RE: An Open Letter To STEEM Content Creators
Hey, @practicalthought.
I don't know that I can honestly say what has caused the value of STEEM to fall. I mean, there's a lot to point to, and it would certainly be proper if any or all of that were the cause, with Steemit Inc. regularly selling of theirs being a definite part of it.
That said, markets work on sentiment, and sentiment can be based on very little, and not really anything that could have bearing. Shares rise and fall all the time because someone wants to make money, so they sell, and that triggers a sell off when there wasn't any other reason to do so.
So, not defending the decisions that have been made. You know how I feel about those from previous discussions. I just don't see much rhyme or reason to any of this, or STEEM would be valued higher, regardless, based on technology, upgrades, case use, etc.
re: by default
I hope that wasn't the point I got across. I was trying to take care to show that yes, STEEM has its issues, but until somewhere else can match in community size, price, and then add better governance and whatever else, there's little reason to take off to somewhere else when it's going to be the same thing, or a variation of the same thing, on a lesser established platform that has less going on.
Unfortunately, we don't have awesome, beyond the technology, to work with. It is what it is, right? We can fight to make it better and take our lumps in the process, I guess.
It's always a result of more supply than demand. Many are angry at the whales, many of those seeming to be people who never bought any Steem themselves, only cashing out what they have earned.
It seems to me that so many regular folks who came here relied on others to buy. I even had one tell me the other day he would take take take, and my pointing out that was why the coin has fallen was me trying to tell him what he could do. Yet another greedy person who milks this regularly had the audacity to post about those greedy whales.
There is this disconnect for so many, not realizing that if they themselves were not greedy f***s and would have treasured the ability to reward those they interacted with ALL boats would have risen with the demand from that.
It's because I saw and resented this in so many others early on here I get why changes are being made, although it will wreak havoc on the current model. The masses who came have proven they have no desire to buy, only use. Steemit and the other whales are now looking elsewhere (other business models) where there may be more appreciation beyond how much can I squeeze out of the rest today.
Much like many of the whales, I too have lost faith in the regular user community to care enough to right the ship. There are to few like yourself (and at one time myself).
I agree that there's plenty of blame to go around. The marketing by users to others was basically get rich quick, so people came thinking they were going to do that without much effort, and without needing to buy in. Once that gets started, it's hard to stop it, especially if the videos are sitting on YouTube, etc.
That doesn't excuse the people coming though who should know better, and either were too blind, naive, stupid whatever, to notice, or didn't care. They saw an opportunity to get theirs and they took it. And when it didn't turn out the way they wanted it, too, because they themselves went to the trough too many times, expecting someone else to pick up their slack, all the while too many others were doing the same thing, voila, we have at least partial blame.
Whales dumping STEEM, doesn't help. Bad press, doesn't help.
However, blockchain savvy investors and those in the know should see STEEM for what it is, way undervalued and pretty underrated and under utilized for what it can do. I think people are going to realize that, and it might take rock bottom prices for it to happen, but then we'll start seeing more than just social media and games here.
All of those who are clinging to the social aspect of it and what they can take out of it will be out of luck again because they won't have any STEEM left to transact in the new economy that will eventually spring up.
Maybe I'm dreaming. It is late. Maybe I should go to bed and be more cynical in the morning. :)