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RE: $2 Steem Sets Our New Cryptocurrency Market Capitalization Record at $468,096,656!
Hey Jerry ... what do you think is the long term potential of STEEM? I think if we think of it in terms of a similar business such as Facebook (which has a market capitalisation of around $400Billion), we can expect STEEMIT to grow to at least 10% of that over time so that means with that capitalisation of $40Billion and the maximum number of STEEMs available (according to coinmarketcap.com = 251,184,584), STEEM can get to $160 each or maybe more?
No maybe here, my friend!
I like your moxy!
There's certainly a lot of potential here but a $40 billion market cap is still a long way off! Best just to focus on creating good content and being a great Steemian, and then hopefully the value of Steem will rise as this great community continues to thrive and grow.
That's the kind of answer my dad would give. Come on ...let's DREAM!
hahaha ok I'm on board!!!
BOOM!
Steem On, The Dream is Live
You Got a Golden Ticket
Yay!
👻
This becomes a question of guessing how quickly facebook and twitter become irrelevant. They are both outdated legacy platforms now, full of insidious censorship, fake click farms, and rampant promotion of narcissism. Plus, if you aren't paying for the product, YOU ARE THE PRODUCT. I suspect identity theft's greatest gift in the last 20 years was Facebook. They just love to data-mine you!
These sorts of paradigm shifts happen too quickly to accurately predict - like the spiking price of BTC!
I think in this respect sites like Facebook and Twitter are advantageous for startups like STEEMIT. The 'social media' concept is already proven thanks to them.
This should hopefully make the transition to STEEM based sites faster once users realise the benefits.
you got it. paradigm shift indeed and there's a lot of momentum. it really depends on how much for everyone is having in using steem. The user experience will be the ultimate expression of value of the price of steem...which really does have unlimitted potential. This is the new economic model. Communication.
A $400+ million market cap seems unreasonable to maintain. We are just posting kitten photos, casual comments, and random upvotes. Can that really support this kind of value in the long term?
Market cap will go many Billions for sure. People are inherently the source of value. Take any other coin...it's ultimate value is derived by people. Some might say it's because of the energy spent on the mining. But, It's people. "Money is one of the oldest forms of communication" Andreas Antonopolous.
Steemit Network is all about communication. Within that, it's a free market democracy. Based on your holding's your votes are worth so much...it's communication. what you vote, what you comment....what people respond and so forth. Applications are and will continue to be built on top of the platform...creating more and more streams of communication....which results in more and more money. The current market cap of, reddit, twitter, facebook, instagram...are all valued in the billions. This platform is better.
This kind of value will indeed be supported in the long term...it's changing the narrative into the education of 'what is money....what is value....what matters?'
Invest in people.
It's all about people.
Twitter may go the way of the dodobird, but Facebook is likely here to stay.
time will tell. facebook could get on the crypto game. but it's platform is too kind of closed off like facebook is this boarder world...and steemit is boarderless..
Yes @captaincanary a market cap as big as Bitcoin is probably a few years off at least while an Ethereum or Ripple or NEM market cap of 2+ Billion at a $10 Steem price I think is just around the corner!
Yes definitely, the fundamentals of Steem are superior to both NEM and Ripple in my opinion
Theres no reason why Steem can't be worth $400 - its a top 10 coin and the volume is increasing everyday as people look at currency as though its some form of digital commodity or equity.. every coin has taken on this hybrid equity/currency structure which makes it exciting even for grandma to want to brainlessly buy in an currency hedged ETF - when the real investment comes rolling in - even 1% of an ETF would be huge. Chances are Steem will end up in many of these fund portfolios once they are approved and regulated. Im not sure what roll "Steemit" plays in the valuation - I know lots of guys who trade it and have never been on the site. I personally like it because I think it has something special - its backed by content - there is value in content - even if the powers that be havent figured out how to monetize it yet.
Agreed. STEEM is a crypto which can back social media sites that will reward the content creators and curators. It's a self fulfilling phrophecy. When there's a choice between creating content and getting nothing for it or getting paid for it with 'monetized appreciation', it becomes a no-brainer.
I personally think the best feature of Steem is its speed.. not alot of users get to use different crypto coins and don't realize how awesome Steem's speed is.. I think a merchant would appreciate using it as opposed to say bitcoin... Youd have people lined up down the street if you made them wait for 4 confirmations ;)
I agree as well. It's a very clean but fast platform.
I thought Steemit wanted to make their tokens mimick the dollar and could create more. Am I wrong?
Exactly Steem has a huge first mover advantage that almost no one new could catch up with and any existing business like Facebook would find challenging to duplicate without buying.
@jerrybanfield your post and your action is really awesome dude! :) I am sure you actually are influencing the entire market of steem through facebook.... Which could see Steemit as a major threat for the years to come! Which make the all thing even more awesome! hahaha
@g-no and others, you mention 251,184,584 steem available, but what's the total capacity of issuing new coins ? What is the system steem is using ? Is it limited as Bitcoins or is it unlimited ? Or what ? Please someone can answer this question ?
Thank you guys!
Your answers would be highly appreciated
see the steemit faq for all the details.
Here is a post with a good description of many more details! https://steemit.com/joy/@teamsteem/some-steem-tips-for-some-steem-success
@g-no inspired question and a reminder to follow you as well! I think Steem is capable of exactly what you suggest with a market cap at least 100 times higher today with a Steem price of $100 easily being reasonable in maybe 5 to 10 years if we continue attracting and rewarding new and existing users for participating here!
10% of Facebook i think is totally fair !!!!
Until then I think we won't evaluate cryptocurrency in dollars :D
it seems reasonable :) thanks.
If STEEM gets a lot of users anything is possible in the long term.