RE: STEEMITBLOG UPDATE, SMTs AND THE FUTURE...
Thanks for the post @cryptoctopus.
I wrote a similar article about this today also.
It is very exciting. I commend the development team for their openness and new communication style. Keeping the users in the loop is big.
I have powered up since I got here. This is going to be massive. $20 is a low target...my first major one is $100....I think it is reachable this year.
The fact that each new token is paired with STEEM and instantly has a liquid market is huge. The most common question people ask with tokens is "what do I do with them once I get it" (or some variation on that)? Now, the answer is trade it for STEEM which should have many more real world uses in the next 12 months.
It is an exciting time and STEEM is going to create a lot of millionaires. There will be a point where even 500 SP could be worth more than $1M USD. People really do not know how big this can become.
I made the comparison to ETH to try to put it in perspective for people. @aggroed had a great interview about that.....when looking at the technicals of STEEM and ETH (the blockchains) it isnt even close.
Definitely, Steem blockchain will create a lot of millionaires! We will all be filthy rich if we just stay patient and wait for the masses to realize the potential of this blockchain! If we see people with just 500 SP and it being worth more than $1M USD, then this would be so fucking crazy! And I do believe that this is a possible reality, because there's just no limits to what can happen on this blockchain!
ETH is a great lesson...look at the explosion that token had.
STEEM can go on a similar run simply with the SMT technology. Add in all the other things that are on here and you see a blockchain that can be doing 10M transactions per day by the end of the year.
That is powerful....ETH wont be able to scale up that quickly.
@taskmaster4450 Your reply definitely made me wake up before my cup of coffee! Happy to hear you are so optimistic and it makes me feel the same. I feel almost frantic to buy as much Steem as possible but I know I have to pretend to be responsible with my money and all that ;)
Well I am all for powering up. I bought a bunch of STEEM between $.80 and $1.35. I used up all my fiat on crypto....I guess I am not responsible with my money....although I have money, just no dollars....in a different form.
I am uber bullish on STEEM...I wrote a number of months ago about getting people to 1000 SP....that was a game changer for most people....now I am beginning to believe the potential is great for even those with 500 SP.....
$100 by year end is still my target and if the SMT protocol does what many think, we could see 4 figures in 2019.
Ugh, I wish I would have looked into Steem back then. I have to try to stop constantly kicking myself over it but I cant help it. I do have a goal for 1000 steem in 5 months and I'm chipping away at it slowly. Love your enthusiasm.
really??? that is just spitting numbers in the air in my opinion...
4 figures that would mean that we would have 8TRILLION market cap
we have 800 million now so x1000 is just wishful thinking at this point
I am bullish and would love to see steem at 20-50 but the longer this can wait the easier it is for all that are here to get more SP
the more SP is worth the harder it is going be to get some
Do you mean STEEM is better than ETH from the technical pov?
I think most of our peers agree that there are amazing developers on both projects. The real difference between the projects is in approach. Ethereum is taking an application general approach to their protocol, whereas we're taking an application specific approach. A good analogy is between Linux (application general) and iOS (application specific). Ethereum is trying to be everything to everyone and in the process not doing anything particularly well for specific developers or entrepreneurs. The application specific approach is to basically say, "What are the 20% of possible features that account for 80% of the features which are actually leveraged by real developers and entrepreneurs?"
The application general approach basically treats all potential features equally and results in 80% of the engineering bandwidth being consumed by the 20% of features that no one actually uses. By choosing the application specific approach we can focus intensely on product-market fit. The single biggest use case for Ethereum is launching an ERC20 token. But ERC20 tokens don't DO anything. People use them because they're basically the only option. They don't do anything because no one else in the space has experience creating tokens with built-in distribution mechanisms that are capable of functioning at scale because no other blockchain protocol is yet capable of functioning at any kind of scale.
Entrepreneurs want tokens that work, that are safe, that are ungameable, and have all the Smart Contracts they want pre-audited and built into the protocol (ICOs, Founders Tokens, Token Emission Rates). With respect to these needs of entrepreneurs, yes Steem is better than Ethereum ;).
I was surprised with such an excellent answer and after checking your profile I realized you are the "Content Director for Steemit" haha!
Thanks for taking the time to give answers like that man! Really appreciate it!
STEEM is light years ahead of ETH from a technical point if view...at least right now.
3 second transaction time.
Zero fews
100K trans per sec potential
ETH is working on getting past 25 transactions per second.
Plus there is no built in content reward system like with STEEM.