I'll sell you all my coins at the All Time Highs, but I'm holding STEEM tighter than a Yorkshireman with all the generosity kicked out of him!
Over the last year or so since I've been cryptotrading full time, I've learned many lessons. The most important one is this. When everyone else is popping the champagne corks on their new luxury yachts because they've just realised how stupidly rich they're getting, hidden away below the surface, the sharks are circling, and ladies and gents, they don't give a flying fuck about you....And if you're still in when they bite, they're gonna hit you so hard you're grandkids will be born with black eyes.
So, whilst we are all having a really lovely time of it, friends be aware, one day soon you're gonna wake up to see a board redder than a foxes arsehole in berry season.
So dear friends, please do be careful. Consider taking some profits, and working out your strategy for actually staying as rich as Croessus.
Which brings me nicely on to the point. Although I'd be happy selling all my alts (especially now pretty much all of them have made lovely nice tidy profits), there's no way I'm letting go of my STEEM.
There are so many reasons to hold STEEM. But in case you need a reminder, here's just a few:
STEEM IS LIGHTENING FAST
Three second transaction times? Yep, that's a little better than, mmmm just about every other coin out there. During 2017 we've seen nothing but infighting in the Bitcoin world over block sizes, transaction speed, segwit and every other bloody thing you could imagine. We've had so many forks, you could do a Two Ronnies sketch (this may be lost on non-british people). And still nobody has a sodding clue what's coming next in terms of scalability. And lets face it, Bitcoin's transaction times are slower than a man who's just pushed a crayon eight inches up his nose.
STEEM IS FREE
I can't really understand why people are pissing about with a lot of other altcoins, which all have huge transaction fees. Where I live there's two shops opposite one another. One takes cards for any amount with no fee. The other lets you pay by card only if you've spent at least a tenner, or they want another quid off you. Thieving bastards. But that's effectively what most of the other coins are doing.
STEEM HANDLES THE BIGGEST NUMBER OF DAILY TRANSACTIONS
There aren't many blockchains that can handle a million transactions. In fact, there's really only Ethereum and STEEM that do it. (And Ripple, but we're not talking about Ripple because it's the banksters bitcoin, and it's centralised, so basically it can fuck right off)
Of course, Ethereum has a market cap which is over 45 times the size of STEEM's. But it does it wheezing like an asthmatic octogenarian in a housefire.
Steem in fact handles more than twice the number of daily transactions of the combined total of daily transactions for Bitcoin, Bitcoin Cash AND Litecoin.
STEEM'S TRANSACTION CAPACITY IS ENORMOUS
As noted above, Ethereum is the only other Crypto really capable of a million transactions a day. But it doesn't half hammer its capacity. In the last 24 hours it's basically been at 100% network capacity and still has over 16,000 unconfirmed transactions at the time of writing this piece.
Steem breezes along doing more transactions, and using about 0.11% of it's total capacity. Basically, it doesn't even break a sweat, despite having more transactions than any of the others.
SMT's
If you ever wanted a reason to hold your STEEM into the coming months, this is it. If you don't know what SMT's are, then stop hiding in your cave and go find out, because they're going to make the amazing STEEM price now look like penny sweeties in a couple of years time. And if that ain't the case, I'll get my knackers out.
I'm sure there's lots of other reasons to hold STEEM right now, but I just wanted to remind you traders. Don't be tempted to scalp trade this little coin. It's got so much going for it, and right now it might seem like it's bubbling with the others, but mark my words, STEEM is one to last.
Finally remember this:
Over 38% of all Blockchain transactions in the last 7 days have been on the STEEM blockchain. Bitcoin accounts for under 10%.
Now, if you think I'm selling my STEEM, I will simply say this.... In the words of Charlton Heston "From my cold, dead hands....."
I totally agree and ain't gonna sell no steem
That's the spirit!
Ripple is not doing 1 million transactions per day on their ledger. The chart that shows up on BitInfoCharts appears to be exchange trades, not transactions recorded on the Ripple Ledger.
If you combine the Ledger transactions (Payments and Trades) on Ripple it's doing about 150k transactions per day.
Note the distinction between Exchange Trade Volume and XRP Ledger Trade Volume on this page. When you count Exchange Trades it adds up close to the BitInfoCharts numbers, but when you count the 'Ledger' transactions, it doesn't match BitInfoCharts.
I know this is not central to your post, but I really think we need to throw cold water on the myth that Ripple is being widely used!
@demotruk, you're absolutely right, and thanks for pointing my error out. It just goes to show even more why Steem is the number one blockchain!
I love my steempower I was shocked to see the value of one of my full power votes
Why sell when I'm making all this money here? I wish o had more sp not less
It's all looking rather rosy for those of us who've been in the community for a while, that's for sure.
Good points - cant wait for the SMTs and yes Steem is super fast! Dan did a great job!!
The whole team who worked on, and continue to develop are doing great jobs. There is a reason steem is the number one blockchain by use!
I've never sold any steem in my life nor do I plan to! But your reminder about taking money out is essential! Cryptos are so volatile and if you're too greedy you'll lose it all!
What he said...!
@anarcotech Followed and upvoted!
Keep such posts coming my man! I wanted to post my thoughts on STEEM for the future as well, but you just took the words out from my mouth. The only sad thing in my scenario is that I am powering down since November, and will finish early February, due to personal reasons.
But nevertheless, once it's done, even tho it's so hard for me to see my hard earned STEEM POWER go down every week, I'll start growing it back up, and I don't plan on touching it for at least an year, only in the case of an emergency.
Thanks @lifewithcrypto. I feel your pain about it....but remember, it's still massively early days at the moment. We are the lucky ones who got in really early.
A wonderful post that I love a lot. Your post is really awesome, you have a nice way to talk about something that we need so many useful things to appreciate your knowledge of the way you really do not appreciate how it works.
This is my first (and currently only) cryptocurrency and I am having a lot of fun while learning new things and meeting new people so I have to agree. I like Steem.
Yep. it rocks does Steem.
I think you just blew off a lot of Steem Lol! But, your right Steem is the long haul. :)
You should see me when I'm angry!!!!
Excellent, do I get the 4-minute warning? Great post by the way :)
There is NO warning (ask my ex wife)
Lol, I have one of those Ex-Wifes too :)
Nicely said!
Thanks @adamt
Great post! STEEM has a lot of growing to do and there will be some bumps along the road but I feel the concept is solid.
And this is such early days yet!
Actually, there are three blockchains that did made over 1 million transaction. Third is BTS, Bitshares.
"There aren't many blockchains that can handle a million transactions. In fact, there's really only Ethereum and STEEM that do it."
Has BitShares broken 1 million transactions or just operations yet? Not every operation is a transaction, although some charts incorrectly count them in "transactions".
Thanks for clearing that up guys. Really appreciate your comments.