What is the Potential of Steemit?
The market caps of Facebook, Twitter, and Snapchat are $500+, $20+, and $20+ billion USD, respectively. Steemit has a better business model than all three.
Steemit's market cap is around $1 billion USD. That means we have somewhere between 20 to 500 times potential upside in market capitalization. Those figures are subject to 9.5% inflation when it comes to the Steem token, but still the upside potential is significant.
There is a catch though. We need to make this platform as appealing as possible to the general public. I read a lot of complaints about the UI and they have some merit for sure. But I don't think the UI is the biggest problem here. Moreover, the solution isn't just the developers implementing new features.
The solution also includes community building. It includes the community getting organized, finding ways to avoid abuse, and to formulate the feature requests that would realize the full potential of Steemit.
Using bots to make quick gains is a shortsighted approach. There might be greater profits in the long term if we make Steemit realize its full potential. If that happens, not only will Steemit revolutionize social media, it will also have a huge positive impact on society as we know it.
If you feel pessimistic about the future of Steemit, don't be. Sure there are a lot of things that could be better. But Steemit, in its current form, reminds me of the Twitter of ten years ago. And we know where that story ended.
Steemit is as addictive as Facebook as well and we know that's not a bad thing for the shareholders. So, there is no reason to be pessimistic about the future.
Finally, think about the 2020 presidential elections. Not only will US citizens and corporations pour money in advertisements, but individuals, corporations, and organizations all around the world are going to do that too.
Why shouldn't Steem and Steemit get its fair share from that advertisement spending?
Disclosure and Disclaimer
At the moment of writing this post, I owned Steem Power. This post is for information purposes only and not intended to be investment advice.