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RE: Why Does Steem Lag in a Bull Market for Cryptocurrencies?
Steem has a bad rep in the crypto world in good part due to Tony Vays. Who cares!...we should aim our efforts in building the tools and infrastructure needed to on-board mainstream folks:
- We need fiat exchanges to bridge the real world economy with the Steem blockchain.
- We need other use cases that take advantage of the currency superiority of Steem (has anyone even tried to use the escrow function to build an ebay type application/website on top of steem?)
- We need parallel processing (what happened to the "Fabric").
- Steem can be used for a lot more than social media.
Regarding the ebay thing - yes, there is @steembay.
And the “fabric” stuff I believe was Dan’s project, which is now EOS, but I could be wrong. If not, it appears that the idea was likely abandoned or put on the back burner in favor of garbage like SMTs.
To my knowledge @steembay does not use the escrow functionality of the blockchain. The fabric is an upgrade that needs to happen if we truly want to scale, hopefully someone will pick it up were Dan left it.
I agree, it will be super awesome if someone works on the escrow and put in here in Steemit 2.0
Hey @ned are you listening?
ok...had todo that, kinda
creepyfun wondering if the dev team is spying on all of us.You have to get over the fact that they are betting the farm on SMTs.
The leadership and owners made that decision. It will work out or it wont, only time will tell.
In the mean time, like what there is to like about steemit.com enough to keep coming back, or hate it enough that you don't come back. Your choice.
You can like STEEM enough to be one of your major places to invest your money into, or not. Your choice.
You can't bully @ned into being more competent or going down the path you want. He has bet the farm on SMTs.
So you have to like it or lump it. Those are the facts.
Move on.
If you get really frustrated with all the benefits of being a witness, take your machines and go to a different blockchain.
Decentralized blockchains are still subject to centralized leadership, setting directions for the future
That's not how it works. Adding the SMT capabilities will require a hard fork and that is either approved or rejected by the blockchain's witnesses.
Whether or not they rubber-stamp as usual remains to be seen. I'm expecting more of the same, so I'm sure there isn't much that can be done. However, that doesn't mean that opinions about it shouldn't be expressed. If there are potential issues - especially serious concerns about legality and additional government scrutiny that could harm investors/investment - then they should be addressed before implementation.
Simply "moving on" is what continually allows bad ideas to go forward...and to be repeated.
If you think you can get to @ned and provide insights and guidance, go for it. It might work.
You were asking in your post for explanations of why STEEM price is not keeping up with other alt coins.
I think the answer is obvious. Lots of bad decisions, and the marketplace is voting with $$ as it always does.
Great potential, coupled with poor execution and poor decisions, will result in less than optimal outcomes.
I'm not interested in tilting at windmills w.r.t. STEEM.
I took my money off the site and "moved on" earlier this year, as I forecast that the long term outcomes were not going to be favorable.
The market will eventually shut down this experiment.
In the meantime, there is a big bunch of $$ in the steemit account, so it could be a decade or longer
Wasn't that a bad decision, in retrospect? Of course this bump we're witnessing could be temporary. Plus all cryptos and their sidechain are pumping right now...
Any thoughts on which other cryptos do have long term investment value, other than the obvious one?
STEEM is sinking down the crypto list.
I'd recommend you go read the whitepaper for ADA.
It is a tour de force, compare to the white paper for STEEM and SMTs.
It was not a bad decision to move my investing dollars off of steemit.com. I'm up 2X what I would have been if I had left all the mony sitting on steemit.com
Thing about steem though, is there's so many ways to make money with it. If you're talking about investing and just letting your money appreciate in value passively, then yes other cryptos have risen more (and this doesn't say much about what might happen in the future).
But if you delegate your money in some curation group, you will earn curation rewards (again, passively). If you are active on the platform, you will again earn money constantly, comparable to a regular salary for some people here. This is basically the equivalent of mining, which in other cryptos would be prohibitively costly to pursue and would require investment in hardware, whereas here all you need is a keyboard.
(I know you know all this, just reiterating.)
So if you factor in all those considerations, maybe steem(it) isn't such a bad investment prospect.
And then there's lucky (and unexplainable) situations like we have now with SBD, where your SBDs are basically worth 10 times as much! There's people I interact with daily here who have gone from 1000 dollars account-worth to over 10,000 in a span of a couple weeks. Unlike them I'm using this opportunity to diversify to other cryptos rather than power up, which is why I asked about cryptos you might recommend.
I had already checked out Cardano, and what worries me is their competition seems to be Ethereum, and I have too much faith in Ethereum! Whatever problems they have, they will likely iron out, just like Btc will do with faster and cheaper transaction times with the lightning network and Segwit etc. So Cardano might be a good investment short-term (just like Dash and Litecoin are as long as Btc remains with the same issues) but I don't know about long-term.
I love Cardano's scientific approach, but they're a little bit late in the game it seems to me.
Cardano is building a 3rd gen blockchain project, if you call BTC first gen and ETH second gen. ADA will have all the best technology, designed from day one with easily replaceable/upgradeable components. ETH still have 12-18 months of evolution pain and disruption to move from POW to POS. It will slow ETH down.
And ETH is controlled by an alliance, that in the end doesn't want an open abd public blockchain. You think all the big banksters and big companies contributing to ETH are doing that to have a public blockchain. No way baby. It will all go private, once they get it into the form they want to use.
Bad ideas like the new steemit logo? Blech.
Vote for @ats-david!