There have been some very radical changes lately to the Steem system. Inflation dropped to about 9.6% a year, that is quite a big one, affecting a lot. Steem Power almost does not grow anymore as if by magic. The reward reserve creation has gone down from 80 Steem to 76 Steem per minute. That did only give a short lift to the market price of Steem. Also the Power Down period went from 104 weeks to just 12. Quite some heavy changes, which should have had an impact on the market price. Many expected it to go up. And I thought it should have gone to the value of a Dollar already by now. But I changed my mind on this later. Still, we're almost back at almost the bottom value we saw before the latest hardfork.
Before I get into that price thing, there is one developement I would like to see pushed through: losing the Steem Backed Dollar. For larger acceptance, for one, and also because Steem already has established a brandname for itself. Also, when the rewards are shown just in Steem, using the ȿteem symbol Roeland proposed, that would make it much more simple to use. And to promote it to potential content providers that do not natively speak English. One thing that held me back a bit promoting it in Nederland is that it still seems to be aimed at an English speaking audience. That uses the US Dollar as their currency. No mass acception there, while the Graphene blockchain tech really has to potential to grow to a worldwide scale.
Let's do this!
There have been some real brave changes made to the Steem ON Graphene System {SONGS}. In an effort to make this into a substantive functioning Blockchain, that could last for a long time without interference. And I think that dropping the smart contract of Steem Backed Dollar {SBD} will be the next best thing to do, as soon as possible. There already is a perfect fitting system for trading that is called BitShares. For those who want to trade this way can use their Steem to the decentralized open ledger of Bitshares. Losing support of SBD at the Steem system would free resources, would simplify the use of the Social Media Platform and make it easier to get accepted by content providers that want to write in their native tongue.
And let's get real
Also, I want to ask those big Steem Power holders who paused their Power Down, to try and get the price of Steem up that way, to restart their Power Down just like they normally would do. Any trader, potential investor, will be able to understand that in three months time, when you restart Powering Down, a large amount of Steem will become available on the market. Already it seems there are many Steem Power owners that lost their trust in the value of Steem. If Steem is to be at a realistic market price, it has to deal with all the possible effects of it's inner workings. Meaning, it should be able to cope with large Steem Power holding accounts Powering Down at the same time.
So far I've held onto the Steem Power in my account, that one is only at 'Hero' level. And I've seen some rise and fall in the value of Steem. But I don't think that trying to manipulate the price of Steem by pausing the Power Down for three months is any help. Look at the market price developement and that should be enough proof. Many others will Power Down now and sell, because they see that happening and maybe understand what could happen in three months time. Therefore I would ask those 'Legend' accounts to just do what they would normally do. For the good of all.
Do not fear what you do not know
If dropping the Steem Backed Dollar {SBD}, do not worry, you'll get Steem for them in the right value, would simplify the use of this platform, that would attract more new users. Users who might want to post in their own native tongue attracting more content providers and curators from their region. In an attention bases economy setup attactiong attention is the main key. One thing that makes other Social Media Platforms strong is their support for other languages. The ease of use being another thing. And maybe there should be a 'full-Steem' payout choice added. Just to make it more interesting to start posting.
Also, maybe you think I must be nuts asking the 'Legend' level accounts to restart the Power Down right away. In a manor they did before. Because that might flood the market with Steem for a while. Yet, remember, Steem Power growth has almost dropped to zero, so at a certain point the would go down a level. Before the last Hardfork I made about 24 Steem Power a day, just by holding Steem Power... And now? Close to zero, almost no growth, proves that the inflation really has dropped very much. But if we want to know the real effect of 'SuperHero' and 'Legend' accounts, we better let them do their thing, like they would before. Just like any account should.
Only that way, at least that is how I see it, a realistic price of Steem can come to the surface. Putting the fear of 'execution' three months ahead does not make any sense to me. At least that is my opinion...
En fin
No matter what all those other crypto fans might say, write, vlog, podcast, or whatever, Steem is unique. It is awesome to see that we are almost at 50-50, men and woman content providers. So no 'sausage' fest here in our crypto realm, but building something great together, that is a fest for all! And I don't even bother myself watching those vlogs and podcasts of apparant dumb bottoms that claim to be smart, while wining about Steem being complex... You do get the irony of that right, hahaha! XD
And thus, welcome dear fellow wise user of this Social Media Platform, may the Steem be with you, in 2017 too!
image cc-by-sa @oaldamster
- 50/50 post, because I want to keep my Steem Power up, and yet pay our bills.