How High Can Steem Go?
Photo from Google Images
People wonder how high Steem can go? I wonder this myself. It is an interesting platform where people get paid for creating their content. And that is the key. Content has value...a lot of it. Facebook has a market cap of almost $500B. Mark Zuckerberg is one of the world's richest people because of all the content on his site. He has, according to reports, more than 1B regular users a month. That is a lot of content created on a daily basis. Imagine if Steemit had even 1/10 that number....how much value would it have then?
At present we are around the $1.40 range. This is a price that obviously is reflective of where the system is now. The key point to remember is that speculation on the currency is not necessary to drive the price up although I am sure it will. What is going to drive Steem upward is the amount of content created on the network. Steem is actually a currency that is being used for something. Unlike many cryptocurrencies that are nothing more than speculation, there is a system in place here. This adds a solid foundation to it. Ironically, this fact will drive more speculation in the price since people will start to view it as something safer to invest in. And that, my friends, is what will propel the market cap of Steem up to great heights. When people start to look at the crypotcurrency world, they are challenged to understand what it is. Also, the average person tends to invest in what they can understand. Well, Steem has build in buyers of the currency since there are people on here everyday who are using the currency.
So now onto the question you are all wanting to know: how high will it go?
Honestly, what do I look like: Merlin the Magician? I have no idea nor does anyone else. That is the nature of the future. Who can tell. My honest opinion is that it will go much higher. There is a solid platform that people can use and be involved in. Community, which is an important aspect of cryptocurrencies success, is on this site in droves. And the market is there since so many are becoming frustrated with the Facebooks of the world.
One final point, Twitter, which is a nothing platform in my opinion, has a market cap of over $12B. With about 250M coin circulating today, that puts it in the $40 range. Of course, we must keep in mind that the supply will keep expanding but this gives you some indication of how valuable a property this platform can be.
If you liked this post, please give me an upvote. Also, I like to follow those who follow me, so hit me up. And, as another please, if you feel the desire to resteem this, give in to that temptation and hit the resteem button. Dont worry, I wont tell anyone.
I find the concept of distributing a form of crypto- currency through content curation on a platform is a very intriguing and HOPEFULLY profitable idea.
On that note, i did hear about another crypto that will begin selling coins soon for the distribution of 3D/AR/VR content. That could be intriguing to look into as well.
Yes it is an interesting idea. I think the fact there is a social site that gets larger and larger everyday really helps to validate the currency. Familiarity is what puts people at ease.
VR/AR is going to be huge...a token associated with that is very interesting. I would think that, since the technology is in its development stage, that a currency like that would be wrought with technological challenges.
The main difference is that Facebook and Twitter make money from advertising, while there is almost none on Steemit (just the search results have sponsored listings but they could be Google's). Either way, advertising is not benefiting the community here... so it's a completely different modus operandi than Facebook's - time will tell if it's a winner or not.
True, advertising makes up a huge portion of Facebook and twitter's revenue along with data sales. As SteemIt's userbase grows advertising could become an option for them, however. Even if they want to avoid direct advertising they could still do a lot with partnerships, given that they have an active form of currency tied into the platform itself. I doubt that they will ever resort to selling data the way that Facebook does, hopefully, but they can still make a pretty penny off of a few advertising models.
I easily think the currency can achieve the $5- $10, the more they update the website and get it as professional and easy to use as possible, the price will keep driving.
I agree with you completely. I dont think $5-$10 is such a huge jump from this point...not in the crypto world.
What is exciting is that we all have a part in making it grow. Yes speculation will ultimately drive the price of the token but the underlying value of the asset is based upon the content we create on here.
This truly could be one of the main marketing arms in the future.
A great post and you have made a good analysis about what drives the price and give value to the Steemit platform. My first upvote for you today ;)
I thank you for the upvote and am glad you enjoyed what I wrote.
I would upvote you back but I ran out of gas last night slamming the vote button. Still trying to power up my powder again. Might take a couple days.
Relegated to commenting for now.
Nice post. Curious about your thoughts on the Price predictions feature of https://CoinCheckup.com
Followed you.
Interesting video although it is a bit dated. Some of those ETH levels were already hit since ETH is at about $380 right now. With the update we could see $500 on ETH. Long term is always hard to predict. How popular does a network become? Can ETH truly be used for Smart Contracts? Will they be able to get to the 1M transactions per second they strive for? If the get even half of that, it will be the most valuable platform in the world....but that is a big if.
It is a good coin to have as a core holding but no guarantee of long term success just like the rest of them. Presently I am sticking with BTC, LTC, ETH, Steem (since I am a believer being on here) and a UBI coin called Grantcoin.
Good post! I'm new to SteemIt but the concept is very exciting. I think there is a very real market for this type of platform. Personally, I think a lot of the success or failure of something like SteemIt will have to do with momentum and the ability to capitilize on it in regards to cryptocurrency making it's way into the world as commonplace. As you said, bitcoin is not an easy to understand concept for most people and they've really only heard of it from random news articles. I feel like that's going to change slowly with serious spurts of growth peppered in there and the developers/companies that are prepared to capitalize on those spurts of growth with marketing/educational campaigns will be the ones to not only jump up in value but stabilize. Of course, the baseline has to be a solid product and SteemIt seems solid to me.
Yes I agree...the baseline is solid here. Looking at some of the people who were around a year ago, it seems that is a wonderful foundation of people who paved the way.
I am just trying to learn from them and help move this forward however I can.