Lets be honest, none of the witnesses or developers have the financial resources to support the chain. This was a burning ship that was sinking in the middle of the ocean. No one was making anything from blogs, just a select few. All the witnesses and developers were doing was pulling money from the system to pay bills and maintain developments that always miss deadline. Steemit and witnesses were the biggest bears on the platform selling millions of Steem. This scenario could not continue, Steem take a mental toll on a lot of folks, I know folks who invested thousands of dollars and probably never get back that money, one guy cannot face his wife and another loss a house. There is a lot of sad stories. We may not be the typical bitconnect but there is a lot of like stories once you start asking question.
Even a simple new blogger who manages to get a couple upvotes end up receiving flags because some folks think he is making to much money, the signs and flags were waving at us, financially this could not go on any longer. Witnesses run a server and dumps to maintain those server, no money is coming in, think about it. Justin Sun deserves a chance to change things around here
It's ALWAYS been like that! Did I not say that STEEM, like all cryptocurrencies, receive its value from speculation? Bitcoin is pretty much the only one that may have a value proposition that makes sense but only because the fiat system is so broken that a hedge against hyperinflation is necessary.
The only difference between the worsening situation since the third quarter of 2018 and the bull market before that was that the latter period (the bull market) saw Bitcoin being grossly overvalued and additionally sparked an altcoin rally on top of it. The price action is cyclical. Steem has already emerged from the deepest through and was well on its way to gain value along with the altcoin market before the Tron deal was published.
It's not the witnesses' job to pay for development or infrastructure on Steem. It's the speculator's job as usual on the altcoin markets. STEEM is a quasi derivative of Bitcoin. On content alone without any speculation going on, it would earn enough for the price of STEEM to be 1 cent at best. I did some calculations last autumn.
Bloggers on Steem are vastly overpaid. To monetize a blog in the real world is much more difficult.
So by saying all that you were saying, you were happy with the way things were and want it to continue that way. I am trying to understand the alternative that these folks are putting forward outside of Justin Sun. From what you saying, you saying that the Steem users would have to foot the bill and the witnesses and developers continue to dump on them as usual. That precisely what you saying there
What is the alternative, can small bloggers like myself make anything on this chain, or any blogger that outside the circle of a few accounts that regularly vote for them. Look at it this way, the same witnesses and same folks regularly vote the post to trending and before someone gets there and happens to continue to make a little money, they receive flags.
Look at the way Bernie was behaving, flagging everyone else and upvoting his post, he was making a point of the shitshow that was here. This simply could not continue like this, we have at some point in time have to think of the speculators as well, this cannot be a one way street
Not just users. Any speculator in the crypto space. Software development is real, honest work. Steemit, Inc sold tokens to speculators to be able to pay developers in dollars. There is nothing questionable about selling tokens to pay developers in fiat. The whole chain would not exist if it weren't for the developers. One developer equals to thousands of average level content creators in value.
Yes, thanks to speculators particularly during a crypto bull run.
The reward distribution is like that everywhere. Rewards follow a power distribution in any creative industry. You make it sound as if the same witnesses and folks regularly earn a lot deliberately remove rewards from the little people by downvoting them in an unfair and greedy fashion. That is not an accurate picture.
The EIP solved this.
The speculators come when Bitcoin enters another bull cycle again. If BTC doesn't do that, we're fucked. You wouldn't not find a businessman willing to fund rewards at this level outside of the crypto sphere. The only way for normal bloggers in the wider world to monetize their blogs is to create quality content and get serious about SEO and marketing.
From what I am reading here, you seem pretty happy with the dysfunction that was happening here.
What I gather here, you seem pretty happy riding Justin Sun as a speculator as long as he pumps your bag and he cannot get to have his say. Life does not work that way, hence the reason so much stop using the platform. Give him some time to articulate his way forward, nothing really happening for Steem outside of the SBD speculation which most of the witnesses ironically are against, but they are the first to cash out on the community.
The relationship that exist right now is parasitic, such relationship never works out. The Steem community was drain and financially bankrupt, I hope witnesses and developers recognize this fact and show a little more appreciation to Justin Sun and try to find a way forward.
If it was me, I just bought out Steemit stake and you as a witness, just nullify my stake, I honestly do exactly what Justin Sun is doing. I am trying my best to be a honest broker here. I like to see the Steem blockchain maintain but I also recognize the investor in the driving seat is Justin, it was Ned and Steemit INC before and look what it brought us. Steemit INC and witnesses were selling thousands before the bull market and even then, they did not save and plan ahead, they were slow to implement other revenue stream and only under desperation started allowing advertising.
We cannot continue Steem status quo, if you see speculating as the way forward, then good luck, there come a time when that kind of parasitic relationship gives way