Steem's Better Than That.

steemit logo.png

We've all played this game at one time or another. Hop on Coinmarketcap and and look at all the projects ranked higher than Steem and wonder how they got there. It's all part of our innate tribalism to project ourselves higher than the "competition".

Dogecoin is still ranked in the 20s? WTF!

It's a perfectly natural response, although not a healthy one.

Personally I get to around the low 20s before I start questioning whether or not a project is more deserving than Steem. Coins like NEM, Maker, ETC, NEO, DASH, etc, are all solid blossoming projects with their own communities and unique consensus layers. Still, with the fear of Steem being bumped out of the top 100 that still leaves plenty more potentially empty promises to ridicule.


Personal bias.

As a programmer I always see dapp (smart-contract) platforms as superior to the rest. Why choose to be part of a community that can only transfer value when the programmable platforms have so much more potential? To be fair, there are a lot of reasons; the most obvious being self-defined. Most potential in this world never materializes and stays forever unrealized.

Invest in yourself.

Regardless, I've put in a lot of overhead here, and many others have done the same. Countless more are invested all over the cryptosphere. What does this tell us? That it isn't so easy to just jump from one community to another. Even if a new platform comes out that's completely superior to an old one it can never overtake the established paradigm without the power of a strong community to back it up.

A 'good' solution won't necessarily replace the 'good-enough' solution that came before it. This is especially true with cryptocurrency because all of them seem to be getting more decentralized over time. Many of the new and "better" coins will still suffer from massive distribution issues simply due to lack of time in the market.

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Am I worried about the price?

Nope. Not really at all. My theory about Bitcoin is that it's 'secretly' doubling in value in a quite predictable manner. If we were to apply the same concept to Steem we should have fully expected to see a low essentially double the last one. We saw an all time low of 8 cents, perhaps we should have expected the next low to be 16 cents all along; everything going precisely to plan.

While I still think that Bitcoin could crash lower to $7500 over the next few months, I also think that Bitcoin has a way of propping itself atop the altcoin market. 'Altcoins' have taken such a beating lately and 10k is such a nice round number for unit bias that the new lows might be in already.

In addition, the low price of SBD signals that once again we've become oversold. I'm expecting some serious fireworks at the end of the year considering all the fundamental developments going on. These are the kinds of timetables we have to get used to. We would do well to remember that Steem hasn't even existed for the amount of time it takes Bitcoin to make a single bubble/bust cycle (4 years).

Bottom line: I won't be worried about Steem unless the price dips sub 10 cents. Even then, I will see it as a very risky opportunity. Steem's volatility has proven itself to be much stronger in both directions for myriad reasons. And that means when it spikes up, it spikes up hard any anyone who didn't buy will feel like they missed out on a massive opportunity. This feeling often cascades into even more wrong actions and missed opportunities. Don't be that guy. Don't go on tilt. Easier said than done.

Comments 21

It seems we are either caught wishing we had bought in when it was low, or wondering why we didn’t cash out when it was high. We sound like a bunch of fucking Canadians bitching about how long the winter was, just long enough to complain about the heat of the summer! ;)

Sure I question the wisdom of spending an hour a day (at least) since 2017 and having it result in less value than a full time week of flipping burgers. This doesn’t account for all the intangibles of learning, the network I have built, or the passively grown expertise I have developed in something with plenty of upside.

I keep focusing upon early majority as the tipping point for crypto. Early majority is what steem is built for as social media is everywhere, for everyone, and the next generation will sooner make a blog to make money than buy an anonymous digital asset.

Wait for it! ;)

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19.08.2019 23:36

That first sentence is insanely funny!
And insanely true at the same time!
I wish I wrote it. 👍

20.08.2019 00:27

Haha glad you enjoyed it.

20.08.2019 01:10

The price is the reflection of many abuse and I believe is good at this point not just focus on Steem.

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19.08.2019 23:38

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19.08.2019 23:42

The reality is that we are still at the very beginning of the Age of the Cryptocosm (to George Gilder’s term). Just as the Industrial Age and the Information Age didn’t happen over night, neither will this one. This is the learning period where we can make mistakes and still be well ahead of those who will follow.

20.08.2019 00:00

Only makes it easier for me to get to 50k so bring it on!

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20.08.2019 00:19

I agree with your take. I have no fears about steem but I would like to see the onboarding fixed so that anyone wanting to join can do so without such a severe learning curve. I am worried about the downvoting after the fork. I am of the opinion that short form content is fine. I mean facebook, instagram and twitter have spent a decade teaching the masses how to consume and produce content. Monetizing that type of content is the present and future. I'd hate to see people downvoting the type of content that most people will post.

20.08.2019 00:22

With the advent of buy/sell scripts and bots it’s really difficult to judge where monetary values are going. Price gets to 9,653 and the companies that are running the same script all buy bitcoin and when it gets to 12,437 they all sell. It’s not going to change but the human element of it is completely removed. Maybe I’m jelly I can’t take advantage of the same scenario, but it’s not worth losing sleep over. We know things like this are the future so let’s buckle up and take it for a ride.

20.08.2019 01:00

Steem is so undervalued, and we all know this firsthand! The amount of dev going on here is ridiculous, if only so many more knew what they were missing out on!!

Steem on 🚀💪🏻🙏🏼

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20.08.2019 01:03

The 3rd positive Steem article I've read in a row, good to see! :)

20.08.2019 06:27

I think alts that don't follow exactly what BTC does are the ones you need to keep an eye on, they're not being abused by pump and dumps and traders just trying to skim the top. Lots of these currencies are propped up by former glories and have not done much. I'd rather focus on projects that are constantly improving their product

20.08.2019 06:32

Some amount of hope have been breathe in ones mind. I just believe that the fall in steem price is just temporary, it will rise back soon

20.08.2019 06:48

This post earned a total payout of 0.118$ and 0.089$ worth of author reward which was liquified using @likwid. To learn more.

27.08.2019 06:50

Below 10c and i'm just going buying more. We can see everything that is being built right now and we know its i worth more than the current price. All it's going to take is a successful app to bring in money and attention with the right marketing.

STEEM is only being built right now and it will be at least another 3 years before we know how it will turn out.

20.08.2019 09:45

Yeah, I have the same bias with Dapps.

But, a coin's value is in it's use. If a Dapp has extreme value in use for apps and games, then it could be highly valuable.

Then again, there are some Dapps that have been so overly hyped without enough promise that I have never bought into them. I look at what they've actually delivered and where the market cap is compared to other coins and I nope right outta there without a second thought.

20.08.2019 10:13

It's nice to see good Steem articles these low days.
It means that there are still people caring and looking to build the future!

20.08.2019 12:28

I really appreciate this post @edicted, it's inspiring, all we need is to be positive, steem will thrive fully again

20.08.2019 19:36

Steem's volatility has proven itself to be much stronger in both directions for myriad reasons.

I think taskmaster talked about it, but paradoxically Steem's volatility could be bigger than many other coins just because it is relatively easy to use (no transaction fees for example) and understand. This coupled with the emotions that drive the market and lack of vision by regular folks, it results lower lows than perhaps expected, because it's easy to cash out – easy come, easy go. However, I feel that there are more and more people who value Steem Power – those who've had to work hard for it – and want to have ownership and influence on the direction of the network.

We are all biased, but thinking of the technical capabilities, there are not many chains that have the potential that Steem has. That coupled with emotionally heavily invested people and you have many who deeply care about the ecosystem – it comes with negative outburst at times, but it shows that people care, so in that sense, I don't see bias as a bad thing, because it keeps us committed, and how would Steem ever be a success if there was a sense that everyone of here is ready to change the ship at any time when a seemingly more attractive choice presents itself?

23.08.2019 18:06