We at Steem Factory have been brainstorming to find new ways to increase the value of our STEEMFACTORY token. Since our inception we have given away more that 55,000 tokens to users who support our project. However, the token price has steadily declined over time.
The market is currently devaluing the mining operation which backs the price of the STEEMFACTORY token.
Let's take a detailed look into the mining operation:
| Equipment | Price |
|---|---|
| KNC Titan Miner - Purchased in 2014 | $10,000 USD |
| Raedon GPU Mining Rig, 16 GB RAM | $600 USD |
| Power Supplies, Networking Adapters, Etc | $400 USD |
| Expenses | Monthly Cost |
|---|---|
| Electricity - 1200 KW/H KNC, 350 KW/H GPU | $115 USD |
| Mining Income | Price |
|---|---|
| Average USD value of coins mined per week | $125 USD |
| Average USD value of coins mined in month | $500 USD |
| Current Price of STEEMFACTORY | USD |
|---|---|
| STEEMFACTORY | $0.03156 USD |
Do you agree the STEEMFACTORY token is undervalued?
We do. Now, what can we do about it? This is where we need feedback and suggestions from you, the community. Tell us what you think we can do to increase the value of the token.
Create you own idea in the comment section and ask others to vote on it.
Here are list of our ideas (Vote in comment section)
- Stop distributing the tokens for free - many are selling the tokens because they were given away, which is greater than the demand to buy them
- Create a weekly drawing where we award the winner in Steem, but to enter the drawing, you must send in a minimum amount of SteemFactory tokens.
- Perform weekly Steem sharedrops on the holders of STEEMFACTORY tokens. We must identify a minimum amount.
Ideas that we have abandoned
A supporter of the community suggested we buyback STEEMFACTORY.
- For the last two months, we have bought back STEEMFACTORY on the open market and the price continued to decline. We concluded this is not a good investment at this time. Until we increase demand for the token, the buy back will not produce the desired results.
We look forward to your feedback. We at Steem Factory value your opinions. Let's build this community together!
Thanks Steem Factory
Vote For - Perform weekly Steem sharedrops
This option would require you to buy STEEMFACTORY weekly to be eligible for the sharedrop.
In actuality, you could do #2 and #3 both. Just a thought.
You are right, we could do both. Interesting....
I like the idea of treating the peeps as shareholders. Otherwise the whole idea is somewhat muddy.
I hope you realize the drop in price is proportional to the price of bts, which seems to be the main market. So the value of steem factory remains almost the same. It just can't keep up with bts.
Thanks for the feedback.
Vote For - Create a weekly drawing
As long as the process for submitting the tokens for entry is fairly easy, this is I think the best option.
This seems to be a fair and logical way to handle it. The Last Sage sends his support. Much love, Peace
This along with abolishing the free give away is a good idea, the worth of the token is established and you are a trustworthy voice within this community.
Vote For - Stop distributing the tokens for free
Sorry! I do not quite understand some technical terms. So it's hard for me to vote now. To do this, explain to me the idea of number 3 please.
In that scenario they will give STEEM to the people who own STEEMFACTORY (proportional to your holdings: If you own 1% of STEEMFACTORY then you'll get 1% of the STEEM they give away)
Oh! Now I understand everything! Thanks @anonimau5 for the help in clarifying.
Great post! follow,upvote ,resteem and comment @roba I'll do the same for you.
Thanks for reading!
I was not familiar with Steem Factory.. will take a look.
Thanks for looking into it. Let me know what you think and if you have any questions.
Maybe use the hardware to mine other crypto, then use that to buy back the tokens.... just a thought.
I'm currently mining Litecoin, Dogecoin, and Viacoin.
What don't you sell steemfactory tokens for upvotes here, similar like whaleshares.
I like this idea.
Me too. Or for resteems at least.
I think the biggest problem with the token is, if you hold it, what you get back? Dividends? Revenue? Well I guess no, that is why people are selling it and not holding and buying more.
What are the diversification efforts of the mining operation, is there any solid plans to establish further miners in your facility with the income from the token? Once there is an income of course, I have been a long time holder and an occasional liquidity provider (buy side) I would be interested in hearing about what the operation plans on doing to expand its income beyond the token. Cheers and as always much love fellow cryptopian.