Vlog 452: 10 cent STEEM, an opportunity or deathtrap? Do your research.
This morning I woke up to 10 cent STEEM.
We are not far from the ATL of 2017 now.
It made me think a lot about Steem and how it changed over the years.
Nothing is the same about Steem compared to the low of 2017 when it was just Steemit.com.
For a long time, I invested in STEEM because you could empower your own account/blog with it.
But after #newsteem this all changed and that reason is now gone, nobody will buy STEEM to empower their own blog.
And it's probably worse, because now, for a user of Steem, because it's not necessary to acquire STEEM to earn STEEM they won't. And later with RC pools, there is no reason to acquire STEEM at all. Not to earn and not to use Steem.
I'm not saying it's bad. (In fact, I think it's awesome that we will be the only blockchain that users can use for free. It's the only way we will get mass adoption).
I'm just saying that THAT reason to buy STEEM is gone.
Yet other reasons are now in place and I do believe these to be better longterm reasons that will benefit Steem more then what we had.
So, lately, I'm thinking a lot about who will buy STEEM if not for users to empower themselves?
The only two parties I can see buying STEEM are developers/communities or investors. That's it.
Developers/communities need SP to fill an RC pool and investors will want to lease out their SP/RC's to anyone that needs it or maybe use it to reward users they see as adding value to the chain.
There are some other reasons to buy STEEM. It gives you more influence over the witnesses and SPS proposals and you can direct some more STEEM from the daily reward pool to wherever you want.
But I don't think the last reason through upvotes will cut it, just on its own, to get the STEEM price up.
I mean, when you look at the most successful app on the blockchain (Splinterlands) they not even use upvotes to attract users. They just made a great product and they use Steem in a genius way.
Splinterlands does need access to RC's to work and that's the only REAL reason for them to invest in STEEM, but I doubt any user that plays Splinterlands ever invested in Splinterlands because they might get a small upvote from the Splinterlands team.
Here's what I think is happening.
A current reason to invest in STEEM (self-empowerment) has been taken away with #newsteem and a new reason has been created (RC delegation).
But the problem is that the RC delegation is not out yet.
Steem investment is therefor in LIMBO and it takes a future vision to see what this thing can become, but it also involves a lot of but's and ifs.
I talk about this, my own Steem investment journey of 3,5 years, the emotion of investing, my next investment target, and many more things in my vlog.
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Hello my friend @exyle
Thanks a lot for sharing your views about the future of Steem. I didn’t see the price of Steem this days until I read your publication.
The only I can see with this price is that life’s give us one more opportunity don’t you think, this great opportunity is for all the people who are immersed in this platform.
People are afraid, but if we change this affair and see the opportunity, we can change our future with a great retirement.
I’m sure Steem and Steemit will be ok and my small investment buying Steem worth it, in our hands is the support.
Thanks a lot for your publication my friend. The best for you..!!
Posted using Partiko iOS
Hey... You have been a (dollar) millionaire on paper for a small amount of time.
I really never understood why you have been taking pride in never having powered down.
But... I think STEEM will reach 8 dollar or more again one day and I do recommend you actually take proper profits next time around. As in actually starting to power down when the price starts going up.
Web 3.0 is coming and even if Steem might not be the 'Be-all And End-all', also the price of Steem will be going up.
But it will be a hype cycle once again, and prices will crash afterwards.
Power down next time around! And even buy more at these prices, I'd say...
Double or nothing!
I never powered down because back then my Steem power was generating so much. SP was the chicken. Don't sell the chicken but sell the eggs. That's what I did. I therefore never considered powering down. If I knew STEEM would go back to 12 cents I would have but Hindsight is 20/20 and I find it pointless thinking about it now. There is only the future and I took lessons from it.
I understand about the chicken and eggs thing indeed. That certainly makes things differently from most other cryptos.
Glad you didn't mute me yet, I know I can be harsh here... :)
To be honest, I wish I had powered down and sold way more close to the top too. Too see your stash go from above $200.000 to below $5.000 isn't fun to watch.
Splinterlands most recent announcement suggested they're rolling out alternative purchase methods for potions, including paypal.
I saw! That's great.
We need more fiat entry points into the Steem Blockchain. Maybe this one is not directly tied to STEEM but easier ways to buy items in the game can attract more players and new players need RC's to play.
@dtrade had some interesting post, speculating that the big boys are now entering .... bringing BTC down, and alts even more down (buy).... than, a nice bullrun before the halvening, bringing alts a lot higher (sell) .... make 10 to 100x ....
Just a speculation .... probably there are thousands more factors in the game. Also a lot of Steem specifics.
Haha, if you are long enough in crypto you get sort of immune to all these stories.
I think there is currently 121 million liquid STEEM out there. At 10 cents that's "only" 12,1 million USD. If STEEM is successful in a way I think it will be, that number will be nothing.
I do think we have to wait a little longer though to see the power of RC's but speculation can do a lot before that. I stay invested regardless.
Well more than three years now in my crypto journey, and year and a half with Steem :)
I get your point with the stories, but the fact is that whales moves things around ....
For example with Steem .... why is nobody receiving funds from the SPS .... because of two or three whale votes with 3 to 5 million SP ... not because of 100 dolphins vote.
On the other hand whales go where the users are ... so its like chicken and egg situation :)
You are scary when you are realistic 😁 Now I´m thinking twice what to do!! 😁
!giphy scary
giphy is supported by witness untersatz!
If a lot of developers/communities need RCs, then the cost to lease them will become very high. If the price of steem on the market remains low, they will buy it instead of leasing.
So it all comes down to how much demand there will be for RCs. If there isn’t enough demand there is no reason for the price to go up other than speculation.
Posted using Partiko iOS
Chin up mate, there will be a turn around in the crypto space soon enough.
I hear you about hesitating acquiring more Steem. Steem is obliviously a utility token/coin that one needs to operate on the blockchain. It is like we are building more infrastructure (roads, communications, power plants etc), but who are we building them for? For the people who are not participating in our ecosystem, you know the ones who don't know about us and will magically appear ;) There is massive over supply for the current usage pool.
I am writing a far more detailed post about this subject. We just need to look at our recent habits. You are hesitating to buy more Steem, cause you are struggling to see the value of doing so. With my Steem I am buying into other tribes and EMFOUR (pure utility there and isn't fogged up confused like Steem/Steemit). Tribes, the ones that succeed are installing sinks at a far quicker rater than Steemit. Splinterlands is deflationary etc etc. Steemit have to distinguish themselves from Steem. Ask anyone who knew about Steem and they say blogging site. One they expect to earn from, but usually don't (badly set expectations from Steemit) There is the confusion right there and they don't what it has become today: a mess in this regards, but one that can be cleaned up quite quickly.
Thank you for your input on all of this, You're scaring me a bit! But you're being honest and thats important. I sure hope they get this community stuff set up and soon!
Oooo no. I didn’t mean to scare you. I think Steem will be fine ultimately and when my vision works out probably bigger then we can imagine. 2020 will teach us a lot. I’m not going anywhere, anyway, I love this place through ups and downs.
Same here! I always get disappointed when I see people leave all because the money isn't quite as good as it was. I'll be here until I can't be no more.
I sure hope so, I still have high hopes for Steem as well. I just hope they have more incentives to buying Steem power in the future.
I still can't believe Steemit Inc. and some top witness were on stage at steemfest talking about the need for MORE FLAGGING! You can't make this sh*t up. You hit on it. People want to have fun and make money NOT get flagged for copy pasting there titles. That is one of the reasons Splinterlands is doing so well. Block Brothers is a top witness. Stand up and fight to get flagging reduced. Self voting is ok if it is allowed by the code. Vote bots were the best thing on steem and having friends that SPEND TIME AND MONEY to make there accounts bigger is ok also.
To make flags much stronger than at now?
haha no
Hard time my friend.. Time to motivation people. I remember all hard and happy time. I belive to steemblockchain and I cumulation steem. Have a nice day bro!👊
Posted using Partiko Android