Steem Was Top 3 On CoinMarketCap Once! What Do You Think Can Be Done To Get It Back To Top 10?
Yes, it's true! Steem was once amongst the top 5 amongst all cryptocurrencies in the world! Infact it was in the 3rd spot. Ever since we've slipped down several spots to around 30. Earlier today we managed to get upto the 25th spot.
The fact that Steem was in the 3rd spot was just 2 years ago. The following image shows you just that. It's amazing that somebody out there had saved it so that we could look back at a time when Steem was at its infancy and had been so high up in the charts.
At the time Steem was in the 3rd spot, there was hardly half as many cryptocurrencies in the world. Today, there a TON and new ones are cropping up every single day. It's easy to guess that in another year or two we'd have over 2000 cryptocurrencies and maybe someday there will be government making tokens of their own.
Steem as we know it is a unique cryptocurrency. At the moment the blockchain is the fastest in the world processing more transactions than most other networks. It's incredible that it was designed to do this and past two years have proven that it works!
I found the image on this thread on BlackHatWorld. It's interesting to note the discussion taking place there about the early days of Steem. Many considered to be a new MLM scheme of some type and a lot of people still feel that way until they actually use it for a while.
Anyways, It's also worth noting that the day the screenshot above was taken Steem probably had it's highest pump in a day. It's over 380% up. We haven't seen any pumps close to that in a long time now.
Today, it's easier to convince someone to join and use this platform. Many more people today are aware about the existence of some virtual currencies than ever before. Even though most wouldn't understand how it works or any of that.
Steem blockchain and cryptocurrency is amazing but we've slipped down the charts and have stayed down for a long time.
What do you think can be done to improve this and get it back up to atleast top 20 if not top 10? I think Steem is one of the better cryptocurrencies out there in a world full of shitcoins and deserves to have a higher marketcap and ergo higher rating amongst all cryptocurrencies.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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It would be nice to see Steem as #2
The question is, is Steem undervalued or is the rest of cryptos overvalued? The way I see it, Steem has proven itself to be a great blockchain. It's the network with the most transactions, it has utility as a blogging network, and people are creating other projects on the blockchain.
So either Steem is grossly undervalued, or many of the other projects are way overvalued.
One thing I think we should keep in mind though is the the fact that there are only 1 million accounts created, and how many of those are not even in use? There are a lot of different accounts laying dormant for different reasons. Some are "domains" for reselling later. Some people post from many different accounts for different topics, and some use accounts purely as upvoting accounts etc etc. Many have also created an account, made two posts and then left because guess what, it wasn't free money..So perhaps max 250k active accounts?
How is Steemit for example (which is basically most of the value of steem right now) going to attract 10 million, 50 million 250 million people when it is near damn impossible to make any money here? Even if you write near fluent english and have 2-3000 followers and an account with 20k worth of Steem in it, (yes..I'm talking about myself lol) you're not even guaranteed to make anything. You write about the wrong things? Boom..no one will touch you because of the Soviet style censorship. Indirect censorship. Someone writes about something "bad" and people thinK; "well, I agree with him, but I better stay away. What if my own whale who upvotes me regularly sees that I'm against immigration or is not 100% positive all the time"
A lot of these issues is what I see is standing in the way of mass adoption. And of course then there is taxation and stuff like that. Even I feel like just leaving when I think about what I probably SHOULD do..write down every power up, transaction, SBD to Steem, every upvote, every delegation, everything..hundred of thousands of microtransactions that I according to the law should be able to audit if asked. I will never be able to do that, so Steemit might be a very expensive venture...
So, cryptos are scary for most people, and so is Steemit. I think we will struggle with mass adoption and I'm not one of those believing we will see $100 Steem before all these issues clear. Hoovering around 4-10$ is possible I guess, but as I understand we need to double in Mcap each year to keep the same Steem price? That basically means double in people using the platform and investing in the platform. That's possible I suppose..but triple? Quadruple? Each year? Skeptical. But crossing my fingers nontheless :)
I think steem is undervalued.
i think everything is undervalued not just steem. ok. maybe trx is overvalued 😀
That data is allready writen down in the blockchain, even in an immutable system as the law in Austria regulates.
It shouldn't be that hard to process the data, @blocktrades implemented an accounting system recently:
https://steemit.com/blocktrades/@blocktrades/blocktrades-update-new-cryptocurrency-accounting-steem
Thanks. Hope something like that will be available in the future. What have Steemians done this year though? Every upvote given or received, every SBD, SP payout, every trade, every comment that is upvoted, everything should have been looked up on the blockchain and written down and checked with dates and converted to local currencies.
You mean something like this? It uses even historic daily currency rates.
http://www.steemreports.com/financial-accounts-tool/
My five cents! Awesome post.
Well, considering STEEM dropped out of the top 100 cryptos last fall and has now recovered and is back at #28 this morning on Coin Market Cap, all is well with STEEM. I believe much focus on this crypto was lost in 2017 basically due to all the new ICO's that hit late in 2017... taking all those money-hungry speculators along for the ride (dormants). Steemit will continue to grow, albeit slowly. Mass adoption? It just may all depend on simplification and a great new UI.
When we tell people about Steemit, push the community (not the reward). The more people who come to create content that engages other users the faster and stronger the platform will grow.
Many of the "dead fish" on Steemit, as well as much of the poor content is a result of people coming for the money and not effectively participating in the community.
Steemit has the opportunity to surpass facebook as a social platform, but it will require users that engage with it on at least a weekly basis (if not several times a day).
Engagement needs to be more than posting. In order for the community to be successful we need to read and reply to each-other's posts and develop relationships that grow the community.
That's my
on it.
Holy shit! Can't believe it. I would be great to get it back there. I guess we need more people in this platform and not only that once everybody starts buying steem we can get back there. But since people can earn for free thus I doubt how many people are actually buying.
It’s really a great news. And we are really enjoy it. I love steemit platform.
Before I became active on Steemit, I had always thought that it would be full of really low-quality articles. While there are indeed a lot of those, there's also a lot of really high-quality content and people are just now slowly realizing what kind of potential Steemit has.
Steemit definitely deserves a spot in the top 10 on Coinmarketcap! We definitely need Steem on more exchanges though...
Steemit has to own its niche and become the de facto social media crypto currency. That Steemit Inc. sits on a ~150M $ warchest and there is stil no decent mobile app or search implemented does not help. Hivemind only one developer? You got to be kidding me. There Is a reason why Instagram with its mobile app and Google with its search is so big. Content has to be pushed into the foreground, plattforms like dbooks are a step into the right direction. People invest, so a little more professional looking webpresence would be welcomed. Custom google search on a top 1300 website?
I am with you on Google CSE.
Hi @firepower ! To be in the top 20, just a couple of days, we are 26 now, and perhaps we can get into $5 or $5.50 and that will make 21 or 22 in case the others above don't rise at the same time.
As @preparewombat mentions, a good deployment of SMTs will put Steem within the top 10 fast I believe!
We have not heard any updates about SMTs for a while! And now @appics has finished their ICO and they are waiting for the SMTs to start working.
Regards, @gold84