Little reflection on the current shape of Steem
Hi there my Steemit friends and followers!
You know I usually steer clear of writing about cryptocurrencies on my blog but I am going to make a little exception today as there is something about this topic that has been boggling my mind for some time.
No - it is not the bloodshed that is currently happening in the crypto world. There is something else, maybe somehow overlooked for all fuss about the whole market collapsing and that is how our beloved coin Steem has been doing compared to other cryptos.
I joined this platform one year ago and as far as I remember, Steem was mostly hovering between the 30th and 25th spot in the overall cryptocurrency ranking by coinmarketcap.com for the most part of my Steemit career.
In the last couple of months, however, our favorite coin has been declining, currently sitting at around the 45th spot.
Image source: coinmarketcap.com
Does anyone have any explanation of why Steem has been lately doing worse than other cryptocurrencies? I mean I don´t really understand that. There was the long-awaited hardfork, we still have the amazing Steemit community backing the coin with our content and engagement, there are dozens of great applications running on the Steem blockchain, we recently won the free listing at Netcoins, we just had the SteemFest that turned out to be a huge success... These are just some of solid reasons why Steem should be climbing up the rank but instead, it seems to be losing to its competitors at the moment.
Thanks for sharing your opinions in the comment section below. Have a great Friday everyone!
There is always a drama in crypto world. The recent fall was caused by BCH hard-fork and stupidity of couple of individuals. Until decoupling of the altcoins from BTC does not occur we will see swings in both directions based on BTC moves. Considering the current situation and the postponed BAKKT into the start of the year as well as not enough legislation clarity is what caused this slump. To be successful in the sphere one has to be invested in quality projects with utility that will drive the adoption and willing to swallow large swings in the short term. Year 2018 has been nothing but disaster for the price but at the same time the year of massive developments and ground settings for the institutional investors that will bring us to mainstream. The environment has never been better and the market just gave massive opportunities to those that believe in the industry and its future to possibly change their lives forever. Those are just my thoughts and only time will tell but I am more positive then ever that huge things are going to happen in next 2 to 5 years. Have a great weekend and keep your head up.
PS: Steem inflation rate is still pretty high and user base pretty low but once the gap between those two starts widening the Steem should be finding its place on upper ranks of coinmarketcap with increased pressure on price of Steem. It will be good quality SMT projects that are going to bring us new users. Decreasing inflation rate is just a matter of time and is given. In few years time there will be minimum amount of new Steem distributed with the user base in tens of million of people if successful.
If only minimum of STEEM will be distributed, what is the incentive of those tens of millions users joining the platform? Just a questions, I'm not implying anything. I just thought about this very question quite a lot lately.
Actually that is a good question. Earning the amount of Steem through simple blogging will be extremely difficult and that is why early adopters are extremely privileged to be here at this early stage. In my view the minimum amount of Steem distribution will be compensated by a much higher price of Steem. That is why I see this market slump as a blessing for many that want to upload on extremely cheap Steem. Holding a few thousand Steem in years to come could be life changing for many that are being active on the platform. Neverthelles, blogging on Steemit as we know it will change dramatically in the months/years to come thanks to implementation of SMT's and communities. Many new users will not be joining Steemit but their new favorite Dapp or community where they will be rewarded in their respective token which you will then be able to exchange for the bridge currency - that is where Steem comes in play. I could be completely wrong but I am definitely not missing an opportunity of lifetime in the form of cryptocurrencies. Charts might be horrific to look at right now but one thing is certain, crypto is not going anywhere, it is here to stay. Have a great weekend.
PS: Majority of the projects will go down to zero - it is utility that will drive the adoption, not the hype and the overnight riches.
I 100% agree with you on crypto being here to stay and that the bear market is kinda blessing. That's why I'm buying BTC, alts and even some STEEM (first time since last year, as I feel the bear cycle might be nearing it's end or at least its second half).
I'm just more skeptic about future of Steemit than the average Steemian that's why I ask. Crypto as a whole is deffo to stay here. It's a great point with the utily. And Steemit with its dapps and SMTs is definitely on top of this game. It's a good point, that blogging will probably eventually die out or at least won't be the main thing for STEEM
Thank you guys both @czechglobalhosts and @matkodurko for this interesting and thought-provoking discussion. You have mentioned some points that I did not realize before and I am sure not just me... Hopefully, the saying that "crypto is not going anywhere, it is here to stay" will go for Steem too :) Have a great weekend!
I am thinking that a lul in the price of steem has unique effects on a community based currency. For the folks smart enough to build a stake and followers enough to produce a healthy income, this income being deflated so much is going to cause distraction. Best case, people actually increase their stake with the bargain STEEM prices. Probable case is they hodl their stake and diversify into other currencies that are performing better, and focus on real life projects knowing it will come back. Worse case is the big folks powerdown lots of STEEM and move onto the next challenge.
With community-based currencies, we are rather unique and just feel it a little more in down times I suppose. Looking for an incredible boost at some point in the bull run. People know about crypto now and often are skipping right past Bitcoin and looking at alts. When normies find STEEM, see that they can facebook for money, and discover all of the DAPPS and soon to come SMTs, this is going to be a place to start and not just a coin to buy.
My thoughts anyhow. My strategy is to keep on keeping on and remember these sobering times when the FOMO silliness settles in this community again.
Now these are interesting thoughts, thanks for sharing them with us Zeke. Let´s hope for the best (or at least the probable) scenario and "keep on keeping on"! :) Btw I like the "facebook for money" term, I need to start using it when promoting Steemit to my friends, thanks!
I do have to temper that with mentioning that it takes content AND networking to get paid anything substantial but yah! Every time I see a good facebook post I think of what a waste it is to donate all the profits to Zuckerdouche.
Exactly :))
Haha everyone waits for the FOMO silliness to come back :D Let's see if it happens or not :)
Buyers & Sellers dominate the market. They do not care if there is a good running project or not it's all about making profits.
Also in the Top 45 are now a lot of new coins which have not been there 1 year ago. The reason can be better exchange listings, bigger trading communities who mention those coins and so on.
There is not much we can do right now in terms of increasing the value except getting more people on board by telling as many people we can about Steem & Steemit
I for myself will just keep accumulating Steem during this lows as I very much believe in this platform. Even it needs 1 - 2 - ... years for the whole market to recover.
just my 5 cents :)) Hope you have a great weekend as well!
Thanks for sharing your thoughts with us buddy, I appreciate that and there are some valid points mentioned here :) I like your strategy of accumulating Steem - that´s what I have been trying to do too :) Have a great weekend as well!
Cena Steemu evidentně neodpovídá jeho kvalitě a hodnotě. Myslím, že v budoucnu má velký prostor pro udržitelný růst.
Též si myslím :) Snad to tak bude :) Mimochodem, díky, že čteš i mé anglicky psané posty, vážím si toho ;)
Není zač. Anglické posty u čtu jak kdy. Někdy jsem líný je číst, či spíše louskat s pomocí Googla a někdy zas ne :-)
Většinou sleduji lidi a ne tagy ;-)
I have been thinking about this as well, and it's sad that we keep falling on the top coin list. I don't have any good ideas as to what the issue could be tough, and it baffles me that a good blockchain with real functions keep falling, while other uninteresting blockchains are worth more. Did you know that Steem was in the top 5 for a little while just after launch? It's pretty cool to think about, and just imagine how much money you would make if it was still up there.
Oh man, I first read that "...Steem was in the top 5 for a while just after LUNCH..." :D But no, I did not know that! Wow! Being in the top 5 would be absolutely awesome. But let´s start by making it in the top 30 again first :)
As for the potential causes of the fall, some have been suggested in the comments above.
Yep, we're a far way from the top 5 now. It seems somewhat usual that new blockchains rise high on the toplist very fast, then have a steady decline while new blockchains rise above it.
Judging from the developments made by Steemit, and the use of Steem that looks very alive, the reputation should be above now.
Oh yeah, thanks for sharing your opinion with us :)
You are welcome😊
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