Ready to Take Flight

Between the buzz I'm seeing around here and the recent cryptocurrency market hype, I feel like we're on the verge of something big with Steemit. A morning dove family took up residence on my front porch recently, and I thought it was a good visual metaphor for what we're seeing with Steemit right now. I snapped some pictures of the chicks fluffing their feathers for your enjoyment.

To those of you who have been here for a while like I have, it seems like the amount of new users and activity are unprecedented, but I don't expect this trend to slow down any time soon. I expect the increase in traffic to go parabolic any time now. The other day I started crunching some numbers to illustrate why I think this social media platform is about to take flight.

Facebook, the granddaddy of all social media platforms, is worth approximately $434.34 billion by market cap. Twitter is worth $12.94 billion, MySpace at its peak was estimated to be worth about $12 billion, and Reddit is estimated at $7 billion today. Those valuations would put Steem at $1733.82, $51.65, $47.90, and $27.94, just based on market cap alone! Now don't get me wrong, drawing a direct equivalence between these valuations and Steemit is sort of silly, because the value of Steem is not the same as the valuation of equity in a public or private company, but it helps illustrate just how huge Steemit could get if it gains the kind of usership of some of those other popular social media platforms.

However, this is not to mention the cryptocurrency aspect of Steem and Steem Dollars as well. It's a useful tool outside of the social media space, and my guess is that most of its valuation currently is based on that alone. I have no idea how to quantify that, and I think that other people don't either, but we're starting to see a picture emerge with cryptocurrencies' total market cap smashing through the psychological resistance barrier of $100 billion and keep climbing. The total amount of fiat currency floating around in the world right now is in the tens of trillions of USD equivalent, so if cryptos ultimately begin replacing fiat, this gives you a good idea of the potential there as well.

Long story short, when this thing takes flight (and it's fluffing its feathers right now), we're in for one hell of a ride!

All images in this post are my original content.