Steem Competitor on EOS - Trying to Navigate Uncertainty
In my prior post, I discussed what I was seeing with Steem's price. I provided this analysis devoid of looking at the marketplace of what Steem provides. It is important to note that for any person looking to invest into Steem, there is a potential competitor coming.
Steem Competitor on EOS
Dan plans to soon launch a Steem Competitor on the EOS Network. This is probably a great idea because Steem itself is a limited platform for various reasons. One of the main reasons Steem is limited is that we have seen that development does not track pace with community expectations. SMT's were originally scheduled for Q1, 2018. It is now Q3, and I do not necessarily expect their completion in Q4 2018. Meaning, we are potentially 1 year slow in development goals.
When projects are slow to meet deadlines in crypto, they always leave room for competitors to move-in and outdo what they are failing to do.
Innovation in cryptocurrency these days is not so much about inventing something new. Really, we already have the new inventions we need. Innovation is really about delivering what is predictably possible, within a reasonable time frame so that projects hit into the market windows of opportunity to garner larger adoption. To rephrase this statement, there is a window of time in order to achieve something in crypto, and those projects which are able to hit into the windows stand the best chance of taking cryptocurrency market share, so long as their execution is good and sufficiently marketed to the communities.
The #1 bane of all of cryptocurrency is slow, slow, slow implementation of what was promised. @dan as a developer seems to not be cursed with what plagues all other cryptocurrency projects. As a coder, I believe one of the main reasons for this is that Dan has a code base that he's built multiple successful projects on. A lot of bad programming happens when people try to reinvent the wheel for every project they tackle. Dan does not do this. He has a blockchain library of code he utilizes to accomplish new projects in fractions of the time it takes alternative programming groups to achieve.
Ideas on Potential Courses of Action to be Profitable
- If you are invested in EOS, and want to continue holding it, I suggest strongly that you keep your EOS Staked on the Network. Staked EOS stand a good chance of receiving the Steem 2.0 airdrop as a way to achieve a wide distribution of tokens for the Steem Competitor.
- Steem's price has done abyssmal because 1: It failed to deliver on promises 2: It has a highly probable competitor coming on the market that is also anticipated to be better designed for end-users .... Meaning, Steem may fall into the the IOTA category of trading/investing where it is so bad it becomes good. So much Steem could be dumped on the market during a Steem 2.0 hype cycle on EOS, that Steem 1.0's price is so dismal that it gets bought up by pump and dumpers making Steem price bullish coming out of that decline. Meaning, if the Steem 2.0 really tanks Steem 1.0, it could be a decent buying opportunity for the 1.0 token.
- Steem 1.0 vs. 2.0 ... Dan has to deliver a product that is accepted by the market. This is not guaranteed. Certainly, I give him a good chance at doing it, I just point out that Steem 2.0 succeeding is not guaranteed. I might put the odds at 80% of it succeeding if Dan is really serious about getting a decent code base and platform delivered to the market. According to him, the competitor project was 90% complete a month ago.
- Steem 2.0 if successfully delivered, is likely to just be a big hype fest as Steem 1.0 was when it launched. In the hype-fest, you sell. Selling in stages is great if you do not know how high the price will go. If I see Steem 2.0 hoppin and boppin up to something like 1 bil market cap and EOS itself is sitting at 6 to 10 bil, dump for something else. Dump for Steem, dump for EOS, dump for USDT, or something.
- Part of the value of a social network such as Steem... is the social network. On a Steem 2.0 system, the social network is not built yet. It is likely to just be a bunch of people all thrilled that it has launched, all congratulating themselves with upvotes, and it is likely to have zero worthwhile content. Zero reason for anyone to immediately use it, other than as a shallow profit model for making everyone feel better about EOS and Steem 2.0 tokens... which is ultimately worthless and the market will eventually recognize that type of worthlessness by devaluing the token following the hype. Social media value is built over time. A new EOS / Steem 2.0 token has not built it yet.
- Do not buy the Steem 2.0 token unless you are buying early with an idea of trading it. Buying the week it launches could be great, for a sell-point perhaps a week or two later. It just depends what the price comes in at. Do not pay expensively for it, if you are trading it, buy into a decline before the hype has really got going too much. Do not buy into declines once the hype has peaked, it needs a solid bear market to cool-off and actually build itself.
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by crypto-investor
Correct me if im wrong, but you dont need to stake your coins to receive all the eos airdrops.
Just keep the tokens in your wallet as liquid, not staked, is enough.
The airdrops calculate the amount with your total funds, staked + liquid ones.
Im using greymass wallet and i really like it.
I think you're right, I had just read something about a reward which was only being given to stakers... forget where I read it but the thought had creeped into my post. Thanks for clarifying the situation!
A lot of projects were also just airdropping to the genesis block snapshot, but I doubt that would continue going forward.
The guy at EOS New York says the Dan Steem 2.0 thing is still just a rumor Dan talks about without code being released. Says it's there just not publicly available.
perhaps you are not so wrong after all. All my liquid+staked funds came from the genesis block snapshot. I havent added, purchased more after the end of the ICO.
Just to be clear, you are talking about ONO, right? I haven’t heard anybody else refer to it as Steem 2.0. I’ve looked at all the differences between the two platforms and I think they could both co-exist. I am planning on being active on both of them. I love Steemit and wouldn’t leave it even if ONO turns out to have a superior user experience.
Dan was referring to it as Steem 2.0, this is not the name, just the way he is describing it.
I had not heard of ONO, and I can't find anything linking it to Dan. I think Dan's would be called something else.
well eos is in front on many stands but steem has the community growth and support which is found nowhere else
I like this a lot. You speak a lot of truth here.
The problem is that eos isn’t as huge a success as people had hoped for it’s still mighty confusing to most people.
Steem2 needs to be super simple, Facebook simple to attract mass usage.
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Ethereum was a "failure" for the better part of a year after it launched. EOS has been live 2 months. EOS could end up a failure. It needs more than 2 months before this is decided by the people who are going to launch serious EOS projects. The projects that launch in the end, determine whether it's a failure. Right now, people are still in the very early stages of figuring out the platform and whether they would even want to launch something on it.
Indeed I don't think much will happen until they sort out the RAM prices though, it's prohibitively expensive for developers at this point.
i wonder if the whales on steem will move portion of their holdings to EOS. Lots of attention (china no.1 ranking) and consistently high trading volumes on EOS, that's all without the steem 2.0 For content creators, its really good as it open up another media distribution for their content and potential income.
yeah, I would probably diversify on both platforms.
I agree, EOS already have SMT and a metamask wallet competitor (Scatter). I think we'll have a Steemit competitor before the end of 2018
There likely wont be a new token on "steem 2". It will use EOS tokens.
Steem 2.0 is a phrase dan is using to describe his new competitor platform on EOS.
Yes, but it will likely not be called Steem, it will have a new name and use EOS tokens.
yes i know this
Great write up. Thanks for sharing
steem is the best crypto i think i hve ever seen having great growth rate other side eos is also cool
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