STEEM Will Make You Rich!!! So Why All The Complaining?
Over the last week or so I felt compelled to write about all the negativity I am witnessing on here. There is so much going on that it is unbelievable to me that people are whining like little schoolgirls. Sure there are problems but there is a ton to be optimistic about.
To start, I must state STEEM is not steemit and steemit is not the steem blockchain. It is imperative that people remember that they are all different entities.
Much of the complaining is about steemit. I must say that I am bullish on steemit long term. Yes there are issues yet this is common with new technology. Software is always updated and patched. That said, we also must point out that steemit is an app on the steem blockchain. That is all. It is one app of many that are being created.
Now I cannot forecast what will happen with steemit. If it does fail, it is far from the end of the world for STEEM. This blockchain is hot with activity. Each day it seems I come across another app that some creative entrepreneur developed.
Just yesterday I came across www.bescouted.com which all you photography buffs will want to check out. This is app for photographers utilizing the same rewards feature that we are quickly becoming accustomed to on this blockchain.
Here is an article I wrote about, in my opinion, one of the most promising apps on here, Zappl.
We are already seeing the commercialization of this blockchain with, to my knowledge, the first store that accepts steem.
Of course, there is DTube, Steepshot, and a host of other apps which we all use everyday. None of these are dependent upon steemit for success. Anyone of them, or all, could end up being bigger than steemit. Regardless, the fact that they are all on the same blockchain makes steem more valuable.
Now for the creme de la creme....Smart Media Tokens.
Are you aware of ERC20? This is the standard on the etherium blockchain that allowed for the creation of many tokens and the reason that etherium become the leader in ICOs on its platform. From what I understand, Smart Media Tokens can fulfill the same role except they target those sites in the "publishing" field. In other words, anyone who wants to reward content creators will be able to come to the steem blockchain and establish a coin. This is huge.
In 2017, we witnessed ETH go from about $6 to $400. At present, it is bouncing around $300 a token giving it a market cap of $28B. Steem at $100 a coin equates to a market cap that is $3B less than ETH is right now. Does that seem unrealistic to you? If it does, consider this:
The steem blockchain is quickly becoming a legitimate provider of de-centralized social media. Again, this is enormous. There are roughly 3.4 BILLION accounts on the main social media sites. Now I understand many of them are duplicates but we must also remember that 1/2 the world is not online. This will be corrected in the next 10 years. Thus, we are going to see billions entering the de-centralized social media realm and the steem blockchain could be at the core of it all.
There are many wonderful things going on with the steem blockchain. While I am very bullish on steemit, I am hyper bullish on steem. I believe that it is very realistic that a couple thousand steem will make one a millionaire. @jerrybanfield put a price of over $1,000 per steem in one of his videos. At this point, I am not sure that is such a far-fetched projection.
Step back and look at the bigger picture. Blockchain technology is penetrating every aspect of the business world It is going to be accepted as normal in the next 12-18 months. Tokens will be the norm within 3 years meaning people are going to want to be compensated for their efforts. Steem is positioned ideally to take advantage of this.
And if you are worried about this blockchain not being one of the survivors, I just want to point out that we do not yet have inter-operability in the blockchain world. Down the road, that will not be the case. The same way that the Internet went from a bunch of different programs operating on isolated computers, we will see things such as browsers able to operate on different blockchains.
My feeling is that steem will be one of the main ones people are using. The social media/publishing world is just too large.
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Pictures by google images.
I'd like to see an article (opinion)about what the top 10-20 blockchains are, an analysis
That would be interesting.....I am not sure one single person could follow 20 in that much detail to provide significant analysis. 10 might even be hard.
Hell I struggle to keep up with 5 or so that I want to know details about.
Crypto users equate to 0.5% of the population. We got a ways to go brother
Yes we do...there is tremendous upside to this. We are very early in the game.
Good post, mate. Regarding zappl, I can't seem to get it to work. I can't log in. It keeps saying "try again later" or something like that. Not encouraging. (EDIT: got it sorted. One of my adblockers was blocking the login).
The SMT thing is very interesting, and I'm still to wrap my head around it properly. One thing I don't get is how it relates to the STEEM currency. Isn't an SMT essentially a new crypto? If so, doesn't that take investment away from STEEM? I guess that a certain amount of steem will be needed to create the SMT, but after that, what's it's relationship?
The other worry I have is that in say 10 years we will probably have thousands of blockchains, and quite possibly hundreds of thousands of crypto coins/tokens. That makes the likelihood of any one chain/coin surviving longer term really small. Although, I do like your analogy with the early internet. I hope it does turn out to be analogous to that.
SMTs are really a protocol enabling the constructing of other tokens built upon the steem blockchain. Through there, there will be other new cryptos created for specific purposes. All these cryptos will be on the steem blockchain which will increase the value of that platform. Hence, we should see the demand for steem increase since many of the tokens will derive their value (at least initially) from steem.
As for the second part, you are correct. There will be thousands of blockchains, some public, many private...all dealing with different aspects of life. However, many of the private ones will have to be tied into the public, much akin to the internet now. Private intranets access the world wide web.
Of course, this is all conjecture since the blockchain world is still rather young....we will see how things are built out.
This is unique platform with amazing opportunity for all of us.
It is not just in the STEEM community, it's in all the altcoin communities currently. I guess these people only invest in 1 crypto? Otherwise they would notice this too.. Everything except Bitcoin is down, and most of it (including STEEM) is at what seems to be 'the bottom'. It's great for buying.. I just bought some more altcoins in fact. But all these people are new to crypto and they probably only watch the (dollar) price, and are easily panicked.
STEEM will be back up to $1.20-1.40 for sure in the near term, that much is pretty much a given possibly up to $1.60. But then again, pretty much all altcoins are set for a similar raise.
I am with you...I took the opportunity to load up on some altcoins while everyone was focused upon BTC. I am hoping to add another batch tomorrow in preparation of take off.
Too late to get more, or be quick! Segwit2x cancelled! Altcoins booming! https://steemit.com/cryptocurrency/@pandorasbox/breaking-news-segwit2x-cancelled
Great post!