TLDR: My Steem story , random rant and solutions to make Steem great again. If you get butthurt easily don't read this. If you don't understand something or I didn't go in depth enough, ask me in the comments. This post was not edited because I give 0 fucks, it is what it is.
I started off on Steem on the 12 of July. I liked the project but needed to do more due diligence before investing any money. After I was confident enough, even though I saw many flaws in Steems economics (reading the whitepaper) and Dan's game theory, I decided to invest an initial amount to "test the waters" so to say and see how things would go with curating and authoring.
Things went well with my first few posts and I started thinking about scaling up with my editor (which is a pretty good writer) to fight dilution and maybe even make some. My first investment totalled 10 BTC at an average price of $1.8 per Steem or roughly ~3300 Steem. My second investment totalled another 10BTC with an average price of around $2.6 per Steem. Both "investments" came out to around 5400 which I powered up after buying.
Even though I invested a very big some (for the "average" person) I was constantly questioning things in Slack and then steemit.chat. Many people started attacking me saying I was creating FUD (fear, uncertainty and doubt, usually evoked intentionally in order to put a competitor at a disadvantage).
Here's where things started to get strange:
Everyone was ecstatic because their writing talent was making them money, they were making good money through their "investment" with circlejerking about Steem and celebrities started joining and posting. As an old timer in crypto this is where I would sell (on strenght) and people's fake hopes of Steem taking over the world. Sadly I locked myself in before this and become a "forced" bagholder for ~104 weeks (the time needed to powerdown).
Getting to the point
For most Steem is a "freeroll" , people investing NO money but their time, through writing content and curating to earn rewards. For a smaller subset of users that invested in Steem (and subsequently SP) seeing the "bigger picture", it's a losing game (one person being me). For the other 1% "the elite" or whales which are basically 2-3 miners that where in the right place at the right time, Dan, Ned and most witnesses (90%) which are Bitshares bagholders (appointed by Dan) to bail them out for their time, money and effort given to BTS (Dans failed project).
I'm not going to go into things like MVests (which is just random bullshit IMO) so you think powering up is worthwhile or how SD is pegged to the $ *cough* (it's a stable coin NOT a dollar pegged coin, that fluctuates A LOT).
Anyway Time for Solutions:
Inflation Solution
Instead of waiting 3 1/3 years to 1/10 reverse split making Steem worthless for the next 3 years (100% inflation yearly) do a 1/1.25 split every 3 months.
Start is 100million, in 3 months supply is 125million, reverse split 1/1.25 back to 100million RINSE-REPEAT every 3 months. This gives investors/traders confidence. The first reverse split will need to be slightly higher as current supply is 153mill at time of writing.
Voting Solution
Allocate a specific $ amount of % of SP for votes for each user daily for 100% power vote.
Example :
A user has 1000USD worth of SP. He can max upvote 0.05% per 24hrs of his SP (or $0.50) as one 100% vote or spread it out (10x5cent votes or 50x1cent) votes per day etc.
SD Solution
Have an additional vote button or an option to convert SD to SP to allocate to another users post.
Adding another one here : promoted products
Image source : Pixabay
Comments are welcome