Facebook is Dying in Front of Our Eyes
My crown is called content, a crown it is that seldom kings enjoy - William Shakespeare
$492 Billion.
Thats the current valuation of Facebook. Thats over 850 times more than the current market cap of Steem.
My argument is that this moment represents the point where the fortunes of these two social media platforms are going to diverge. That means Facebook is going to lose value, while Steem will inexorably rise.
Facebook's market cap has dropped over $60 billion in the last two weeks, mainly due to the revelations that political campaigns were able to siphon off the information of tens of millions of Americans over the last decade.
Back in 2015, I was one of the first to start openly talking about the demise of Facebook, although I was clearly ahead of my time. This has happened before, my lead time on my predictions for death seem to be 3-4 years, as we found out with the crash in volatility ETF's
The negative news flow has increased markedly in just the past 48 hours:
Users Abandon Facebook After Cambridge Analytica Findings
Facebook Draws Scrutiny From FTC, Congressional Committees
Mozilla Presses Pause on Facebook Advertising
Facebook warned 'enough is enough' by advertisers
Which prompted a response from Zuck himself
The market cap of Steem has also declined markedly in the past few weeks, although in my opinion not on the fortunes of Facebook, but due to the overall crash in cryptocurrency prices everywhere. To me, this represents a historic opportunity to catch the exact inflection point where a behemoth crumbles and a new social media king is crowned.
Not immediatly but deffinately .
Steemit is the gamechanger in social networking.
Younger generation are less attracted to Facebook now due to too many fake news and advertisement compare to few years ago. I believe when Steemit is introduced to more people, it will become more popular and successful than Facebook.
that was one of the first signs that all was not well at FB, young people left facebook almost completely... this no doubt prompted the purchase of IG but just was a symptom of the greater rot within the company's biz model. as facebook's audience aged, so did their technological sophistication and thus increased the platforms susceptibility to spam-bots.
that, and a huge data-exfiltration button was basically baked into their API for years...
Its death isn't fast enough
Great analysis -- thanks for sharing. Yes, cryptocurrency prices have crashed, but the overall markets didn't fare much better yesterday. Between FB's issues dragging down tech stocks and the trade spats that are flaring, it seems that now is as good a time as any to power up with steem.
Steemit currently has around 500K users, which is a magnitude of 4,000 times fewer than Facebook. But, at 2 years of age, how clunky was Facebook?
Whilst Steemit is growing, Facebook is groaning, and one will surly benefit the other.
If we wait for perfection we’ll wait forever, but to the best of my knowledge three things are true.
#1: After 10 years of producing content for Facebook, I’ve never received a dime.
#2: Steemit has never sold my personal data to third parties.
#3: Steemit has a greater upside than Facebook.
Well ,….. that’s what I think.
But Facebook has so much seamless integration and advertising. I get that word-of-mouth is the best form of marketing and all, but is that going to be enough? How do we get people here more easily than Facebook? Although, if anything, I think the profit motive will force users to deal with the level of difficulty required if they want a real return from it.
To me, this is one of the greatest scalability issues steem is facing / going to face. Making it easy for ppl to sign up, i.e. growing the network, is a huge problem right now. For example, we gave up waiting for my bro @uvictor.ochi to get an account thru steemit and just created one thru blocktrades...
Anyone else had it take forever for their friends to get an account from Steemit?
I just went through the process, in it's entirety it took about a week.
Steemit will never overtake Facebook as long as Facebook is easier to use. Steemit is complicated and frustrating, and unless they start putting some real effort into becoming more user-friendly, they will remain obscure.
i agree that steemit is hard to use, and is lacking features that FB and other social media platforms have. The reason for this is not clear to me, because it is possible to do just about everything on Steem, even stuff like private messenging, so it is disturbing to not see more evolution coming directly from Steemit Inc
However, the really cool thing about Steem (as distinct from Steemit, they are not the same thing) is that anyone could build their own Steemit. In fact, this website is open sourced here: https://github.com/steemit/condenser
You could take this code and make your own Steemit that runs on Steem. After all, this page is really just a sophisticated "blockchain explorer" like etherscan.io and the like.
Thats why you see other front-ends like Busy popping up, they're just different ways to view the blockchain. So ultimately, I have hope that if Steemit cant keep up, someone else will.
Facebook is so last Decade and the younger generation is a lot more tech savy, meaning that Facebook is like Bitcoin, It is the founder of social media and better things are yet to come...
I agree with @marketstack and I have personally deleted my Facebook profile do to the exploit of my information being sold to global companies via Facebook, yes thats how Facebook makes their money. People will do pretty much anything to earn money, and if learning to use Steemit is one of them then R.I.P. Facebook.
Informative post.Thanks for sharing it
I think that Steemit and Facebook have the opposite pros and cons.
Steemit is difficult to use and has fewer supporting features. But it makes it easier for people to make money than Facebook.
For Facebook, the user interface and features are very diverse. But security is not high and making money on Facebook is more difficult than Steemit.
My daughter will not know what to do with herself if facebook crashes! Long live Steemit!!