I'm looking for honest and non-fan-boyish reasons as to why the price of Steem will ever go up?
As of now, Steem seems to always follow in the footsteps of the dollar as far as price is concerned, and I think the reason maybe the high inflation rate of Steem itself.
Also, how and why would the price of Steem go up?
I know demand is a factor, but let's face it, there is only going to be so many people out there actually paying for it, where as others will earn it, and most will just give up all together.
I know a lot of people want to hold on to this belief that the price of Steem will eventually Moon, but let's face facts:
Most cryptocurrencies go up each year in value considerably, where as Steem has stayed exactly the same, and it's been out for a long time, well a long time as it pertains to cryptocurrency that is.
I don't know, I want to get a better understanding as to how or why Steem will actually increase in value, and please if you could, break it down Barney style for all to understand.
Thank you, and enjoy the rest of your weekend!
STEEM goes to $10 if there is a valid reason for social media on blockchain, such as avoiding censorship, and steemit develops first mover advantage such as FB or reddit did.
STEEM also goes to $10 if it maintains its current price relative to BTC, and BTC goes to $24K per coin.
Those are a couple of ways STEEM goes to $10
I've heard people talking about Steem getting to $10 but I just can't see that happening. The fact it is created out of thin air takes away it's value.
If people cracked the secrets of alchemy and could turn useless metal in to gold over night then the price of gold would nose dive as it's value is due to it's limited supply on earth. If you could make it yourself like you can earn Steem on Steemit then I can't see why anyone would buy it?
Lets say it did get to $10, who would it benefit? As you would then need to power down in order to get your Steem out and transfer it to an exchange to sell (which takes a long time) and the chances are the big players will have already done this, dumping massive amounts of Steem onto the market would very quickly bring the price right back down.
This is exactly why I think the price gets to a certain high, and then tumbles each and every time once it does. Is this how you came to your conclusion as well?
created out of thin air. What do you think is holding up the price of fiat? The price of USD? USD is backed by the full faith and confidence of the government. You don't think that air is getting thin?
I think the way steem will dramatically rise in price is called Dtube, specially if we can bring in new content creators like big youtubers.
Also we need new projects i think one thing would bring allot of value to the platform would be creating a wikipedia that would award people for creating content and curating it for real.
Steemwiki authors would have more incentive because they would get some return for writting good content . Also we could seel publicity spots in that wikipedia wish would increase the reward pool even more.
I myself am personally staying away from Dtube, until 1, all the bugs are ironed out, and 2, they do something about all that copyrighted content being uploaded on there. It's only a matter of time before the wrong people see all of it, and come a knocking.
Steem has gained roughly 1,000% in value in six months. What do you mean that it has not grown?
on Jul 20, 2016 Steem was at $4.63 at the end of yesterday it was at $1.61. This is the price it has been around for awhile now.
If I lived on the beach and someone offered to sell me sand, I personally would not pay for it.
Steem has showed it has a real word use with Steemit with thousands of users everyday but compare that to these ICO's that offer nothing in return but their "value" is way more than that of Steem. You have to question why Steem has stayed around the price it is today and why it was so high in 2016 and now in 2017 when it is more popular than ever the price has decreased?
I question it everyday, and I personally am totally fine with the price staying at a certain threshold, because let's face it... where else are you going to get paid to blog so conveniently?
People have to start accepting the fact that Steem is a blogging platform, not an investment vehicle. Also too, people should blog just to blog on here, and treat any monetary gain as an added bonus.
Then, and only then, could I really see Steemit taking off as a platform.
Yes I agree. Even if the value of Steem dropped 80% your still getting more than you would off Facebook. Steemit is a great platform and I hope it stays around for a long time.
The future price people talk about though, I just can't see.
If you had of invested in 100 Steem at $4.63 and held till today you certainly wouldn't say that the value of Steem has gone up. You would be extremely unhappy with your losses.
If you then seen that someone just earned your entire initial investment by posting a picture of a cat dressed as Yoda and then went onto power down and sell the rewards, again you wouldn't agree the value of Steem had go up.
If you had of put that few hundred into Bitcoin, Ethereum (to name only 2 of many who's value has gone up) your return would be pretty impressive.
Consistent growth to the upside, you know... for long-term investing.
the value comes from the potential of the platform - blockchain incorporated systems are the future, if you believe this then in this hypothetical future we will need a social media platform - steemit seems to be the front runner and we can see an example of why it is important to be a front runner in bitcoin..
I understand all that, but what is going to make the price of Steem go up, if it keeps getting printed so heavily, and the people at the top keep powering down and flooding the market with it is the question @eiawo?
You obviously dont understand what eiawo was saying. He was telling you that steemit could be the blockchain equivalent of FB. And there is major first mover advantage with social media platforms.
And you don't understand the mechanisms for new STEEM to be printed, which is with an inflation rate of 9% per year. Is that heavy?
Do you understand what first mover advantage is for social media?
Do you agree that steemit has that for blockchain?
Do you think there is any value in having social media on blockchain? or you believe FB and reddit will always be dominant, despite proven cases of widespread censorship on those platforms?
You can answer those questions for yourself and decide if you agree with eiawo explanation of why STEEM can go to $10.
Hello dave!
I have to question but one statement here: steemit could be the blockchain equivalent of FB.
I am not so sure that Steemit will ever compete with anything else than Medium and all privately hosted blogs. Steemit kind of favors long post formats and it is not ideal to post short FB like status updates on Steemit either.
Steem however (not Steemit) might compete with all social platforms like FB, Twitter, Reddit etc. as we develop more and more additional platforms built on Steem. If those apps gain a broad audience then we might see double digit Steem prices.
Have a great day!
@ronni
Hey there @ronni, how you doing today?
Oh, and I just wanted to say, according to Dan, all future Steemit like platforms will be built atop EOS going forward, as it will have the ability to execute a godly amount of transactions simultaneously.
I have to disagree with you on the censorship part, because I have been on the abuse end of a whale who happened to disagree with something on here, flagged me, and my post was hidden and I lost all my rewards, so the whole censorship argument needs to go mate.
I think you meant 5%
When a market gets so big it becomes like a lake and buyers and sellers will only be able to make ripples in the lake.. I am not an expert into the workings of steemit but i am going to look into it over the next few days.. follow me and i will post a comprehensive answer to your question..
Done, and I look forward to hearing what you come up with, and thanks again!
More Steemers=more value.
How though, that's the part I don't understand?
simple reason?
yes, there's 5% inflation with steem, this year it's about 4% with btc
almost no one knows the above
decentralization done through delegating stake to witnesses instead of delegating hash power to pools is also new concept to people.
basically increase in demand more than 5% a year will lead to scarcity putting upward pressure on prices - easy goal for now and network can handle it easily. so all you have to achieve is that - long term.