Steem And Other Cryptocurrencies: Give It Some Time

In spite of all the advancements that are taking place on Steem, there is still a core group that is mired in the negativity and complaining at the fact the token is not moving. It is really sad to see this attitude, one that I think will have people kicking themselves down the road.

There are no guarantees in life and this is no truer than in the world of investing. Couple that with technology, which is always a wild card and it is almost impossible to judge when and where things are going.

That said, there are a couple factors that we have to keep in mind. The greatest success stories are often only that way after years of struggle.

For example, Amazon is an $1,800 stock. How would you liked to have bought it for $8? Would a 200x plus make everyone happy?

The only think to achieve that end was to have bought in April of 1998. Why is that time period so important? Because that is roughly the same age as Steem is right now. Amazon was started in July 1994.

There is just one minor issue. Looking at the chart, getting in at that time meant a long period of frustration if one was a hodler. The dotcom era sent the stock flying only to watch it collapse. It wasn't until a decade later that the stock started to hear into the stratosphere.

The key here is that Amazon was a societal altering company. This one entity become the embodiment of online shopping. That technology has changed the nature of retail. We are seeing companies collapse all over the place because they started their transformation too late. They simply cannot compete.

Tesla is another company that many people wish they got involved in during the early days.

According to that chart, the company started in 2004 yet was offered to the public 6 years later. This is still older than Steem is right now but the point is valid. It opened at $20 a share but people could have gotten in at $15 or so. While not the same type gain as Amazon, with a price over $400, this is a rather nice return.

Tesla is another company that is changing an entire industry. Whether one believes in the company or not, cares for Musk, or believes in the long-term potential, one indisputable fact is that Tesla is changing the transportation industry. The move to electric is all due to Tesla's success. At the same time, every car manufacturer is either working on or is partnering with a company on autonomous driving, a field many believe Tesla is the leader in.

Once again, looking at the chart, we see a three year period from when the stock was issued before it really took off. That is almost the entire time Steem is around.

Of course, this is mentioning time frames when the stock was public. There are angel investors and VCs who were involved much earlier. These people, I am sure, have gains in each of these companies that are even bigger than what I mentioned here. If we are looking at them, then we need to add in a few more years.

The question is whether anyone really thinks that there is a single individual who was involved with either of these companies during these phases that is upset with the return? Hindsight is 20/20 but those who has the vision to stick with those companies, like Musk and Bezos did, find themselves in terrific positions.

Certainly, there is no way to claim that Steem will achieve these ends. However, there is a lot going for this blockchain that makes me think it will have a large degree of success. At the same time, it is looking like blockchain and cryptocurrency are going to make bigger strides going forward. Thus, anyone who is involved at this point could be a similar position to those who were early investors in Amazon and Tesla.

The key is to be patient. We need to give things time. If one cannot do that, then there is a door for one to exit. Nothing is forcing anyone to be involved in cryptocurrency. It is a volatile industry with a technological basis that makes it slow to unfold. Plain and simple, a great deal is dependent upon development and that is a matter of timing. We also have to factor in when the masses and businesses will be ready. It is obvious we are not to that point yet.

Successful technologies create a host of multi-millionaires. Some even lead to many becoming billionaires. Will blockchain and cryptocurrency lead to that? It is hard to tell but I believe we are going to see millions of millionaires created from their endeavors into this field.

Few have made it so far. It is slow to develop and there is a bear market which is in full swing. That said, many are working on positioning themselves to take advantage of things as they move forward.

It is not easy just like I am sure there were tough times for the hodlers of Tesla and Amazon at many times over the years. Nevertheless, those who hung in there are now very well off.

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