Did Steem's Valuation Get Ahead Of Curve?
Steem was valued as high as $404 million on July 20 compared to the current market valuation of $118 million.
(Source: https://coinmarketcap.com/currencies/steem/)
Compare that to Facebook. Facebook reached $100 million market valuation in May 2005, more than one year after the launch.
(Source: Tech Crunch)
It just demonstrates how much more profitable distributed network systems are than centralised platforms. I think that we will see Steem reach and surpass this level within a year. It has to be pointed out that Steem isn't even out of beta and it is already profitable. Facebook's capitalisation may be huge, but its closed nature precludes ad-hoc value adding from accelerating adoption and boosting the capital base of the system. I personally think that the mainstream are gonna sit up and take notice pretty soon just how powerful blockchains and distributed network systems are. And people don't even have to do all the capital intensive development to join in, they can just add their little specialist component, and make bank very quickly. They don't even have to depend on the defense of the government corporate copyright racket to profit off it. You can make new stuff, that anyone can pick up and modify, yet still profit massively from being the first to do it.
You mean May 2005?
Thanks hedge-x. Fixed it.