The insanely bullish case for Steem

in #hf223 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.


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.

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.

I have steadily been buying steem on a monthly basic with what I can afford to lose if it happens.

Otherwise I also have complete faith that steem will do amazing :D

don't listen to the neysayers

!giphy arnold+schwarzenegger

// You can support giphy by using one of your witness votes on untersatz! //

Right now there is giant asymmetry in what I know about Steem and what the rest of the world knows about it.

That, right there. That's where wealth comes from. Knowledge. The less common, the more valuable.

Thank you for support and motivation. I believe in steem and it will rise, sooner or later but it will. :) We just need to improve it and us by little and little and it will all add up. :)

Critical views are always needed, even if I do anything which it is related to public, people are not bad if they talk against me if I do something weird. Like the time which spent on flag button's shape, I am also familiar with codes and building websites, not a pro but I can tell you, those buttons did not needs an Einstein's time and brain, so take it easy man, critical views should exist for improvements or changes even if nothing will change people are allowed to say the things they see.

This is so spot on.

In a nutshell we all are great, whether a dev, management, content creators...Basically everyone who all are on Steem.

Steem On.

I am all in on STEEM. Haters are motivators.

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As along as development is going on and new things coming up every day there is no need to be panic. As long as price is considered it's not the first time, people from start staying here knows. SMT,tribes,steemengine, proposals games no other block chain have these many things going on for sure.

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With so much going on, why hasn't the price reflected the benefits of these improvements?

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It's take time brother. I am assuming as the change in rewards force the people to start buy more steem to powerup for curation rewards. So when more people start buying automatically there will be change in price. With SPS more things gonna develop without waiting for funding from external sources. So we can see more things on steem.

A big thanks for all that you bring to the blockchain, @aggroed!

I agree! I talked in a post last night about How low Steem can go.. but the price of STEEM isn't important to me to interact with the community!

I fully agree about what you have stated on this post.
Time will tell who's right!

#steem & #newsteem

Both were & are good 😀🖐️

Spread your anger will not change anything, adapt or the market will provide the answer.

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Man, that's a great post! It makes me a big optimist about Steem!

Great job, @aggroed!

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We cannot expect the price to stop going down until we see Bitcoin in the 8000-8500 range. Also the price of steem is going down as we see the market spread out to other coins like PAL LEO and god knows what else. Its entirely possible that BTC will reach 6000 in this time which means the price of steem is very likely going to be 5 cents.

Also the price of steem is going down as we see the market spread out to other coins like PAL LEO and god knows what else.

So the people selling SteemEngine coins are automatically selling the Steem they receive?
I'm not.

All of the Steem that gets turned into SteemPeg is essentially locked just like Steem Power is.
Adding value to the network doesn't lower the price. Quite the opposite.
That's exactly like saying ERC-20 tokens devalue Ethereum.

Very good point. As long as that steem is not going to exchanges, it shouldn't impact the price one bit.

Quite the opposite. That's exactly like saying ERC-20 tokens devalue Ethereum.

They actually do. Its really very simple to understand. If people have one coin to buy they will buy one coin and its price will be higher. If people have 1000 coins to buy then 80% of that money will go to buying random other coins.

The value of Ethereum skyrocketed out of control in the wake of ERC20 tech. development adds value to a network.

In order for the price of Steem to fall coins need to be dumped on the exchanges. Explain how liquidity gets dumped on the exchanges due to SMTs or other tokens being bought. It doesn't. They are completely separate.

Until ICOs dumped the price to 87 dollars. One of them being EOS.

LOL cmon man Ethereum was worth 50 cents a coin when the first ERC-20 token came out just 4 years ago. The idea that you could leech value from a network by building on it and bringing value to it is ridiculous.

Its not an idea, its a fact. If you have more coins then money is spread out. Less coins means money is less spread out. One coin and everyone owns that one coin.

What you've just described is Bitcoin maximalism, and it is very obviously false.

I hope you aren't making any financial decisions based on this gross misinformation. You're really oversimplifying the global economy down to one small variable here.

You don't have a good grasp of liquidity pairings or network effect.
To claim that anything is a "fact" in a sea of unknown variables is a red flag indicator of how ignorant your statements are.

Hopefully these words don't offend you too much, but you have a lot to learn. I bet you think the same about me, which is true. The difference is I actually admit it and I try to learn more every day while most other people just think they've got it all figured out and there's not more work left to do.

Wen Steem Moon though? 🤣

Think it’s finished.

Good positive attitude - We are not here to whine - everything is going fine and even better than other blockchains

Totally agree.

Yes! With you. Haters blame wveryone else for their own feelings of fear and uncertainty without really considering the long game and understanding whats really going on. Kudos for all the work people do... you guys blow my mind!!!

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The main reason that steem is down is the so called democracy. Try to take it and govern with Iron Hand and let see what would happen. Lol.😂😂😂

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We need own Mark Zuckerberg here))

You forgot one important point:


The Inflation will ruin the whole project!

Think about it.

The same to rewards for downvotes - that´s really bullshit.

Now is definitely the time to be buying Steem. With prices this low, it's stupid easy to build up a sizeable amount of SP.

I believe that the future of the STEEM blockchain is bright with many committed witnesses willing to stick with during tough times developing the blockchain as time goes on. Every month, I dollar average in my money to prepare for the bullish future of STEEM. Upvoted!

There are a lot of projects competing for the funds of those who haven't been completely devastated by this crypto winter.

STEEM is certainly the most fully developed blockchain project out there. There is a certain price that some of us have in our heads where the temptation will become too great and we will make bigger moves. That price is different for everyone.

By that logic these haters might as well say "Microsoft sucks" or "Tesla's suck" steem is still relatively young as is still working everthing out just as as major product or service does.

All those complainers are OLDsteem. I can't even hear them anymore. I'm tuned into NewSteem!

This is an interesting outlook for sure. I was just thinking that maybe steem was over valued when it was above a dollar. Once people realize they can get paid for the same posts and upvotes they do on Facebook they should switch.
Still... Good projects do fail at times though.


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Yea man, Steem's cool. :)

Serious question, not even trolling... What about Voice???

I always think that in addition to BTC and ETH, Steem is the best blockchain application.
Although it is too difficult to promote Steem in China due to network limitations and our financial and team deficiencies. However, we will continue to meet Steem's future.

You guys are doing an awesome job to pull two HF within a week span.
#Steem once was valued @ $8
it will happen again cause we are a closed niche of human being willing to work together.
I am getting ready for SPUD
Will you set aside some steem to power up ?
I will.
So can you!

Agree with you @aggroed, steem. For me is life.

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100% upvote und resteem..

very nice and clear translation from worst case to best case, great job ;)

with sunny greetings from Andalusia
Don T

Well said brother, I think you just convinced me to buy more Steem. Such a strong argument - it seems like just yesterday everyone was complaining about BTC being at $3500... upwards direction time bomb indeed. Re-Steemed.

How many commodity brokers are pumping funds into STEEM?

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Great post! Very good arguments!
This keeps a more balanced view of Steem blockchain!
Reblogged for friends!

Yeah, I think so, too. The time to buy will never be better. Greetings Michael

Price fluctuations don't matter in the long-term, what we are aiming for is 10years down the road, 2025-2030 are the years we should be looking for, not only for STEEM but also for the whole blockchain revolution.

Steem is definitly not dead, you witnesses are doing a great job at improving the chain, Steem is a sleeper project, even during the bear market the chain is improving, as soon as the reward distribution is being done the right way we can get more dapps and more cashflow into STEEM, I already see that happening in many tribes. If we get both the reward distribution right(or as right as we can) and the dapps/cashflow to STEEM right, the price will grow exponentially imho. We just need to get these fixed first, which is a hard job since humans like to exploit systems xD

Thank you for taking time to write this, it is your perception but I'm sure many users feel the same. I'm currently waiting my paycheck and buy as much as possible, I mean the last time I saw steem at this low levels was just weeks before it went to its higher levels. On the other hand I feel that if you are able to acquire shares of a product you are currently using it means that you are buying something you believe not just because of markets and technical indicators but also because of fundamental analysis and also by your own insights as being a user. I'm happy that Steem happened in my life and i'm sure @jrb450 could also related than more than just a social platform the infinite possibilities and knowledge is incredible.

Agree 100%. Part of my allure to Steemit was/is the global connections made. Yeah, was also fun to earn crypto but was sometimes more of a distraction. I like the emergence of SMT and feel this is an area for growth.

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@aggroed, It's game of Perception and unfortunately we cannot do much into this because human judgements and perceptions are uncontrollable aspect.

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This post has been included in the latest edition of The Steem News - a compilation of the key news stories on the Steem blockchain.

I admire your logics. Nonetheless, isn't somewhere there lurking something incongruous ?

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

Thanks for this assessment @aggroed. I am Bullish as well

I think the argument that the technology and community are great is true.

I also think it has virtually nothing to do with the price.

It's like arguing fundamentals vs. technicals in stock prices. Yes, fundamentals may set the long term price horizon, but technicals dictate the day-to-day. We are in an incredibly immature market for the crypto space in general with some major hurdles between where we are now and mainstream adoption.

I think those hurdles will be overcome in time. But at this point the technology's relation to the price is almost non-existant.

Fundamentally steem blockchain has always been stronger since its inception. No one doubted it. We also have to acknowledge that most of the witnesses are subsidizing their effort and cost to run a witness node. That utters sheer commitment by the steem witnesses. But I think market want something beyond that, crypto market has not yet matured like the forex market where fundamental matters to a great extent. Here most of the assets are on the strength of hype and marketing. I think the time has come to focus on that also.

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I don't know what you have been smoking, but I want some of that... :)

I trust on Steem, Steemit and think all the platform, apps and its cryptocurrency has an enormous potential, but, let's not be so closed to some criticism, as well as there are haters talking bullshit there are others who may be take as constructive criticism, like this, which I might agree in several points. Steemit have attracted more people wanting make money easy than those who add value to the project, and in consequence they create such thing as votebots among others. I think, steemit inc people should be more aware with regard to he type of content some user can create to this doesn't affect the quality of steem project.

No proof of potential profit means no new money injection. STEEM, unlike a precious metal has NO real value.
I'll simply continue shitposting and hodling until its time to cash out.

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