But if the value is in the blockchain itself, can't people just fork it or clone it and capture that value themselves?
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But if the value is in the blockchain itself, can't people just fork it or clone it and capture that value themselves?
I'd say its a mix between Technology, Community and Accessibility.
Steem excels on accessibility (it is exceptionally easy to develop application on top of Steem) has a decently large actual user base (hosts many of the biggest dapps out there) and has a decent technology stack (not as good as EOS but better than many others) which give Steem its "value".
The price depends more on "having real use cases for Steem". Most blockchains have closely to no use case besides investing the coin, but the investment and hype for them are strong. Which is what, in my opinion is mostly missing for Steem.
Also, many years of mismanagement also resulted in many people not trusting Steem and Steemit Inc anymore. This year they did a turn around. But gaining trust back is much more difficult than establishing trust at the beginning.
Very well said :)
Also when it comes to actual price of the token - we need demand, but not from speculators or individuals that "believe in the idea" but from businesses and enterprises that want to build on STEEM.
That's the only way to establish a long-term stable token economy. And that's what we should be interested at.
+1
it's open source, anyone who wants to can run their own from scratch :-)
which means it's obviously not that simple or everyone would be doing it
which would be bad because since the rise of crudcoins value has been dispersed more and more ...
it's all possible imo, but one shouldn't expect it to fall from the sky , and not by tomorrow either, its a long road, and we're in the world of finance here, "blockchain" and "crypto" are just magic words that sound cool, but in the end it's a battle in the marketplace at this very moment, and Larrimer, Justin 'tron' and Vitalik won't just sit around because people at that level tend to be what i call
competitive psychopaths, they NEED to win, no matter the collateral damage
Was hoping Ned was also in that category...
There's a lot of value in the community of users and developers. Building that from scratch takes years.
I could even package LAST year's steem as a powerful bitcoin competitor if it just had a mobile app, an ad campaign and a team of wolf of wallstreet style stealth sales people.... the massive value in steem is right there on @blocktivity
just have to push this ONE image and our A grade FCAS score
the population of potential investors out there just needs education.
Also, coinbase earn program for STEEM will also do this (looking at you @andrarchy tweet to coinbase custody about steem being on that list )
Push the price of your favorite cryptopcurrency up 10,000% with this one trick
Coinbase would have to build in and list Steem first... not a likely proposition in the near future.