Is STEEM in a BUBBLE and will drop in the near future?
After the cyber attack of today some people start to realize that maybe Steem is not "The most brilliant and super mega amazing Cryptocurrency in history". Is not only about security but also is about that we are already in a bubble. Many people have invested lot of $ even when they don't know how Steem works.
I'm not demonazing Steem, I think it is an interesting project and maybe after some time and after improving the plataform, security... it can be a solid project, but come on! in 2 days has been established as the third most important cryptocurrency just because people lose their minds because they think they are gonna be rich investing here, but I have to say that these people most probably are wrong.
There are also more problems with Steem:
How can this thing be workable long-term?
They will have to "print" more and more steems to pay off all the new user's content, there will be new contents everyday and more users everyday.And on top of that they will have to print more steems to pay all the steem power users How can the currency retain its value in the long run? I understand the steem power system where funds are locked so they can't be sold but this is bandaid solution to an hyper inflation system
The payouts are so ginormous now only because the market cap is up.
Basically the more users on the site the less reward for everyone, so how is any of this sustainable long term? it should be the exact opposite.
In the long run, we are all dead, and nothing is sustainable, look at Reddit, LOL.
Indeed, and steemit is an elaborate ponzi. Better get in and out before everyone else.
It is not sustainable. It is like a drug. You get all this money but the money will stop. Then no one will use it.
It is of utmost importance to stress that the Steem protocol wasn't hacked, nor was the contract running on top of the protocol hacked. This was a website breach from which the hacker stole funds and credentials from 260 accounts. It should never have happened, no, as it indeed raises questions about the overall security. However, it is worth noting that @steemitblog has kept us in the loop and otherwise informed us that compromised accounts with balances exceeding $100 have been restored. All initiatives experience a bump or two, this was one of them for Steemit.
As for the bubble. There's hype. A lot of hype, absolutely no doubt. The real question is whether or not you believe Steemit has the infrastructure, foundation and ideas to take on this responsibility and interest the community has shown. I remain positive.
Very interesting