Cryptocurrency Is The Opportunity Of A Lifetime And STEEM Is The Model Going Forward
Part of the human condition that I find interesting is how we disbelieve something that is right before our eyes. People are afforded opportunities in life yet they fail to take advantage of them. Even when it is shown to them that it is beneficial, they still come up with all kinds of excuses.
I am sure that many of you encountered this when discussing cryptocurrencies with friends or family. One of my good buddies in a long-time stock investor. For the last 10 years we discussed the markets and different things we bought. He knows I lean towards the technology end which has provided him some insight. At the same time, his accounting background was of great help to me.
When I got into cryptocurrencies, I shard with him what I was doing. At that time, I was just "toeing" in so I didn't have much to go on. Over time, I build a decent position. The crux of it was, in my view, when I joined Steemit. This afforded another path that enabled me to further my delving into the crypto world.
To make a long story short, since joining STEEM, my crypto holdings are up over 10x...in a little less than 5 months. This number is skewed down since I was holding a big portion of the "big ones" while being under invested in stuff like BTS and STEEM. Since, then, I added substantially to each position. And what do you think my buddy is doing? Still investing in stocks. His crypto investing is a total of $250 (which he has a 6 x increase). Yesterday he told me he is hoping someone opens an ETF for cryptocurrencies. This guy to take $5K and put it in crypto and either change his financial fortune or get a tax write-off, both of which he needs.
The opportunity is right before him and he will not take advantage of it. How many of you can identify with this?
Steemit is another opportunity that many pass up. Simply taking it from the money perspective, there are many ways people can change their lives. Steemit offers a ton of money each day in the reward pool. Anyone can come on here, put in a good amount of effort, and succeed. I see so many start with nothing yet work their way up to 200 and 300 SP. While that might not seem like a lot, that is $1200-$1800 for doing something you like...part time. How many part time jobs pay that?
I believe the Steem blockchain cannot fail. It is impossible at this point. Certainly we could see apps not embraced or better options come out. Yet as a blockchain, Steem is setting the standard.
The idea of blockchain is decentralization. This brings with it many advantages. One of the biggest advantages that STEEM has is that it is put directly in the hands of users. There is no purchase necessary. We need to keep in mind that 90% of the public will never buy a cryptocurrency in their life. Since I am convinced we are moving towards a tokenized world, how is this dilemma solved? The answer is STEEM (or that is one of them).
STEEM was put in the hands of almost 600K people so far. Sure, many only came on long enough to get the delegation that each account starts with. Those people do not see what is before them. Nevertheless, they got their introduction to cryptocurrency.
Mark my words: they will be back. There are a few things I hold to be certain as we move forward. Almost everyone will be involved in cryptocurrency since we are going to see many things in our lives paying out tokens in the next 3-5 years. The other is that STEEM will be a major cryptocurrency. This blockchain will not fail because of the community that is here. From the posters to those commenting to the developers, we are seeing a wonderful world emerge. The support that is on here is like no other site. I believe that will continue.
Over the next 90 days, there should be some major announcements and updates. This is really do wonders for this blockchain. The innovation that exists on here is growing rapidly. People are not backing off. For this who fret about this becoming another MySpace, that is what will prevent it. The announcement last week that @ned had about the deal with DataWallet shows there is continued interest in expanding the reach of the Steem blockchain from the biggest whales. Few are resting on their laurels.
I personally believe that almost everyone on here is going to be rich. Naturally, I realize that money isn't everything. Nevertheless, for those who lacked money, that is definitely something. Plus, whether you agree or not, we still live in a monetary system and creating wealth for millions (and then billions) is a way to freedom.
What I think people are missing is we are being handed the same keys the banksters had for the last 100+ years. They had the ability to print money. The same is being given to the average person. With a bit of effort and interaction, Steemians can basically print money for themselves. Multiple times a day I go to my wallet and download money. At times it is nothing more than .02 SP yet that does add up.
I consistently tell people to ignore price actions. Fear could have taken hold as the price of STEEM went from a high of over $8 back down to $4. While that is a 50% change in the value of STEEM, nothing changed on the blockchain. In fact, over the last few days, things expanded. We had another 100K+ articles posted, millions of transactions done, and hundreds of thousands of dollars distributed. There were also thousands of new people signing up. The blockchain marches on regardless of what the price is.
Many like to look at the Alexa ranking as a barometer of the progress of Steemit...we are closing in on the top 500 in the U.S.
What really excites me is that there is another app on here flying up the rankings. A couple weeks ago D.Tube was at 30K in the US and 70K globally....that changed quickly.
STEEM is not only going to create a tremendous amount of wealth for people, it is also going to be a major currency that is used over the next few years. Many like to argue over who will be "money". The truth of the matter, especially with swaps coming into play, there will be many different currencies used as money. So why do I believe STEEM will be one of the main ones used?
The answer to that lies in a simple observation: people use the currency they have.
In the US, people utilize dollars because that is what they get paid in. If I went and asked people in Germany why they used the Euro, it is because that is what they have in their bank account. No matter where a person is, he or she uses what is in the wallet.
So far, STEEM is in the hands of 600K. How many people do you think will have it 3 years from now? I am going to guess by that time, we will see tens of millions of people on this blockchain. What are all those people going to do with all that STEEM? The answer is obvious.
That is why I believe STEEM is the model going forward. Any currency that is acquired simply through the utilization that it was designed for will succeed. At this point, from my observation, STEEM is ahead of the pack. In less than two years, there are close to 600K wallets. Bitcoin, if I recall, has somewhere around 5M yet it is around 9 years. Do not be surprised to see STEEM have 6M wallets by the end of the year. If the price increase the way most of us think it will, suddenly people with a few hundred SP will have $10,000, that will cause word to spread. Again, while I feel there is something a lot bigger taking place here than people simply filling their accounts, money does get people's attention.
And if @cryptoctopus is correct about his assessment of $3,000+ STEEM possible, someone with 100 SP could be well off.
That is the opportunity we are presented with here. There is absolutely no reason to let this pass. Get rid of your negative beliefs and excuses and get busy. Time to change your life and those who are around you.
That is what STEEM will do for you.
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Steemit is far from perfect, but it's simple, minimalist design, steady growth, and monetization will make sure it stays around for a while at least.
Why isn't your friend investing? Does he think it's too good to be true? A TANSTAAFL?
I bought SP and held months ago, ignoring the platform, thinking it was another bloated chain to sell on the pump b4 they dump.
Now that I'm involved, I think Steemit is legit.
But that weariness about snake oil, it can be hard to overcome especially when caution is so necessary in this crypto world.
Good article!
-CryptoTrucker
Steem make as amazing career for there holder, the world will creat as a fist in the steem, go on steemians for this decades @taskmaster4450,,, you are the great presenter for inspired to us
Due to SBD's high price ($7), people with $1M worth of SP (165000 SP at $6.1) has voting power of ($72000 per month) that means a user with $1M worth of SP can produce $72000 worth of new money per month. I wonder if STEEM goes to $100 in near future (one year or two), there will be 1000 such users (according to steemwhales there are 1000 users with 10000 SP) who will have $72K VP per month or in total $72M VP. Though this VP will decrease slowly due to decreasing inflation rate (0.5% a year). But rate of decreasing inflation rate will not affect VP in next 1-3 years that much.
The question is how these 1000s of STEEM USD equivalent millionaire use their voting power. If one delegates to bot business, they can earn $40-50K per month without any effort. Or, if some of them act as rouge (e.g. self-voting on easy-peasy comment or two sentence post), how the system will handle them. These things boggles my mind if STEEM reaches $100 and what SBD will do in near future.
One thing is that STEEM needs to be redistributed among large pool of users, it may solve some of the problems. I believe it can happen too, lots of investors who bought STEEM at $2, may sell at $10, $20, $40 to take some profit.
Fellow steemitian @bronevik has interesting proposition:
Source: https://steemit.com/witness/@aggroed/blockchain-heresy-and-steem-economics-some-steem-platform-inflation-is-a-good-thing-it-just-depends-on-how-we-use-it
Love to read your posts! Your analysis on the future of crypto and steem is so well explained and make so much sense!! Thanks for keep on sharing about it! Re-steem!
Tell your friend to buy gbtc, riot, or mgtb if he wants Exposure to crypto.
So how about telling us what your friend is buying?
I think giving that advice to his friend would be dangerous. Since his friend is not yet comfortable with cryptocurrency, he will overly watch and stress about their performance. He will call taskmaster, asking him what he should do, and probably end up selling in a panic instead of HODL-ing on. I think @taskmaster4450 is probably doing all he can at this point to help his friend learn about and become comfortable with cryptos. Maybe his friend should just join Steemit and learn what we're all about!
You are right @michaelluchies.
I just tell him what is happening and my perspective (basically what I write on here). I am not going to take responsibility for his investments....he wants to stay "mainstream" through the typical financial avenues, that is his business. I cant help that.
I believe cryptos are the right way to really maximize on the blockchain revolution...although, as I wrote the other day, I do believe Wall Street will really bubble any stock tied to blockchain over the next couple years....it is there we will see a repeat from 1998-2001....
On that end, my buddy might do well.
True. Any exchanges going down permanently and getting gox'd in this day and age would be a big I told you so moment for those who were skeptical of why prices were going up. There are a lot of scenarios that are possible for this type of event, or multiple of its kind, to play out. Lol tether. There is still the chance that steem and steem bucks are subject to manipulation in the market that other coins are prone to, and that they will fall in tandem with other coins, junk or not. Everything will get painted with the same brush if there is a rush out of alt coins and crypto in general, as only a few of the coins can be traded for fiat.
Long term I think a few issues with how money flows in the steemit economy need to be addressed for it to be seen as a serious currency option. Growth potential is very strong here considering how small the community is so far, and it's the only social media option I know of with the payment structure right here on the site itself which can nearly guarantee its dominance in lots of countries with current low wages but high future economic potential (Like Africa, Southeast Asia, South Asia, etc.)
Amazing article as always! Totally agree with you I'm also in for the long run. Steemit is the most interesting place of the entire internet in my opinion :)
Yep. One tge most important parts of a currency is to have it flowing through a lot of hands. Can't think of any crypto more along on that factor than steem.
You damn right. Steemit has the potential to be the number one cryptocurrency in the near future
Brilliant article, @taskmaster4450. I could feel myself becoming more excited with every word. I was definitely a little hesitant at first, like your friend. I came home and my mom was obsessed with this new platform -- I thought for sure there had to be some catch. It appears (as usual) I was wrong. Thanks for sharing!
I am glad you hung in there @prettydecent.
You will end up very very happy I believe in the long run. Amass some SP, keep at it, and watch it unfold. 2018 and 2019 should be incredible for STEEM.
That's why we have to avail every opportunity available for us in our life. And steem has bright future in cryptocurrency world because its transaction speed is insane which will be the key point in future as day by day more cryptocurrency are developing. One of the good point about steem is that it gives you opportunity to avail it at free of cost without investing a cent. Steem on.