What will drive STEEM higher? Once EOS is running, why won't all the independent developers take their apps there
Still struggling to see the long term value of STEEM as a currency.
The leadership of STEEM built steemit.com as a demo system, to prove out STEEM. Not to turn steemit.com into a competitor to FB or reddit or etc.
They have succeeded in the basic demonstration.
But little additional work is going into steemit.com. Expectations are that 3rd party developers are going to built the applications on top of STEEM that generate incremental value for STEEM as a currency.
While the 3rd parties work on new applications for the STEEM blockchain, folks working for steem are going to focus their efforts on building SMTs as a new capability.
BUT
Isn't it true that a lot of the developers talent left steemit.com and followed @Dan over to EOS?
Isn't EOS supposed to do everything that STEEM does, except way more and way better and with SMTs built into EOS from day one and lots of other functionality included from day one that STEEM can only aspire to have?
Once EOS chain is up and running, why won't the third parts apps developers that are currently building on top of STEEM, move their apps over to EOS? Isn't that a selling feature of EOS, ability to easily host other chains applications after a quick port?
Everyone is of the opinion that @Dan Larimer is going to make EOS a huge success.
Is it possible for EOS to be a huge success without cannibalizing STEEM (and therefore the price of STEEM)?
And if EOS cannibalizes STEEM, where is the long-term value in the STEEM coin?
Maybe I'm missing something in the equations above.
If yes, please let me know.
If the logic above is accurate, there is no long-term future in STEEM as a coin or a currency, it will be over-taken by EOS and the current set of applications built on STEEM will eventually migrate to EOS.
Comments welcome.
DaveB
I feel like Dan and the rest of them are too focused on other things currently and Steem needs the attention right now because it is a little scary watching it fall everyday
Dan is powering down, and spending most of his time on EOS, if my understanding is correct
I'm starting to wish I'd gone a little heavier into EOS when it was around $0.50 to 0.60. I've got some but I hold a good bit more STEEM than I do EOS. Seems like a lot of people are starting to question the viability of Steemit especially since the price has suffered so badly.
Bitshares and EOS were struggling up until very recently and they just kind of spiked out of nowhere. I'm thinking the same probably will happen with STEEM at some point but it's going to take some changes to the way the steem ecosystem works and is set up.
@stellabelle posted a similar question as you did today and it really made me think that there are going to have to be some changes for Steemit and STEEM to succeed in the long term. I still have faith it will go back up in value. It's still way above where it has been relative to the dollar and the chart of STEEM vs dollar looks a lot less scary than STEEM vs BTC. Kinda hard to decide which one to put more emphasis on.
Since I spend dollars on pretty much everything and I don't use cryptos for much except for investing right now I can say I put more weight into the STEEM value in dollars, which makes me sleep a little easier at night having my own money invested here.
You do pose a valid question and I'm sorry I don't have a better answer. Seems a lot of folks here are doing a lot of STEEM soul searching lately. It is a bit concerning...
Soul searching is supposed to be cathartic
Smart media tokens will make steem rising again.
For about a year, since the focus changed to being about the block chain and not the application I have been asking...
WHY STEEM?
And what sort of answer have you been able to get ........... ??
The Alexa rank of Steemit.com has plateaued as well.
That is not a good sign
i guess after 16 everything will be fine !!!
After 16?? Im missing the reference.
She meant 16th November.
Bitcoin fork!!
Steem seems to be struggling to find a reason to justify a higher value in the market. So far the it's only use and its only value seems to be tied to SteemIt.
So far steemit.com is the biggie. How long will it take to get SMTs up and running? Will SMTs trigger a lot more apps to be built on STEEM?
now if this were Facebook and they ran a SteemIt model to reward posts and comments - and - they accepted the use their FaceIt coin to pay for Facebook ads. or eBay and they encouraged the use of their eBayIt coin for buy transactions or PayPal or Amazon with their own coins and there was only a finite number of coins created - then maybe the coins would increase in value as the demand for them increased.
Perhaps there was a lot of speculation money into Steem that vaporized and pulled out and joined the stampeded to get in on the rise of Bitcoin valuation with a lot more future potential for increase in demand and valuation. In which case Steem may have further to go down in value before it goes up significantly in vale.
More uses, more apps, may increase demand and valuation, we can hope.
well, i am not a technical guy, but i try to create my own reality, and in that reality steem and steemit are big players. Again you would think my arguments are worthless, I can tell you: they are strong. I hope we don't end up in defferent trueths of reality and that you may experience the future I am about to experience. Just hope you wont feel bad about getting your money out if it when my masterpiece is finished. Yet I wish with the money you withdraw you make alot of profit wherever you are going to move it to. I hope even you lost your faith you dont wish you are proven right, that would be selfish thing to do, so in my reality you can still have a good position as long as you support succes on steemit somewhere in the sidebar of your believe that things can turn out different then in your current perspective looks like.You are probably feeling an urge right now to ask for my arguments . The only thing I can tell you is that I am a reality-manipulator, a dreamwalker and have faith that can move mountains. For now thats more then enough to establish a connection to that reality I spoke of without needing to know more details about the technical side. I've seen enough, see enough, and will see enough. That's a fundamental choice I made, make, and will sustain. I honestly wish you the best. Good luck my friend, keep believing in what you choose to put your energy in and in what you start with so you wont have the feeling you wasted time or money.
EOS is going to ruin a lot of projects. Thousands of Dapps are already being developed to run on the eos.io software. It's a better platform choice for so many reasons.
I've never heard of their ability to host other chains' applications after a quick port. Dan says in an interview that serious applications build on the eos.io software will take between three to six months.
I probably exaggerated. The porting may be a bit of work. But if EOS takes off, why does any DAPP stay on STEEM as opposed to moving over?
Exactly! This is why people call it the ethereum killer. So much fun watching it unfold =)
Why do you have that hat on?
I completely agree with you, and I could see that happening. The only thing that could stop that IMO would be if Steemit was able to gather a critical mass of users, but I don’t see the leadership being able to market the site correctly as they have not done so up until this point.
It is as close to official as anything on steemit.com; that there is limited future development effort being put into steemit.com. The focus of development is SMTs for STEEM blockchain - apparently in direct competition with what Dan is building over at EOS.
Well this is unfortunate as I actually have more faith in @dan then @ned. I’m completely convinced we will have to rebuild this community on EOS blockchain... we should start preparing now.