STEEM is Worth a Lot More Than It Currently Does (Even at $3) - Communities and HF20
Last night I was glued to bittrex watching it climb and climb. It was quite amazing to watch while talking with friends on the steemit chat. We were wondering if we would break the $4...which didn't happen...yet.
Relative to other cryptos, we still have a long way to go since I believe that Steem should be at least positioned on the top 10 even without the #HF20 and #hivemind being released.
What is Hardfork 20?
You can read the @steemitblog Proposing Hardfork 0.20.0 “Velocity"
for more details but here is the skinny.
The focus of this hardfork is on improving the process of account creation and reducing the friction involved in onboarding millions of new users. This proposal addresses some on-chain issues to support signup improvements on Steemit.com and other sites to bring more users into the Steem ecosystem.
The issue that Steemit.com and all the other apps that are trying to be built on top of Steem is the cost of account creation. It's difficult to build a business when every new users cost you almost $10.
#HF20 will help apps have their own account creation process and to shorten the waiting time for people to sign up to steemit.com
From there, we open the floodgate for a massive scaling option. Also, with each new account, they are proposing the BURN Steem and therefore reducing the supply...which mean that with more users comes a higher price per steem...KABOOM!
Communities and Hivemind
I feel like a broken record and to be honest I'm tired of waiting for that feature. But this feature is such a big deal! The Hivemind protocol will allow steemit to have the equivalent of subreddits with different level of permission.
One of the biggest problem we have right now is dealing with the firehose of content we get in the "new" section. No group of human can keep up with it and it makes good curation difficult.
This is partially the reason why I mostly curate my own comment section because doing otherwise is overwhelming and a full time job.
The Market Will Eventually Catch Up with the Reality of Steem
Steem is way bigger than cryptokitties or any other crypto projects. We have the biggest userbase, the most amount of traffic (around ~40Million pageviews last month) and there is no reason why, with multiple websites coming out that the steem blockchain will scale 10X what it is right now in the coming year.
When people will realize that Steem is processing over 10Million instant and free transactions per day without flintching an eye...the world will realize that this thing doesn't belong to the top 30 but in the top 5.
That is very true, lets hope everyone discover how wonderfull this blockchain is! next year will be awesome!
Steem at $3 - $5 is still hugely undervalued. In terms of capacity, security and speed Steem should be valued at least top 10!
STEEM at $10 is still under valued.
When you compare the "fundamentals" to ETH or BTC, you see that this is a joke under $50.
Of course, markets arent priced in fundamentals so we live with the disconnect, for a while.
I am confident the market will catch up in the next 100 days. Get the hard fork with communities and introduce SMTs and, as was stated, KABOOM.
I think you are right. We will see a huge price increase once people realize the potential of this blockchain! There are so many advantages to it, and people will start using it like crazy once they realize this.
It always amazes me why more people do not come into Steem, not just as a platform, but a fast free way to conduct business transactions...I reckon that day is fast approaching as Bitcoin Costs get way high!
other alternative will come as the charges deter people from it, no wonder etherium is climbing
and the LTC and BCH pumps... though I do agree with the bitcoin core working to keep the total fees per block high enough to keep the PoW strong... it makes sense... how much do you think a business should discount to people paying with Steem?
hahhaa
har-har (-:
Yup, I've said that numerous times in my blog.
at which time they go how many forks now??? wait now there are Bitcoin merges too? so
some forks came back together??? but now some of those forked?
I think that is summed up in the fact that few are even aware that STEEM exists.
The fact is few are even knowledgeable about Bitcoin, it still be a small percentage of the population.
Get past that, and the average person cannot name three coins.
^^ THIS.
Fools, that's why.
At what point do we campaign for awareness and what point do we do the regular organic growth of people knowing about crypto and Steem?
When the incentive is to purely conduct business transactions, Bitshares is a better choice honestly.
If Steemit see it is graphic jump my eyes of joy that I am at the right time and the positive changes to improve in steemit you can get many more
Yeah, I feel like we've been waiting forever for HF20. Still no news.
Love your steem rising gif and the firehose, both cracked me up!
Is there any idea when HF 20 will be released? I saw the proposal over 6 months ago.
No release date yet. There has been so recent activity on the git project, so at least we know there's still action happening.
Wonder which future HF is going to minimize the learning curve for new people. Steem and Steemit are different, yet intertwined. The use and adoption of Steemit can greatly effect the value of Steem. Then throw SBD's in the mix. Curation does not mean spreading good content like it does elsewhere, but rewarding good content. So resteeming is not curating, upvoting is.
I suppose the communities function could help with this, especially if someone made a "start here" community.
And whether or not Steemit is easy or not for new people, it's use alone proves the Steem blockchain and it's functionality. Interesting days ahead.
So much to be excited and optimistic about, the fundamentals of STEEM suggest the market cap should be much higher than it is currently. The SMTs starting with Appics should help bring a lot more attention and focus our way and in turn cause an increase in the STEEM price
I feel like most of the increase in Steem's price is currently coming from the general market pool raising in the crypto-world, not cause of Steemit itself. The introduction of communities and the ease of convenience to create new accounts, they might help for sure. But the one thing that I personally await the most, and can potentially be a real gamechanger, is once SMTs arrive. It will bring forth communities in a broader sense, as well as bringing in new investors.
Maybe also do a campaign to get bigger noob exchanges like coinbase to offer Steem?
I believe Coinbase only has 4 currencies, so them adding Steem while be very unlikely. A lot of the larger exchange sites do have Steem though. Utility is what matters in the long run anyways.
Steem for sure is just about to explode which is going to be awesome with all the new accounts coming in. However that should be on us who have been here for a while to make them feel welcomed and how best to use and understand steemit so it does not get plagued with spam again.
supporting minnows understand the platform will go a long way enriching steemit thus making both steem and SBD valuable
And understanding basic Steem manners and crypto philosophy and crypto economic basics
Yes, I agree with you
Measures must be taken
The price of steem is currently rising
We'll see it in more than $ 10 in the near future
I send this out many times a day to new people and get good response.
Make Money Blogging on Steemit Top Tips and Checklist for Better Results!!
Comment...comment....comment...
And then comment some more.
lol - this is now my life. I can tell everyone that there is plenty of good content here to comment on!
If you see the daily chart then it's just the beginning my dear @cryptoctopus and it must be beyond 10 usd because the altcoin segment has started the bull run and steem is still undervalued.
thank you & have a great day.