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RE: Do you think Palnet "holds no value" and disagree with minnowsupport bot?

in #sct2 years ago

It doesn't matter what the SCT token does, but once voting is coming out of the STEEM pool at these levels it will attract attention and these posts are hitting the trending sections and that will attract more attention - that is the idea of attracting votes at that level. Once in the attention, people are going to scrutinize it. What I have found is that the Korean community so far seems to have not been paying attention to what has been happening on Steem at all which is fine, but those on Steem have been.

The downvotes can be for disagreement of rewards or, disagreements of bidbot usage or disagreement of using a random token to buy large Steem votes or any number of reasons, but it is up to the community to decide where the Steem is directed. The tribes can do as they please with their own tokens, as it should be.

Does the SCT token hold value if there was no STEEM votes available? It seems that this might not be the case considering that they are being swapped out for Steem votes instead of being held as valuable tokens in themselves on their native platform.

What I am glad about is that there is more discussion around these things now as the other bidbots have been reduced to the point activity that has laid hidden can be seen. Thanks for taking the time to write in English too, it is appreciated.


Does the SCT token hold value if there was no STEEM votes available?

This point you wrote actually is an excellent point of measure for any DAPPs or Tokens. I'm not addressing to SCT specific but to general. Thank you for the valuable comment.

I think in order to be a truly successful dapp or token, it needs to hold value on its own. Steemmonters and their cards is an excellent example.

Steemmonters and their cards is an excellent example.

Yes it is as it stands on its own two feet and provides a use case that has utility without requiring a Steem vote for attraction.

What I have found is that the Korean community so far seems to have not been paying attention to what has been happening on Steem

I don't want to get too involved in this whole conversation, but I just wanted to comment that the converse of the above is also true - that the rest of the Steem community seems to not pay attention to what's going on in the Korean community, and I think that is also a big mistake. The Korean community seems to be one of the largest on the platform in terms of stake, and I suspect that without their support STEEM would be doing far worse than it already is. In fact, from what I understand Steemit, Inc specifically has really dropped the ball in Korea over the past year or so and I think that has contributed heavily to STEEMs huge price decline relative to other cryptocurrencies.

Yes, but as I have found through @jayplayco, most of their interaction other than voting seems to be off Steem and in chat groups, leaving much of the content graveyards to collect votes other than be part of communities. When it comes to the voting of much of that stake, it is "tight-knit" to say the least with one of the largest accounts only voting on itself and alts until very recently after downvote pressure.

While everyone can do as they please with their own stake, once it enters onto a post with Steem on it, for seven days the final allocation is under negotiation. There is so much value in the Korean community that they could be onboarding locally with and increasing their own worth, yet as I have been told, the Korean community is shrinking. From what I understood (google translated), at least some didn't even know there was a hardfork that changed the economics.

Price decline is one thing of course, but I don't think keeping staked users who are not interested in developing even their own community growth is really the way to go for a long-term successful platform.

leaving much of the content graveyards to collect votes other than be part of communities.

It depends how you see it, as I personally see also that the international community had been doing the same, as much of the communication had been done on Discord and not on Steem. As I am mentionend here, you may remember that a lot of the talk with me had also happened as DM on discord and not on the blockchain. It is simliar. If you go back in history, the tag KR had been the third active tag on the Steem blochchain for a long time. SCT is the second highest tag in the moment. ZZAN, which is also a Korean Tribe is the 11th tag, so you may see that the activity on the chain itself is for the portion of the KR community still very high, but just not visible (due to the UI of Steemit and language barrier). It is just that much of the direct communication have moved more into chat channels.

the Korean community is shrinking

The Korean community was never really big, compared to the whole Steem community. The biggest difference in the KR community is only that almost every single user is and was heavily invested into Steem. It comes from the beginning when users introduced Steem to other KR users and the main underlying advise was, if you want to grow on Steem, buy it. As an example, I have started with 700 Steem for 2K USD and proportionally increased that. Not the KR community only, but Korea itself as a country is still making about 25% of the daily worldwide volume of Steem, but it was normally on a level of 50%, especially when the daily volume increased (which means that the price increased) If you look into the data of coinmarketcap you will find the dependency on the KR market for the Steem price is at least at a level of 55-60%, partly 70% when we see an increase in the Steem price.

I think that needs to be corrected and more people outside of Korea should buy and stake Steem.

at least some didn't even know there was a hardfork that changed the economics.

Yes, that may be true, but it is one thing to know the technical implementation of an hardfork and another thing how the community will react on that. I have been informing the community about the effects of EIP and how the Steem community is moving on, but as normal you can't reach everybody.

I have now long term Steem users from the KR community contacting me directly that they are going to give up on Steem and moving on, or are shortly before that. That may sound not really dramatic, but these users have been investing in 6to 7 figure USD into the Steem economy. I know that a lot of people say that is great, so people can buy in cheap, but as every single coin economy, if you lose the whales the minnows will not be able to fill that place. We will have to find other whales replacing them.

I have personally moved my really little Steem from the exchange (compared to all the other KR users) and powered it up yesterday to show that I believe in the system, but it is only a drop on top of the hot stone. Even if the "honest voting" movement itself is legit, the way how it was and is done, without communicating directly with the people and understanding the consequences is unfortunate. The Korean community may be small from the number, but due to the specific way (due starting steem with investment) how they have approached Steem, the thinking has been formed differently. This kind of investments also had developed the growth of Steem, except that only a few recognized it. It comes due to the fact that there are language barriers (which is the same reason that the international community does not care or understand what happens within the KR community). Yabab knows about the effect the KR community has, as he is running Steemmonsters and know the numbers KR has invested into SM.

I am therefore happy that these kind of communications are happening and hope that we can form the community as we like without loosing all investors or at least having a plan how to find new ones.


It seems that the fact that sct brought more than 1 million steems to power up and hence supported steem prices is consistently ignored.

But your second point deserves more attention. I believe that SCT is much better than steem (and market prices so far confirms it) and it may do much better on other blockchain, but for now it is using steem blockchain network so not independent.