People overestimate what they can accomplish in one year and underestimate what they can achieve in ten years.
I believe this quote was true for BITCOIN and that it is also true for STEEM.
Imagine when BITCOIN was first released...people, I am sure, had lofty goals. There was progress, but they were no way close to the goal of having a global currency. People work hard on the protocol with only marginal improvements from month to month. But people kept plugging along...even during the long bear market of 2014-2015.
Here we are, almost 10 years since the beginning of the experiment...and who would have thought that Bitcoin would be worth billions and that many of cryptocurrencies would have market cap over $100 Million Dollars?
Getting Blinded By Greed
It takes an above average capacity of self control to think long term. Especially when the ability for short term gains comes into play. Many people sold their bitcoin at $3.00 when they acquired them at $0.50. Only to realize that if they could have just hold on a few more years, they would be incredibly wealthy today.
Today, Steem is over a 100M market cap. I'm sorry to say but we shouldn't let greed make us blind to the reality. We haven't got there because Steem is better than any other crypto, we got here because of a grand swell that may not last.
It's important to keep perspective during these crazy times and to remain focus on the real end game rather than the price of STEEM today.
Where is STEEM Today?
It's been almost a year since I've joined steemit.com - Along with other authors, we've seen the changes, the ups and downs of the mood. We saw frustrations, spam, attacks, depressions as well as unbounded enthusiasm for the platform.
To be honest, I think we've all overestimated what could be accomplished within a year.
Some thought that we would be having millions of users and competing on par with reddit and the like. We, for a bit, thought that all the incentive mechanisms were just fine and that all we needed was users.
Well, we fell short of accomplishing this in the first year. But that's okay. We've overestimated.
Thoughts on the future
I think it's important, especially in crypto where volatility is insane, to have a 10 year plan. I can only see this space growing in the future. Who has the guts in here to hold on to those steem that burns a hole in your pocket?
The future is bright for STEEM but let's not overestimate what can be done in the year ahead.
Crypto is one of these things where early adopters benefit the most. A lot of people don't realize how big this will be in the coming years.
Delicous food cooks long!
Absolutely agree with what you said !
The curse of Cassandra...but this time will pay off :)
Absolutely true point(s). Crypto will take many years before it becomes relevant. The coins itself may indeed gain factors in value over time. The todays values are determined by risk taking investors mainly, creating some artificial value. Since the real value of a coin is based on what you can do with it, and for most of the coins this is simply, buy and sell for other coins. Regarding Steem and Steemit, to develop a roadmap towards eg a solid, good looking with right features social service, a year is very short to realise. Since its inception, Steemit is were it is, in beta, with limited set of social network features. Such software developments simply takes time, that is what I think you try to tell, and that is what I very much agree to.
Good post! It's too bad that we don't compete with Reddit or big sites like that, but we still have a strong community, and a very good platform, and a steady grow will eventually lead us there if we keep creating great content and interact with each other :)
here's to a bright future.
I'll start selling at 1000$ a piece.
interesting, and is true I'm planning to hold it until the last moment. thanks for sharing.
Hold your Horses !
It's great to have your skill and level headed thinking here on Steemit!
My future is tied to this community and crypto space. We entered a new era. I will be shocked if I am proven wrong. Linked this to my latest post.
Interesting and true!
I believe that Steem will be a big thing in the future.
woah, interesting post. Need to think about this.. Maybe we do overestimate. That's what we people are good at, arent we? And if we overestimate, we get depressed. Soooo, like I said: need to think about this one.
I just came here looking for a social blogging platform... and found one. I was going to "test the waters" for 90 days (which have passed) and now my time horizon has shifted to 5-7 years.
I expect it will take quite a while for Steemit to fully "build out" and a host of new applications and features to be implemented. And I'm sure the road along the way will be quite bumpy... periods of euphoria and periods of gloom and doom... but that's just life. I'm here for the long run.
Overestimating is often the case. The tendency is too put too much on the plate and somehow believe we can do it or pretend to others and ourselves that we can...
I am definitely holding on to them tightly! Good job again, namaste :)
Good posting. Really appreciated it! We all should make longterm goals, that is true.
And even big entreprises like google or microsoft were in a small corner (garage? :D) at the beginning. And only few people saw the potential then.
Steem is gaining some traction on youtube.
Great post!
This post is amazing! I agree completely. We always overestimate what can happen in a year.
Congratulations @cryptoctopus!
Your post was mentioned in my hit parade in the following category:
Very true. The ups and downs are part of the journey, but if you are diversified ind different cryptos and don't let fear and greed take over your actions you will reap the benefits in the future.
I think it's been a great year for Steemit. A lot has been accomplished, with a fair few problems being addressed during my time here already. Also, I posted a piece a few hours ago demonstrating how well cryptocurrencies are doing in the first four months of this year alone. If things continue on the same path throughout the rest of the year, I don't think anyone who has invested in any decent altcoin will be able to complain come 2018.
Agreeing never to Disagree @cryptoctopus,its been a Roller Coaster Ride!
Great article! I joined steem quite a while back when it started. I fell off for a while. Decided to check it out again recently. And glad to see it is still alive dispite some rough times
I am excited to see where Steem is going. Love supporting my creative peeps! And intertwining this with digital currency is brilliant.
I think the decentralized component of Steem is what actually will propel it up.
People are tired of having to resort to authority (central command structures) in all forms and Steem provides the solution to counter that.
Great post! When I saw in the past various altcoins increase by more than 100% a day, I thought that cannot last. With Steem I feel however that the price is justified since we have so much going on and in the pipeline (SteemQ) that other currencies simply don't have. I see a bright future ahead for Steem.
A wise man said to me, after I lost money in crypto, these two words:
"HOLD IT!"
So true as I look back. If I had kept my cryptos as it is, it would have been double by now.
Shame I messed. It was fun. But now, the lesson is learned!
And remembered! :)
I bet this is huge in a short time!!
Over-esSTEEMating is not always a bad thing! I think that hopefullness drives people to consciously and unconsciously strive to make Steemit what they envision in their heads.
It is always tough to predict future, but I think steem has very good chance of becoming more successeful than most people are aware of.
Great post.
Great post and you are absolutely right. "People overestimate what they can accomplish in one year and underestimate what they can achieve in ten years." doesn't only stand for bitcoin or steem but for so much more challenges on the path of life. Whether that will be steem or similar platforms, crypto is on the rise and here to stay.
Love the long term thinking, super excited to see where this goes!
I had no money and was in need to pay bills and had 11 bitcoin in the early days. i cashed that out for around £200-300 . Such a shame.
Yep life is unfair sometimes. But needs must. If you had the foresight to buy back when you did then you'll find another wave to ride my friend!!!
Im new to the crypto game but from the research ive been doing on fiat..its a no brainer to jump in to this!
Yep I think you're right. We all need more self control. The mistake most of us make is to get twitchy when there's no price action... buy and hold (if the fundamentals are right!!)
Even without the prospect of getting insanely wealthy and disappearing on a private island, where you create a self sustaining utopia and never have to see the world again, its nice to see genuine, relatable content from real people instead of being flooded by actors and heavily produced content. The community of steem is something that will persevere, so no matter where the price of steem goes, in ten years we will be here.
Great read, and I agree. Thanks for your input!