Why STEEM is different and why I'm ALL-IN
Introduction
The other night I was having a chat with friends at a pub. We were talking about cryptocurrencies and sharing what we thought the future would hold for this breakthrough technology. I had a friend who was all in on RIPPLE (he works at a bank) and the other one is a MONERO fan.
They didn't know how involved and for how long I was in crypto...they are both brand new, but motivated enough to figure out the tedious process of acquiring their first coin. There are part of a rare breed of people geeky enough to figure it out.
I shared with them what I'm about to share here with you that convinced them, just like me, that STEEM has a bright future.
It's Not About Technology
There are a lot of cool features in crypto. Some coins have interesting consensus algorithm, some have anonymity, some have interesting functionality, etc.
But that is beside the point in my opinion. Because when it comes down to it, why is it that in 8 YEARS we haven't been able to make that technology used by common people?
Don't get me wrong, STEEM has some interesting features and technology. But that's not what is making it's success or failure.
Why Coca-Cola is Coca-Cola?
Coca-Cola is not the best carbonated drink out there, and the company itself isn't in the business of selling cans of Coca-Cola. It's in the distribution business. It has such as wide ranging distribution mechanism that if it decided to add a new soft drink to their arsenal, they can deploy it very quickly.
I don't care how good your new soft drink is for health or in taste. If you can't distribute it, you can't get it to be consumed by the large majority of people.
What STEEM has that no other crypto has is DISTRIBUTION.
A Self Promoting Platform Across All Domains of Interest
So now, average people can open a social media account and earn crypto. Those people can be anywhere around the world and interested in anything from fitness to wikileaks. The users write content that has a high chance of ranking on Google as well as being shared on Social Media.
Without any special push from a central authority with a very intricate marketing plan, STEEM is capable of promoting itself in all sphere of human interest and appeal to people outside of the world of crypto.
The Only Way to Stop Using Centralized Exchange
The only way I can conceive to be able to exchange value between us in the real world without requiring to pass by a centralize exchange would be to have a billion people using an app on the STEEM network.
Once enough people have a token of value in their possession, it's only a matter of time before these token start being used in the real world. I believe this process will happen gradually and then very quickly. One day, we will wake up and people will start paying each other for all sorts of goods and services.
That would have happened without having to go to cafe and convincing them that they should accept SBD, because they would already know about it and know that it has VALUE.
Conclusion
All this to say, if you can invest in STEEM when it's at ~$1.20, you would be crazy not to...it's only a matter of time before it becomes much much more expensive to have a stake in the network.
Very true indeed. I rather look upon the idea and vision of something than the technology behind it (although that is a very important factor as well ofc). Steemit has become the father of this new idea were people can reward each other for their mind's value, and will most likely seem to grow. Probably gonna buy me a few more EOS and Bitshares soon"ish"! :) (I know, it's not Steem but still in the same area ;p)
It's so true. I view this as the difference between an app and a protocol.
Steemit as an app, not that impressive. Steem as a protocol, holy shit it's going to change the world.
The same goes for some others - LBRY has an incredible protocol to build upon, for example. Even ethereum's value is all based on the hope that it will be useful in the future as a platform for something useful.
People are already making applications for Steemit like Dtube and Mangosteem. I am not sure these will be the next big successors but they are being one of the first in their kind. Once EOS comes around it will probably make such platforms as standalones seperated from Steem, unless of course Steem as a currency would be linked. But either way Steemit itself will most likely thrive alongside those other services as a blogging website and things like crypto news. So yeah, it will continue to grow! ^.^
Those applications and Steemit will be able to adopt and utilise the EOS platform which will bring paralyzable commercial scale dapps and an abundance of capacity. I think the technology is impotant for synergy and mainstream adoption. IMHO it is all about the technology enabling distribution and more...
I have high hopes for some of the additional platforms built on Steem like Zappl and dtube.
Steemit is awesome, but as I see it it only competes with sites like Medium and other private blogs. The long form blogging style encouraged here on Steemit is not what we find on FB and Twitter.
We need something that will draw in people only wanting to be kept up to date on the lives of their friends and family. Status update style.
When we have more apps and those start to gain mass appeal THEN Steem will rise significantly in value!
@ronni
I think you should look into peerity, cause that seems to be more like FB and Twitter. I personally don't think Steemit is ment to be used that way.
Me neither, but Steem might. There is difference on Steem and Steemit.
Thanks!
Do you agree?
agree my friend ;)
Oh, and don't forget to mention Reddit when you make comparisons @ronni, and I totally see your point. What mimicked network are you excited to see Steem implemented on next my friend?
In the next 2-3 years, i believe Steemit is going to overtake facebook, twitter etc. as the social media of choice for the general public. That is when the true value of steem will be unleashed. It's price probably won't reach as high as bitcoin i guess, but it will be the crypto to have in the near future!!
Good post!!
Cheers!!
I hope so, that would be a nice Story, if Steem has the same growth as ETH in the last years.
I would invest more if I could afford to! All of the coins are down since the news on China's rule against ICOs.
I don't think the crackdown in China is the only reason they are down. I believe they are down, too, because $5,000 for a Bitcoin that doesn't really do anything is outrageous enough to question the rationale behind its valuation. If it's to effect a private purchase and/or sale of a contraband item, then there are other, cheaper coins around. So I think what we have is a crisis of confidence unfolding.
i agree with you @cryptoctopus, i can already see in posts that SBD is already start to use in buying products online @exyle tell in his post that he buy his own logo shirt online by paying sbd from steemporium and already a designers of logo also start accepting SBD i think these little developments surely gives a nice idea that this coin has the ability to grow much higher and even with the induction of D-Tube and Esteem also strengthened the steemit blockchain even more, so all in all no doubt by buying steem @1.20 is a very wise decision.
i'm still not all-in, but i have a big part of my altcoins in it.. and planning to buy more and more!
Your post is always worth reading. Thanks for the great suggestions you have given.
"One day, we will wake up and people will start paying each other for all sorts of goods and services." Well said .
Thanks
It really is exciting times here on Steemit isn't it.
I am grateful to be here and even more so to be soaking up advice.
Great explanation , especially about distribution. I never was thinking so deep about steemit , now all becomes logical. I regret that found out steemit so late and was not able to grow my account yet. 1.20 is such an opportunity for investment now. Anyway i am glad i am in steemit community now and can take a part in its development :)
I agree about the distribution also. More and more members are joining daily and without the 'spreading of the word' how can it grow and bring new people to the platform?
I have yet to decide about the all-in avenue... but am leaning every day closer to it.
So true. Must also be the reason why when the market for all cryptos bulls real high or bears real low, Steem is still within a small margin of change.