3 reasons that hold me back to invest in STEEM
The STEEM community is the best and most loyal community in the crypto space in my view but still I have issues investing in STEEM. Why is that, misconceptions or facts? You tell me!
Photo by Linda Eller-Shein from Pexels
- Steemit.Inc develops, upgrades and maintains the STEEM blockchain.
- Steemit.Inc directs and prioritizes work for the STEEM blockchain.
- Steemit.Inc owns and maintains the largest used STEEM community frontend, Steemit.com.
- Steemit. Inc is the biggest holder of STEEM tokens, by far.
You might noticed that all of the critical components like development, direction, responsibility and funding are with one organization. I find that very risky and we actually saw a negative impact earlier this year when Steemit.Inc was in the press.
My thoughts on Steemit.Inc:
- Steemit.Inc team should focus on blockchain development only and leave the front-end development to others who are better at it.
- If Steemit.Inc management would have listen to their users 2 years ago or even to their own developers, we probably would have sorted the sign-up process much earlier allowing users to join immediately and not wait for days/ weeks. We probably would have communities on Steemit.com, the most requested feature by the community.
- Witnesses run nodes in order to produce blocks .... that's pretty much it. (with a few exceptions!)
My thoughts on Witnesses:
If you compare the #EOS eco system with #Steem, well there is no fair comparison to be blunt. #EOS witnesses build in 1 year things like wallets, games, applications, block explorers, decentralized voting platform, ... more than anything the STEEM witnesses produced in 3 years!
From the 21 witnesses I honestly know about a few who do more than "just" running a node that produces blocks. Some good witnesses I can think of are:
- @blocktrades for developing the Worker Proposal System
- @aggroed / @yabapmatt for developing a great game utilizing the STEEM blockchain, Steem Monsters
- @roelandp for doing more and better marketing than anyone I know at Steemit.Inc. The organizer of the well beloved Steem Fest
3. Price and MarketCap
- Probably the most important reason that hold me back to re-invest in STEEM is the price development. We are currently at 0.17 USD. That is the same price I bought STEEM 2,5 years ago and in my wildest dreams I couldn't have imagined that we go back here after STEEM was 7 USD!
- Another thing is the trading volume of STEEM. If you go to coinmarketcap and filter by trading volume you will find STEEM to be in the top 10 of lowest volume!
My thoughts on Price:
The price development of STEEM is probably the most honest and unbiased reflection of what people think of STEEM as an investment.
- The reason for the price development is that STEEM is pouring out to exchanges and no big investors coming in. I asked in a previous post why the SP lock down period is still 13 weeks? This is clearly not working and attracting new investors to buy and hold STEEM.
Ok that's it. This post was not supposed to be a rant but shows my view of things.
If you think I am wrong, than please let me know what I missed.
All the best.