The steem fud within the bitcoin community - Is jealousy making you blind?
Personally I am a bit sick of all the fud around the price of steem and the speculation about the inflation of the currency itself.
This post shares my PERSONAL opinion on the price of steem, and the platform's future.
Over the past week I have found myself going into one debate after another over the price of steem with (literally) hundreds of bitcoin / crypto users.
And let me say this loud and clear - The FUD is absolutely pathetic!
If people simply do not understand any market and economical laws, they need to go read books before they come out and start to argue.
Now the point is not that people are not entitled to their own opinion... please, be my guest.
The problem is that people who just don't have a clue share their opinion that influences others!
First of all, have a look at the charts of facebook and google.
Why them, and not twitter or yandex? Well because facebook and google were the first success in their field back at when they begun.
And I am not talking about time frames, no point arguing about who was first. Those are simply the first that became who they are today.
What can we see? Well, in both cases, the price is unstable for a while (facebook is the first chart). Just look at this chart again; people are ready to pay over $125 (!!!) for a single stock of facebook. And what for? But don't be fooled, all those Wall Street giants are not completely empty cans. Apart from money and human resources, they have a technological progress behind them at the very least.
To go deeper into it, it’s a big philosophical debate. But the bottom line is that they have the power of the people behind them. The power of voice.
So when people ask me why would anyone pay 2 dollars for a steem, please look at facebook (also check how many stocks they have in possesion).
When people tell me it’s a pump, please look at other alts with their current price tag. I.E. Ether has slightly over 25% less coins, but the price is six fold.
And do you honestly think that the price of btc is at its peak? If so, you don’t have to understand crypto. There is no point.
So there is the social "back" for the price of steem.
Let us not forget that in a recent interview to @dollarvigilante , @dan mentioned the fact that he sees steem as much more than just a social platform, he sees it as a whole separate economy, with things like an integrated "ebay" and so on. We all know that steem has the ability to hook side chains.
If one can manage to integrate a trading platform. I am not discussing here what it should be or the technical side of it. I am talking about the market capitalization of steem, following those actions.
eBay Market Cap:35.14B for Aug. 10, 2016
What odd timing to post this...
It seems you are the example from the opposite end of the spectrum, the Steem fanboy at all costs. Blind cheerleading that ignores the reasonable arguments and pitches facebook sized dreams, even on the days it crashes.
Investors are stuck in the middle... watching what constant sell pressure does to the chart.
That is exactly why I posted it at this time. I will not argue, as I feel that its pointless to do so. You are entitled to your own opinion
Interesting thoughts, thanks for posting.
How do you think the synergy between #steemit and #bitshares will play out, in light of the information exposed here?
I think it will be the best possible solution
Want to elaborate? :-)
Drop me a pm in the chat )
I feel you @serejandmyself . There's a lot of nationalism in the crypto space. "Mine is the best" mentalities. Why can't there be many? Right?
Its not about "mine is the best" mentality, it more about ignorance
The kind of people you are talking about are Bitcoin extremists - to them it is like a religion. They are blinded by their faith in bitcoin to anything else. They often make the same arguments that were made against bitcoin and fail to see the irony of it.
So true...
social network + marketplace = $$$
People and goods = money )
In the long run, bitcoin is the only sure winner in town. Steem can't even compete, due to the inflationary nature of it.
I think you are missing the main point mate. Plus what is so wrong with the coin being inflationary at this stage, its the best way to get people to spend it