Why Does Steem Lag in a Bull Market for Cryptocurrencies?

in steem •  2 months ago

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The Desires of Crypto Investors


When people look for cryptocurrency utility, what are the main attributes that they seek? Based on the origins and hype of cryptocurrencies, the most desired attributes are decentralization, anonymity, fast speeds, and low costs.

So why does Steem underperform in the larger cryptocurrency market? It has all of the desired attributes:

  1. It is decentralized.*
  2. Accounts can be created with anonymity.
  3. Transaction times are near-instant (three-second block times).
  4. Transactions are free.

* The “ninja-mine” still appears to be a dark cloud hanging over the blockchain.

With the recent issues for blockchains like Bitcoin and Ethereum not being able to handle high volume and with miners requiring increasing fees to speed up transactions, why does Steem still lag in the wider crypto market? Why is investment so much lower in STEEM than in the tokens that can’t even come close to its attributes and its actual daily performance? With all of the continuous complaints about Bitcoin and other popular blockchains and tokens not being able to deliver on fast transaction times and low fees, why is Steem always overlooked?

As Bitcoin and Ethereum reach capacity for daily transactions and have thousands pending each day, Steem rolls on at much less than 1% capacity. With a current average of over 907,000 transactions per day over the last seven days, and a record of 1,044,574 in one day, it tops almost all other tokens in terms of daily use. The lone exception being Ethereum at the moment, which has seen a flurry of activity from the CryptoKitties craze.

Despite being able to do what all of the other blockchains can only hope for at some point in the future, Steem’s market cap is currently ranked 32nd on the list. Both its price and market cap are far behind tokens like Ethereum, Litecoin, and even purported scams like BitConnect. Steem has the desired attributes and it has proven that it can potentially handle the transaction load of all of the current blockchains.

So what’s holding it back?


Changing the Message


Steem’s attributes, as a blockchain, seem to be either rarely mentioned or quickly glossed over in the public realm, particularly – and surprisingly – from those promoting Steem. The best thing that Steem has to offer isn’t the ability to “make money by posting and voting on stuff.” That’s just icing on the cake, so to speak. The point that needs to be driven home during all public engagements and interviews is this:


Steem is a decentralized blockchain with near-instant transaction times and zero transaction fees.


That should be the opening and closing statement for all public promotion – and everything in between should be somehow tied to these facts. Don’t forget to add the capacity figures as well and that accounts can be created anonymously. Censorship resistance is also good to mention.

Is it possible to earn STEEM by posting and voting? Yes, it’s certainly possible and it’s a fantastic idea, even if the implementation isn’t perfect. But you know what makes it so great? The ability to send any post author some money almost instantly...and for free!

Don’t get me wrong – I think there’s plenty of usefulness in paying authors for their subjective contributions in terms of marketing and attracting more mainstream users. But paying bloggers doesn’t appear to be much of an interest for investors in the crypto space and it isn’t a problem needing a solution for those looking to escape the confines of the centralized banks and governments that back them. Having a decentralized, fast, free-to-use currency is what they’re looking for first.

In addition to appealing to those who are looking for the decentralized, fast, free-to-use currency, there should also be more promotion focused on the tech and database sectors/companies. With the capacity of Steem currently being less than 0.4%, despite being the most used cryptocurrency in terms of daily transactions, this blockchain could have much greater implications for data storage and tech development – in sectors that raise a lot of capital for research, development, and acquisitions.

A blockchain that is (relatively) decentralized, has near-instant transaction times, is free-to-use, is mostly anonymous, has enormous relative capacity to all other blockchains, and also pays its users for subjective contributions and is censorship-resistant...

Struggles to make any headway in the crypto and tech space.

It’s a travesty, really.


steem_do_something_1.jpg


Possible Solutions


So we seem to have a problem with the message and/or receptiveness to it and I already laid out what should be the focus when promoting/marketing Steem. Obviously, we need to improve the message for the actual blockchain. But from where is this promotion and marketing currently coming?

Mostly, it comes from Steemit, Inc. – and since they have a huge “ninja-mined” stake that was apparently to be at least partially used for these purposes, we should really expect more from them in terms of marketing the blockchain and its capabilities. After all, if this is not being done (and it at least doesn’t appear that it is), then why did they need all of that money/stake in the first place? Even in Steemit’s 2017 Roadmap, it was stated that this stake would be used for “promoting and publicizing the Steem blockchain and its features.”

The Steemit, Inc.-controlled primary account, @steemit, which holds approximately 41% of the platform’s Steem Power, will be gradually divested of its holdings in an effort to increase promotion and development of the platform, and this distribution shall further the platform’s security through decentralization of voting power.

Several methods will be employed, including and not limited to: funding the continued research and development of steemit.com, the Steem Blockchain’s first and best application, promoting and publicizing the Steem Blockchain and features, hosting highly available services for platform users, sponsoring conferences and community gatherings, and sponsoring undertakings to build applications and increase user adoption across the entire ecosystem. – Steemit 2017 Roadmap, p. 21

When marketing is being done, instead of marketing the blockchain’s capabilities in terms of what crypto enthusiasts actually desire from a blockchain, Steemit, Inc. seems to be more focused on the ability to create additional coins via Steem and promoting the concept of ICOs (initial coin offerings) – at a time when ICOs are receiving much more scrutiny from and being more strictly enforced by regulatory agencies within various governments.

This doesn’t seem like the best strategy to gain more interest from investors – by inviting more scrutiny from regulatory agencies like the SEC (Securities and Exchange Commission).

It is especially troubling when the promoters of these offerings emphasize the secondary market trading potential of these tokens. Prospective purchasers are being sold on the potential for tokens to increase in value – with the ability to lock in those increases by reselling the tokens on a secondary market – or to otherwise profit from the tokens based on the efforts of others. These are key hallmarks of a security and a securities offering. – Statement on Cryptocurrencies and Initial Coin Offerings, December 11, 2017

So the first obvious solution would be to get back to basics – K.I.S.S. (Keep it simple, stupid!) – and start promoting the blockchain features and capabilities. This isn’t something that’s limited to Steemit, Inc. either. All of us can do this. And all of us should be doing this, regardless of how many people we can reach or what our budget is. It costs nothing to tell your followers on various social media platforms or to talk to other crypto enthusiasts about it in crypto forums.

You don’t need a lot of money to promote something. You just need to find the right place for promoting it. Guerilla marketing can be very effective.

The other possible solution is probably a bit more controversial.

In my opinion, one of the largest impediments to Steem adoption is the lingering effects of the “ninja-mine” by Steemit, Inc. during the blockchain launch. The relative massive amount of STEEM that remains in Steemit, Inc.’s control today isn’t enticing for investors looking for a truly “decentralized” blockchain/currency. The ability to move markets so easily by having so much stake, and showing the willingness to off-load large sums at a time, can create a lot of distrust and cause plenty of hesitance for investors and platform users alike.

So the solution for this would not include continuing Steemit, Inc.’s multi-year “divestment” plan that can potentially keep investors on the sideline for years to come. Instead, I would ask that Steemit, Inc. actually burn a large portion of that stake, especially since it doesn’t appear that it’s being used for its intended and stated purposes. And with changes to account creation coming soon, which will result in less cost for account creation, currently having 73+ million STEEM in just two of their accounts (nearly 30% of the total supply) seems to be unnecessary for the stated goals and the current results of their actions (or inaction).

I would propose a burn of at least 50 million STEEM, which would bring the circulating supply under 200 million STEEM and would reduce Steemit, Inc.’s stake in those accounts to less than 12% of the new supply. This would greatly improve the claims of decentralization and show plenty of good faith to crypto investors who have largely criticized the “ninja-mine” very loudly since the inception of the Steem blockchain. And with the burning of that STEEM, it would reduce the amount of time for “divestment,” which mostly leads to selling pressure on the open markets.

As I said, this is likely quite controversial – at least in the eyes of Steemit, Inc. – and I don’t expect this will ever happen. However, I do believe that it would actually result in a better overall product and more ROI for them and the rest of the platform’s users and investors alike.


Closing Thoughts


Given the performance capabilities of the Steem blockchain and its desired features of decentralization, speed, and fee-less transactions, there’s no reason why it should be falling behind in a market that’s riddled with blockchains that struggle to perform simple tasks.

Bitcoin transactions can take hours or days. I waited for over three days for a couple of transactions to confirm last week.

Litecoin has rocketed to over $300 per coin, currently, despite having transaction times 50 times slower than Steem...and still charging fees.

Ethereum transaction times could take as little as 20 seconds, but the network is back-logged due to not having enough capacity. And even with faster speeds than Bitcoin or Litecoin, it’s still 6-7 times slower than Steem...and still charges fees. It’s currently priced at close to $700 per token.

There seems to be a disconnect with what Steem is able to offer and how it’s received in the crypto markets. I think that both better, focused marketing about the blockchain and some good faith from Steemit, Inc. to help resolve the issues from the Steem blockchain launch can help.

But this is just my opinion. What do you think about this?




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Who do you think is attracted to the vapid "MONEY TALKS" blurb that jumps out at you when you visit steemit for the first time? Scam artists and super greedy types. This is one of the central issues in my estimation. TBH, if I had never visited Steemit before and all i saw was "MONEY TALKS", I probably would not even join. It looks scammy.
If i were in control, I would change that message to:
"Welcome to the New Gift Economy"

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Yes, I do think a better slogan will help...or at the very least Steemit Inc. should experiment with many different slogans (you listening @ned ?)

However, I do not think that 1 phrase change will bring Steem from $2 to $20, but the activities of Steemains (the real power) certainly can, as a grassroots community driven blockchain, the power is in our proof of brains!

If every new and causal Steemian just need to logs in 1.5 times more often each week (Note: this is excluding all those super minnows, super dolphins and insane Orca who live 24x7 around the clock on Steem), everyone just Post 2x more, OR just reply 4x more, and just upvote 8x more (and at least a few different people every time you log in). And everyone tell 1 person about Steem once a week.

If we do this, we will jump from Alex ranking 1988 (YES WE JUST BROKE A NEW RECORD!) to easily to 1700, heck maybe even 1500 in the next few months alone!


new ranking.JPG

And think of it this way, every 100 drop (increase in Alexa ranking) it's like 2x the Steem price growth! Hows is that for going Bullish :) Ok let me do the math for everyone (I passed year 5 math so I got this). $2 (rounding up using year 4 math) x 2 (Alexa 1988 to Alexa1899) x 2 (Alexa 1899 to Alexa1799) x 2 (Alexa 1799 to Alexa1699) x 2 (Alexa 1699 to Alexa1599) x 2 (Alexa 1599 to Alexa1499) = before I say the answer, you all thinking Alexa ranking yet? hehe. Ok..here is the results:


Steem = $64


So Now You ALL Know What To Do In The Next 12 6 Months

note: Alexa ranking to value is exponential, and exponentially exuberance once we get below 100....just remember rank 2000 is like 6 times better 3,000 (think Steem $0.33 cent to Steem $2.00), but 1500 is like 60 times better than 2000


ok in support of your comment, here are my suggestions for phrase change:


Steem: Where Your Words Have Value



Upvote Talks! BullShit Walks!



Tickle Me With Your Steeming Feathers


....opps that's for a new NSFW post I was making......

nah just kidding........just me ticking the minnows who are reading this :p



source: flickr.com

I like to show some appreciation to these commenters @slothicorn, @rok-sivante, @techwizardry, @denmarkguy, @fechaugger, @jenkinrocket, @phgnomo, @jr11, @janisrijnieks, @drakos, @oldtimer who got us (well at least it got me thinking), and mostly kudos to @ats-david for writing up this important post.

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Also Everyone, Please Be Patient With Steem, It could be just timing and Steem's Glorious Days Have not come yet. And that's a good thing as it gives everyone a chance to accumulate Steem like the early days when traders, miners, enthusiast, Apologist, and Courageous Investors Accumulated Bitcoin from 0.001 cents to $3.00 in the first 3 years: 2009 to 2011

Steem is only 2 years old

Also special thanks to @anonimnotoriu who shared this video with me:

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This is my assumption as well. Probably the Steemit.Inc team is waiting for the right moment (e.g. sort sign-up speed and scaling first) and get out of Beta. Once we reach that point I do expect massive marketing and promotion to start.

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I don't see marketing , and advertising . For the near future I see if as " we the user get excited and tell others about it " Just the same way Uber grew . Word of mouth is the best advertisement. Be careful what you wish for . Do you have enough steem right now that you would be happy if it took off?

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Do you have enough steem right now that you would be happy if it took off? Haha ! Nope we dont!

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absolutely not! hehe ;p

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That would be my best guess too. I suspect they will push the SMT marketing much more than Steemit. Still all good for the blockchain.

Fingers crossed they smash it out of the park come 2018!

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Isn't the Steem price already as high as Facebook shares?

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lol...not even close.

To get to Fb price alone, never mind twitter (zappl), or utopia, or all the dozens and dozens other apps being build on Steem now, steem needs to be about $2,500 to match market cap or > 100,000% higher than today's price of $2.32.

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Steem though I’m a huge fan and supporter is not comparable to bitcoin in this way. We have to consider the 21 million limit and no limit in steem. Again I’m a huge supporter of Steemit I’m just saying that’s not a logical comparison

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But you also have to consider we are only 15x bitcoin,

and in a decade we are only 20x bitcoin and in the future HF may even slow down the necessary inflation (which our SP protects us from) when users >1Mil, or when user> 10 Mil, and user >100 Mil, etc.

But btc has a greater problem, it's current 10% taxation of transfer makes it way more costly than Steem. This is a serious problem tht will slow down BTC growth from $20,000 to $200,000. I don't see why it won't slow it down.

A friend yesterday tried to transfer $150 and against my advise to buy ltc for faster trasaction via @blocktrades to Steem wallet. He bought BTC by default and found out the cost of transfer from the exchange to Bittrex, Poloniex, or Blocktrades will cost him just over $30 and he got turned off, and din't want to move trade it calling btc a scam in fees.

I told him to either buy more btc say $300-$400 or wait till weekend or when btc price is steady not up and down and fees are cheaper.

Fees is going to be a bigger factor for btc ongoing than just Steem being 15x more in coin when our usage will likely surpass BTC usage in less than 1-2 years time.

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We just keep doing the good work of building the community and helping to guide the evolution.

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agreed....but it won't hurt to get a few K of Steem and Power it up too.

You're grandchildren will thank you :)

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Will the old, Not blockchain-based institutions like youtube, fb, google and so on and so forth really allow the steemian marketing People to promote their project? I am not sure..this would mean paying for loosing people on their plattforms:-)) Maybe in the Short run, but not on the Long run..

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Yes, they don't think anyone can threaten them, it's call the tsunami effect, the psychological state will not allow these big companies to take action until it's too late.

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I've heard rumors of reddit, Facebook, and maybe others hiding posts about Steemit. They have an extreme level of control over what is and isn't seen, and this is a threat, even if just a small one for now.

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Lol...agreed @scottyeager, I do hope we are a thread. Look what 1 little minnow like me can do to a youtube posting on a multi-million dollar ICO.

Don't watch here....click watch on youtube and expend to see my comments to the Real Viewers and Shills alike:

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You make a great point. Most of the comments on that video say something like "this looks so awesome, when can I sign up?" And there you are, letting them know that Steemit is ready to go right now :)

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Agreed!
They want total control

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That is why DLT aka blockchain technology is the great invention to level that playing field.

They thought Xerox will always rule office copier tech, Blockbuster will always rule home videos, or GM and Ford will always be top car maker, nothing is dominates forever, not even fb.

Additionally if FB disappears tomorrow, the world will not be any worst, as compared to say Xerox, Blockbuster, GM and Ford who actually produces value in utility, entertainment, transport and if not then at least local jobs in the US.

I think I have only checked my FB once in last 3-4 months, and none since I found Steem.

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Yes they will, but when and how will fast can they adapt?

If fb launches it's own blockchain and start paying it's users for just using, it means 2 drastic things:

  1. It validates Steem and all it possible future fb blockchain competition.
  2. It is a Big cut into it's earning. Imagine the shares dropping from half a Trillion by 50%. and Imagine just 10% of that money going into Steem....big implications. Money always flows to stronger underdog competitor in a fight.

I look forward to the day they see the tsunami coming and do fight with Steem.

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Yes, there's the ticket. If FB does not eventually see steemit as a threat, it will AT LEAST see it as an example of what they could be doing. Let's just hope they don't catch on TOO soon...because then steemit will potentially lose opportunity value.

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I agree to an extent but not fully. The Blockchain Technology is widely known now more than ever before Because the pioneering coins had gone before the rest the pave the way and you still want crawl whilst the road is free.

'Seize the Day' and make most of what is before you.

If Steemit is waiting for the trumpet to sound before they start some kinda marketing then I'm sorry bcos the paramount thing then wouldn't be Steemit but something that meets the need of that time.
Let's assume Facebook and Youtube starts this same model of curating contents for a token, what do you think would happen to steemit?

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Exactly!
I love Steemit but these predictions are way over blown

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I do agree with you it is human nature to over extend short term forecast, but it is also human nature to under-extend long term forecast. It's much-much harder to see Steem at $1000 and even the absured $10,000 say in a decade. The ironic thing is that the greater error is often made in the latter not the former, and often by more than a factor of 3. People could not see 100MWatt of electricity use after 50 years of expansion, in fact they plan for max use of only 10MW. We are beyond 100,000 TeraWatts now.

$50 to $100 Steem (or more as it often overshoots in a bull run) is achievable in the mid term. I hope you hold on to yours, it would be worth 6 figures based on what you got today.

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they already do, it's called advertising, but here are some of their rules:

  • you need minimal 10,000 views
  • top contributors get less than 30%, rest goes to company executives and shareholders

That's like saying you only get paid after you reach Rep 65 here on Steemit, and for every $1 OP and Curators earn, they get taxed 70%.

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You're new here right @rowlandokoli?

Welcome and go read my 1st reply to @battebilly below. Learn and make a bigger impact, at the very least a bigger impact on your wallet.

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Hodlers don't spend, we live like poor people and HODL.

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haha...yeah, good choice @nokodemion. Also great for dieting and giving us a sexy body :)

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hi nice informative comment. nice information about price of steem. Well done.

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Hi @tusharvasave,

Thanks for the feedback and the support. I hope it encourages you to keep posting, keep earning, and keep telling your friends about Steemit!

UpVoted for being an encourager!

Cheers!

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thanks for your support. It's definately incourage me.

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Then learn to encourage the other Steemain back, go upvote replies and post that benefit you with your $0.00 upvote powers.

This is mainly for your benefit...go see my advice to @battebilly above.

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yes. thanks for suggestion.

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haha....it's much more than just a suggestion. heed well my fellow young Steemian.

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i believe steem will because of the increase in the users and scarcity that is why the more people join steemit the more the users and the more scarce steem will become

i am also experiencing that because since steem started growing people with a low vote like me get less votes for people with a high vote

because there vary many of us with a low vote compering to those with a low vote

how will it be when be we half of the internet uses join the community

steem will not grow because speculators because bet coin as no grown because of speculators

through it true speculators can influence the market but that is in short-run.

Its if this idea is used to promote steem that will help the grow of steem becouse more people will look for steem and it will be more scarce so there for all of us most support people who promote steemit so that we most have a big number of people promoting steemit in there areas the more people join and start loking for the coins the more big steem will grow
thanks

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Hi @battebilly,

My question to you @battebilly is do you vote back or do you just believe in upvoting yourself?

As a minnow about 1 month ago (before I got 4000 Steem just a few weeks ago).....i figured out a magic trick, I realize with only $0.01 upvote power, it' s better I give it away to everyone one else and show generosity, encouragement, influence, support, and evidence.... make it evident on the blockchain that each and everyone deserves my upvote....no matter how small.

I tell you the truth, if you were to have up-voted me, not because I want that $0.01, but because I too am human and I do appreciate being appreciated. I would have reciprocated x10 to x50. I do it almost 90% of the time.....my estimate is most people will do it 25%-75% of the time.

The magic formula is this:

  1. There is a real person behind each account, no matter if it's 10 Steem, 1000 Steem or 1,000,000 Million Steem. Appeal to that person. I have gotten respond from everyone upto those with > 3Million Steem before I made my first deposit?

  2. Pass in onward, when you have reach $0.05 Steem......go encourage and upvote all those $0.01 minnows. Real following will make the Orca's with >$5 upvote pay attention to you.

I will come back when I have recharged higher ;)

Be Blessed ya?

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@dj123 thank for giving me your magic trick. I believe.
idea of give with expecting to get in return.
thanks for making better.

this is one of principles of life but I have know is for time but have not been using on steemit. this is the best advise have ever got since i stared steemit thank you boss

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As much as I like to be a boss, I'm just minnow like you, only an investing minnow :)

you're a fast learning, please realize reciprocation is not guaranteed, give hoping to receive is good ok, butdon't expect the upvote. It's the spirit of passing in forward that matters most in our ecosystem, we have to watch out for each other as there is no one else external going todo so for us, especially right now when Steem is still very young and Steemit is only beta and 2 years old.

Someday when advertisers come to buy up Steem to support all of us, we would have already build our network of loyalty amongst Steemians alike all united. Like now, I'm already feeling loyal to you @battebilly ;)

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building of network of is a great idea.
Am leaning lot from.

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yes it is :)

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Sounds like spam to me. No offense

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none taken @geneeverett, nevertheless I'm curious how so?

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Scarcity? What scarcity?

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Yes, it is amazing for steem. I am new comer to learn about steem coin.

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Welcome to Steemit @daikoo:

Learn how to contribute original and how to engage your readers. Go check out this post, upvote all authors that you benefit from, leave an opened ended comment to engage others, and go use the principles you learn immidiately while it's fresh!

15 Powerful Persuasive Tips To Guarantee A Respond on Steemit - Part 3

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Your fist proposal, Steem: where your words have value, jumped out at me because of the similarity between that phrase and other blockchain applications that are coming online to take advantage of that. https://yoyow.org/index_en.html for example. There are a lot of similarities to steemit from what I can see, but the interface is more appealing. I also don't know a lot about crypto but ats-david's point about the 'ninja-mine' where all that value is held by the organization would also cause people to pause before investing.

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Early last year in 2016 there were 4 potential companies that were suppose to create a social network blockchain, only 1 pan out, Steem.

There are now dime a dozen, most claiming to use ETH for payment, most using ER20 to get funding because it's easy to do so. Some will end up to be scams to capitalized on the ICO market as they have little hope to deliver, some will not be able to pull it off even if they make a sincere effort, others will end up copying exact same ideas and will surely fall short of 50-90% of their promises (gui or otherwise), and ALL are learning from Steem and trying to create something too specific (vs. Steem blockchain is generic for different kinds of media) and if they do it from scratch it's unlikely they can succeed as blockchain coding is no small feat (Steem was developed for over 1 year before the launch in April 2016). These days.....it's all talk and marketing, and there is not even 6 months of serious coding before the promo.

Most likely they will come up with a gateway product which makes me question if it's really decentralized then, meaning they tax everyone upvote and payout like 10% or some nonsense like that.

However, I can imagine someone coming up with a Steemit clone, like Golos, rebrand it, and market the hell out of it, but even then, how will they get the backing of freelance and opensource developers besides their paid coders to grow their coders?

No blockchain will grow without community participation, if you have to pay people to run witnesses or to mine, then it's looking centralized.

As for the ninja-mining, I'm not quite against it, it's very expensive to run a development house and basically Steemit Inc did not have a strong ICO market to depend upon when they started. They need at least 30 to 50 Million to build Steemit 2.0 & SMT Oracles, and then full non beta Steem & Steemit.

(note: we do not want Steemit Inc. to run out of money like BitShares did, that would be really bad!)

Also they are giving 0.5 Steem away to each account, that's means if they keep 75% for new accounts, they will have nothing left to give out after 50-100 Million people join. So it will work out when the masses comes in.

If you like the display, goto https://www.busy.org and login with your Steem ID. Personally, I prefer clean look and more details (like upvote % break down using the Steemit plugin and more user information like steemd and steemdb) than a fancier layout with less details

There are alot of room for improvement, I do want to see more games embeded, there is 1 already via a plugin, and I want to see chat embeded, and also it does not hurt to have Steemit Inc. support the development of eSteem the app for iphone and android, currently it's a 1 man developement team.

Note: We are still in Steemit beta. Steemit 2.0 is coming when Steem 2.0 is launch next year, you can count on that.

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Your words speak to me. Maybe out of hope maybe much like a escort you say the right thing at the right time, but I do like it. I think future for steem is bright.

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hahah....glad to be an encouragement. Go buy a few more K of Steem.

You're children will beg at your feet not to be cut out from their inheritance.

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Thanks for the information David!

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Who's David?

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$64!!!!! Do You really buy that ?

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Respectfully @geneeverett, yes I do, probably not 6 months, but it will get there.

I see you join near the start of the last Steem recession.

Go see my respond to @davebrewer below when Steem was between $1.8-$2.0 for further elaboration.

Also, I put my bankroll where my mouth reply is :) when Steem crashed from $3.4 down to $2.44, I bought 1+k more in and bought at 2.5-2.6 yesterday.

If it crash back to $1.5, I plan to double up, and I seriously hope it does.

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Sounds good to me 👍

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You will not regret it buying under $2, just no way (if we get a chance)

Unless you bought BTC at $20.

This could be your next best investment.

Note: The investment financial community starts a new budget in 2018, guess where they will be pouring the biggest stakes of money into? Yup crypto...and I personally foresee Steem not getting anything less than 2% of that cash (approx 500Billion to 1.5T more), that's another long post reply I made to taskmaster's post on Steem growth or possible (near $100) forecast till end of 2018 due to SMT and other actors.

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Leave it to Stella....I mean @slothicorn!

Very good point. Not only does the promise of free money sound scammy and attract people who won't add much to the community or the value of steem, it also causes unrealistic expectations leading to a bunch of inactive accounts.

Money should be the icing on the cake, not the punchline, we have so much more to offer as a currency, a platform and a community!

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A community of shallow, money-grubbers, part-time scammers....ahhh....

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Sounds like a better graphic novel than social media platform

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Haha
Well sadly that’s largely true. I get so much spam on here

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LOL I have to agree with the "MONEY TALKS" being super-shady. Nobody visiting Steemit for the first time will come away with a good impression after reading that. That slogan sounds like something Gordon Gecko would say.

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I agree
It’s just cheezy

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Agreed!

I suggest when we all share about Steemit to others (and I shared about avg now 1 every 2 days so I have enough practice to know this kinda works), I don't emphasize the money as much as the freedom and the ability to help others.

When they discover how big the money factor may be if they work at it, it's just the icing on the cake.

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super-shady

The fact that they don't get this speaks volumes.

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Bingo!

It sounds scammy, and experience tells me precisely who it attracts: A group of people I have come to think of as money for nothing seekers.

I found Steemit somewhat "late" (relatively speaking) and almost didn't join at all after seeing several versions of promotions all centered around Jeff Berwick's now-famous $40000 post. I looked at that and wrote this off as a lost cause.... I thought "These people are SO. FRAKKING, STUPID. to pitch that as a the primary attractor."

"Welcome to Steemit! Where 'Pay it Forward' is more than a clever saying!"

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Scam artists and super greedy types. Loaded with these types here. . .

And the unofficial poster boy, drooling Youtuber, Jerry Scamfield is the biggest joke of it all. . Watch some of his videos if you haven't seen them already. . complete with bright shirts reading "Prayer" as he asks people to use his vote-bot with negative ROI.

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Yeah, seriously. Constantly doling out big rewards to obvious scammers and morons isn't exactly helping on the marketing/PR front.

But...that doesn't have much relevance on the blockchain's capabilities, which should trump that stuff. So the question is still, "Why does it not?" Or is the fact that it's "based on" social media and is actually largely filled with the socially inept what's keeping it back?

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IMO: Blockchain capabilities are an important point, but the website/ UI is equally important. In other words, Steem has unbelievable blockchain capabilities yet Steem acts as the fuel for a website that is slower than 93% of all websites in the world according to Alexa. Maybe the wonderful "fuel"(Steem Blockchain) is not recognized as a leader because it is currently only good for making sure a clunky second rate blogging platform is in existence.

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Sadly that is true. Especially this past fall the site wasn’t even working at times. We need a fast site b4 any of these growing predictions come to pass

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Maybe it all walks hand in hand.

Shitposting and scammers may not affect the blockchain's capabilities, but somehow they might influence the project's reputation. People are fickle... and often go more by rumors and reputations than by underlying facts.

I can't help but think somehow we/they jumped the shark by putting so much emphasis on the "money making" aspect of things. Simply put: it was a mistake... the sort of mistake people make when they are afraid (or too impatient?) their idea isn't good enough without a little misleading publicity.

Advertising "free beer and BBQ" will definitely fill a restaurant... but are those people the people you WANT there?

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They all promise to be 'the next Bitcoin' when the only next Bitcoin is Bitcoin.

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The analogy of next bitcoin is present scenario of bitcoin compared to the future scenario of a blockchain.

There has been numerous next bitcoin by that comparison.

So when btc was $1000, and Eth was $1-$5, they said Eth will be the next bitcoin. Do you think ETH now at $800 won't get to $1000?

As such is the logic of the metaphor.

Just pointing it out.

Here is the same logic as Eth that is relevant to our Steem scenario:

If you think bitcoin can get to $1million at say 20+million coins produced by then or whatever the timeline in decade+.

Then if Steem is the next bitcoin and we are just 20x more than bitcoin is total possible coin liquidity (assuming everyone powers down and trade Steem like bitcoin) at that point in time (say mid of next decade), then we will be worth around: $5,000 to $10,000 per Steem.

If you like I can do the math for you but I can see as a bitcoin fan you can easily figure that out.

Note for Near Future Comparison: We are only around 15x more (in liqudity) than bitcoin today, and say bitcoin today has optimistic 1 million real users (approximately over 1million bitcoin wallet exist about end of last year). If we get to 1 million real users in Steem in next 1-2 years, then our value can easily be justified as bitcoin divide by 15 without competing with bitcoin at all and using even today's number $18,000 bitcoin/15 is way-way greater than $100 per Steem.

Respectfully, even your account in a decade could be worth 6 figures, definitely in the thousands in the mid term, I hope you hold onto your Steem Power.

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I was thinking along those same lines earlier today when reading a post. The scammers will detract from the site and as a member, I know they distract from my enjoyment when I am scrolling through new posts to find some content worth reading. I want to see the site prosper just as much as anyone, so I spend time and effort to post decent content and comment on posts that are worthwhile. I upvote every time I can if the content is valuable to me and I honestly gained something from reading. I think if we take the time to reply back to those who took the time to read our content and actually engage in interaction then things would pick up. I do what I can even as a newbie.

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They do effect it for sure. I e had friends give up on Steemit because they just saw and got spam all the time

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Tens of Thousands gave up on Bitcoin, their story are all over reddit, but it's still $16,000 today.

And honestly for those who do figure out how to use it (especially if they find a niche and connect up with a few like minded souls) here on old beta Steemit, it's way more addictive than Bitcoin.

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Rot at the top.
They have consistently chosen the crapitalust choices rather than favor the people.

You are correct, though.
Our utility should overwhelm the others, handily.

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You want socialism instead?

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I agree with your point here.

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Not exactly.
This novel does a good outline: http://www.gutenberg.org/ebooks/25439

I want the end of rule by force.
We can figure the rest out once violence comes off the table.

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Rot at the top.

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Until dissent is valued over knobslobbing, this is what we get.
A bunch of knobslobbers rather than bald knobbers.

Not everybody is happy in a circle jerk.
Especially when ganging up disadvantages those that dont.

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Low lifes have a chance of making big bucks here, which basically is a huge turn off to respectable creators....this could change with the right kind of people stepping up though. David Pakman is one who could really help with our image.

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Agreed! I see so many scammers getting upvoted for literal spam

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I was thinking of Tweeting something that Donald Trump might pick up so he can move his rants on here from Twitter. That would significantly increase Steemit's popularity.

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I could not agree more, you NAILED it right on the head. When you add a greed component it becomes Facebook on super steroids. Ego driven, money grubbing worms like Graig Grant make so annoyed...

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They could have at least called it , " Social Money" .

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very interesting!

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I see Steemit as a community. As long as it's small even a family. Maybe Facebook was a family but now it's full of every asshole in the world and some undersireables trying to scam and spy. Steemit is a family and we talk to eachother. I even helped a guy I don't know solve a immigration problem and that took some reading in government websites. Steemit is also entertainment and infohub where we can find all kinds of interesting information. And look we need money to survive, we are not hunters and gatherers anymore. We go to grocery stores and shopping malls. So it's nice to know that for doing the same thing you might have done on Facebook or elsewhere you can get a little contribution and maybe even thanks. Kind regards Stadex.
KEEP STEEMIN

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I agree on Facebook
But sadly there’s plenty of those here already too

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73D6FB3D-76B1-4F2C-AB0C-6D4731A98BDF.jpeg

Just wanted to share this with you.

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Dash is long over due for coinbase. I’m surprised about Monero though

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Yes, nice informative post . well explained and easy to understand. Superb post. Keep sharing. I wait for his next post.

You sir have hit ALL of the right notes on this post. If someone bothers to actually look a little deeper into Steemit, they would see how powerful and competitive this blockchain really is. But you know, the market is often irrational, and in Steem's case, uninformed.

Great writeup.

Feels to be a sticky one. Of course, it's tough to state concrete answers.

Indeed, one point you've mentioned is that most investors aren't particularly concerned with a platform that rewards bloggers.

Another I've come across: the understanding/misunderstanding of Steem's inflationary nature. I've read an outright, "Steem is horseshit. Who is going to invest in an inflationary currency." While there might be more to it than just that, it could indeed be a potential factor that might turn some off - and require better explanation to validate the model against such preconceptions.

Another factor: it's quite niche. And the general types that may be attracted to it are more those interested in earning rewards blogging than investing and utilizing the token for participation with curation. Most investors with the type of funds that could drive Steem price up probably aren't too interested in learning the ins-and-outs of this niche game and setting up their curation systems to turn the investment into a passive income. And measured against other tokens that can earn greater returns faster - what, then, becomes the incentive of holding a utility token they won't utilize?

Sad to say, another factor may be reputation. Despite Dan's projects being superior technically in regards to performance, it's appeared that the projects haven't totally gotten taken seriously in some circles. It was weird meeting Joe Lubin last fall, being introduced as a top writer on Steemit to have him give me a weird look and ask, "isn't that some kind of scam?" Hopefully, as EOS takes off and gains institutional acceptance, this may shift and some attention may come back to BTS and Steem with a fresh perspective free of such prejudice.

It is kind of a weird question, actually. There are so many shitcoins that have exploded in value comparably, that have nowhere near the solidity of foundation that's been being built here. But then again, this still is a new platform, it is an experiment, and is still under development. There have been speedbumps and learning curves, and overall, the platform itself might just not be ready for scaling to the masses - and perhaps price reflects that.

It is likely, however, that in the coming years as more money and attention flows into the crypto space, a proportionate share will flow into Steem. And, the big boom could just be a matter of the right partnerships or audience. As someone (I can't remember who) wrote about recently - adoption in China with a Chinese mirror site could drastically change the situation - as potentially could even one or two major influences or key players stumbling across Steem, seeing its propsects, and giving it the right kind of publicity...

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Many people are really stupid and uninformed... Bitcoin was called a scam as well in the beginning... People just do not care about reading a 45 page whitepaper in order to understand how this can work. So they think that this is too good to be true and just stay with the market leader, even though with him they have to wait 3 days for a confirmation.

I think this is really the main problem... The median Facebook users is stupid as fuck... sorry to say, but it is like this... a billion stupid as fuck users we are trying to convince to get here.. only the top 10000 Facebook users are bright enough to read the Steem Whitepaper and come here...

Bitcoin was already a challenge... Many people needing 8 years to understand that easy technology... they might need 40 Years to understand concepts like Steem Power, Steem Dollars etc...

Also the majority of the Facebook users are financially illiterate and do not have a clue what they have to do in live...

Sorry for the Facebook-user rant... but as said.. the intelligent Facebook users are already here... sorry to say that there are not more of them...

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So if we already have all the intelligent FB users, does that mean the top end has already been reached and there is no where to grow?

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You certainly raised a valid point in saying that the intelligent Facebook users are here already. I have posted several times encouraging and inviting others to venture over to Steemit and I get that dull, glazed over look as if I'm speaking a foreign language. I suppose they don't want to make any sort of income for wasting time and posting shit.

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That's not on them, that's on us. Or, more specifically, on steemit. It ought to make things user-friendly. Or stupid-friendly, as you may perhaps prefer to phrase it. And that's true for all cryptos, and the biggest barrier for widespread adoption.

Every single person I recommended this site to, I had to hold their hand through the account setup process.

That's not a good thing.

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There are so many shitcoins that have exploded in value comparably, that have nowhere near the solidity of foundation that's been being built here.

Bit of a strange paradox, isn't it? But speculation is often far more exciting than facts. There are a bunch of coins out there going to the moon on nothing more than the word "blockchain" was in their White Paper 20 times.

The footnote I wanted to kick in there is that this is not specific to cryptos... it's an investment problem. Well... that's actually not quite true. It's a lottery problem... a lot of so-called "investors" are actually just gamblers hoping to ride something to the moon in the short run. "Investing" is more about buying and holding for the long term... but the same thing happens in the stock market-- a whole group of people chasing rumors around, hoping to catch the next "20-bagger" rather than just putting their money in something stable that quietly doubles in value every year.

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Most folks chasing rumors in stock market, or in cryptos, will eventually lose their money.

Trying to explain STEEM price as just being "unlucky" in the lottery of crypto prices, does disservice to the USD 550 Billion already in.

So that USD 550 Billion was just randomly assigned, and STEEM got unlucky?

NOPE !!

There are better explanations

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well-said.

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If you have examples of these stable investment opportunities that quietly double in value every year, please do share!

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Serious writers still look at this place as if it were a scam. Steem has an image problem and it's due to not seriously investing in Communication and marketing strategists. There's a price to just "letting people spread the message". I think a more professional approach is becoming necessary, but this could change with projects like Utopian and other more non-scammy projects getting noticed by the mainstream world that is decent.

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Steem has an image problem and it's due to not seriously investing in Communication and marketing strategists

You are absolutely right.

The best way to see this is to look at youtube comments.

Most comments from newbies on steemit videos " it's a scam, pyramid scheme,etc..."

Now look at appics's video below ( which is exactly the same concept as steemit) but with much better marketing and read the comments it's night and day...

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Yup - it's nicely explained, and seems to have mass-appeal.... and nothing about 'getting rich'...and they don't even mention the speed of the Steem blockchain.

Bit on the long side for a promo if you ask me though.

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Are they running this on their own blockchain? Last I heard, this was supposed to be based on an SMT. If that's the case, then this video is a bunch of BS...since none of the monetary aspects of it have even been created.

Watching this video, the things they mention sound more like a wishlist. I'd be surprised if they'll be able to do 1/10 of what they're claiming. And since I'm familiar with the work of the people behind this, I'm not even impressed with the claims.

I guess we'll see what actually happens.

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Are they running this on their own blockchain?

I think they are waiting for SMT's to come out, there has been a few projects like this announcing they would be using SMT's. Vice.org is also one that comes to mind.

Watching this video, the things they mention sound more like a wishlist. I'd be surprised if they'll be able to do 1/10 of what they're claiming.

They want to build a site just like steemit where people upvote each others content. Nothing that they claim seem unrealistic to me. SMT's will make projects like appics very easy to build.

My point is that marketing/branding is super important and I hate to say but steemit got it all wrong. They keep pushing this "money" narrative which increases the perception that it's a scam. Also the overall design/branding is poor and old, bad logo, color ( as many have pointed out) and the site is lacking a lot of basic functionalities like private messaging..steemit is not ready for the masses

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My point is that marketing/branding is super important and I hate to say but steemit got it all wrong. They keep pushing this "money" narrative which increases the perception that it's a scam.

Yep. Everyone sees this as a problem, but the people inside the halls of Steemit, Inc. seem to not care. Very rarely do you see them touting the blockchain or the two-token system (that isn't exactly being managed properly anyway), which are actually the strongest selling points.

And instead of talking about that and not promoting so much of the money-making aspect of it, they're doubling down their focus on the money by pushing SMTs...which haven't even been created yet and will require a hard fork that has not been approved yet - or even proposed as a viable candidate. Let's also not forget what I mentioned in this post about the SEC and their cracking down on ICOs...which Ned and Co. keep promoting as one of the best use cases for SMTs.

Steemit, Inc. gets it all wrong most of the time. Good thing that they aren't actually the blockchain developers and managers. And since they're not - and since they're not doing what they said they'd do - they should burn that massive stake they have and get out of the way. I'm fairly certain that their stake and their ineptitude are what's holding a lot of investment and progress back.

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I think steemit lacks foresight and vision. Their main selling point which is 'earn money on social media' is going to be the most boring thing when every website uses this tech.
They are not taking advantage of the fact that they were the first app to use this tech.
Their slogan could have been " steemit, your entry to the new economy" or "the gates to the digital world" or " the genesis of a new world" basically something more general and professional sounding that highlights the fact that steemit is where it all started, but instead they chose to use "money talks" which is going to be a moot selling point a year from now when rewarding users is the default on the internet.
There are also some basic rules in marketing that steemit is not respecting, for example a short slogan. I mean I don't even know what steemit slogan is, they don't even have a proper landing page...logo must be easily recognizable, steemit logo is like a circle..

they're doubling down their focus on the money by pushing SMTs

I think SMT's are a good thing, it will allows steemians to not care so much about steemit anymore...Personnally I think steemit is not going to be around few years from now if SMT's turns out to be succesfull and if they stay on the same track.

they should burn that massive stake they have

Agree with this. There is clearly mismanagement of this money, they are hording it instead of spending on brand/design/marketing. They could do amazing things for steemit with their millions if they wanted to..

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flagging EOS is not helping investor confidence either. This points to something much more problematic.

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Their main selling point which is 'earn money on social media' is going to be the most boring thing when every website uses this tech.

With SMTs etc., isn't there supposed to also be a widget of sorts that any website can add to their page to reward users with steem (but they'll be able to name the currency whichever way they want)?

Granted, why go with steem when they can invent their own currency.

But, smaller websites won't have the money to invest in doing that, whereas the steem widget will be plug-and-play, so getting rewarded in steem with be the default way to do it on the internet, I guess, so steem will have the upper hand, initially at least.

Consider also that steem is already big-ish, whereas a new coin by another site will be initially small. Users, being human, will want to be rewarded with more, not less, money!

They will also want to cash out easily. Steem is already in many exchanges. There are sites like bitwala that issue prepaid visa cards that you can top up with steem and use like a regular visa card to purchase stuff in the real world. Will the new coins of X website be able to do that at the very outset?

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Ineptitude is a good root cause explanation

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The branding thing Steemit might be acceptable, at least for me, but the logo design and the color flavor is very understatement of what the network truly represents. I am not even a Photoshop expert but I can pretty much capable of a better looking logo within 24 hours using only Canva free account.

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They have to push money as a theme, it is why they are here, imo.
Crapitalusts using anarchist rhetoric to fool the masses, because everybody wants peace on earth, except the wealthy who make more money with wars.
Stinc, et al, said free speech would be rewarded, but then only rewarded speech that fit their narative.
Lies do not appeal to honest folks and liars build walls without doors to keep them out.
We called all this in '16, but nobody listens.
Too busy dreaming of how to rape the reward pool, again.
#m2c

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Steemit doesn't have to be ready for the masses for steem to be ready for the masses. Others can build sites too. Look at busy.org for instance. Much better interface IMO.

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Hey @snowflake, did you listen to that add?

Appics is going to run on the Steem blockchain, this gonna increase Steem price 10x when news gets out.

Watch it on youtube and expend the replies to see my reply comments the real people and Appics shills alike on youtube, a little minnow like me can already make a difference.

Thanks for sharing! Up-Voted!

"I would propose a burn of at least 50 million STEEM, which would bring the circulating supply under 200 million STEEM and would reduce Steemit, Inc."

Agree 100% with these statements.

I find myself scratching my head over the whole "lagging" issue almost daily... and I keep wondering if there's some secret cabal out there painting Steem as a shitcoin, and we just don't know about it...

In all seriousness, I think we do have some issues with "misplaced focus." I was just looking at the runup in BTC and realized that if Steem had just kept even with BTC over the last 90 days... we'd have $6 Steem right now.... and that's just a tiny bit of the market gain.

I still think we have something brilliant, here. Some amazing opportunities.

For example, because accounts are designated by simple user names rather than long and impossible-to-remember numbers and letters, the potential for simple e-commerce marketplaces are HUGE here. I know we have a few little initiatives here and there... but this could be home to an eBay-style peer-to-peer marketplace of goods and services, turning this into a coin the TRUE "economic potential."

What I use the term "misplaced focus," we seem a bit like a development that keeps creating more and more plans and blueprints... but nobody's actually getting around to BUILDING something. Maybe I'm just a relic from the past, but I happen to be of the school of thought that a project like Steem/Steemit should run on something more concrete than "potential" and "promises."

Which bring the next thing... Steemit is a marvel for the ENTIRE cryptocurrency industry because it allows an easy "soft" entry point for newcomers to cryptos. No mining equipment needed, no tech background needed... just create content, and you've had your start with cryptos. I bet tons of people started here and NOW also are invested in other coins. That has VALUE.

And YET? The Steemit front end (and clones) often feel like they only get as much attention as "the ugly stepchild" while everyone is going on about the genius of creating MORE coins through SMTs. Why aren't we creating a breathtaking front end UI for the Steemit front end... something to point "real" people at and they'll say "WOW! You can do THAT on a blockchain!?!?"

Instead were sitting here with a somewhat outdated "message board" where bloggers like me are creating content IN HTML for God's sake! In 2017!

Sorry to "go off" on this @ats-david... but seriously, something isn't quite right... and I'm not sure what it is.

But I will end by bringing up a potentially "ugly" question: Why is it that our esteemed Dan is seen as a GENIUS... and yet Steem and EOS and Bitshares (coins in his projects) are underperforming the market? Is there a deeper bias? Or does the market just not trust "coins with a greater function?" I'm not saying that as a smear against Dan, but more as a reflection of real investment biases: Investors are often FAR more willing to throw money at some "fancy" (think "tulip bulbs") than something that will solidly change how we do things.

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You are telling the truth about the UI

I love Steemit but my friends who are not "tech people" looked at it once and one asked "Why is it stuck in 2001? and laughed", it was harsh to hear but she was simply being honest.
I talked about FB spying and taking ownership rights of her content and about making money on Steemit and never seeing advertisement, but she did not care one bit and just responded "the day it is as easy to use as facebook i will maybe try it".

So, "normal people" ONLY care about the glamour and the ease of use, and I am sad to say that Steemit will never become the next "big thing" in social media, unless it updates its UI and UX.

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Exactly - Steemit maybe objectively and intrinsically better than FB, Twitter, etc. (I mean twitter, talk about joke-stealing) but the Steemit UI feels so clunky and out-dated and user-unfriendly that even super simple blogging sites like Medium still feel 1000x better. I'd write an essay on Medium and promote it EVERYWHERE with friends. I don't think anyone would read it on Steemit.

Also (and I admit I'm new so I might have just missed this), "serious" writing/blogging sites often have huge "you own everything we don't own anything" disclaimers, which is a HUGE deal for writers and is something they actively look for. Steemit having something similar would help the "scammy" feeling.

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You are very right, the scammy feeling that new users get is another problem which should be fixed through a re-branding of the platform.
I hope they are working on it, but I fear that they don´t have anyone on their team who truly understands the importance of the visual design and how it relates to marketing of the platform.

But I am waiting patiently on the next platform updates in 2018, hoping that it will be made a priority.

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Is there a deeper bias? Or does the market just not trust "coins with a greater function?"

This might have to do something with the POW lovers and DPOS haters...

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Not sure hating DPOS is why STEEM price is lagging. Facts are that POS results in potential for arsehole whales to influence the value of your investment. Do you want to put your investment dollars at risk of being massively negatively influenced by arsehole whales?

We don't have many of those on steemit.com But we have a few. @fyrstikken

And the few aresholes fully explain why STEEM price is stuck in endless loop, and not keeping pace with BTC

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Steem lagging are you kidding me?

Compared to BTC, Steem is faster than the speed of light.

Yes, the website takes some time to load. That's because their is also a ton of data/computercode that needs to be downloaded. Otherwise the interface would look very ugly.

Also note that this website is still in beta, as in not the final product. Optimizing loading times is probably not their first priority. We just had a major update in the look of the website.

Give the Steemit devs some times to sort things out.

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“Lagging” is being used in the context of the price.

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I would also like to hear the answer to your ,,ugly''question.

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I second that @oldtimer

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I find it completely frustraing that so many absolutely trash coins pump whilst solid projects such as STEEM, BTS and EOS lag behind ! It seriously does not make any sense !

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My understanding is that EOS doesn't even exist yet. To be honest I'm quite surprised how high EOS has gone with nothing to show for it.

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thats a fair point my friend ! STEEM and BTS however are already amazing tech why on earth have they lagged behind so much ?

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I think it is because the verification process to create a new account is quite long.

Because of Steemit, Busy.org and dtube. Steem is far easier to understand than pretty much other cryptocurrency out their. You don't need to know that much about technology to understand Steemit.

Compare that to BTC for example, where you get kind of thrown in the deep.

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Steemit.com is the intro for most to STEEM, and it has a lot of seriously bad issues. That can be traced right back to POS, and POS generates whales, and some whales are arseholes.

And who wants to invest in a project where it is always possible and easy for a bunch of arsehole whales to cause the value of your investment to collapse?

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I think most of us agree with that one. This is where the idea of burning off some of the ninja-pie would show some good faith. We're only just getting over past hurts with all the whale power downs from last year. The load needs to be more distributed, and less prone to volatility, for serious investors to want to take a bite imho.

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One part of the issue is there is too many hands in the crypto pie for lack of a better way to put it. People who got in early on Bitcoin and Litecoin are doing ok at the moment. With constant talks about the crypto market falling some people (especially one's that are just starting to understand crypto) are hesitant to dive in. I think (and I am speculating some) that their logic is why back any crypto regardless of its speed time, etc if their is a possibility they lose their behinds in the process.

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I'm trying a little one called coinstarter. Early stages, so you get 10 coins when you sign up, and coin increase just by logging in each day. Who knows, maybe it'll get some growth and recognition. Here's the link if you wanna check it out: https://coinstarter.com?ref=jtdnxqn7x

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For example, because accounts are designated by simple user names rather than long and impossible-to-remember numbers and letters, the potential for simple e-commerce marketplaces are HUGE here.

I've just imagined a future where people will create fake accounts with usernames very similar to real accounts, hoping someone will mistype the username or their friend or relative or whatever, and send the money to them! lol!

I bet tons of people started here and NOW also are invested in other coins.

You're looking at one.

Yes Steemit Inc, please burn 50% of your holdings and let the Steem price go up a 100 times!
Steemit Inc would be much better off afterwards as well..

10% inflation for active users a year is not a too high price to pay... Even though it does not halve every 4 years like Bitcoin... the enormity of users and growing userbase should overcompensate...

But yeah, holders who do not want to blog might have a hard time over the inflation stuff.

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You are absolutely right.

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The inflation rate is decreasing!

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Thats incredible! How is the fact that it is decreasing not marketed to the world? Hugely important and would make a big difference to the current market if it was more widely known, @pharesim where did you find out about the decreasing inflation?

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Thanks heaps, I'll be sure to turn to google first next time!

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Inflation decreases by 0.5% every year. so it will be less of a problem as time goes by.

Steem lags because it grows organically.

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Agree. And smart guys will have enough time to acquire and buy more. I like that very much.

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me too, but I will feel a bit icky and guilty when it hits $100 and I didn't tell my friends and family at $1-$2.

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We are too weird in their eyes. They not gonna listen anyway so why bother. And if it goes to zero you gonna have no responsibility. If it goes to $100 you can help them if youèll want.

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nah...can't goto zero due to intrinsic value.

Using FB serious A funding which was just under 300 million and 1 Million accounts (half inactive), we are worth like $0.70cents on the bottom range and $7 top range; and God knows the potential of the Steem blockchain is much-much more valueble than a social network.

I suggest doing this...Say, "I am buying Steem as an investment. Will email you the link that says I told you in Dec2017"...then send them a steemit post that says:

"I bought Steem, remember I told you about this in Dec 2017 so you don't have any excuse to say I did not say anything"

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Dream on, but dont imagine they'll all come true.

When will you realize ........

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Come dream with me.

You do understand the is negative bias right after a prolonged price stagnation right?

Holdr like yourself who went through the last Steem depression cannot imagine the change, I totally understand, its depressive as fcuk.

but those who went through the long depression last year, they use to feel exactly the way you do, they saw Steem go from $4 to crawl at $0.20 until May 2017, the month before you came in.

Their $0.20 is the $1 of today, we will likely never see $1.x again in the next few months weeks, just like the first batch of 2016 investors will never see $0.20 ever again.

Come dream with me.

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Check out the behavior of one of steemit's biggest whales over last 2 months.

@fyrstikken

And then tell me again how there is intrinsic value in this place.

Investors look at the petty BS that occurs on the platform, and the smart investors take their money to other places.

You mention "price stagnation".

It is much worse than that. STEEM is down 70% in the last 90 days, measured against BTC

That is not stagnation. That is the market running away from STEEM as fast as possible.

Other alt-coins have not suffered as badly

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I'm sorry that you feel that way, sorry what happened as well....yes I'm familiar with the conflict some whales have with individuals an each other.

I've read a number of this issue a few weeks ago and also recently.

But these whales are important because they are there to sort out the Do's and Don't.

There are no rules , who know what will happen if fyrstikken or berniesanders flags someone and for whatever their justification and their reasons.

We need some destruction and confict to be sorted, out.

BUT, don't let that blind you from the macro picture of the greater situation. There is great opportunities brewing.

I'm just downloaded my first Steemit RPG game, I am using my memo key for the first time, I'm seeing new TeamWhateverCountry forming that did not exist 2-3 months ago.

We are going places because we're now doing things we've never done before.

Hang on @davebrewer, we are not just going to the moon....we're going to mars with Steem.

I'm not enthusiastic, I'm realistic (yeah I know it sounds stupid), but I see such a swarm of new users coming in and learning to overcome the difficulty the older Steemian took months todo in just a few weeks.

Yesterday we broke the magical 500,000 steem account number.

There has been 78,000 new accounts since I join 50 days ago. At that slow and steady exponential rate, we are talking about adding half a mill growth in the next 6-7 months, no kidding. When we break the 1 Million mark....everybody will notice, and I'm sure very soon the market.

Honestly, I'm very disappointed I bought so little at 0.9 -1.0 and then 1.3 and then only a little more at 1.45. I would love for btc to crash and for short term non-holders to sell Steem so I an double up to 10,000 Steem below 1.5.

I don't want it to accelerate yet, I'm not in position yet. But what can I do, only hope SMT news comes out late (in 6-7 months time). Rumor is Feb is the first announcement, I honestly love to see a big crash way before then.

Just sharing my $0.02 cents of Steem Dollars with you. Hopes it encourages you my fellow Steemian.

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Check out the behavior of one of steemit's biggest whales over last 2 months.

@fyrstikken

And then tell me again how there is intrinsic value in this place.

Investors look at the petty BS that occurs on the platform, and the smart investors take their money to other places.

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reloading the pictures so you can see the red marking I highlighted for you:

new market cap record forming

new volume growth - showing quiet institution accumulation

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If you are really keen to reprogrammed the bias for you investment advantage.

And you have the grit to power through a super long reply that will make any TL'DR post look like a 2 line haiku.

Try to finish reading my reply about intrinsic value of Steem -oh yeah and it's two part and it overflow the Steem blockchain character limit in a reply, yeah that bad....but I doubt you will make it through, I barely survived re-reading it myself without passing out.

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STEEM is slowly sinking down the list of cryptos. Currently dropped to #38 on coinmarketcap.

You do understand that STEEM has lost more than 70% of value in last 3 months, if you benchmark against BTC price. Other alt-coins are losing at a slower rate, so STEEM is on net sinking down the ladder.

There is a reason. The market has looked at STEEM and steemit.com; and does not believe your investment thesis.

You can prattle on about intrinsic value, but the market doesn't believe you.

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You cannot use the logic of value dropping when compared to another asset that has gone up. That's like saying if apple stock has gone up 50%, and if fb has grown 100%, that means apple is now down 50%.

I know you know that.

Actually we are just about to surpass our all time high in market cap, when Steem was top at $4 back in mide 2016, it was >550Million, we are reappraoching it now at $2. The market has spoken, a record is about to be broken, and this is without any bitcoin media hype, with zero marketing, and only pure grassroots growth, nobody in the mainstream or no alt-coin holder is pumping Steem like they are dash, ltc, eos (which is currently being pump by agora financials and stock investors and funds in the last month and half)

new market cap forming.JPG

Think about that....what will happen when SMT news goes mainstream, what will happen when a new accumulater is done accumulating and starts pumping?

Right now, it's being accumulated, the new market buyers wants to keep this shush so it can keep accumulating.....they all know they can't keep it quite for long when price surpass ether $4 or when the market cap exceed the records continually.

volume growth.JPG

I'm not debating with you because I enjoy it, I value your input because you are holding steem in SP. That gains my respect for you, that is why I am replying.

Just think about it....volume talks, records broken will stand out. I see 2 burst happening in the short term, one about 1 month after we exceed or record market cap, and 2 after we exceed $4.

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Damn, you hit the spot there. None of my family members joined and I've stopped bringing it up after the 100th time.

I'm very sure in 3-5 years time they're gonna look at me and say "why haven't you introduced it to us".

I guess that's that's what happened to bitcoin geeks who didnt stop rambling on about "that Bitcoin thing" back in 2010.

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I believe that steem has come to stay and the best time to look into investing on it is now that is moving gradually towards hitting the moon.

Good thought:

Agree. And smart guys will have enough time to acquire and buy more

Steem has a bad rep in the crypto world in good part due to Tony Vays. Who cares!...we should aim our efforts in building the tools and infrastructure needed to on-board mainstream folks:

  • We need fiat exchanges to bridge the real world economy with the Steem blockchain.
  • We need other use cases that take advantage of the currency superiority of Steem (has anyone even tried to use the escrow function to build an ebay type application/website on top of steem?)
  • We need parallel processing (what happened to the "Fabric").
  • Steem can be used for a lot more than social media.