$2 Steem Sets Our New Cryptocurrency Market Capitalization Record at $468,096,656!
Our Steem price reached $2 for the first time in nearly a year setting a new world record for our market capitalization as a cryptocurrency at $468,096,656 making it currently #12 out of all cryptocurrencies online! Even as the Bitcion price blows up over $2900 and then slides back to $2,700 while nearly every altcoin is down, Steem is trading up 15 to 30% today from several days in a row of gains!
Are these results just a random increase or are they happening because of our generosity and ability to work together? I personally have found collaborating with each of you on Steemit WAY easier than any other community I have ever participated in. For months I struggled to get another cryptocurrency I had invested in to fund ads on Facebook and YouTube. The process for submitting a budget proposal was painful in cost, criticism, and time. Meanwhile, in just four days our community was generous enough to crowdfund me almost $2,000 at https://steemit.com/steemit/@jerrybanfield/steem-video-ad-1-on-facebook-and-youtube-featuring-10-reasons-for-usd10-steem-in-10-months to advertise Steem and Steemit on Facebook and YouTube.
Today I just scaled up to spending $60 a day to reach hundreds of thousands of viewers with the good news about Steem! Here are the initial Facebook ads results!
See the detailed report here.
Here is zoomed in.
The amazing thing is I have only spent about $100 so far advertising the post on Facebook at https://www.facebook.com/jbanfield/videos/1447089705311201/ and YouTube which has resulted in hundreds of thousands of people interested in Bitcoin and cryptocurrencies seeing the ads! How much higher will Steem go as investors continue to take action after seeing the ads combined with the price increase on the exchanges? How many more new users will join Steemit as they hope to become early adopters in our community? We are excited to see!
Here are the YouTube results.
If you see the YouTube ads and think "Why even bother with those when Facebook is so much better?" I have found that advertising on YouTube leads to a much higher ORGANIC RANKING meaning these views from ads will help more people find the video on YouTube when searching, browsing, and seeing suggested videos. For best results, I like to combine both Facebook and YouTube ads to maximize branding on Facebook and maximize organic discovery on YouTube.
Fortunately this is only the beginning of the good news! At https://steemd.com/distribution we can easily see the user data for Steemit which shows a surge in new user signups and new superuser accounts with over $600 in vested Steem Power. Here are the signups as they were around May 21, 2017.
Versus today June 6, 2017.
This is the fastest user growth Steemit has seen maybe since it started with a 10% increase in users in just over 2 weeks! While the majority of users are at the dust level, around 1,000 users have jumped into the user and superuser level with more than 30 new hero level accounts worth at least 5000 Steem Power!
If all that is not amazing enough, most of the other altcoins are dropping today as the Bitcoin price goes up. Here is the market from https://bittrex.com where I prefer to trade.
When something is green in a sea of red, it makes jumping in and learning more really attractive which we are all collectively working together on with our use of Steem!
If you are holding SBD or Steem Dollars, you are in for an even greater reward! With the rapid increase in Steem price, the Steem Dollar Marketplace is still selling $1 worth of Steem for just 1.018688 currently in SBD! This means if you have 47.901 SBD you can buy 47.023 which currently is worth $94.51 making SBD currently worth about $2 USD!
Would you believe what we have all achieved together through our service to Steemit it and generosity in giving to others with our upvotes? Thank you for giving me the chance to be a part of this amazing story and I am honored to have the chance to continue being of service to our community today! If you are happy with these results and with me taking the time to post them here, would you please upvote this because I think it will inspire more of us with new ideas for how we each can build up Steemit? If you would like me to see your posts and follow you, would you please make a comment here sharing how we ended up here together and asking me to follow with an idea of what you will post because this helps me quickly take action in following you?
Love,
Jerry Banfield
Hey Jerry ... what do you think is the long term potential of STEEM? I think if we think of it in terms of a similar business such as Facebook (which has a market capitalisation of around $400Billion), we can expect STEEMIT to grow to at least 10% of that over time so that means with that capitalisation of $40Billion and the maximum number of STEEMs available (according to coinmarketcap.com = 251,184,584), STEEM can get to $160 each or maybe more?
No maybe here, my friend!
I like your moxy!
There's certainly a lot of potential here but a $40 billion market cap is still a long way off! Best just to focus on creating good content and being a great Steemian, and then hopefully the value of Steem will rise as this great community continues to thrive and grow.
That's the kind of answer my dad would give. Come on ...let's DREAM!
hahaha ok I'm on board!!!
BOOM!
Steem On, The Dream is Live
You Got a Golden Ticket
Yay!
👻
This becomes a question of guessing how quickly facebook and twitter become irrelevant. They are both outdated legacy platforms now, full of insidious censorship, fake click farms, and rampant promotion of narcissism. Plus, if you aren't paying for the product, YOU ARE THE PRODUCT. I suspect identity theft's greatest gift in the last 20 years was Facebook. They just love to data-mine you!
These sorts of paradigm shifts happen too quickly to accurately predict - like the spiking price of BTC!
I think in this respect sites like Facebook and Twitter are advantageous for startups like STEEMIT. The 'social media' concept is already proven thanks to them.
This should hopefully make the transition to STEEM based sites faster once users realise the benefits.
you got it. paradigm shift indeed and there's a lot of momentum. it really depends on how much for everyone is having in using steem. The user experience will be the ultimate expression of value of the price of steem...which really does have unlimitted potential. This is the new economic model. Communication.
A $400+ million market cap seems unreasonable to maintain. We are just posting kitten photos, casual comments, and random upvotes. Can that really support this kind of value in the long term?
Market cap will go many Billions for sure. People are inherently the source of value. Take any other coin...it's ultimate value is derived by people. Some might say it's because of the energy spent on the mining. But, It's people. "Money is one of the oldest forms of communication" Andreas Antonopolous.
Steemit Network is all about communication. Within that, it's a free market democracy. Based on your holding's your votes are worth so much...it's communication. what you vote, what you comment....what people respond and so forth. Applications are and will continue to be built on top of the platform...creating more and more streams of communication....which results in more and more money. The current market cap of, reddit, twitter, facebook, instagram...are all valued in the billions. This platform is better.
This kind of value will indeed be supported in the long term...it's changing the narrative into the education of 'what is money....what is value....what matters?'
Invest in people.
It's all about people.
Twitter may go the way of the dodobird, but Facebook is likely here to stay.
time will tell. facebook could get on the crypto game. but it's platform is too kind of closed off like facebook is this boarder world...and steemit is boarderless..
Yes @captaincanary a market cap as big as Bitcoin is probably a few years off at least while an Ethereum or Ripple or NEM market cap of 2+ Billion at a $10 Steem price I think is just around the corner!
Yes definitely, the fundamentals of Steem are superior to both NEM and Ripple in my opinion
Theres no reason why Steem can't be worth $400 - its a top 10 coin and the volume is increasing everyday as people look at currency as though its some form of digital commodity or equity.. every coin has taken on this hybrid equity/currency structure which makes it exciting even for grandma to want to brainlessly buy in an currency hedged ETF - when the real investment comes rolling in - even 1% of an ETF would be huge. Chances are Steem will end up in many of these fund portfolios once they are approved and regulated. Im not sure what roll "Steemit" plays in the valuation - I know lots of guys who trade it and have never been on the site. I personally like it because I think it has something special - its backed by content - there is value in content - even if the powers that be havent figured out how to monetize it yet.
Agreed. STEEM is a crypto which can back social media sites that will reward the content creators and curators. It's a self fulfilling phrophecy. When there's a choice between creating content and getting nothing for it or getting paid for it with 'monetized appreciation', it becomes a no-brainer.
I personally think the best feature of Steem is its speed.. not alot of users get to use different crypto coins and don't realize how awesome Steem's speed is.. I think a merchant would appreciate using it as opposed to say bitcoin... Youd have people lined up down the street if you made them wait for 4 confirmations ;)
I agree as well. It's a very clean but fast platform.
I thought Steemit wanted to make their tokens mimick the dollar and could create more. Am I wrong?
Exactly Steem has a huge first mover advantage that almost no one new could catch up with and any existing business like Facebook would find challenging to duplicate without buying.
@jerrybanfield your post and your action is really awesome dude! :) I am sure you actually are influencing the entire market of steem through facebook.... Which could see Steemit as a major threat for the years to come! Which make the all thing even more awesome! hahaha
@g-no and others, you mention 251,184,584 steem available, but what's the total capacity of issuing new coins ? What is the system steem is using ? Is it limited as Bitcoins or is it unlimited ? Or what ? Please someone can answer this question ?
Thank you guys!
Your answers would be highly appreciated
see the steemit faq for all the details.
Here is a post with a good description of many more details! https://steemit.com/joy/@teamsteem/some-steem-tips-for-some-steem-success
@g-no inspired question and a reminder to follow you as well! I think Steem is capable of exactly what you suggest with a market cap at least 100 times higher today with a Steem price of $100 easily being reasonable in maybe 5 to 10 years if we continue attracting and rewarding new and existing users for participating here!
10% of Facebook i think is totally fair !!!!
Until then I think we won't evaluate cryptocurrency in dollars :D
it seems reasonable :) thanks.
If STEEM gets a lot of users anything is possible in the long term.
Here is a chart to show you where steem and bitcoin are heading toward
Remember, Bitcoin and ethereum here are back when they wer 10 and 30 billion, lets just say Steem is now half a billion and total crypto currency at 1000 billion...well it nees to be at least up in the US dollar range of 2 trillion US dollars in paper cash, or Six trillion in Gold that exists globally.....or look at Facebook at 200 to 400 billion or AMazon at 400 Billion....steemit will be at least as big as faceook if not bigger...facebook doesnt have its own currency and banking system and decentralized blockchain!
Steemit is just one part fo the steem bllockchain!
we will see whole steem ecosystems! steemit accounts to use t login to games and all sorts of coool shit!
youll be able to use your steemit account to do everything anf that includes full VR worlds where u can go amke steem and make money playing a game!
Oh its going to be amazing so many posibilities with steemit! We can even use steemit for micrpayments if we cant with bitcoin! And that also is a huge factor with steemiT! we have our OWN crypto currency thats free to use and much faster than bitcoin!
And just imagine when people find out they can use steemit to monetzie behaviour they are already doing!
I just got done watching this one on YouTube. So much good info in there!
Very motivating to hear all of it and I see the potential!
Steem on the move!!! ✋️👋 High five everyone! High five steem! High five team! 😎
STEEM ON, THE DREAM IS LIVE
You Have a Golden Ticket
So am i!!!
Nice one Jerry price is going crazy up at mo! Everytime I watch one of your vids I get even more hyped about. Now the rest of the world is getting hyped up!
Hi Jerry,
Awesome post👊 if everybody would have 1% of your marketing skills and enthusiasm the steemit community would be an overnight success😉 im definately upvoting and re-steeming this post! The word about Steemit needs to be spread globally its making a huge impact on alot of peoples lives even life changing...im so happy that im apart of this community and I think you are a great promoter of the platform😊 keep up the awesome work that you do!
Full Steem Ahead! @jerrybanfield
Best regards,
André
Hi Andre, how do you resteem a post?
STEEM can potentially overtake facebook if done right. Who would not like to earn money while posting and sharing stuff online. But the threat is from SPAM and bots. Needs a good strategy to handle that, specially in the early stages.
As of now Steemit seems very focused on good content (which is a good thing!). But Facebook is useful in other aspects, such as event planning etc. Can't see Facebook going away anytime soon.
Never understood Twitter-hype though ;)
Man Steemit is exploding. What the fork. U do a good marketing job.
Jerry is a Beast!
i bought steem because of your video's. ;D
You are really a big help for the Steemit community, lets go above and beyond
Excellent Jerry!!! YOU ROCK BRO!!! Hey, I mentioned you in my post!!!
https://steemit.com/htmlcoin/@flycryptoguy/i-had-a-hunch-about-digibyte-when-it-was-at-50-sats-verge-and-rdd-too-hmmmmm
Finally the price it deserves! Thanks for the effort