RE: Steem is $.10...and you've got a decision to make.

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RE: Steem is $.10...and you've got a decision to make.

bashadow in #steemleo • 6 years ago

I am not to sure on that. If everyone just held on to steem, then it is completely meaningless as a currency. For something to be usable as a currency, there has to be those that value it enough to want to earn, beg, borrow, or steal it, and those that want to use it to get things. What would the price of steem be if no one ever sold another steem? Would it then be worth saving it for a rainy day? If no one wants to buy your steem would it have been worth saving it for a rainy day? There needs to be both, those that want it for a rainy day, and those that want to be able to use it today. Commerce is a two way street.

How many people would go to work if they were told here is what we are going to pay you, but you can never use this money for anything outside of our company store, and that company store only sold one worthless widget that no one else in the world wanted.

6 years ago in #steemleo by bashadow

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freebornangel 6 years ago

Ok, we keep the shopkeepers and their customers and only dump those that dump to btc?

I try to buy stuff with steem, but it has been awhile since i got a deal to go through.
Books and seeds, so far.

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smooth 6 years ago

I am not to sure on that. If everyone just held on to steem, then it is completely meaningless as a currency

Likewise if everybody sold. Both extremes are unrealistic. The important reality is a balance and where that balance lies.

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bashadow 6 years ago

Yes, and more people need to see the balance. Do I as an American know how much money is held in banks, and how much is in circulation? Am I going to base my spending or savings on that knowledge, or do I just go on living earning, saving some and spending some. Is someone a loser that works and spends their money with out saving any or very little, not really it is the life they have. To many post make those that want to use steem as a currency or a supplement to their income as steem thiefs. We need more steem circulating to build an economy, we need people to save it, and we need people to spend it, and we need people to accept it as a means of conducting commerce with one another and with outside interest.

I have no clue, nor do I feel as an average wage earner that I need to understand, how much money is in banks and how much money is in circulation. As long as I can go down to the store and buy a dozen eggs with money then I am fine with that lack of knowledge.

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smooth 6 years ago

We need more steem circulating to build an economy, we need people to save it, and we need people to spend it, and we need people to accept it as a means of conducting commerce with one another and with outside interest.

That's all true. The key challenge is how to get there.

Right now we have a lot of Steem being used simply for the purpose of getting paid by the blockchain for doing very little, cashing it out, and getting more bitcoin or dollars. It is undermining the currency by causing it to resemble bolivars more than dollars: something that you get and then, unless you are foolish, you get rid of as quickly as possible. There isn't much circulating, and there isn't much saving, nor even spending, except to the point 'spending' (i.e. selling) it to buy dollars or bitcoin.

The idea of distributing Steem to users is not a bad one, and also isn't entirely original (cryptocurrencies have had faucets, airdrops, etc. for as long as there have been cryptocurrencies), but on Steem it is WAY too much of the focus. It needs to be massively de-emphasized. If we can't manage to establish focus on doing more than the rewards (and so far we only barely have), we're screwed.

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