What's Keeping Steemit From Mass Adoption?
Building A Stable Ecosystem Slowly
When we build a crypto from scratch, we need to be aware of a solid foundation so the currency can grow organically in market cap over time. Too many cryptos apply marketing much to early, thus they never see mainstream adoption like Bitcoin or Dash.
Gauging demand for Steemit
The first priority for Mitchell is for him to reliably predict demand for Steemit. Uncertainty and dead users can lead to volatile price spikes in Steem price. Everyone intentions here on Steemit are a mystery so behaviour can be difficult to predict.
The biggest problem is if we try to predict demand, we must also take into account the artificial demand created by speculators. How much of the $1.3M Steem traded daily is real Steemians cashing out? Does anyone care about this stat? They should!
In the fiat world, the central banks can alter the money supply, but with Steemit this is not the case in a decentralized network. Steemit requires a different tool to control volatility spikes. Volatility requires to be squashed and this can be a tough gig without compromising the freedoms of our beloved Steemians.
As the end of the day, this is but one reason why Steemit has not gone mainstream. There are many others like: lack of killer edge, lack of local exchanges, too much marketing at an early stage etc etc.
For me slow and steady wins the race for Steemit. With daily volumes now over $1M this crypto can go places. Let us place our faith in @ned / @andrarchy and Mitchell and trust that they can always nudge us in the right direction.
Have a great day wherever your reading this in the world.
Steem on!
I think things are way too early for it to be mainstream, but that isn't a bad thing, tweaks and features are I think added at a good pace right now. I think the mass adoption flip will be switched as soon as the site looks prettier for general users as far as menus and options.
@ned talked about the UI updates in his AMA post yesterday :)
I never told anyone so I forget what it was.
Ha ha! Apologies! I pasted the title of my next post in there!! Now edited! Steemit madness!?
I was really wondering why you were asking me that, I re-read your post, I re-read my reply, and I just shrug my shoulders and answer honestly lol. For a brief minute it was the most serious question in a reply to a comment I have ever had.
Look out for the post soon @cryplectiables
I have faith in the chaps, I can see things ticking up already. It's easy to forget the slow start that successful companies have. I remember Facebook when everyone was using bebo and laughed at it because of its stupid poke nonsense. Then through marketing it humped Bebo and now it's the man!
Like you @meesterboom I have complete faith in all of them - I like to keep poking them though - excuse the crap fb pun!
Prices will be set by speculation until the currency is used in the real world, outside the strict "Steemit ecosystem", for Buying Stufftm.
The currency itself should be marketed as well, it has many strengths for practical use, after all. There's push and pull marketing; focussing on just one of those means doing half a job. I would like to see more emphasis on marketing the currency-as-a-currency for third parties.
Imagine (or dream), for example, Ebay facilitating Steem or SBD as a payment method. That would attract more users than a polished Steemit interface, and also set a real value for the currency.
Bitcoin may be well-established, but it is showing its weaknesses in real-world transaction. The time is now for a fast alternative, and other currencies are focussing on that. If we miss this boat, Steem will be an also-ran.
Current faith: low.
Even Bitcoin is literally coming to a fork in the road for mainstream adoption?? United we stand divided we fall??
Too much unison aka complacency and lack of discussion has often been a cause of failure, and failing in a united way is nothing much to shout about. I'm worried, is all.
Clever.. ;)
I like clever.. ;)
documentation!!! Just that! It's a blockchain ecosystem, if you want adoption, you need applications on the top of your system. So we need more interface (busy, steemit), more app on the top of it.
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:)