To be perfectly honest with you I hate it every time Wikipedia asks for money but maybe we are all doing the same on STEEM.
I have said for years that Wikipedia should just add non intrusive ads into their platform and that it would solve a lot of their issues. It is an idiotic model in a lot of ways. They put the encyclopedia companies out of business just to turn around and beg for money? Being a capitalist should I have sympathy on them?
My idea of a STEEM like platform would be to attract advertisers and use that money to partially pay for development and hosting costs and the other half goes to content creators who achieve high visibility and meet certain criteria. It would be paid to them in vested STEEM power or whatever coin it was. Smoke.io and Scorum have a focus on adding in advertisement revenue streams to make them more sustainable which makes a lot more sense.
There would also be an internal ad network where people could promote their blog internally to the other users and other STEEM Power holders would reap part of that internal revenue stream.
It isn't surprising that Steemit Inc has ran into financial problems and that STEEM has dumped worst than a bunch of shit coins despite having a huge ninja mine stake and being at the forefront of a revolutionary platform with a lot of development surrounding the ecosystem.
People ask me if STEEM is sustainable and I would say it is sustainable from people dumping money in and chasing the carrot. It is like a shitty tech company with no revenue but venture capitalist keep throwing money at it to keep the lights on. This time the venture capitalist aren't VC firms with hundreds of millions of dollars. It is all of us that keep chasing the carrot. With that model and no additional revenue streams it will always bleed out and have very few dominating the masses.
Suddenly we are left to cannibalize each other and play weird games to get rewards that will actually result in us extracting more money out of this system than we put in.
What is the best course of action? Wikipedia is begging for money and people were even talking about having our lovely witnesses float part of the bill to pay for some of the hosting expenses on Steemit.com.
To be completely honest with you I have thought about mainly getting my average down one more time on this platform, running a bid bot, and cutting everyone off except about 5 different people and just upvote every comment I make 100% and get my investment out before I get dumped on again.
Let's think about it. I can't run a witness node here and be profitable so that is out of the question. While I might have 5,400+ followers there are maybe 5 to 10 people engaged in what I'm saying or doing so it isn't like I'm really getting more Internet famous here.
Dose Of Reality
There has been a lot of circle jerking going on the last couple of days because of the announcement that Steemit, Inc had to lay off 70% of its employees. That sucks considering people invested in the idea that SMTs would eventually be here and that there would be improvements to Steemit.com and at one point there was going to be a native Steemit app developed but that doesn't seem to be something that will come into existence. People have let out a battle cry saying how we are all owners in STEEM's future....etc. This is true to a certain extent but how much ability does a low level person have to effect the situation here?
The reality is there are about 50 to 60 people making fuck loads of money off this blockchain and guess what. You don't have an ability to become a top 20 witness unless the mysterious @freedom account is somehow your buddy or you suck up to the current top 20 witnesses. Why would they let you in? There is no point to relinquish their EXTREMELY lucrative passive income stream. With no vote decay or witness rotation as I have proposed previously not a lot of is going to change and if you believe I know what I'm talking about at all I can tell you most of the witnesses aren't doing jack shit for how much they are extracting out of this system. Then when you go to other DPoS chains it is the same fucking people!!!! Wouldn't that be nice to have other super secretive basement dweller friends and then you will just vote each other into a power position on every blockchain that is a clone of this place?
Some say I shouldn't be so negative but on this blog I have always provided my insight of being in crypto since 2013 and being on STEEM since mid 2016. I'm providing it now based on my technical knowledge and observations. There is a reason why STEEM has slipped from the #3 spot on CoinMarketCap in 2016 to #48.
The market has spoken and the system is constantly being drained by the witnesses, whales / founders, and people from all over the world. It doesn't provide a stable investment and has suffered almost as big of a plunge as it took in 2016 to early 2017 when STEEM had 100% inflation. It fell 98% then and now it has fallen 96% from its highs. It is worse than just investing in Bitcoin, Litecoin, Monero....etc and not spend your time here.
What Now
For the 5 or 10 of you that are still on this platform reading this I'm not going to stop blogging here but will focus on getting most of my money out of here. My last power ups were at $0.80 and $0.47. I'm going to try to recoup what I can. I said in a previous post that I was investing in the community and not @ned and most of the witnesses....etc but the reality is I kind of though that my average would have been low enough to overcome the issue here. Now there are even more issues and while there has been a lot of interesting development on this blockchain I don't feel it is a good time or money investment unless you are one of the 50 or 60 people draining the fuck out of it.
These kind of statements used to be called Steemicide back in 2016 but no one really cares. This place was always just a don't get dumped on money grab unfortunately.
This will be the last time I talk about the issues with STEEM. It isn't worth my time anymore. Take what you will from this post. You might completely disagree with what I'm saying and I wish you luck in your crypto investments.
Would you throw money at Wikipedia and hope for a return?
