The insanely bullish case for Steem

in #hf225 years ago (edited)

If you listen to the haters they'll say "Steem sucks, it's a ninja mined pieced of shit, the witnesses don't do shit, steemit sucks, and look they can't even get a fork right. You're all idiots and morons for being here."

I'm not going to say this place is without problems, but I want to share some opposing views:

Steem is weak

Steem is incredibly strong. In 40 minutes we'll have completed 2 hardforks in 48hrs. Many chains can't even done one in years. That may be ok for now, but scaling is going to be a problem even for the bitcoins of the world when this tech finally pushes mainstream harder. When that happens the difficulty of making improvements is going to murder some alts. I'm extremely confidant in the ability of this chain to adapt.

Steemit sucks

Blocktrades has been in a game a long time and are generally seen as competent. They coded this last hardfork. It had a bug that was hard to catch. It halted the chain. Does that mean that Blocktrades is a fucking group of morons who can't code shit? No, it means that fixing a blockchain in production mode is hard to get perfectly on the first try. Steem can be iterated upon and as you can see it can get back to work.
What this means to me is that Steemit hasn't been the worst fucking blockchain coders in the world for the past 3 years. It means they are competent coders working hard to build an extremely challenging product to make function in the wild. I do think in the past their communications have sucked and their flipping priorities changing has been challenging... but these are separate from code. I have a lot of faith in Vande and Justin. They are talented people and two of the most critical people in the ecosystem and I'm grateful for their service to this chain.

Witnesses suck

We're competing two hardforks in 48 hours. It was a combined team effort of catching the bug and getting this thing going again. It's a giant team effort that given the circumstances of a bug could not possibly go better. Yes, it would be ideal if every piece of this was caught with 100% perfection each time, but that's not how code works. I do think there could be more effort to get more eyes on it to catch these things, but as noted this one is pretty hard to catch on the testnet.

The primary goal of a witness is making sure the chain runs. This group did very admirably. It increases my faith that nothing will stop this chain AND that improvements can keep coming!

Price sucks

This is true, but it also means means that it's one of the best times to buy this thing I think we'll ever get again. Right now there is giant asymmetry in what I know about Steem and what the rest of the world knows about it. I have faith more people will come here and that Steem will continue to function as one of the best blockchain projects in the world. What we lack in hype we make up for with a functional userbase, great chain, and good people. Marketing can be corrected for because of this fork and people may start hearing about us differently.

Low price with blood in the streets is very bullish. I don't think there will be a better time to buy for years.

My real answer is that hater's perception sucks

The dev team is great.
The projects are great.
The blockchain is great.
The witnesses are great.
The community is great.
Price is undervalued.

This to me is an exploding time bomb in the upwards direction, and I have faith in newsteem. Haters be damned. This project is incredible.

Sort:  

Your headline: "cash" should be "case" - I assume.. ;-) everything else: perfectly summarized.

yep, sorry, had to type it quick to be ready for the HF

This is particularly true if we look at the broader picture.

All fiat currencies are doomed, as they have no value apart from that given to them by govt decree. On the other hand, cryptocurrencies and precious metals have much greater value, based on their rarity, practicality, and so on.

Gold and silver are breaking out of their long suppression / bear markets, and their prices are starting to skyrocket. The same will happen with Bitcoin, Steem, and those other cryptocurrencies that offer a viable and valuable alternative to the fraud that is fiat currency.

The bulls are ready to run.

I'm just super excited for marketing to kick in :)

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Price is the bottom line and final determining factor of success or failure. At present price is in failure mode. Nothing else is more indicative of success to traders, investors. Undervalued it may be but there is zero guarantee of any uptrend yet. Proof is still awaited in price. That is the only voice that will show true value in the entire steemit blockchain. The rest is hopium. Steem is a currency, it is a coin we are talking about here, not a piece of art or a medal. Show me positive price and I will believe you. Until then I sit and watch but no way do I invest. No proof - no invest. The rest are available on several other blockchains or platforms. Steemit is not special. Only to those who have made it their religion.

That's why I am investing way more into Steem than I probably should, or should I? I just can't stop seeing it as a great investment.

It' the same for me xD
And I think it's a very good decision

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The dev team is great.
The projects are great.
The blockchain is great.
The witnesses are great.
The community is great.
Price is undervalued.

the STEEM Devs are among the best in all of blockchain

Its the Steemit STAFF that is the problem. And sure some would argue they have done great for what they are tasked with but steemit should be a super star right now.... @ned was just afraid to go out and shill his own shitcoin... it's that simple... the world was totally ready to switch from ETH to Steem and they still are. The scot tribes can change everything.

Steem can be the decentralized more private anonymous version of EOS with its voice. Steem can have the anonymous answer to Voice

This new steem has to wait for @steem and @steemit to finish selling however much steem they decide is enough, but its a great new future where steemit inc has a lot less of the overall steem... its what we all wanted the bandaid had to come off sometime... better he sold now while its cheap than Later when its going up and he takes the momentum out of a bull run... see maybe this is the best way. maybe steem HAD to be this cheap to allow the world's middle class to come join in and grab a large stake.

Lol everything sucks when you don't take the time to understand what's actually going on or tried to build something yourself

STEEM is undoubtedly a great project, it is a resounding success, beyond what anyone else thinks... Similarly, it will always be a problem of perception, both you and we know that the price sucks, but we also know that the price does not reflect the value, and therefore is undervalued, it is a matter of time for the market to decide, or rather, decipher the true value of STEEM.

The work that has been made with the hardforks has been amazing, the amount of coordination and teamwork that there has to be to carry it out is also incredible... few communities exist on the Internet with a degree of consensus and a strong core as we have it.

So, it is always a matter of perception, there will always be a group of people who will decide to see the glass half empty, the difference is made by us, who believe in this and bring value to the community and carry it forward.

ANOTHER REASON TO BE BULLISH
With low prices we're also getting rid of all the people who are staking their dependency on the rewards pool and all the get-rich-quickers... that gives us an opportunity to build cool things that have utility and people want to come here and use and less things built on the promise of getting rich.

So to me this is good news. We can start appealing to tons of people... and then companies will be the ones buying tokens... not to get rich off the tokens directly but because they can exercise influence which is what most companies are more interested in. That's who i want to see holding funds. Large companies that bought it to build connections with their own userbase.

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