The most empowering cryptocurrencies stats you'll read all day. Steem has gone up more than 1500% in the last 2 months. To begin, I'll repost what I posted in one of my previous post but with the newest stats.
N.B. The total value of all cryptocurrencies (market cap) as of today is roughly $70B. This makes cryptocurrencies market cap the top ~117 biggest public companies in the world. Bitcoin represents ~50% of this value. Bitcoin price have gone up approximatively 379,900% since January 2011. Yes, 1,000$ of Bitcoin back then is now worth $3.8M. Play it smart. Take some time to learn about Bitcoin and other cryptocurrencies which are the best performing currencies/technologies in the world today. (For more interesting thoughts on Bitcoin see my sub-chapter named Bitcoin)
Cryptocurrencies Total Market Cap
At the current growth rate cryptocurrencies would overtake Apple's market cap of $586B in less than 6 months. (Is my math correct? Also some might want to remove Ripple from cryptocurrencies but I think the result would still be 6 months)
$10,000 Worth of Investment
Top 16 Cryptocurrency By Market Cap
Top 11 Cryptocurrency Price Rise (Last 3 Months)
Steem Price Chart
- April 18 2016, Steem Added To @bittrex Exchange
- July 19 2016, Steem All Time High ($1,34)
- Mars 11 2017, Steem All Time Low ($0,07)
- Mars 17 2017, 24h Trading Volume Rise (First Wave)
- Mars Until Today, 24h Trading Volume Rise (Multiple Waves)
- May 20 2017, +$8.5M 24h Trading Volume
$2,870,037 is being power down this week.
- More than double the amount of Steem are changing hands in the last 24h than what is being powered down in the next week.
- 64,000 Steem are currently being created and distributed every day. (More than 100 times that amount are changing hands in the last 24h.)
N.B. Steem are accumulating on the exchanges. (More Steem are going in on the exchanges than coming out.)
Liquid Steem On The Exchanges
I previously stated Steemit Inc Own 25% of all Steem which was erroneous.
- $41M liquid Steem on @poloniex and @bittrex (~14% of the Steem market cap.)
- $21M liquid Steem hold by Seemit Inc (9%)
- $115M Total Steemit Inc holding (40%)
- $8M Biggest account on Steem (@freedom)
- Mark Zuckerberg holds 30% of Facebook
The Power Of Steem Power
Whenever the price of Steem rise, the content reward pool grow. This entice a growing number of people to post for the rewards. This also entice people to read the most rewarded content to give them an idea as to what their posts should be about and also has the effect of enticing people to keep their Steem instead of selling them.
The Attention Economy (Or The Economy)
When we want to influence ourselves or other we need their attention thus everyone wants your attention. What we are individually experiencing is our conscious attention and where we put our attention directly define who we become and the society we live in.
*"Whatever we put our attention on will grow stronger in our life." Maharishi Mahesh Yogi
Everything I've mentioned so far and in my previous articles make Steem seems to be in a position to become the most enjoyable and valuable information hub/governance tool/P2P banking thing there is and this makes it pretty interesting investment.
I've gone into much more detail about what I mentioned above in my article "Steem: The Most Enjoyable Governance Tool Ever Devised" and I recommend everyone who's enjoying the current article to give this article a chance but the fact remains, the Steem prices are rising because multiple persons are competing to buy them.
The larger the % of Steem someone owns, the larger its influence on who receive the content reward, witness reward and who decides of the new Steem implementations or hardfork.
Steem Are Minded Into Existence
Steem aren't mined into existence like most cryptocurrencies are but are minded into existence.
What is mined by computers can only be a subset of what humans mind while on Steem what is value or mind are the human minds.
First, one the reasons why Steem are accumulating on the exchanges is because the majority of the buyers want to let others entertain some doubt as to whether they are buying for the long term or not. They haven't finish their Steem shopping and if those people would move their Steem out of the exchanges and power up this would signal they are in for the long term. This would give a certain advantage for other would be investors which is what current buyers don't want. It's my theory at least.
Risks VS Benefits
There's a lot of place for Steem price to grow. At first people can't understand why the post rewards are what seem incomprehensively high and this is in part because of what is mentioned in this article. These aren't just reward, they are part of the distribution shares of what is one of the most revolutionary [decentralized] company.
Also people need to understand, the more someone risks in Steem, holding large amount of Steem, the larger their advantage is when they post, due in part to some people who will vote for them in the hope of influencing their future actions in their favor. I think it was @surpassinggoogle who somehow called it mining your stake which I thought was very clever.
The highest 24h volume trading reach $32M on May 9. The Steem price was $1,25 that day and is currently ~$1,28. This and all of the charts above signal a clear excitement coming from investors in regard to Steem.
Steem Is Rising!
There was a hiccup in the Steem account creation a couple days ago. This explain the anomaly.
The lower this number the better the rank is. Therefore a falling line on the chart below is good. (Google, YouTube, Facebook are #1, #2, #3 respectively.)
Steem Technology Is Impressive!
Some Steem Specs
- Steem as 0 transaction fees, can achieve +180,000 transactions a second and it's ex-CTO Dan Larimer have talked about possible Graphene based blockchain achieving millions while Bitcoin is currently stuck below 3-7 transactions a seconds, Ethereum 50**.
- Steem transaction takes 3 seconds to be confirmed while Bitcoin transactions are supposed to take around 40 minutes.
- Groundbreaking recovery account feature which no other cryptocurrency has implemented. This is super important. If someone has their Steem password compromised most of their Steem Power will be secure for weeks while for all other cryptocurrency this means many millions of dollars are at risk if just a single password gets compromised. There is literally no way to secure password 100% of the time.
- Steem ease of use is in a class of its own in the cryptocurrency space.
There are many other interesting features Steem has over Bitcoin and the other cryptocurrencies. One of them being how Steem updates get through. (See: What Are Steem Witness?)
For more see: "Steem: An In-Depth Overview!"
*It could be argued that a very small part of the witness reward which is currently at ~1% be considered a sort of transaction fee because the witnesses servers needed to compute the Steem operations needs to be paid but this doesn't in anyway translate in transaction fees per say.
**I'd love to have the official link for Bitcoin and Ethereum and also a table of the top 20 cryptocurrencies with their transaction per second count.
Steem Back Dollars Theory
One other interesting theory I thought of is about the overpriced Steem Back Dollars. Maybe the current bullish investors have brought out the price of Steem Back Dollar so that people are tempted to sell their SBD. They then hope these people don't buy back Steem right away and thus will in the long run make those Steem investors end up with a bigger part of total Steem supply.
Well-known Cryptocurrency Investors
Also, if the current wave of Steem investors are well-known cryptocurrency enthusiasm or just well-known investors then this is further reasons not to power up just yet. They wouldn't have tried to make a lot of money posting on Steemit either for the exact same reasons. They wouldn't want to reveal their game too much.
I don't think there is one Bitcoin millionaire in their right mind who hasn't investigate Steem and haven't ponder on its economy and wider implications. Heck, I love to think most of them are probably keeping a close eye on it and thus might have end up reading some of my previous posts.
I wouldn't be surprise to see the price of Steem go up by many magnitude in the next months but I would be really surprise to see it go down substantially due to everything discuss in this article.
One reason which could make Steem price go down is a competing technology but Steem would still have the advantage of having a bigger network of users.
One other reason would be a major bug in its code but with the persons having the most knowledge about the Steem code having the most to lose and so much to gain from its success and knowing about the rest of the cryptocurrency history in its ensemble makes me pretty confident in my conviction Steem is one of the best investment in the world today and possibly the best one.
It Goes Beyond Money!
People die because of lack of money or while others as @rok-sivante has put it: "enslaving themselves to serve systems designed to maximize the numbers of intangible monopoly money in some computer database."
I do care about money. Anyone saying they don't care about money is fooling themselves. Even if they didn't use any money and didn't care about what it can bring them, the very life of billions of people are currently very much affected by it and its nature.
I've gone into more details about this in my article "Steem: The Most Enjoyable Governance Tool Ever Devised!" and all throughout my book "The Ultimate Steem Book".
"The goal [of money and trade] is to move physical resources to the highest purpose the most efficiently." Dan Larimer
In a series of 4 posts Dan mentioned here @dantheman argues that basic income is a necessary precondition for securing life, liberty, and property in an increasingly automated industrial society. He then goes on to describe a universal basic income model without taxation, inflation and respecting property rights.
One of the most interesting idea he puts out in these series is the idea that as society and technology advance people can produce more than they use to with less effort. To give an example multiple acres of blueberries can be harvested with only a couple of persons and giant robotic harvesters.
This means there should be more valuable resources for everyone for a smaller total effort. If the currency supply is stable this means a given amount of money should be able to pay for more resources as time passes.
Securing Life And Liberty!
While we're trying to secure a little bit more money/life and liberty for ourselves some people are literally starving to death. The more money we own, the farther away we are from starving to death. Starving to death. Any mentions of the most abject and ongoing suffering in the world today is enough to make us squirm with some of the most displeasing thoughts and feeling. Yet, we shouldn't be ignoring our interconnectivity with everything and everyone. We can't. We need to face the facts.
"We can ignore reality, but we cannot ignore the consequences of ignoring reality." Ayn Rand
The accumulation of wealth is not an end in itself but a mean to more honorable ones. Now, like almost everyone I am very aware of money's multiple influence on all of us and the power it represent for those of us who have the power to create it out of thin air. It's a reality most people haven't given must thoughts but some people [institutions] have the weird super power of being allowed to conjure up money out of nothing.
Making Steem Profit
Any Steem price rise lead to both posting reward and investment money to go up thus as long as the price rise no amount of posting can compete with investing money into Steem. This is one of the reasons why people should try to better understand Steem and see if they are willing to invest. I'm glad I did invest some of my time and risk some Steem money in the past year to be where I am today. It paid well up to now.
Check out "Steemit.com Set To Become The World's Most Popular Website" for more of some my thoughts on the Steem price and Steem potential.
Currently $41M (~14%) of Steem are being held on exchanges. The 24h trading volume of the last 2-3 months seems to indicate Steem are going into stronger hands. This true even though most Steem aren't being powered up yet and there's also indications the current buyers are mostly totally new investors. This $41M would be enough to create the top 4 whales accounts.
We don't know what these new investors will be voting on and how much more of the Steem pie they plan on grabbing but one thing is sure for me, I'll be continuing Steeming as long as it bring value, Joy and Peace in my life!
Empowering Knowledge Matrix
We're trying to create the most empowering/enjoyable tools/knowledge matrix so that large Steem Power holders want to give us visibility and power/uptoves! Sometime a single word added to a picture suffice to be the best thing we've seen all day! Everything has value! It's all in the eyes of the beholder.
Find Out More!
- #1 "Stand for What Feels Best!" (Money in the world today is created out of thin air by a small elite group at the expense of everyone else.)
- #2 "Steem: An In-Depth Overview!" (The most in-depth and clearest guide to understand what Steem is and what it can do for you!) (Reached top #1)
- #3 "The Ultimate Steem Guide!" (How to Use Steem: The revamped edition.) (Reached top #1)
- #4 "Steem: The Most Enjoyable Governance Tool Ever Devised!"(Everything we ever did was an act of governance.)
- #5 "Make More Steem: Verify Your Introduction Posts!"
- "Thank you Dan Larimer! You are a great mentor!" (Dan is the Ex-CTO of Steemit)
- "Steemit.com Set To Become The World's Most Popular Website" (Part of The Ultimate Steembook)
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