$2 Steem Sets Our New Cryptocurrency Market Capitalization Record at $468,096,656!

in steemit •  last year

steem price $2 .png

Our Steem price reached $2 for the first time in nearly a year setting a new world record for our market capitalization as a cryptocurrency at $468,096,656 making it currently #12 out of all cryptocurrencies online! Even as the Bitcion price blows up over $2900 and then slides back to $2,700 while nearly every altcoin is down, Steem is trading up 15 to 30% today from several days in a row of gains!

steem june 6 2017 from coinmarketcap.png

Are these results just a random increase or are they happening because of our generosity and ability to work together? I personally have found collaborating with each of you on Steemit WAY easier than any other community I have ever participated in. For months I struggled to get another cryptocurrency I had invested in to fund ads on Facebook and YouTube. The process for submitting a budget proposal was painful in cost, criticism, and time. Meanwhile, in just four days our community was generous enough to crowdfund me almost $2,000 at https://steemit.com/steemit/@jerrybanfield/steem-video-ad-1-on-facebook-and-youtube-featuring-10-reasons-for-usd10-steem-in-10-months to advertise Steem and Steemit on Facebook and YouTube.

Today I just scaled up to spending $60 a day to reach hundreds of thousands of viewers with the good news about Steem! Here are the initial Facebook ads results!

Steemit Facebook ads initial results.png

See the detailed report here.

Steemit first Facebook ads results in detail.png

Here is zoomed in.

steemit first facebook ads results zoomed in.png

The amazing thing is I have only spent about $100 so far advertising the post on Facebook at https://www.facebook.com/jbanfield/videos/1447089705311201/ and YouTube which has resulted in hundreds of thousands of people interested in Bitcoin and cryptocurrencies seeing the ads! How much higher will Steem go as investors continue to take action after seeing the ads combined with the price increase on the exchanges? How many more new users will join Steemit as they hope to become early adopters in our community? We are excited to see!

Here are the YouTube results.

Steemit YouTube ads first results.png

If you see the YouTube ads and think "Why even bother with those when Facebook is so much better?" I have found that advertising on YouTube leads to a much higher ORGANIC RANKING meaning these views from ads will help more people find the video on YouTube when searching, browsing, and seeing suggested videos. For best results, I like to combine both Facebook and YouTube ads to maximize branding on Facebook and maximize organic discovery on YouTube.

Fortunately this is only the beginning of the good news! At https://steemd.com/distribution we can easily see the user data for Steemit which shows a surge in new user signups and new superuser accounts with over $600 in vested Steem Power. Here are the signups as they were around May 21, 2017.

Steemit distribution May 21 2017.png

Versus today June 6, 2017.

Steemit distribution June 6 2017.png

This is the fastest user growth Steemit has seen maybe since it started with a 10% increase in users in just over 2 weeks! While the majority of users are at the dust level, around 1,000 users have jumped into the user and superuser level with more than 30 new hero level accounts worth at least 5000 Steem Power!

If all that is not amazing enough, most of the other altcoins are dropping today as the Bitcoin price goes up. Here is the market from https://bittrex.com where I prefer to trade.

steem bittrex june 6 2017.png

When something is green in a sea of red, it makes jumping in and learning more really attractive which we are all collectively working together on with our use of Steem!

If you are holding SBD or Steem Dollars, you are in for an even greater reward! With the rapid increase in Steem price, the Steem Dollar Marketplace is still selling $1 worth of Steem for just 1.018688 currently in SBD! This means if you have 47.901 SBD you can buy 47.023 which currently is worth $94.51 making SBD currently worth about $2 USD!

SBD June 6 2017.png

Would you believe what we have all achieved together through our service to Steemit it and generosity in giving to others with our upvotes? Thank you for giving me the chance to be a part of this amazing story and I am honored to have the chance to continue being of service to our community today! If you are happy with these results and with me taking the time to post them here, would you please upvote this because I think it will inspire more of us with new ideas for how we each can build up Steemit? If you would like me to see your posts and follow you, would you please make a comment here sharing how we ended up here together and asking me to follow with an idea of what you will post because this helps me quickly take action in following you?

Love,
Jerry Banfield

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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?

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No maybe here, my friend!

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I like your moxy!

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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.

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That's the kind of answer my dad would give. Come on ...let's DREAM!

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Steem On, The Dream is Live
You Got a Golden Ticket

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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!

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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.

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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.

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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?

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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.

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Twitter may go the way of the dodobird, but Facebook is likely here to stay.

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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..

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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!

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Yes definitely, the fundamentals of Steem are superior to both NEM and Ripple in my opinion

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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.

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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.

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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 ;)

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I agree as well. It's a very clean but fast platform.

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I thought Steemit wanted to make their tokens mimick the dollar and could create more. Am I wrong?

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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.

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@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

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see the steemit faq for all the details.

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Here is a post with a good description of many more details! https://steemit.com/joy/@teamsteem/some-steem-tips-for-some-steem-success

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@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!

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10% of Facebook i think is totally fair !!!!

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Until then I think we won't evaluate cryptocurrency in dollars :D

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it seems reasonable :) thanks.

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If STEEM gets a lot of users anything is possible in the long term.

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Here is a chart to show you where steem and bitcoin are heading toward
btcAsetClasses.png

Remember, Bitcoin and ethereum here are back when they wer 10 and 30 billion, lets just say Steem is now half a billion and total crypto currency at 1000 billion...well it nees to be at least up in the US dollar range of 2 trillion US dollars in paper cash, or Six trillion in Gold that exists globally.....or look at Facebook at 200 to 400 billion or AMazon at 400 Billion....steemit will be at least as big as faceook if not bigger...facebook doesnt have its own currency and banking system and decentralized blockchain!

Steemit is just one part fo the steem bllockchain!

we will see whole steem ecosystems! steemit accounts to use t login to games and all sorts of coool shit!

youll be able to use your steemit account to do everything anf that includes full VR worlds where u can go amke steem and make money playing a game!

Oh its going to be amazing so many posibilities with steemit! We can even use steemit for micrpayments if we cant with bitcoin! And that also is a huge factor with steemiT! we have our OWN crypto currency thats free to use and much faster than bitcoin!

And just imagine when people find out they can use steemit to monetzie behaviour they are already doing!

I just got done watching this one on YouTube. So much good info in there!

Very motivating to hear all of it and I see the potential!

Steem on the move!!! ✋️👋 High five everyone! High five steem! High five team! 😎

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STEEM ON, THE DREAM IS LIVE
You Have a Golden Ticket

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So am i!!!

Nice one Jerry price is going crazy up at mo! Everytime I watch one of your vids I get even more hyped about. Now the rest of the world is getting hyped up!

Hi Jerry,
Awesome post👊 if everybody would have 1% of your marketing skills and enthusiasm the steemit community would be an overnight success😉 im definately upvoting and re-steeming this post! The word about Steemit needs to be spread globally its making a huge impact on alot of peoples lives even life changing...im so happy that im apart of this community and I think you are a great promoter of the platform😊 keep up the awesome work that you do!
Full Steem Ahead! @jerrybanfield
Best regards,
André

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Hi Andre, how do you resteem a post?

STEEM can potentially overtake facebook if done right. Who would not like to earn money while posting and sharing stuff online. But the threat is from SPAM and bots. Needs a good strategy to handle that, specially in the early stages.

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As of now Steemit seems very focused on good content (which is a good thing!). But Facebook is useful in other aspects, such as event planning etc. Can't see Facebook going away anytime soon.

Never understood Twitter-hype though ;)

Man Steemit is exploding. What the fork. U do a good marketing job.

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Jerry is a Beast!

i bought steem because of your video's. ;D

You are really a big help for the Steemit community, lets go above and beyond

Finally the price it deserves! Thanks for the effort

Steem is kicking some @ss!

I bought your video course and then jumped in.

I am happy I powered everything up otherwise I would be tempting to take some profits, but I believe this is just the beginning.

jerry thank you I buy steem because of you and now im very happy thank you so much

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yah me to ty Jerry you are the best :D new all my mony are X2 :D

We are living in exciting times !!

Today is awesome.

More the price - more the guys who want to snatch a price. And more the guys - more the price.
Going UP!
Interesting - the Golos (russian clone of steem) made it to Top-100 recently. And now on 89th place on marker capitalisation.
I made more than 500$ just posting there! In a single week.

This incredible community is increasingly surprising me.

HiJerry, I Hope with all that Feedback you well deserved receive, you still recognize my comment. I wanted to thank you for encouraging me to invest in Steem. I was hesitating because of the 100% inflation rate and the long power down time, before they changed it to a much more reasonable level. The white paper though was never corrected, so I simply missed it when Steem was 0,14 usd. But at least I got in at 1,10 a few days ago and I am grateful to be part of this! Please follow me on Steemit. I would be honored. Thanks and take care.

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@buildyourdreams Followed thank you for sharing your journey with Steem here

@jerrybanfield the marketing genius. Big thanks!

Honestly I hope it drops. I need to load up!
Jerry, can you quit talking about steem. thank you.

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Yes it is challenging for me too when to start promoting versus giving enough time to load up! I figured sooner is better and if it takes another epic plunge it will not last as long if we are all waiting to load up with more!

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Was thinking the same :D

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if you wait too much might be too late. It's not late yet. Jerry was saying there is still chance to be early adopter and I agree. I thought the same with bitcoin 2 years ago and then a I realize they average just go up even with the ups and downs.

@jerrybanfield Good post and videos as always.
Followed! =D

This is great for us jerry so glad your on board with us

Your video ad helps a lot.

Great news... steem is climbing up the ladder in top 10 crypto currencies... Your speculations are turning out to be very accurate regarding steem price hike, which you were posting it from last week.

I just bought around 1k STEEM yesterday and let's just say I woke up happy this morning! :)

I'm here largely because of you Jerry, I actually signed up the day before I saw your first Steem video but didn't really understand just how great Steemit is until I watched it. Thanks for all the knowledge you share.

Wow @jerrybanfield
13 days on Steemit and 1,5k Followers already. Congratulations :) Yesterday I saw the first video of you and now I see here the articles and guess what, you have a new follower :) Steem on ★

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@blackwidow7 thank you very much I followed you back!

Damn, now I need a time maschine to buy even more...

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@licklake let me know when you get that finished!

That all its nice!!
Im just a comment your face in the video cover, hahaha your so funny and s cute face. 😂

i just got 40 steem on poloniex

yay!! I joined here because of your video also bought 100$ wish me luck!!! please add me steemit.com/@rek2

Hi Jerry, I've read over your post again after watching your live stream. You've locked me into this sttemit community and for that I thnak you. It seems to be gaining popularity accross the board and it's being adopted by many youtubers which is driving the price way up. Keep doing what you're doing and THANK YOU for your contribution to this community.

35:21 you really needed a calculator for that @jerrybanfield? :D

Nice video man!

Awesome! Think it will keep going up? Or stall for a little?

Great article and great video @jerrybanfield Thank you so much for helping lead this Steemit community to infinity and beyond!

From youtube to steemit....thank you jerry. i feel the force in you.

lovelightpeace

Thanx for being in steemit community and also for sharing the steem love in YT.

Thanks for sharing, another great post.

thanks @jerrybanfield
i steemit will booom and rock very sooon

Lol I'm literally in the middle of watching this video on YouTube right now! It's almost done, it's a great video! Thanks for sharing!

Thank you for taking the time to post all of this information. I was able to get in at a good price.

Jerry G.

Yo Jerry! Great Videos Man! Feel free to upload your Videos on BTCUpload.com as well to help promote Steemit with our Cryptocurrency Enthusiast! You can create your own Cryptocurrency Video Channel if you like or simply just upload all your crypto videos to to gain more followers and viewers! Best Wishes :)

Hey Jerry! Thank you so much! You really inspired me to join steem! I also transfered my bitrex steem here, it was costly but I will you my steem power now! Keep it up my friend! P. S please be my first follower!

Not sure what happened but I just started seeing your name and articles in my regular browsing of Steemit. Count me in for a new follow. Your articles are great, as I can see others already have stated more than once.

Love the long form work you are doing.

back flips!

I recently found about Steemit and I really like the concept of it. Yesterday I saw the confirmation email and I just joined. I really like the idea and so far the community. I hope it gets better and better with time. :)

Thank you very much for your great post @jerrybanfield
I saw your #live video on Facebook today too !! 💪😎
#upvoted and #resteemed and shared on Facebook too
Greetings from Germany Lars
@laloelectrix

I am so glad you came to steemit. Thanks @jerrybanfield for jumping in with both feet and being the most amazing promoter of steemit on Youtube and Facebook. I believe you have made a huge impact.

Steem is getting it done! Thanks for all you do for the cause!

It's awesome isn't it!

Your predictionwas right and I believe that it will hit 10$ and more, thanks for the positive thoughts :)

nice work! makes this easy for us!

Hey Jerry, thanks to you I found out about Steem and the Steemit community!

BIG THANK YOU FOR THAT

Any social media site like twitter and facebook that profits from user produced content that does not change its business model to match steemit will eventually go the way of myspace.

I enjoyed this mate. Keep chatting with us when we are with you live!

Great post once again Jerry! Thanks for doing all that amazing work for the Steemit community. Let's get Steem to $10 before the end of 2017. - And we should all help with that, as a community.

I love your articles :D

I believe we ended up here because people want something different and positive not like facebook. Please follow, positive content.

Best wishes

wow 170 to 2.00+ over night. i have a feeling you are definitely fueling this surge ha. lets hit 10+ by Friday .

Bought steem the right time ... thanks for your video.

I hope it goes to $10 dollars in 5 months

$10!?!!??wow.. yeess

Man you're killing it :) I wanted to start using steemit for and also invest in steem money for some time now. After watching your vid $10 in 10months I finally took action and invested 0.56 bitcoin into steem. keep it up I love your content!

Man I am so tempted to buy some more! What is a good entry point? Should I buy more now or wait for a correction?

Wow, it looks like your calls were right from last week before we've even had a chance for new users to deposit outside fiat!

It's a birthday gift for @craig-grant. To $10 we go!

$2.45 steem right now. Wow.

We gonna be millionaire

steem was $4 in 2016 around the summer

Great analysis!

I found your Youtube channel last weekend and was watching nearly all of your videos!
I reentered crypto-currencies last week after quitting in early 2014 because I thought that cryptos will not make it, even after beeing an "early adopter" to mining and trading coins... I seldomly was so wrong in my life and now i really regret it after the latest pump.
You are really motivating myself to invest some of my spare time and also money in order to catch the train before it completely takes off and I regret it a second time....

I have to wait until I have more funds on the exchanges (stupid bank transfers take 2 days) and then I will definitely buy into STEEM. The only question is if I shall for a short correction or if I will miss the train completely..

So looking forward to your good content and also how crypto currency will evolve in the next few years :)

Steemit is heating up
download-2.jpg

Man you are incredible, thanks for promoting Steem, As every single person of us doing that with his own resources.
It's a win win situation for all of Steemit community.
Thanks for every thing,I'am you follower and sub in YouTube and I just wanna say thank you that you bring me to Steem, I'm very thankful.

Exponential functions at work! Curious how long it COULD theoretically take to reach 50 MILLION users? Guarantee you it is faster than you think! I explain here:
https://steemit.com/steem/@the-traveller/why-you-still-are-massively-underestimating-steemit-com-exponential-functions-you-probably-don-t-really-understand-them

Interesting point of view on the current cryptocurrency market. What are your thoughts of the concept behind Siacoin?

Hi Jerry, whats your oppinion on mining contracts. Did some calculations and the result is that they cost, and don't make money.

This is all very compelling data. Thank you for sharing it!

Great time to be invested in cryptocurrency

Ty for convincing me to double my steem investment at the right time.

Steem is one of the few altcoins in my portfolio that is not in the red today. Thanks Jerry, I wouldn't even own Steem if I had not watched your video the other day.

JEEEERRRYYYYYY Banfield! JEEERRRYYYYYYYY Banfield! JEEERRRRYYYYYY Banfield!

great post, love reading this information to keep myself ahead and aware!

never should have sold all that steem

STEEM just hit #10 !!
and $2.33... sweet :)

Steem went crazy, right now is at 2,3 and still rising!... What is the limit?

Great post. Love your style, full of energy and backed with insightful data. Thx

Your face in the 1st photo- priceless

Hey Jerry - another great - in-depth article.
i was going to copy it on my printer but i've been running out of paper - LOL
just kidding - understand you're going for the SEO ranking.

Steem is a rockstar, gonna buy more when the price comes back to earth.

Killen it Jerry!

market cap at 0,5 bn $ almost ist not bad =)

I love your post jerry they are absolutely awesome, your predictions on STEEM were accurate I am happy to say that I got it with 1 btc and made a really good profit. Thank you so much.

The total market cap is just 100 billions now and it is growing very fast. Each coin can increase a lot, and a lot of people can become very rich with very small investments. Do you people realise that? We are lucky to be here and in other crypto places, to learn about the future, and to know before the 99% of the planet how to and when. I belive in evolution and i am sure that Steem is on the good way.

Wow...After watching your video's it feels like the beginning of Youtube, when you feel the potential of all this to grow into something huge...Like a tiny seed that's planted in fruitful grounds to become a giant forest of oppertunities. I'm really hyped now! Keep the Steem promo machine running! Still thinking about how to ad value and content to this community...

Amazing!!! thank you so much for what you are doing for this community!!!

what will you do when you have 10 million dollars in bitcoin jerry?

If Jerry starts promoting