.
Below is one example:
Thanks, will look into this.
Great post @theycallmedan, A social media platform which rewards it's users is the only kind of platform needed to eliminate suffering and poverty in the world today. Facebook drains both time and money from people and gives almost nothing back to the average user. Everyone cannot be a whale on steem though, but everyone can benefit in some other ways entirely absent on Facebook and YouTube.
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Once we hide most of the crypto features and make websites that people just want to use and which resemble what they're used to we are in for some extreme growth.
The trick will be revealing the underlying crypto in a subtle way that lets the audience go at their own pace. Some will always just be consumers but even they will be doing the curation. Those few who convert to active members will be shocked that they wasted so much time for so long on sites that stole their attention, data and work.
I think the that we all realise now that even with a small community in steem now, it can't be everything to everyone and tribes proved that with one iteration and I think STM will allow for even more customisation so people can create all sorts of models that work for their community.
Sites like Wikipedia, Facebook, Instagram, Reddit were all built with no monetary rewards to contribute but people did it anyway. I think bringing money into the equation stil throws off a lot of people but they will get used to it with time.
We've built something that is a bit over the heads for the average user but with time, education and customisation we will be able to welcome more people and make it easier to use.I'm glad I got in "early" in relative terms and can be part of the growth and learning more about these new processes
I like how you think. Especially regarding social media. Facebook, Twitter & Pinterest have spent a decade training people to consume, create and distribute content. That content is short form and consumed by personal networks, and in rare cases goes viral. We need to embrace that here to grow the platform. I miss share2steem for that reason. It was a way to bring influencers to the platform and then train them to monetize and bring in their networks. Too many people are busy arguing over the rewards pool instead of thinking big on how to protect and grow their steem investment. You give me some hope with your thoughts above
Perhaps you do not grasp that social media is not attractive to most users as a monetary accumulation mechanism, but due to it's furtherance of socialization, something far more valuable than mere money.
You're correct that I wouldn't grasp that. I was a member of the twitter beta program and have spent a lot of time up at Facebook/instagram, Their focus is exactly what you say it is not. Monetization in the influence sphere all that matters to influencers.
Mike Tyson once said that Don King would sell his momma for a dollar.
That is monetization of society, and the reason Mike Tyson remarked on it is that it is not only morally reprehensible, vile, and criminal, it is utterly contrary to the actual interests and values of almost all people.
You may value money above all else, and be able to find company to surround yourself with that does too. Personally, I value a good dog above money, or those that value money more than their mothers.
What percentage of Twatter, Fakebook, or Instaspam users actually make money from their use of those platforms? I doubt it's over 1%. The reason most people use those platforms is not to make money. Most people use those platforms to stay in contact with people, like their mothers: socialization.
You aren't most people. You sound like a Don King wannabe.
Lol. I know Don a little. I did a few projects with him. I'm no Don King wannabe. And I'm assuming you don't know Mike Tyson that well. You don't have any clue what i value . You're really shopping in the wrong mall @valued-customer lol
I don't know Mike Tyson at all, and if we met he'd probably hit me. Neither do I know Don King. I am glad of that.
You speak of your values, and that is what I addressed, not my personal knowledge. I said you sound like a Don King wannabe, because the values you communicated were elevating money above all else. You may not know what it is you're selling. Perhaps it would be instructive for you to review your statements, so that you could understand why I have responded as I have.
You may not have such crass values. I wouldn't know that from your written statements. Our nicks both refer to commercial undertakings. However, my comments do not indicate I have an overriding concern for mammon. Yours do. You indicate that the only thing that matters to you is money in your comments about Steem I have observed.
That's on you.
You make a lot of assumptions. That's on you.
That's not my assumption. That's your statement.
That's what drives it according to Facebook and Instagram. I've sat in the meetings. They know better than you. This has nothing to do with me. It is what it is. Stop making assumptions about me. You are shopping in the wrong mall lol
Quit bullshitting me. You can say whatever you want, but if you want to speak the truth your words must be limited to factual reality. Almost none of the users of Fakebook and Instaspam gain income thereby, and you and your ilk are simply mimicking Don King's willingness to exchange every societal value for money.
That's what you say, and that's what you do, and your denial you do so reveals you know it's bad.
Live with the shame. May you live a thousand years knowing this about you.
You are so off base its unreal. I have only been speaking about influencer strategy implemented my the social media companies not general usership. You seem to be little more than an idiot. Time to leave me alone. You have sentenced me to a thousand years of nothing because you are absolutely on the wrong track. Get a life
Your words here don't well address the issues, and the statement I quoted above reveals your primary focus on your own aggrandizement. Abusing society for profit is something scum do. When you quit advocating it, I'll be happy to ignore you until you do something good.
Money isn't evil. Valuing it more highly than society is.
It's very clear that most people got burned on steem instead of big financial gains.
It's either you got in too behind the schedule like 2018, or you rode the entire bull back down while powering down.
"Bitcoin ain't gonna make you ridiculously rich.
$Steem CAN"
You've to treat steem only as a way to get more satoshis.
Thou can't fall head over heels in love with steem like you do with a hundred million satoshis.
Cause if steem price can draw back to $0.01 & you'll be left holding a bag you can't exit at an illiquid market
It's all about risk vs reward.
If you have a small funds, assume that $500, you can't expect to make a million from it via a hundred million satoshis.
Bitcoin has to go up two thousand times for that to happen, translating to a $248 trillion marketcap keep in mind yellow metal has $8 trillion
What about making a milli through steem? Is it possible?
Quite feasible.
Just do a simple browser search on the gains of $steem in 2017.
Steem (yes the gem in the dirt that is yet to be found), provided 799% profit earnings.
That is just one.
Compound it over 2-3 years & rolling over.
Virtually impossible? Yes of course
Acquaitances of Steemit who made millions from pebbles?
You need to have a scheme and venture administration.
You can't go all-in on $steem alone and expect to make a fortune from it; like you don't expect to buy 1 lottery ticket and hit the grand prize with it.
You need to do lots of surveys & reviews on proposals with a productive hedge fund merit.
You neglect the additional ~20% that was possible through stake weighting and financial manipulation of rewards. You also neglect that financial manipulation consistently and thoroughly discourages capital gains, those returns quoted above.
I don't think we need surveys and reviews to enable capital gains of orders of magnitude. BTC didn't. I do think that those with substantial stake need to refrain from using it to discourage capital gains by extracting the vast majority of rewards that should be driving user onboarding and retention. Users need to be receiving rewards for their content, so that substantial stake can profit from capital gains.
Put the social media first, and society will drive ROI by creating upwards price pressure on Steem by creating and expanding a market for it. Instead profiteers have discouraged that in exchange for gaining an ever growing percentage of Steem that is worth less and less in a shrinking market.
Nods
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Thank you Sir Dan!, my regards to you! steem is now becoming stable, now all the bots are trying curating and I see the future of steem being bright. I am waiting for your AMA( Ask me anything) very nice programme I do enjoy it.
@theycallmedan, SMT's will going to play prominent role in my opinion, because this Protocol will going to open the Full Fledged Monetisation of Interfaces and in a way we can say that Monetisation Of Internet will happen.
Steem should become Scarce that's the idea 💡 and in my opinion slowly we will see that picture too. We should go with the flow because Perfection is nowhere to found, it's time to understand the reality and have to start building from the Dust.
I want to appreciate your work brother which is always an Boosting Ingredient. Stay blessed.
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in some years we can look back and say " wow, steem in now everywhere, i remember the old times".
Appreciated your thoughts keep doing these podcasts.
Steem really will excel once the reliance on the STEEM token based reward pool goes down and other systems come in a allow for multiple methods to differing goals on the same platform.
And so the flagpool was born, that abuse might be reduced to a level Steem might survive. Personally, I disagree with this and other statements in the white paper, and consider them revelatory of the negligible grasp of investing possessed by the original devs, or of the rapine intent of the ninjaminers. Same people really. That we are here today economically is surprising, because Steem is yet extant, not because it hasn't attracted investment.
Mate this is godlike. Bravo!
This reminds me of this video I saw about a future world of Augmented Reality, and how everyone is using all of the points like tokens.. I think this could be a great use case for SMTs!
This post has been included in the latest edition of The Steem News - a compilation of the key news stories on the Steem blockchain.
Hi dan, can you tell mi in which podcast Joe said something about steem? :D
https://steemit.com/joerogan/@acidyo/steem-and-steemit-mentioned-and-discussed-on-the-joe-rogan-experience
appreciate it :)
@theycallmedan, have you heard of @freezepeach? It's a great initiative run by @r0nd0n. Their whole mission is to help heal retaliatory downvotes. You simply go to their discord, submit the post that was retaliated on, and they upvote it and resteem it. They have existed since before the HF, but they currently only have a small upvote. It would great if this program was beefed up, because I feel as though this service is needed more now than ever, particularly in the case of accounts punching down. In the current environment, this is something I think would be worthy of a steemit delegation. What do you think?
Their Discord link:
https://discord.gg/fmE7Q9q
Thanks!
-J
The new dimensions that keep on adding in steem blockchain is evolving making it the best one
Here is a detailed summary article about the key topics discussed in the episode:
The State of Steem and the Future of SMTs
Dan is extremely bullish on the current state and future potential of the Steem blockchain. He believes Steem is maturing into a powerful decentralized platform that will empower online communities in new and innovative ways.
The Rise of Smart Media Tokens (SMTs)
A major focus of the discussion is the upcoming launch of Steem's Smart Media Tokens (SMTs). Dan is excited about SMTs, which will allow communities to create their own customized tokens with unique parameters and use cases. He sees SMTs as a way for Steem to "hand the ball off" to these community-driven tokens, while still maintaining Steem as the overarching "upvote of the internet."
As Steem's inflation rate gradually decreases over time, Dan believes SMTs will play an increasingly important role, allowing for the creation of thousands of niche tokens that can drive demand and adoption. He envisions a future where Steem becomes a rare, highly sought-after token, while users earn and interact with a diverse ecosystem of SMTs tailored to their interests and communities.
Addressing Challenges and Criticisms
Dan acknowledges that Steem has faced challenges, such as issues with reward distribution and abuse. However, he argues that these are not unique problems, and that Steem's decentralized, community-driven nature is a feature, not a bug. He cites the Steem whitepaper, which states that eliminating all abuse is not the goal, and that some level of abuse is acceptable as long as it doesn't undermine the overall incentives.
He believes that the downvote mechanism, when used properly, can help keep abuse in check, acting as a "slippery wall" rather than a lid on the bucket. He also suggests that some level of friction and disagreement is natural and even desirable, as it reflects the true nature of a decentralized community.
The Bigger Picture: Steem as a Web 3.0 Platform
Looking at the broader context, Dan sees Steem as a pioneering Web 3.0 platform that is poised to disrupt the current centralized social media landscape. He argues that Steem's ability to empower users, reward content creators, and enable the creation of customized, community-driven tokens gives it a significant advantage over traditional social media platforms.
He emphasizes the importance of patience, persistence, and a willingness to go "all in" when building innovative technologies like Steem. He believes that the opportunities presented by Steem and the broader crypto space are immense, and that those who are willing to do the research, believe in the vision, and work tirelessly to bring it to fruition will be the ones who ultimately succeed.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.