A Steemit/Blockchain SWOT Analysis For November 2016.
Developments on Steemit take place at a rapid pace, so I've applied a quick SWOT analysis to our platform for November 2016.
STRENGTHS:
Steemit has come on leaps and bounds this year, and the Steem cryptocurrency has found love and favour amongst a lot of faithful diehards (including myself!). @ned and @dantheman have developed a killer app here that sits abreast the Steem cryptocurrency, and this is one of its unique selling points (USPs).
The market cap for Steem hangs around $30M mark which is fairly good for a Beta phase crypto-coin, and we regularly hang around 10th - 12th spot on the crypto market caps. The account totals are around 110,000; compare this with Bitcoin: 7 million user wallets on blockchain.info alone.
All the data looks good for Steemit, however, there are obstacles ahead.
WEAKNESSES:
I can't hide my feeling on this. Getting market penetration for Steemit beyond the crypto-community is going to be tough. We seem to have hit a wall of users around the 100,000 mark.
The other question is, do we have the scalabilty to become the next Facebook or Twitter?
In the mean time this means that any rival like Golos can come in and try to undermine any existing Steemit users if they feel the platform is not moving forward quickly enough. We need to get users 'sticky' to Steemit and stay here! ... take it away big Norwegian Steemit dude!
It also begs the question, could another alt-coin enter the crypto-coin market cap and overtake Steemit?
We also need to be aware if Steem does become successful that no hard fork schisms start up like it has for Bitcoin Classic and Ethereum Classic. This does creates uncertainty for would be investors.
OPPORTUNITIES:
The big opportunity here lies in the Steemit blockchain technology. Most projects on here are just scratching the surface with experimentations of small proof of concepts. There is a whole world of possibilities for the Steemit blockchain technology to have impacts on small businesses, governments and even industries themselves.
Another opportunity is to take Steemit out into the non-crypto world so people like our family could use it on a daily basis. I think this is one of the hardest tasks facing Steemit, as it still appears to be a very niche crypto-coin experience within a social media setting at the moment.
THREATS:
As far as threats, you only really need to look to see if there are any top #20 players in the crypto market cap space at:
Synereo was the only other competitor in the top #20, but it has since fell back to #34 at the time of writing this article.
Yours.network seem to be taking forever and a day to launch, so this plays well into the hands Steemit.
Regulatory pressure may be something Steemit may feel in the longer term if this platform really takes off, as when local currencies come under threat, government don't tend to like it and regulate heavily.
Thanks for reading folks. I truly believe that Steemit has the power to turn the tide with the blockchain, so please be the best ambassador for Steemit you can possibly be and leave any of your comments below.
the biggest hurdle we have to breaking through the 100,000 user ceiling is breaking the "too good to be true barrier."
Steemit is far from the first social platform to try and reward users for their content heck i remember turning my nose up at some in 2007, and all the you can make thousands off one post publicity was more detrimental than helpful.
Ahhhh... the old TGTBT barrier! I remember one of my old managers using that acronym in a business presentation! Ha ha! Yes, I'm in total agreement with what you are saying @phoenixmaid
my thoughts on breaking that barrier are that we should encourage steem developers to collaborate with other users who don't have the skills to build a site but have other talents to create a handful of social networking sites like golos but each targeting a particular niche market that has nothing to do with crypto.
These sites wouldn't initially tell users that they are earning through participation once users are hooked and love what is in front of them they announce "By the way you have all been earning money for the last xx months and here is your wallet and how you use it."
Steemit users could support these sites by forming curation guilds that root out the best content on these sites boosting their visibility on that particular network and earning rewards here for it.
That is a very interesting market penetration strategy there @phoenixmaid - lets hope @ned and @dantheman pass by this post for the greater good of Steemit. I am in total agreement with you :)
I am currently working on a proposal for this sort of site with the addition of a utilitarian affiliate marketing program which will be available for every user to take part in without the need to learn SEO etc. which is why I've been so quiet here this week.
Excellent news for the non-SEOs! Drop me a msg when its ready :)
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Disclaimer: I am just a bot trying to be helpful.
Hello again my little bot friend :)
(always a pleasure to have you visit my posts!)
"2 Power Chickens please! ... getting close to my 10,000th post!!"
2 Power Chickens
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CONSUMED!! ... 130 posts to go! ... thanks @virtualgrowth!!
6488 to go for me and I gave away my power chickens, lol
Don't worry - there is a Power Chicken outlet on top of Mount Steemit - so I'll pass you down some ... good @mindhunter! :))
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Will do Champion!!
(my 10K post will either be today or tomorrow??)
As I have summed you up...it will be today!! LOL
Thanks @giantbear! I will wave to thee from the summit of Mount Steemit!
(mention of your wave now added to my 10K post ... probably be tomorrow that I post it!)
LOL, this is so awesome, no words, really. Thumbs up!
New user can't get anything here. From the point of investor things is even worse. On the bright side marketcap will soon be much bigger when all 'hidden' STEEM shows up, but that won't last for long. With low inflation soon there will be no reason for many to power up.
Your right, the market will be swamped with cheap Steem, so it'll be interesting to see what happens next??
I am coming back to read this again later but in the meantime I found this you may want to correct:
-- This does creats uncertainty for would be investors.
Excellent spot Barry! Thanks! I do tend to do typos on these longer articles! GRRRRR! EDIT MADE :)
Love SWOTanalyses, put's everything on the same plate! UP & RS :)
More a surface skim that a deep dive! Your on FULL @mindhunter resteem mode at the moment on your timeline I see! Thanks Lil :))
You're welcomed! :)
Always a pleasure my nutty wild squirrel!
What an evolution I've made! From classic (old) lady to nutty wild squirrel!! Hahaha!
:))
It's amazing what a month can do on Steemit - imagine what a year can do!
BTW I think my new avatar is working :)) 2 great $ posts today!! :))
Looking forward into it :) Congratulations on that, its really a lovely photo and Monet resembles money!! ;)
Monet + rainbows = $'s!! :)
A 60 rep too! Well done ... you did it! :)) Steem on!!
Yes...it got actualized right now!! Yeahhh:) Happy one month anniversary to me :))
Always keep throwing your heart onto the fire and that will always keep your reputation ticking over ;)
I've mentioned you on My first month on Steemit! What a ride!!. You're like a godfather of Steemit to me! :) Thanks for that!!
I've been called the Lech Walesa of Steemit and now the Godfather! Ha ha! Thank you. Stay nutty now!
No, I don' want to get nut! I need to be aware of everything to be sure I'm doing the right decisions!
Your 50% nut / 50% aware - just like me ;)
I do prefer that distribution of nuttiness & awareness. Sometimes it can get 70% & 30% or 30% & 70%...depending on the mood! :))
The shifting sands of the Lil nuttiness!!
SWOTs are great for gaining perspective and orientation. You've provided both in an economy of words!
Thank you for your kind words on my #nuggetized SWOT :)
Excellent quickie insight @mindhunter!
#nuggetized