Today I was accused of being illogical for trying to predict the price of steem. It was not a healthy exchange so I had to block the fellow because he wasn't ready to have a decent conversation. Chances are he is on this platform as well. Maybe running an anonymous account, or probably he has heard about steem and wasn't convinced enough about its future.
Well in my defense I will say that the crypto-world is the ground of speculations, similar to the stock market which is deemed legitimate because it is backed by wall streets and governments around the world. And asides being entitled to an opinion, I believe it makes economic sense that the value steem will go up in the future.
The demand exists
Not just for the steem coin but for the services rendered. There are over 300 dapps offering different services; there are different communities offering their talent and skills here; there is data(information) here and every bit of it can be monetized and if steem happens to be our unit of exchange then it makes common sense that it is valuable as well. Facebook doesn't produce any tangible product but it is worth more than the biggest power company in America.
I might not be tech savvy or have a Ph.D. in economics but I do have one thing which has gotten me through many things in life and that's common sense. It makes common sense to believe that a coin like steem which doesn't solely depend on speculations and hype will thrive. It makes perfect sense to me that as many of dapps began to thrive so will steem coin. Just seeing how passionate ordinary people across the world are about this coin and working together, building communities, there are no other clearer indicators that we are on the right path.
Where is the money coming from?
Do you ask the same when you use Facebook, Twitter, Youtube? Advertisement/Stocks/Shares right? People/institutions invest their money in platforms that are actually free to use and do not produce any tangible goods but earn dividends at the end of each year? Isn't this scammy? Well not really. They simply exchange your time and attention for money, it's really no brainer. Doesn't steem do the same? Steemit runs ads, steemmonster sells cards, steem ninja sells steem accounts, people buy steem/upvotes, and some hodl huge amount steem and receive dividends in steem at the end of each year. Isn't that logical? Are there not enough activities going on here to keep it viable for a long time and also increase its value? Because other centralized platforms do not share their revenue with the people who contribute significantly to its growth does mean it's not doable. We are doing just that on steem. This blockchain will continue to exist as the money keeps flowing in and out of it.
I will not mince my words because the average person cannot grasp what's happening here and how we are slowly but steadily revolutionary the world starting from the cyberspace. The average person cannot easily fathom what's happening here because it's strange to them. The closest thing they can liken crypto to is a Ponzi scheme. Well if this is a Ponzi scheme then it's certainly something for tech Giants like Samsung to have an inbuilt crypto wallet on their latest phones or big football clubs like Manchester City thinking about creating their own coin, or a country like Venezuela creating its token. You do not understand a thing doesn't make it a scam. And yes you might have heard about ICOs that failed which is normal in a business terrain. If your business or idea is not feasible then it will definitely fail. Irrespective of the negative hype cryptocurrencies have gotten the truth is that it is here to stay, and for a coin like steem the future can only be bright. In the future, steem will be in your favorite coffee shop or the nearest grocery store. It's only a matter of time.
I do understand that an asset can be overpriced or underpriced. There are a lot of elements that go into these things. However, when you examine the steem blockchain, it's clear that the steem coin is undervalued. When it actually gets recognized by the right people--people with deep pockets-- you definitely going to be hearing prices that beat your imagination. Hypes and trends are becoming important components of the societies we are creating. Steem is yet to get its shot. Imagine if steem was getting the type of attention most coins have? We are not a platform of hypes, here proof of work/brain matters (please don't remind me of the trending page). Regardless of what happens, steem is one coin I will hold on to and not because of I expect it to hit $1000 in the future but because I believe it has the potentials to change lives like mine.
I will shamelessly promote steem any time, any day.
It’s hard to predict anything, but what you can do is give some reasons why steem will go up in price, what you did. But also point out the potential difficulties and problems steem has to overcome. A lot of great businesses and products have not succeeded for various reasons (for example timing). But I like steem and lets hope for the best, keep on rocking 🤙!
It could go both ways. But I'm banking that's steem will succeed. In this post, I gave reasons why I feel this way about steem. We do not have a perfect blockchain but a workable one, that I can live with. I do not claim to have all the answers but I'm betting on steem thriving.
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It's a pity I fall into this category but I believe we learn with time. I think I'm beginning to understand a little though. Some people actually take classes to understand all these crypto thing.
Please let me use this opportunity to ask... Now that we no longer earn steem instead we earn SBD and SP, how do we supposed to get steem? Or must we have to buy it with real money?
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You can exchange your sbd for Steem on blocktrade.com.
Both are still important. Please, I would hold sbd because it is more stable and less volatile when compared to steem.
It takes time to learn all you need to. Spend time reading and learning, less focus on earning. They are all important though. But you need to understand how here works
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??.... why would you choose that option instead of the internal market?
...(I use the internal market) .
....go to your wallet, click on the drop down in your sbd tab - click 'market'
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THIS will pop up..
...put in the sbd you wanna sell for steem (left box), and it will convert automatically to steem.(might take a minute or two - or be instant).
Thanks for the tip. We learn everyday. Ever since I joined steem I have always used blocktrade. Guess that's about to change
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Always good to learn stuff!
(and you can't make any errors in the transactions with keys this way...like I have done once via blocktrades ..I sent 40 steem to a wrong address!doh!)
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Value is something tough to demonstrate in the traditional financial system as it is all driven by fiat based cash flows and since the price of the underlying assets is set by the market, the balance is difficult to see given the amount of speculation involved. However, as you mention, demand has already started to build as the ecosystem creates its own economy based on the use of the token and the community has demonstrated that it can utilize well built Dapps that can generate value. While the ecosystem may not have cash flows, the Dapps will and can ultimately be part of the value of the protocol.
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I will argue that there is some cash inflow into the system. People exchange fiat for steem. I have bought steem booster cards with PayPal, that's fiat. If fiat wasn't being exchanged for steem or any service provided in the dapps chances are seem will die. This is my take. I might be wrong.
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i am a cryptonoob but when you read what is all happening on steem you wonder why it is so undervalued. what are we all doing wrong?
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Personally, I think there are many barriers to entry. Like having to save several keys that are generating by some algorithm. The way the system economy works is not something most people understand, it seems surreal. And lastly, the negative impact mass media has had on crypto. People still think crypto is virtual money with no real value.
Personally, I think it's only a matter of time and properly we should limit our expectations and work on better business models for our apps.
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i get why that for "regular" people that just want to use something and not think how it works, but i was more thinking about people that are already in crypto. if you learned how wallets, exchanges... function this should not be hard.
well we will see what will happen.
I believe in Steem 💯 But $1000?
He is indeed in this platorm and has been for a considerable while. Nor is he anonymous
Well, I haven't seen or interacted with him and if this is how he feels about steem or other steemians prompting steem then I think it's better our paths never cross again.
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There are people like that and you just have to wonder where is the anger coming from perhaps there was something he or she experienced that made him or her develop a mindset. Just ignore or block.
You will always find people who will hate you just because they don't agree with you or think that you got it wrong. It is a lot easier to attack the person than to engage in a decent conversation. Sadly we have those types of people here as well. Haters will always be haters and bigots will always be bigots.
Just do your thing and promote Steem. Stay awesome and just enjoy the platform.
Thank you very much. I appreciate your kind words
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I totally agree that the fundamentals for Steem are strong. How that ultimately affects the exchange value to the fiat currencies will depend of sentiment rather than logic. But as for me STEEM to the moon 🚀