The start of 2018 has been especially promising for steem. The breakout above the 2016 highs over $4 sets it off on a foundation of momentum in favor of the bulls. I recently wrote about this on my personal blog.
I think many are simply unaware of steem in the broader crypto space. Very few traders on Twitter talk about it from a price action or technical analysis standpoint. Just search the relevant cashtags such as $steem.x and you'll see what I mean.
From a marketing standpoint, the steem blockchain is by default associated with steemit as the platform that is its main proof of concept. That may change with the roll out of smart media tokens later this year but there is not much media coverage of what that will exactly entail.
For users of the interface, there is the steep learning curve that comes with simply adjusting to navigating the steemit platform. To illustrate my point, I have had an account since the summer and I just found out about SP delegation recently.
Building on the topic of SP and SP delegation, I would liken it to the forthcoming proof of stake roll out with ethereum. There is an opportunity presented in this feature to collect a passive cash flow from one's idle voting power by delegating it out to others that would more actively utilize it. That is simply incredible.
Furthermore, there is a competitive market whereby users compete for SP delegation. It is an economy within the broader steem ecosystem that is truly fascinating yet it is not really emphasized as a benefit of the blockchain from a marketing standpoint. Steemit Inc could better compel mass adoption by realigning its marketing of the blockchain to emphasize such lesser known features that may be appealing to a wider audience within the crypto and online publishing worlds.
Ha ha, I would delegate some of mine, but I use it all up on my own everyday. 🐳
And that is what is especially unique about steem and SP - for those that can't blog or read the platform and curate every day because of other obligations, SP delegation allows them to potentially earn a passive cash flow on their otherwise idle voting power. And even better, users compete for the privilege - it is a free market in and of itself! Investors in stocks would liken this to dividend payments, though the underlying mechanics are obviously different.
This is something I definitely have to look into, especially if I'm like going on vacation for awhile or something like that.
Definitely. I just followed you by the way. I appreciate insightful discussions here. You can learn more about SP delegation by reading the following guide.
Hey thanks, I've checked you out, and I think I'll follow you too. I try to stay away from prices though, as a devout long-term holder, they don't mean too much to me in the short-term, but I will follow anyways.
No problem! And yes while I post about price action analysis, I am not a day trader and focus on more longer term time frames. The big picture is what I strive to understand as an investor and market enthusiast.
I'm going to follow your blog to try to figure out how to participate more. I joined in December and so far have not been making time to blog or browse daily. Perhaps delegating some of my SP would be worthwhile. Thanks for sharing well-written information.