Steemit.com Set To Become The World's Most Popular Website

in steem •  2 years ago

Steem might very well be the next unicorn investment we've all been dreaming of as well as the main catalyst for a much brighter future.

"In 1-2 years I would hope to see Steemit operating on a scale similar to Reddit and its top competitors."
Dan Larimer (ex-CTO of Steem) [1] [2]

Steem's Potential!

"If Steem had Facebook's user base the Steem token would be a global currency larger than most countries and it would trade at market caps well in excess of Facebook."
Dan Larimer [1]

(Audio Version Of This Post)

What Is Steem?

Steem is a cryptocurrency launched on Mars 23 2016. New Steem are emitted every 3 seconds. Posts with the most stake weighted votes receive the most Steem and rise to the top of Steemit.com or any other interface using the Steem blockchain. Steemit Inc is a company developping Steem, an open source protocol running the Steem blockchain. Click here for more information.

Price Per Steem Outlook

  • Column 1: Years
  • Column 2: Steem Inflation in %
  • Column 3: Number of Steem which will exist one year after the original date
  • Column 4: Number of Steem added each year
  • Column 5-6: Price per Steem in USD if Steem reached Reddit's market cap of 5 billion or Facebook total equity value of 60 billion for that year.

These numbers are rough estimates. Another estimate of the number of Steem per year have been compiled by @abit and can be found here.

The math for column 5 and 6 is pretty straight forward. 5 or 60 billion divide by the total number of Steem. For the first current supply I took the virtual supply which take into account SBD. Facebook's market cap is around 314 billion. Mark Zuckerberg own around 30% of it. In comparison Bitcoin market cap is around 16 billion and Steem stands at around 40 million.

A Deeper Look

Those numbers only part of a fun thought experiment and should be considered as such. Everyone has to be their own judge on the value of those numbers and their accuracy. Either way, good or bad these numbers won’t really matter with the main points of this posts, yet I wanted to share them and put them into more context.

  • 10,000 Steem are worth around 730$ today and according to this chart could be worth around 100,000$ to 1,160,000$ in ten years. (03/05/2017)
  • 1,000$ worth of Bitcoin in January 2011 is worth around 2,000,000$ today. (2011 price at 50 cents and ending price 1,000$)
  • In 2005, David Choe was asked to paint some Facebook office with graffiti. Facebook was 1 year old back then and David took the offer to be paid his 60,000$ in Facebook shares. Eight years later David made an estimated 200 million when he sold his shares at the ICO. 2,433,090$ per 730$ of his shares. [1]

Sometimes things that seemed totally impossible become reality. No investment of time or money can compare to those kind of unicorn investments. They are very rare and most of the time super risky. I could have gone deeper into the analysis of the Steem economics and I most probably will in the future but at this point I feel like I’ve share more than enough to further my case, Steem is worth investigating.

Disclaimer: I currently own 31k+ Steem (5,200$) on this account and almost as much on an exchange.

Influence Is Key

Controlling people’s attention has value. This is one of the reasons why Super Bowl’s ads are worth millions and this is one of the reasons why people are bidding to buy Steem. You’re either the one influencing Super Bowl’s fan or you’re the one looking at your competitor doing the influencing. This will also become true of Steem.

Everyone is trying to influence everyone else, that’s a big part of what life is all about. Companies are employing people and firms to control the information and attention flowing on the internet. Most major brands have their Facebook, Twitter, Instagram and YouTube. Some brands are practicing astroturfing or have people dedicated to make their brand look good on the internet. Companies also pay some influential people to use some of their products and review them.

Here is one very interesting video about how Reddit is being manipulated. This is the follow up of what has been a very popular video.

There will always be someone somewhere ready to pay to influence a group of people. The more people there is to influence the more the buyers will be willing to pay to better influence the group.

Steem Pays Its Users!

Steem will always be better than Reddit as all the Steem users have the possibility of getting paid and the algorithm to influence Steem cannot be rigged. Reddit is just one example amongst many websites Steem will challenge and it really seems like Steem is set to overtake Reddit. Steem pays its users, others don't.

I'd love to see how someone would argued other websites stand a chance against Steemit. At first, we might have a tendency to think Steem can't beat Facebook and Youtube's popularity. Give it a second thought and it might be the other way around. Can Facebook and Youtube compete against Steem which is a currency, banking system, decentralized stake based voting system as well as a platform rewarding all of its content creators, not just a fraction of them or only for a specific format?

When everything else is equal people usually flock towards the best monetary incentives. Steem can already do more than what Facebook and Youtube can do, though some of it has not been implemented yet. In the near future it should be possible to rank posts according to who voted for them according to their Steem wealth and other parameters.

Also Steem can’t be censored and there are so many Reddit, Medium, Twitter, Facebook, LinkedIn, Instagram posts which would pay their authors if they had been posted on Steem first. There are many reasons why Steem hasn’t been used more widely and the primary reason is that most people don’t know about it yet.

Resistance Is Futile

The only reason not to post on Steem first would be to resist Steem so that profit goes to legacy companies aka centralized company and those who own their shares. Resisting seems pretty futile, Steem’s more logical business model will prevail. This is one reason why I know Steem will soon overtake a large part of the business of legacy websites like Reddit, LinkedIn, Instagram, Twitter, all news media websites and eventually Facebook and YouTube.

A large part of the legacy banking and money creation is also being overtaken by cryptocurrencies and Steem’s future seems very bright in those regards. This will most probably be resisted by most of the billionaires owning much of the world’s wealth. Yet no matter how long they will resist Steem will continue to attract a growing number of people and thus investors.

The more people interact with the Steem blockchain, the more valuable and meaningful its consensus will be.

The Power Of Stake Based Consensus

I know I’ve talked about this in a previous article but not quite how I’m going to put it. Let’s take Facebook market cap of 314 billion and divide it by its roughly 2 billion users. That equal to 157$ worth of shares for every users and this equal to a 314 billion $ consensus.

The most pressing issues of 2 billion people and their love ones will be trending. Corporate frauds, governmental frauds, the legacy system of governance and the rigged fiat money creation system, etc. will be trending as well as their most popular and best expressed solutions. Can we fathom how such a powerful thing that would be?

Whenever a big corporation like Google or Apple or a big governmental institution schedule a conference, product release or emit a press release the whole world knows about it and the markets and the whole press react. Imagine how things would be if one of the biggest if not the biggest company in the world become Steem where its "shareholders" emit "press releases" in the millions each day and the most acclaimed inevitably make it to become the most influential? Every Steem "shareholders" would become an entrepreneur in their own right.

For any representatives or owners of big corporate and governmental entities down voting any trending posts will be very risky, most probably unthinkable.

Trending Posts With Million Of Upvotes

Trending posts will be receiving millions of votes from people who think these posts are about the most pressing matters and valuable solutions and down voting them will only redistribute money to all other trending matters/posts. It won’t make those down voted post less visible either. The authors of such post will be followed by most people and their follow up pieces will be highly awaited.

I'm not saying Steem is the solution to everything. It isn't. I don't pretend to know the future either but I work for the future and I want to see and Steem plays a big part of it at this moment. Right now Steem's trending page is populated by the best ideas of around a couple thousand people.

*Dan Larimer (@dantheman) ex-CTO of Steem explains the future growth of Steem's value from a totally other angle than mine. It's a very enjoyable read. Read it here.

Enjoying Life And Freedom

Enjoying life is of the upmost importance, thus our ability to protect our life and freedom prime over everything else. We might have forgotten those facts but that’s in part because we have been conditioned to.

We can never be totally neutral towards any wars or all of the existing national, supra national entities, their representatives and how they relate to one another, us and freedom. Freedom isn’t just another subject and prioritizing isn’t just some other concept or at least it shouldn't be. Everything we say and do which have any importance is part of our priority and freedom shouldn’t have ever been relegated to a second class subject.

We cannot do away with the repercussion of neglecting freedom and we cannot delegate self-defense nor can we delegate defending our freedom. We can pool our forces to better defend our freedom but this isn’t neglecting freedom, this is the exact opposite of not caring.

I’ve expanded further on this topic of Steem’s relation to truth and its future implications for society in every chapters of my book and I’ll continue to do so with every new one. My intentions aren't to secure more money to myself leaving everyone with less money.

My actions are geared toward creating more wealth and understanding which bring joy to my fellow humans or as stated in the introduction of this book: "I aimed at helping those who can have the biggest impact on making this world a better place and hopefully create a virtuous cycle of such people."

Marketing Steem

Sooner or later incentives will make people join Steem but accelerating this process might be a good idea. For one, all posts that will bring in substantial amount of interest to Steem are the posts which are rising Steem's value the most and in turn have a higher probability of being highly rewarded.

If a celebrity joined Steem with a one liner saying: “I will begin posting here every day exclusive stuff” and then reposting this post to all their social media, such a post wouldn’t seem to bring much value on its own but in the end, it could bring a crazy amount of people one click away from our trending page and this on a daily basis.

Also whenever we bring new people in, there is a high chance that they will be recognizant and help us in return. We also have a tendency to attract people that hold the same values as ours. If I could bring in just 1 of my favorite author here on Steem I could in some way consider this doubling my productivity and because this person could also bring in more people than I can do alone we can easily realize the value of bringing in new people.

Working Wisely

No matter how good our articles are, they won’t generate much interest if they aren’t shared. The best person to share our own articles are ourselves. If we don’t believe in the benefit of sharing most of our own articles outside of Steem then who will and why are we writing those articles for in the first place? If our articles are good and Steemians loved them, that’s good but that won’t bring much new people on Steem and remember, large Steem Power holders wants to see Steem growing and will reward those kind of posts.

Also no matter how hard we tried, we could never bring as much people to Steemit as a celebrity would. On the other hand we could all pretty easily influence a celebrity or at least famous Youtuber, writer or well off investor to begin to enter in a mutually beneficial relationship with Steem.

Attention Flow

A large proportion of what is consume on the internet is the newly created stuff. There’s an inherent incentive for people to constantly create new Steem content so that’s taken care of but I felt like it needed mention.

Intentions

Our article’s titles and thumbnail pictures should be designed to get us clicks from the outside world to Steem which is the very beginning of everything for any website. Not only this but our articles should always have a place reserved to teach people why they should sign up and learn about Steemit.

No matter what it is, be it a very simple invitation at the bottom of our articles directing people toward a valuable Steem introduction.

Sign Up!

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Buy Steem

With a credit card (very high fees, not recommended)
With Bitcoin (blocktrades.us/ @blocktrades)
With Bitcoin (list of exchanges)

Busy.org

I’ve been mentioning only Steemit.com to simplify my text but all websites interacting with the Steem blockchain should be considered. Busy.org is one in particular I want to mention. Here’s one interesting thing they’re working on which is sometimes refer to as a super app.

The Ultimate SteemBook

This is part I of chapter 12 of my book “The Ultimate Steembook”. The previous chapter consist of an explanation of Dan Larimer's philosophy which I recommend next for anyone wanting to learn more.

Part II should be up later this week.

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There so much information here, reassures all of us about the future of steem and reminds us how lucky we are to be part of early stages. We will probably look back in the future and remember these days smiling at each other.
When I read lines, "Steem was created in Mars", I was like that's where I am from. Then realized you meant March :)

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Haha!

Yeah March is mars in French. That's where my brain let me down.