Quote from: onceuponatime on June 04, 2016, 11:21:56 pm

Quote from: Empirical1.2 on June 04, 2016, 09:59:49 pm

Quote from: onceuponatime on June 04, 2016, 07:55:13 pm

Quote from: Empirical1.2 on June 04, 2016, 06:02:23 pm

Given there's only circa $20k buy support for STEEM down to a zero valuation, how much could someone like rgcrypto who has apparently earned $20k STEEM USD realistically convert to BTC over a day/week/month if conditions resembling the current market exist on Jul 5th or whenever they become redeemable?

It is unreasonable to assume that current conditions will persist. Steemit.com's user base is growing exponentially. And with that comes great potential.

I can see user numbers increasing while the rewards appear generous, however I don't believe that will necessarily translate into increased market demand for Steem.

Also relatively little Steem has been up for sale to date, I imagine after July 4th there will be people looking to redeem their SBD, so even if there's some kind of self-balancing mechanism, demand may actually decrease closer to that date as traders anticipate a potential increase in supply for sale.

Whichever outcome, I imagine people will only be able to redeem their SBD at a trickle, which could disincentivize users and even upset some who thought they had earned a lot of SBD they would be able to redeem reasonably swiftly.   

So my personal opinion is that there isn't really a good case for shareholders to invest in Steem and I think it could run into user issues as well. Obviously we'll have to see it how it all plays out at the time.

Here is a quote from a Bytemaster srticle on steemit.com entitled "Why people will buy STEEM". I suggest that you might find the article enlightening.

"The primary reason people buy Bitcoin is because it is a cryptocurrency with a large base of people who know about it and are willing to transact in it. The secondary reason is it has a large amount of liquidity. Steem has the potential to build a much larger user base than Bitcoin and provides financial incentives for liquidity. This combination means that Steem could become a better known currency than Bitcoin and thus become easier to transact in than Bitcoin. If market participants perceive this possibility they will buy."
https://steemit.com/steem/@dantheman/why-people-will-buy-steem

Other points covered in the article include:
Social Value
Demand for Influence and Transactions
Advertising Demand
Monetary Use

As you mentioned/quoted previously, Steem deliberately went against all the crypto-currency communities cultural regulations,

Quote

Perhaps the Bitcoin Communities cultural regulations are a blessing in disguise. By intentionally violating every one of their expectations you can minimize your token’s value at launch

...You just need thick skin and the ability to ignore the Bitcoin pharisees and the angry mob they incite to nail you to a cross...

http://bytemaster.github.io/article/2016/03/27/How-to-Launch-a-Crypto-Currency-Legally-while-Raising-Funds/

Which is fine, but as a result of intentionally violating every one of the cultural regulations around how to launch a crypto-currency, I think it's unlikely to become widely popular and supported as a crypto-currency in it's own right.

Quote from: steem on June 04, 2016, 05:55:50 pm

Quote from: gamey on June 04, 2016, 05:26:56 pm

Quote from: Erlich Bachman on June 04, 2016, 04:16:44 pm

Quote from: Chris4210 on June 04, 2016, 12:48:13 pm

I am working on the Website and currently thinking about the right design structure plus a way how to fund the front end developer. I first want to be 100% sure to get a voter in, because i don´t want to waste 160€ for a empty worker. I do not have spear funds fur such a deal. So before we think about a big rebranding, let us use what we have so far. Refaine our core values and talk to our core target group.

You should have posted this to STEEM.

And for the morons who think that the Steemit posters will lose value of their bitUSD (STEEM backed crypto dollars are the same thing) relative to USD as they go to cash it out on July 5th,  I have to laugh and realize that not even some of the BitShares faithful know that the concept of:

"the  value of 1 bitUSD can always be sold for $1 USD" is true

But for these people who are afraid that the value of bitUSD will fall relative to USD I will do you the favor and do your homework for you:

On July 5th the value of STEEMPOWER will fall as the STEEM backed dollars are pulled out of the system.  Sorry but the concept of smartcoins has been around now for years and when you act like it does not exist, it kind of makes me feel like a genius and realize that if the BitShares locals still have not learned what the heck a "smartcoin" is then...... (do the math)(early adopt much?)

How is the value of the bitUSD (SBD) going to hold it's value during this predictable exodous?  By barring the doors of the STEEMPOWER holders (and taking their money and giving it to the curators). 

Duh.. "smartcoins"  hello.  STEEM is a simplified fork of BitShares not a more complex one (no shorting/margin calls etc).  Wake up class, life is passing you by.

ELI5:

STEEM - It's just a BitShares fundraiser

As far as branding goes.  Let's keep the "BitShares" brand of smartcoins, but since our DEX is so kick ass performancewise, I do believe that we should start calling it:

"The DEX"

It is after all the first and only place that I know of where you can create and trade smartcoins (those things that many around here still fail to admit the existance of!)

Where is the best discussion of how the STEEMIT dollars work without the long/short mechanism?

The Steem Dollar is an amalgamation of stable coin mechanisms.  It's influenced by Vitalik Buterin's seignorage shares and other seignorage based stable coins. Other than seignorage, the token is supported by automatic distribution at a set rate, the holder's ability to use the blockchain to convert to Steem, price feeds and a target % of market cap. The blockchain has self-balancing seignorage mechanisms to make sure SD stays at a target % of market capitalization. To improve price feeds and liquidity, there is trading that occurs to support the peg that can happen off-chain or on-chain, however, one of the important facilitators of SD is the subsidized blockchain-based market between Steem and Steem Dollars.

Given there's only circa $20k buy support for STEEM down to a zero valuation, how much could someone like rgcrypto who has apparently earned $20k STEEM USD realistically convert to BTC over a day/week/month if conditions resembling the current market exist on Jul 5th or whenever they become redeemable?

You just need faith. Dan and Stan bringing faith based blockchain solutions to the masses.

God bless us. Chuckle.

I don't think we need to rebrand BitShares as such, partly because I don't like rebranding in general (wastes precious time, sends a conflicting message, and usually leads me to suspect it's being done because of mistakes made in the past) and partly because I don't think it is a bad name.

But I do think it would be beneficial to promote the use of the term DEX as "ours" in our marketing literature (web site, social media, and even the web wallet). I use this term all the time in telegram/slack, as do many others, to describe our trading network. So I suggest we keep BitShares to describe the coin and the chain and use "the DEX" to describe the actual market that runs on the chain.

Quote from: lil_jay890 on May 18, 2016, 08:25:31 pm

That's why they want everyone to move over to steem... So the Larimer Lemmings can downvote anyone who doubts the messiah.

@BitcoinJesus2.O

Quote from: onceuponatime on May 18, 2016, 08:46:33 pm

The filtering of spam is accomplished at steemit.com by the community's downvotes, not a moderator's.

Wasn't the site updated and now if just one downvote is cast (before 2 upvotes I believe) the set of voting icons disappears from the main page, the post is marked as read and the summary is removed from displaying or am I wrong?  I could be wrong, but that is just what appears to happen now. The only way you can upvote those post is to come across one and click to view it. But it appears users are being discouraged from viewing them by a single downvote. That's not exactly a "community's downvotes". I get why it's being done, but I don't agree with the current implementation. Someone can sick the bot on them (like "someone" has the gardenlady, but in a good way) and as soon as they post they are downvoted into most never looking at the post because they will assume it's spam or not worthwhile.

Quote from: Pheonike on May 19, 2016, 01:01:46 am

Quote from: lil_jay890 on May 19, 2016, 12:48:45 am

Quote from: Pheonike on May 18, 2016, 10:56:03 pm

Quote from: abit on May 18, 2016, 10:08:36 pm

Quote from: tonyk on May 18, 2016, 09:40:56 pm

And most importantly...they already have (as one of the first orders of business) the bots to auto vote up or down posts by accounts they like/dislike...one of the parameters is even to do such burial in 0 seconds after a post. It is a no brainer that such automation on account and not posts voting, is so simple and easy to 'improve' to next include new accounts to be destroyed for simply voting 'for' a post by an account on the blacklist of the vote-masters...  Now each poster not only should not express a different opinion, but should restrain from even voting for something that the masters might not like, for the fear of being auto-blacklisted.
censorship automation nice steaming touch to the already existing total control  monopoly...

Why did you know so much, Tony? When you started to hate sth, you look into it to find more reasons to amplify the hate? Why not save some time & just ignore it?

Trolls can't ignore, they have to feed on something or else wither and die.

What I find hilarious is whenever we bring up actual real issues about the larimers and their massive screwing  and probably illegal actions against their shareholders (of various instruments), we get labeled as trolls.  No rebuttals, just dumb ass one liners and pictures of caves and bridges.

Please someone tell me how the larimers have not screwed their shareholders in every investment vehicle they have ever sold.  You may think your on the rocketship with steem, but why would you think it would end up any different from any other investment they sold to you?

Why not hold then accountable for at least one project instead of following them blindly until you're bankrupt?

This is all experimental high risk stuff. What I find amazing is how people complain about all rules and regulations of the fiat world and then the minute something doesn't go the way they expect, they want to drag all that stuff to crypto. If you want rules and regulations, why he'll are you messing with crypto??? Stay in the fiat world where it's "safe".

Sent from my SM-N920T using Tapatalk

That's your response? Because in crypto it's OK to screw your shareholders because it is " high risk " investing?

If this is the prevailing rational, no wonder there are so many crypto scams.  The same people can rip you off not just once but multiple times and you just keep on buying new investments from the same people... Never holding them accountable, just praying they find the holy grail (they did find the holy grail, sucker's with money).