Why the Steemit Hack was the best thing to happen (for all of us)

in #steemit8 years ago (edited)

So its now 24Hours since Steemit has been hacked. 

On the major exchanges the price of 1 Steem fell from a high of 4.94USD to currently 3.69 USD (Around 27% loss)

One might say, if Steem was a normal Altcoin or Crypto, OMG, Steem is dead like many other coins. 

I say, best thing ever! Here is my take on the whole Hack:

1.) The awesome response and clear posting regarding the hack through the Steemit Team

2.) The reaction of the community, which was very modest and calm

3.) The 3 components, Steem, Steem $ and Steem Power (which locks investors in longterm, so no panic sales are possible, this is genius)

The same thing happend to Ethereum, the price went up to the moon, reached 21 USD, after the DAO Hack it fell to 12USD, it went up to 17USD again and within 72Hours the price dropped to as low as 8.90 USD. So a lot money was lost, i lost too. 

So my advice to unload all of your Steem still stands, the chance that Steem will go down a lot more in the short term is likely, so anybody who needs the money, trade them and buy back once the Steem price drops. 

So i am not saying that the price of Steem will drop to 2 USD, but if it did, it would be a good thing for Steem. 

The reason for this is the highrise of Steem in the first place. It went from 0 to Hero within 10 days, 1000% wow, thats insane, right? Yes and history has proven that anything like 1000% in a short timespan, is not good for a new project.

My opinion is, that the hack came just right. Valuation is high, but not too high. Steem management handled the Situation perfectly, which will in the long run support a good Steem price. 

If the hack came a couple weeks later, lets say at a price of 15 USD per Steem, the consequences could have burried Steem. 

I am confident after reading the Steem Whitepaper, that Steem will figure out the many problem it still faces:

Bots doing the liquidity game and generating Steems, Content clicking bots etc. etc. 

But i belive, that Steemit has a bright future, i am sure that even Newspapers will adopt this system in the near future, and get paid through user Votes, rather Payment Walls. 

This is huge, i am happy and proud to be able to be part of this great movement !


P.S. i am sorry that i cant vizualize the post with great pictures etc. i still dont know how to do that!!  i know i would get more votes, but i hope content trumps beautiful pictures ;)






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