Ok, I'm frustrated. I'm frustrated that even with all the hard work this community of people is doing we're still sitting on a coin that's resting at around one USD per Steem. I have a hard time believing that bitcoin is literally 10,000x better than Steem. It's slower. The fees are enormous. It can't fork. It does fewer transactions. It has a evil twin that might be trying to collapse it. It's amazing to see a crypto doing that well but I find it shocking it's bitcoin.
Ok, next up we have ethereum. they figured out how to start tokenizing the internet. We on this platform had our first interaction with it too. @neoxian and his crew linked an ethereum token to @vote2ico and his posts caught a lot of attention. I saw at least one post from @noisy saying it was bad and scary, but I look at it I think it was awesome. Tying Steem to a token is the future of this place. I went through the work of getting my ethereum wallet up and running and able to accept alt tokens. It was a giant pain in the ass and sending transactions around was gonna cost me $3-4 bucks. I'm glad I could make tokens, I'm glad I can tie those tokens to Steem, but that experience was still overall a pretty shitty one.
Steem 1.0
Seems like investors don't really trust Steem. If I had to guess the reasons are they don't like us I'd start with the "ninja mine" at the beginning. They don't like the distribution, and they don't like that this platform has occasionally had network issues. They also don't like that it isn't ever really worth more, has a hard time getting worth more, and when it is worth more there are a lot of whales putting downward pressure on price. It's too hard to time an investment with a 13 week window to get out. Hard to pull out in this case also means hard to put in.
So, look I'm not complaining here. I'm just trying to make sense of what I'm seeing in the market, what I'm hearing, and what I think through as a newer crypto investor. Some of these real concerns and perceived concerns are holding down the price of steem. For right now that's good news for you because some really fucking big things are coming.
Steem 2.0- Communities and SMTs
Here's the skinny on the two next biggest things.
Communities: You can form your own personalized community and simultaneously allow people in your group to post to the block, and also not post in the feed of your community. This let's you highly tune your feed and allow multiple posters to a single thread. The Minnow Support Project has had some success doing this, but it's been a challenge and we've had to build tools to make it sorta work. When communities are launched it's just baked into the platform. Should be really exciting!
SMTs: These are Smart Media Token. Key letter there is TOKEN! We're gonna fucking tokenize the internet people. Instead of 523450klj234g230flk2345ou as your address it's gonna be @applecoin. Instead of waiting minutes to know a transaction has occurred you're going to wait 3 seconds. Instead of wondering what your wallet value is for different coins and having to work through multiple programs or keep a full wallet up you just click "wallet." A year from now a person will know more about you from looking at your Steem wallet than you're dating profile.
Wow, this dude likes his homeschooling community, organic gardening, free trade commerce, and lesbian porn... interesting. You'll tell by the tokens that they keep because they'll basically represent the attention that they donate to any given online community. And, they'll be worth money. Instead of complaining about the asshole whales you'll make your own community token and give yourself whale power. It'll be epic!
Steem is going to be at the forefront of that. Steem is going to make it easy. Steem is gonna have the largest active community in the crypto space. And we're not talking years we're talking about months.
Personally I think you have about 3 more months of cheap steem. So get'em while you can. Cause this shit's hot.
This is where we're headed. So, buckle your seats, work hard, and it's coming!
@aggroed a nice write up. I keep reading about the whales and the downward pressure whenever steem goes across the 1 dollar point in value. Do you have any insight into why this is the case? Because when i read about investors not finding it interesting due to the 13 weeks why would they bother keeping the price low then? I have trouble connecting the dots.
Autobots, roll out!
Or all this could be a very positive thing....
When the price of Steem starts trending up pass $4,
The wonderful complexities of our 14 Weeks Vest, Steem To Vest Depreciating Ratio, SBD Interest Rates(Did somebody say negative interest soon?), Interest for SteemPower Annual Inflation(Which secretly hides growth), Complex % Curation Payouts Decay, Downvote Flagging Micro-Battles, and our (in)famous variations of upvote agendas which includes assortments of Circle-jerk, Self-jerk, Whale-jerk, Orca-jerk, Dolphin-jerk, Minnow-jerk, Bots-jerk, Swarm-of-Fake-Russian-Accounts-Following-Curation-Jerks, etc, Etc, ETC...
All will make predictability (including all future forks aka SMT, Oracles, Tokenizations) of Steem for future traders almost impossible (Think Game Theory & Chaos Theory had a love-child in the token market) and will result in steady year-after-year of macro-incline of price per new user until we exceed 1 Billion Users and $10,000 per Steem Price.
Yes ....
$10,000
You Heard if First Here on @aggroed post :D
Steem: Worth The Wait ......Don't Become A Ronald Wayne
source: pinterest
Go Ahead Sell.....I Dare You To Sell.....And Have The Biggest Epic Block-chain Regret of Your Life.\
:D
You know, I'm getting that same feeling. We're in that "shake the tree" period where the ones that stick with this amazing community and platform, will be glad they did. You know Ronald Wayne is kicking himself right now... Don't be that guy.
Ah... a kindered spirit. Sorry I miss your reply above.
Well if its any amusement or re-inforcement to your hard earn investment in Steem go check out these replies:
My reply to @taskmaster4450 post Newcomer Issue with Steem Payouts - You are looking at it all wrong and an example of how Steem is going to create incredible wealth
My reply to @steemmatt post: Are you a Steemit taker, matcher, or giver don't be shy
Steem 2.0 sounds blem
Puff
Puff
Pass
I like your optimism :) I might send this wishlist to Santa ;)
Well, that's an optimistic approach @geekgirl, the right question is.....have you been naughty or nice :P
Well I hope it holds off until re-up
Yeah you said it bud, it has so much going for it it's hard to believe more people aren't jumping on it now around a buck! Like your last post pointed out I think investors are putting their money into coins that have quicker fluctuations to earn money faster. Lucky for us were all accumulating on the cheap thru our blogging. It will blow and then everyone that believed in Steem from day 1 will reap the benefits
Exactly right!
I wish I had known about it since day 1.... never too late
hope you are right
I really am looking forward to the evolution of the SteemIt platform, I really believe we have a lot to look forward to in 2018!
Going to have to go to college to use this site...
;-)
Sounds complex and confusing.
Pardon my lack of tech,computer skills,and cyrpto ignorance.
I'm trying to figure this out,but it is ever evolving ...
but hey if I ever figure it out I will be able to post articles to help people learn too.
Know what I meme.
:-)
Not to mention - dividing 7000 active people up into groups will kill the pitiful interaction here. No one's post will be seen unless it goes in a group. Then the group only has a handful of people so the only way to vote is in a circle jerk.
Interaction dies - no one can succeed.
I'm so sorry to see this happen.
Interest perspective. But already the circle jerks are happening with auto voting and the trending page. In communities curators will be very important to bring in new members and help nuture new users.
If there are 50 groups - there will only be 140 people per group. That is not enough people to sustain a community or be inviting to anyone from outside.
where do you come up with dividing people into groups? whats getting divided? SMTs are completely different from steemit. their for different ventures to create their own platforms. steemit will still be the core as the tokens will need steem power for their bandwidth.
I was referring to communities dividing steemit bloggers.
I've been in many Facebook groups with less than 50 people and seen constant interaction, why wouldn't people do the same and get paid instead?
Using this site is better than going to college. Tune in, turn on, drop out! :P
Well said Timothy! :D
Seems like steem 1.0 is being a #%!^#^ and I can't catch it xD
I too believe in attention is the future asset. As we can already see Facebook monetizing it. So who can make it more efficient, who wins. Steemit has the capability to share the revenue with the users while Facebook does not. So yes, Steemit
Steem forever
basic attention token is doing this. the creator of BAT also created javascript and cofounded mozilla and firefox. its one of my top investments.
Steemrush all the way!
Dude, believe it or not, I was having that same exact thought today, in a moment of reflection about Steem in the crypto space! I was thinking about writing something about it, but you beat me to it. I agree, it's a very important aspect of this platform and big investors are surely be turned-off by that. In a moment of crisis, investors must act fast, but with their capital being tied down to 13 weeks, it's not appealing for them at all. Steemit needs to rethink this strategy, if they want to focus on investors; or focus on the regular non-wealthy folks to increase the user base and activity on Steemit. When the user base is huge enough, perhaps it would convince the investors to put their money (and faith) in Steem for the long term.
Funny, because I was just reading the opposite argument a couple of hours ago coming from a post suggested to me. Don't know which way to look at it is the good one though.
https://steemit.com/investment/@bubke/steemit-investor-guide-a-study-view-on-crypto-and-steem
2018 has the potential to be the year that crypto goes mainstream.
I own some Bitcoin but lately all my new crypto investments are in the form of SP.
I plan to retire early. 😏
What will the price of Steem be when 2017 draws to a close? Enter the contest to predict it:
https://steemit.com/contest/@preparedwombat/what-will-the-price-of-steem-be-at-the-end-of-2017
Thanks for adding a lot more information to the trickle I've seen about how SMT's and communities are going to work. It really does seem like this might spur much higher growth, and that will jack the price up.
And, this presents a concern for me. Steemit votes are stake weighted, including votes for witnesses, which means the witnesses can be promoted, added, or replaced completely, by someone with enough stake.
On BTC, and PoW cryptos, in order to take over the blockchain, and potentially corrupt the chain, you need control of 50% + of the miners/nodes in order to do that. The witnesses determine what code runs the Steem blockchain, so all that is necessary to takeover the Steem blockchain, Steem, SMT's, communities, and all, is enough money.
There are people who could spend enough to buy every Steem that exists today, and not even notice, and some of those people directly compete with Steem and it's ecosystem, Steemit, Busy, Dtube, etc... Adding SMT's to that will both increase the threat to competitors, and the profitability of a potential buyout of the big stakes.
When Steem takes off, they'd be stupid to just let it replace their cash cows. The Zuckerburgs and Schmidts have the money, the trend will be up, and their $B's being earned today from Alphabet, and Fakebook, will be on the line. They saw what happened to Myspace when Fakebook took it's users, and Ebay when Amazon did.
I have been raising this issue with folks as can address it as I can. I've not had any answer that made me comfortable this was even a flaw, as the stake necessary to control the witnesses would be purchased by the Sybil attackers in that event, and the holders of all that mined Steem would float off into the sunset of free speech on golden parachutes of cash.
How can Steemit become secured, so that it doesn't just get bought in a hostile takeover, and all our accounts be simply transferred to Fakebook and Youtool?
I'd appreciate any substantive response you can give.
Thanks!
I’m sad you didn’t have a funnier tag along with your post. C’mon aggy #ethwalletsetupwastheworst #steembeatsbitcoin #bitcoinkilledbyevilcousinyouhearditherefirst
#ILOVEMUHKUBBYBREWSTER
Will steemit ever be available in other languages? I tried to get my students involved. They are Mandarin speakers, but having the entire interface in English was an obstacle for them.
Condenser, the steemit.com web interface, has a few language translations that can be detectable depending on the computer's locale. More languages can be added, it's an open source code, so all contributions are welcome to be submitted on github.
https://github.com/steemit/condenser
https://github.com/steemit/condenser/tree/master/src/app/locales
Also, Golos is the russian equivalent of Steemit, with their own blockchain developed based on steem's code. There's also a korean website (don't remember what it was) that is using condenser, to access the blockchain, with their own translation.
We can already choose between English, French, Italian, Russian & Spanish in Steemit's account configuration so I guess Mandarin should also eventually find its way to the platform.
Great!
I can see posts in different languages, so why not let them jump in now 👍
I'm sure if you can teach them how to use this site or use Google translate to help them. I see posts in spanish and Korean in on this platform and I'm located in the US
very informative post
Everything you pointed out about Bitcoin is accurate. It's not 10,000 times better than Steem, but it does currently have seemingly better propagation (as in more people know about it) because it's been around for 10 times longer than Steem.
Bitcoins so-called superiority is an illusion created by the fact that it was first, and has had a ridiculous head start.
But you're right, the next year is likely when it begins to lose it's lead. There's a good chance that it's price will continue to climb (it's inherently exclusive and deflationary, after all) but Steem and SMT's will hit a breaking point where they're in so many hands that the net utility of Steem will begin to skyrocket in the eyes of the normal person.
This is when the tide will likely begin to turn. It all comes down to a propagation game. Think about it only 1 person had every U.S. dollar. Worthless. There has to be circulation of some sort. Bitcoin corners the deflationary market for exclusive participants, but Steem will fill the niche for widespread appeal.
If you type in Steem to Google now, you'll mostly see niche articles and Steemit blog posts. It won't even directly list the price if you type in 'Steem price'. You'll know the storm is about to hit when this changes.
In short you're correct - buckle up, folks. It's likely that 2018 will be the year that the Steem will take the world by storm.
Yes this is one of the problems Steem is facing. Lack of promotion. The Google search will also lead you to articles from people who have no idea about it saying it's a ponzi. It's just not a good look. More work has to be done to promote Steems strength so the masses or cryptocurious can learn about it
When I type STEEM, I get results about valve’s game distribution platform - Steam !
I'm sure glad I follow you and you're in my feed! @aggroed is keeping that glass halfway filled at all times and that is always encouraging!
I feel you @aggroed, we have plenty of people mining Steem every day that believe in the future of Steem ecosystem, eventually the tide will have turn and then strong hands will reap the benefits while weak weep. The initial ninja mine has sure hurt the Steem in the eyes of many, but over time the effect of that will fade away.
I can also confirm that technical analysis looks like buying time in a long timeframe view. In fact, I powered up some Steem Power, as my goal of 5k SP is closing in fast and I hope to reach that before it gets too hectic here!
Even Litecoin got up to +50 dollars after being around 1-2 dollars for a very long time. Everyone said it's dead except select few.
LTC is also easily available to purchase thru the coinbase app. That's an influx of cash pouring into the coin.
You're right about that.
Hi @aggroed! You have received 10.0 tip SBD + @tipU upvote
from @morning :)
@tipU - send tips by writing tip! in the comment, get share of the service profit :)
@aggroed STEEMIT will be HUGE !!! I think that people that just consistently post and comment each day are the BIG WINNERS here.
Shhh!! Please stop telling people until after I get my tax return and can buy more...
Bitcoin is actually only 684x more valuable than steem. You have to look at marketcap, not coin price. ;) Still ridiculous...
The current problem with steem is people join the community simply to make money. It should be community first, self later or it will all turn into the grab and greed mentality that wolves of the web have reduced bitcoin to. The fiscal value should NEVER be important, but the sharing and humanity should.
Humanity over hustle always!
Sounds great! Please, don’t get me wrong: I’m new here and I like the active community and especially the project, as I like bitShares and EOS, and hope all of them will succeed. But, there is also this weird side to the community, which for non-steemians might look a little too sectarian and profit driven - posts, comments and upvotes often don’t make sense and don’t add value, and it seems like everybody is for himself trying to figure out how to make the quick buck. I worry, that if this will continue, it will eventually destroy the great project itself, as there will be no incentive for others to try to compete in this complicated reward system. Hopefully won’t happen. Go Steem 2.0!
MOON TIME LOL
3...
2...
1...
It's so crazy that I was thinking the exact same thing right when I clicked on this post. I've been on steemit posting EVERY SINGLE DAY. I've spent countless hours on here with almost nothing to so for if you check my wallet.
Today, my motivation levels are really down. However, I am pretty sure they'll be back up again. Let's see what happens with Steem 2.0.
Cheer up @omarf
Keep STEEM N ON,
Frank
"Personally I think you have about 3 more months of cheap steem. So get'em while you can. Cause this shit's hot"
I'm all in with Steem too mate, what makes you think we have about three months before the big bang!
The thing is, everybody knows BTC. Well, just about everybody. Its THE original crypto currency, the first one. While Steem is only one of many, swimming in the pond of alt coins.
Money has always a lot to do with faith and trust. People want to know that their investment has a future, before they go in. This kind of trust is difficult to earn.
It sounds like I should turn more Steem dollars into steem and power up from what I understand over the next 3 months. Correct me if I am wrong. Thanks.
You have to make up your own mind. But I think we're gonna have a great 2018
I believe you only need to hold Steem, not necessarily power up with it unless you want to uleash its real potential. Holders of Steem tokens will see their value appreciate just the same.
ive powered up all of mine thus far. the more people power up and keep out of circulation, the igher the value will go as there is less to move around thus creating more demand. :)
Hay what do it mean does it is going to make an another Facebook. Where you make friends and only your friends can see it....
My fav. part of this post was the moon ;)
Jk, all of it was SPOT ON!
I happen to enjoy the part where Steem keeps the advertisers away! Advertisers and their "terms" are strangling creativity on the web as a whole. I'm tired of companies deciding what content is acceptable!
Maybe i understand steemit worng, but we are all creating money out of thin air here right? there are no ads or anything that bring in money. So the only way people can make money is if new people buy into steem. The fact that everybody is basically printing money here leads to the fact that people are constantly withdrawing money....so as long as people withdraw money the value of steem is getting lower...you need way more moneys coming in than you have money being withdrawn in order for steem to go up. Am i mistaken?
That’s definitely something to think about. I have also my little worries, but more concerning the community and the motivations. In a previous comment, I wrote:
Sounds great! Please, don’t get me wrong: I’m new here and I like the active community and especially the project, as I like bitShares and EOS, and hope all of them will succeed. But, there is also this weird side to the community, which for non-steemians might look a little too sectarian and profit driven - posts, comments and upvotes often don’t make sense and don’t add value, and it seems like everybody is for himself trying to figure out how to make the quick buck. I worry, that if this will continue, it will eventually destroy the great project itself, as there will be no incentive for others to try to compete in this complicated reward system. Hopefully won’t happen. Go Steem 2.0!
I agree...im no fan of all these voting bots
Yes, and no. When people withdraw money, I think you mean they are selling their Steem, and this does produce downward pressure on the price. We don't create Steem when we post. New Steem is created through inflation, not any kind of mining, anymore.
As long as Steemit creates more users of Steem than are able to be satisfied by the amount of inflation, the price is pushed upwards, in theory.
Also, as people power up, or just buy Steem for HODL, the price is pushed up.
The competing pressures create the price of Steem, and it's been pretty stable around a dollar lately. That's the basics of it, and why Steemit 2.0 is likely to see the price skyrocket.
the problem in terms of crypto what steem2 and so on will be known only for insiders who registered in steem, usually cryprocurrency are known in coinmarket cap for volume and price change, because steemit cashouts are mainly through blocktrades we are invisible to people who are not in steemit already, and because we havent celebrities and news department like in other coins we are suck at this. So for short term we can make x2-x3 but if we dont fix that shit ( like list blocktrades to coinmarket cap so peoople see volume ) ( or attract some celebrity and so on and boost news every day ) then nothing happens on long run
Correct me if I am wrong, but when you power-down, you are basically converting SP to Steem (or SBD), right? It is then reflected in the Steem market cap until traded or sold.
no its not reflected people dont see it if its not trading in exchangers , and usually after power down we use this steem to send to blocktrades and its not showing too
Okay, so it stays in your Steemit account until disposition. But isn't the main purpose of a power-down to extract one's equity? ... Meaning it will likely wind up being sold at an exchange soon thereafter?
ye it should be, but people sell it via blocktrades so exchangers dont see this numbers thats the problem
Ah, I guess I'm not that familiar with Blocktrades. Where can I climb down that rabbit hole? Thanks.
just press wallet and sell buy button and you will be redirected to blocktrades
This alone is a game changer in crypto:
I agree, Steem is way undervalued at the moment, can't wait for Steem 2.0!
A username as a wallet address is not a new concept in crypto, it is at the core of Dan's first creation in the BitShares DEX. Cross-platform user issued assets trading on the DEX are the originating idea behind what SMTs will be. So having Steemit's SMTs using this model is not a game changer in itself, it's Steemit Inc playing catch-up to these concepts and trying to jump out in front of the EOS bullet train at the same time.
I agree with 'some' of this post. SMTs will be huge eventually, but honestly I've been a bit disappointed with STEEM so far... I think a lot of people have, which is why you're seeing the price drop and drop and drop.
I think the price does have A LOT of potential to go up, but STEEM needs to solve some basic basic issuess... like website building 101. The current community is so basic in functionality, that it is hard to see them revolutionizing the world/internet, when they can't build a well functioning website. So that leaves me with mixed feelings....
If they get their act together... we'll go to the moon with Steem. If not, someone else will eventually eat them up.
Who remembers MySpace?
I agree Steemit must shed this generic and organic looking site, develop some easy navigation tools, and the fb'ers and reddit guys will all show up. What do you think about an entry-level tutorial that one must complete before being cut loose as a Steemian?
Very excited for 2018, but I feel like there is still a lot of work to do around improving steemit itself, managing incentives around vote buying better, better systems for separating spammy posts from bots selling votes, identifying scams, etc.
I think that steem is going to move lock and step with the success of steemit, and the user retention stats for steemit itself aren't as good as I think they need (yet) to be for things to really take off.
Thanks for the post @aggroed, pretty informative.
I've been on steemit since June this year, however i also noticed steemit is not gathering enough attention required. Would love too see steemit touch
MOON & SOON...
About vote2ico IT is not great not only regarding terms of steem economy but also neobooster ico which will not be a ico because their contract does not handle crowdfunding creator od that contract assigned all tokens to himself. Also you dont need to pay 3$ fee on eth. About being better than btc well no point in jumping to the steem for a user without knowing some whale who can promote his posts
Good post and very important information .
if possible kindly visit my page thank you
@alidervash
what's a dating profile?
like eharmony or plenty of fish. You don't need to talk about yourself as much because the tokens will pretty clearly express what you're in to.
Ok, your post got me hyped :) I needed this as I was starting to feel a bit bummed about the price action the last few months. As they say "Be right and sit tight"
Just do what I do... Buy more Steem at every dip. You'll be glad you did!
Man, I've got chills. SMT for social/proof of brain. IOTA for value transfer/currency?
@aggroed Any concern with over proliferation of various tokens? Fiat is (somewhat) valuable because there are only so many governments in the world. Cryptos are spreading attention/values with each new ICO. Will SMTs thin out the proofs further?
I agree with every word.
On the first of December 2018, roughly the same amount of new steem will be available to content creators as there is today; and there will be 5-10 times more people competing for it.
yerp!
I believe steem price will go up , just a matter of time!
I heard you @aggroed. I am practically new in this community but I am investing several hours of each day here to learn and do my post better. I am 100 % Steemit on!
that's what it takes!
I agree it has the major potential, I just hope it has the rockstar team that can deliver the potential.
The current value of the coin reflects the dev arrogance that it doesn't need to get into the bigger crypto community and spruik the hell out of steem.
A shitcoin gains value by its creators giving it value, not waiting for its community to fluff around doing it.
I really hope all the new innovations aren't in vain, that would be a real shame.