Still struggling to see the long term value of STEEM as a currency.
The leadership of STEEM built steemit.com as a demo system, to prove out STEEM. Not to turn steemit.com into a competitor to FB or reddit or etc.
They have succeeded in the basic demonstration.
But little additional work is going into steemit.com. Expectations are that 3rd party developers are going to built the applications on top of STEEM that generate incremental value for STEEM as a currency.
While the 3rd parties work on new applications for the STEEM blockchain, folks working for steem are going to focus their efforts on building SMTs as a new capability.
BUT
Isn't it true that a lot of the developers talent left steemit.com and followed @Dan over to EOS?
Isn't EOS supposed to do everything that STEEM does, except way more and way better and with SMTs built into EOS from day one and lots of other functionality included from day one that STEEM can only aspire to have?
Once EOS chain is up and running, why won't the third parts apps developers that are currently building on top of STEEM, move their apps over to EOS? Isn't that a selling feature of EOS, ability to easily host other chains applications after a quick port?
Everyone is of the opinion that @Dan Larimer is going to make EOS a huge success.
Is it possible for EOS to be a huge success without cannibalizing STEEM (and therefore the price of STEEM)?
And if EOS cannibalizes STEEM, where is the long-term value in the STEEM coin?
Maybe I'm missing something in the equations above.
If yes, please let me know.
If the logic above is accurate, there is no long-term future in STEEM as a coin or a currency, it will be over-taken by EOS and the current set of applications built on STEEM will eventually migrate to EOS.
Comments welcome.
DaveB
There's lots of problems with this analysis, but let's start with just outright wrong info: only developer from Steemit that left with Dan was himself....
So if there is a lot wrong with the analysis, one way to fix that is communication.
Provide feedback, not to me, put to the entire site, on what the correct information and data is.
Or continue on current path with current communication approaches y the STEEM team, and watch STEEM sink away.
I can't make STEEM team communicate better.
But the market will vote on the quality of the communication and the market's belief in vision and execution with STEEM price.
Voting happens every day.
I won't be rude by posting the results of the voting over the last 6 months. You know what those votes aer saying as well as I do.
I can't make Steem team communicate any better either, unfortunately. It is a weakness, I agree. I only popped in here to correct what I considered a serious error in your post. Phrasing a complete guess as a "Isn't it true" isn't great communication either, IMO.
I ended with "maybe I'm missing something, please let me know". I was clearly searching for any source of valid information.
You provided some. Thanks for the morsel.
Unfortunately that doesn't begin to form the bread crumb trail that would incent folks to keep a lot of money on the platform, in my opinion.
I feel like Dan and the rest of them are too focused on other things currently and Steem needs the attention right now because it is a little scary watching it fall everyday
Dan is powering down, and spending most of his time on EOS, if my understanding is correct
I'm starting to wish I'd gone a little heavier into EOS when it was around $0.50 to 0.60. I've got some but I hold a good bit more STEEM than I do EOS. Seems like a lot of people are starting to question the viability of Steemit especially since the price has suffered so badly.
Bitshares and EOS were struggling up until very recently and they just kind of spiked out of nowhere. I'm thinking the same probably will happen with STEEM at some point but it's going to take some changes to the way the steem ecosystem works and is set up.
@stellabelle posted a similar question as you did today and it really made me think that there are going to have to be some changes for Steemit and STEEM to succeed in the long term. I still have faith it will go back up in value. It's still way above where it has been relative to the dollar and the chart of STEEM vs dollar looks a lot less scary than STEEM vs BTC. Kinda hard to decide which one to put more emphasis on.
Since I spend dollars on pretty much everything and I don't use cryptos for much except for investing right now I can say I put more weight into the STEEM value in dollars, which makes me sleep a little easier at night having my own money invested here.
You do pose a valid question and I'm sorry I don't have a better answer. Seems a lot of folks here are doing a lot of STEEM soul searching lately. It is a bit concerning...
Soul searching is supposed to be cathartic
Smart media tokens will make steem rising again.
I have to agree that it is not looking good for Steem.
For about a year, since the focus changed to being about the block chain and not the application I have been asking...
WHY STEEM?
And what sort of answer have you been able to get ........... ??
The Alexa rank of Steemit.com has plateaued as well.
That is not a good sign
i guess after 16 everything will be fine !!!
After 16?? Im missing the reference.
She meant 16th November.
Bitcoin fork!!
Steem seems to be struggling to find a reason to justify a higher value in the market. So far the it's only use and its only value seems to be tied to SteemIt.
So far steemit.com is the biggie. How long will it take to get SMTs up and running? Will SMTs trigger a lot more apps to be built on STEEM?
now if this were Facebook and they ran a SteemIt model to reward posts and comments - and - they accepted the use their FaceIt coin to pay for Facebook ads. or eBay and they encouraged the use of their eBayIt coin for buy transactions or PayPal or Amazon with their own coins and there was only a finite number of coins created - then maybe the coins would increase in value as the demand for them increased.
Perhaps there was a lot of speculation money into Steem that vaporized and pulled out and joined the stampeded to get in on the rise of Bitcoin valuation with a lot more future potential for increase in demand and valuation. In which case Steem may have further to go down in value before it goes up significantly in vale.
More uses, more apps, may increase demand and valuation, we can hope.
well, i am not a technical guy, but i try to create my own reality, and in that reality steem and steemit are big players. Again you would think my arguments are worthless, I can tell you: they are strong. I hope we don't end up in defferent trueths of reality and that you may experience the future I am about to experience. Just hope you wont feel bad about getting your money out if it when my masterpiece is finished. Yet I wish with the money you withdraw you make alot of profit wherever you are going to move it to. I hope even you lost your faith you dont wish you are proven right, that would be selfish thing to do, so in my reality you can still have a good position as long as you support succes on steemit somewhere in the sidebar of your believe that things can turn out different then in your current perspective looks like.You are probably feeling an urge right now to ask for my arguments . The only thing I can tell you is that I am a reality-manipulator, a dreamwalker and have faith that can move mountains. For now thats more then enough to establish a connection to that reality I spoke of without needing to know more details about the technical side. I've seen enough, see enough, and will see enough. That's a fundamental choice I made, make, and will sustain. I honestly wish you the best. Good luck my friend, keep believing in what you choose to put your energy in and in what you start with so you wont have the feeling you wasted time or money.
EOS is going to ruin a lot of projects. Thousands of Dapps are already being developed to run on the eos.io software. It's a better platform choice for so many reasons.
I've never heard of their ability to host other chains' applications after a quick port. Dan says in an interview that serious applications build on the eos.io software will take between three to six months.
I probably exaggerated. The porting may be a bit of work. But if EOS takes off, why does any DAPP stay on STEEM as opposed to moving over?
Exactly! This is why people call it the ethereum killer. So much fun watching it unfold =)
Why do you have that hat on?
I completely agree with you, and I could see that happening. The only thing that could stop that IMO would be if Steemit was able to gather a critical mass of users, but I don’t see the leadership being able to market the site correctly as they have not done so up until this point.
It is as close to official as anything on steemit.com; that there is limited future development effort being put into steemit.com. The focus of development is SMTs for STEEM blockchain - apparently in direct competition with what Dan is building over at EOS.
Well this is unfortunate as I actually have more faith in @dan then @ned. I’m completely convinced we will have to rebuild this community on EOS blockchain... we should start preparing now.
I think the biggest steem challenge is to get new ACTIVE users.
Not sure that helps long term. If most Active users migrate to EOS once that chain is up and running, how does getting more Steemit users now help STEEM in the long run?
I still think that the most valuable solution builted on top of steem is steemit and by growing the community it would growth steem value. I think eos would be a better solution for a lot of things, but for a social network steem works fine. But as you stated:
But as you stated:
So I'm a little bit confused about the steem future. I know that technology is not the only important thing on crypto space, branding plays a big hole on the field. So maybe steem and eos will serve different niches.
Or maybe they will be almost direct competitors, and only one will survive due to network effect
My bet is they are direct competitors, and STEEM will not survive that all at life and death struggle in the free market place.
It makes sense, and actually I am afraid you're right.
I'm new to this blockchain thingo, and this sort of issue is something I've been trying to come to terms with. It seems to me that there will always be a bigger and better model. And that will likely be the case with EOS. I think it is going to come down to critical mass, but also how adaptable a blockchain is to change/upgrade. I have absolutely no idea, though, how easy it is to upgrade a blockchain's features. But it will have to be done by whoever wants to remain out in front.
Steem has a BIGGER problem with Bots that it ever will have with EOS
Destroy all Bots.
I invested in eos, bts, and steem is my 3 points and only because I believe about the freedom idea, now go to work ? I don’t know , but I’m happy to invest, go to be difficult and long but in one year I think we go to see change
hopping for better steem future
I stopped writing on Steemit. I was not doing to good on here. I will look more into EOS. Thank you for the info.
well this is an interesting point
Your comment less so
Thanks for the information . this post is very valuable
Thanks for sharing.
100% like and resteem
i think the most problem is we need more news from developers, usually all coins benefit from news of developers and coin price go up, no news for long and coin go down. Like we had news of smart tokens > steem go up, we havent any big news from steemfest coin go down. Second problem is blocktrades , because he is exchanger of coin , we not using bittrex,poloniex, but more value there and more people buy sell/ more coin is going up , because of him we lose a lot. Than there is problem of stagnation - we need like more traffic from just google, so we need contests like to attract more people , so need quality keywords and articles, so people come to our site, not just copy pasta shit from users and upvote bots . So i think this steps can definetly help steem.
not a lot of news from developers should be a clue.
you dont have to buy that clue
you get it for free
Steem is for blogging.
What has that got to do with EOS?
Nope. Steemit.com is for blogging.
STEEM is the blockchain that many 3rd party apps are and will be build on.
Lots of investment going on to make STEEM better. But virtually no investment to make steemit.com better.
EOS as a blockchain will be far superior to STEEM as a blockchain.
Think Apple (EOS) vs MS-DOS (STEEM) as a partial analogy
Once EOS is up and running, STEEM will shrivel, and steemit.com is likely to follow.
good point.
but I disagree.
a blockchain is a blockchain...
it's the portals that matter.
Sorry. Can't agree. Lots of technical differences between blockchains, which is why they are not all equal.
ETH has smart contracts. Monaco and ZCash have best in breed anonymity. Etc.
The technical differences matter, in terms of which blockchains will survive in the long term, based on attracting the best developers and the most developers and get the biggest network effect.
Think of block chain as the Operating System. Typical results over last 30+ years is the end game in any market is two OS's survive, with a bunch of very specialized niche players on the side.
Microsoft vs Apple in PC OS.
Android vs IOS in tablet IOS
Chrome vs Firefox vs Explorer for browers.
Similar end game for blockchain. We don't need 500 different public blockchains. The end game is probably 2 or 3. That is where we will get to.
Is STEEM blockchain good enough to be one of the last 2 or 3 still standing? I doubt it.
Steemit.com can be hosted on a variety of blockchains.
Once STEEM starts its downward spiral, steemit.com might get ported over and run on EOS, five years in the future.
fine...
so go away.
leave us poor steemers to suffer in peace.
I can stick around to get the occasional interesting articles. For example your pointer last night to zerohedge was excellent.
But that doesn't mean I have to leave a lot of money sitting in SP.
I can take the fiat off to safety - which is in progress.
The way how I see the full game is bts de bank, eso the currency and steem the costume
now is only link everything together
Upvoted & resteemed on @resteemable
@davebrewer,
STEEM is the Current and Future for me! So, I will try to collect it as much as I can!
Cheers~
Heard it about from few people and as far it goes it is probably gonna be a revolution for STeem and we are enjoy it as well
that is for sure !