Is Steem The Underrated Underdog? Trying To Find Some Answers
Recent conversations with people on and off the Steem blockchain made me want to produce this vlog and ask you one of the most interesting questions of all:
Is STEEM as a cryptocurrency underrated? Is Steem as a blockchain project undervalued?
And if it's the case, what's exactly impeding the success?
I have an idea why we're still struggling a bit. Watch my today's vlog in order to learn what my guess is, only by clicking on the picture above or checking my account on DTube.
Now I'm very curious to read your thoughts. This is a loaded topic, and I'm pretty sure everybody has their own way of looking at it.
The comment section is yours!
Much love,
Marley -
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Hopefully you like the sound of the palm trees in the back. At times it's a bit loud... Maybe I should buy a mic for my GoPro to improve the audio part..🤷
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I agree - I believe Steem is underrated, too. It's been a mystery to me why the price is not rising, when we have a decent amount of daily active users and so many dapps!
While prominent people might do well in bringing more awareness to Steem, I do not agree that it's the trust in them that would (well, should) have any influence on investors or the price. The whole blockchain space is about being "trustless" - meaning you trust in code and the network, rather than in individuals.
However I came to the conclusion recently that this EXACTLY is the problem: Ned (or Steemit Inc) and their large stake, which he/they can power down at any moment. Ned has shown the community (and the world, and any potential investor) that he's ready to do that. To me, he's holding Steem hostage, to be honest. If I were a large investor, I wouldn't invest for this one single reason. I do not trust him/them.
As long as this is not solved, as long as Steem is not truly liberated from that - I don't think we'll see Steem truly taking off.
It's sad. I love Steem, but I believe that this one issue - which proves the lack of decentralisation and "trustlessness" of Steem - is the main reason why potential investors are waiting for something better to come along, that is truly decentralised and has a higher chance for survival long-term.
Oh, I'm happy you commented here, Anja! That's a quite interesting and also new perspective which hadn't been mentioned so far, but I feel that there's a lot of truth in it.
The (theoretical) centralized control might indeed be a major issue, and that would also explain why there haven't been any larger investments lately.
Do you really think most investors base their decisions on code rather than people?
If EOS had been created by someone else than Dan Larimer, do you think they would be where they are today?
Exciting times! We're lucky to be part of them :-)
They base their decisions on “fundamentals”. The team behind a project is only one item of a whole list of points. Code, scalability, costs, transaction speed, level of decentralisation, daily active users, and “does it solve an actual problem, and will there be increasing demand for a solution in the future” are other items on the list.
Steem scores pretty high on many of them. But if “the team” suddenly loses interest and stops working on it (or actively destroys it) then all the other items won’t matter and go to zero.
Unless it’s truly decentralized. If we get to a point where Steemit Inc. is not needed anymore to maintain the Steem blockchain (and carry the apparently high costs) - if, say, everything can be run by the witnesses and the network somehow - then things could shift.
Mind you, it wouldn’t solve the issue of Ned’s large stake. So I don’t know ;)
EOS has many many haters, specifically because of Dan. “Because he abandons every project” LOL. I don’t think like that, but I believe small investors of a few hundred or few thousand $$ tend to go more by the people (Me: “I’ll invest in anything Dan Larimer does!” LOL) But the larger the funds, the more important the fundamentals.
I think we are undervalued, but I also understand why.
We have almost no Marketing, no branding and frankly our roadmap is confusing even to me.
:)
Do we want to grow the community?
Do we want to only grow the games?
Are we or are we not about Free Speech?
...
We've made RCs and Wallets and difficult for end users who would hear about Steem.
I love Steem, I'm here and acclimated but I do get frustrated with us shooting ourselves in the foot so often.
You asked, I had to be honest. Surely we can do better to spread the excitement that some of us still feel.
I always appreciate your honesty @whatsup and am glad you stopped by and commented :-)
It's a double-edged sword. On one hand we need a clear vision, roadmap, marketing strategy etc. which can hardly be created by a whole community. On the other hand we want this to be decentralized, providing literally everybody with a say.
I believe that the other projects do have a big advantage since they realized that you can't build a decentralized world from scratch. You need a group of people who pave the way for the masses, acting as representatives and in favor of the community's interest. You need leadership, at least during the foundation period.
Once the basement has being built, everybody will be able to build their own houses on top of it. But you need those leaders, those arquitects and designers who lay the foundation, who create that brand and give that ship a name and a purpose.
I feel that on Steem we never had that. That's why we don't know who we are and what we stand for today. As you said there are too many options and no clear vision.
I love this place, too, and that's why I like these type of conversations - they may help us to improve.
Have a great weekend :-)
Yes, Steem is underrated, definitely.
But what's missing?
If we don't have that huge guy who can attract thousands and thousands of users, we need a professional world wide marketing campaign!
Now!
The longer we or Steemit wait, the more we will regret it.
We don't need hundreds of apps, what we need are high quality, user friendly apps like Partiko or Appics.
The masses are not interested in blockchain technology, they like it easy and the work should be focused on that.
Have a great day
Tom
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Many are waiting for that one killer app. But probably we already have everything we need. I agree that applications like Partiko and APPICS are very powerful and do have the great potential to attract many.
That would be the user side. But then what about the business side? What about investments? Why are so many hesitating?
Thanks for stopping by and leaving your thoughts, Tom!
The point that you had said Trust that's what I had said in my upcoming video , I mean not uploaded yet but recorded it.
Second most important point is Unity
Believe me we are lacking alot in trust & unity . If we builded it then I can guarantee no one can beat Steem💪😊.
“Solely we can build a house But together we can build a pyramid” ~ By @freecrypto
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Unity... interesting! I will definitely need to watch that video :-) Are you going to upload it today? Just to not miss it.
I like pyramids though :-)
Yup for sure today within few hours 😊, ahh, I will try to give especial mention to you :). Basically a 15 minute long video, probably my longest one. Tried to cover almost all things, “Why we are not getting people like PewDiePie in our platform” in that part where I say all about unity & trust :).
I hope you gonna like the explanation :)
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well i had a chat with Nicholas Merten, aka Datadash and he is coming back to steem reactivating his account.
He has 340k subscribers. I mean its not pewdiepie but its not bad
Does he have a @dtube account?
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well if you have a steem account you have a dtube account but he does not use dtube. Most youtubers want their history to be saved longer then 1 or 2 months. Dtube is nice and I like it but its not suited for things like this sadly. maybe in the next update that @heimindanger was talking about
I believe you are right,
usually it is the singer and not the song that makes a sound popular,
it helps to have some personalities on board which is part of marketing.
I believe that is what's lagging or lacking,
the promotion stuff.
Regards
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Nice analogy, @jackramsey! I like your way of thinking :-)
If we were right, then improving would actually not be such a big issue. It would be harder to improve on the product than it is to talk about the product.
Or in your words: we already have a song that has potential to rock the charts. We just need the right singer to perform it and make it become that bomb breaking the charts :-)
Appreciate it,
Again I agree with you,
We need to support who ever will be our singer,
as fans, so our favorite music will top the charts.
Regards
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Hehe, count me in! I'll be dancing in the front row :-))
You are correct about personality like some figurehead for STEEM. But, I believe that STEEM have onboarding and adoption problem.
Compare STEEM to a hundred of cryptocurrency from Bitcoin to rank 200. Aside from EOS, all of them are very easy to onboard. Anyone can create a wallet in an instant.
I prefer the Bitshares model where you can have free account with username + numbers and paid one if you want to just have a short name like on STEEM.
Dlive registration made me realize that people just want an instant registration process like other crypto wallet which create address in an instant.
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Do you think that a better onboarding mechanism would improve Steem's standing in the blockchain community? I am not sure about that.
Wherever I go and talk about Steem people just don't take the whole project seriously, and I don't think that this is due to a relatively complex onboarding. It's as if all the other great benefits the blockchain offers were not so valuable since they're not part of another - more popular - chain.
IMO that lack of respect must have a deeper origin.
Maybe some ex-steemian have a deep hate in them and influenced others. With all the drama and flaws I still love STEEM more than EOS, Tron or Ethereum because it is cheaper to expand here.
But, again on the onboarding issue. I give you as an example, trybe.one on EOS. They have the typical social website registration. User can integrate the EOS wallet as optional if they want to earn the token.
IMHO I guess if there was another DApp on top of STEEM that let people join easily and make STEEM integration optional will make it more attractive.
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Maybe @steemonboarding https://steemonboarding.com and @steem.ninja https://steem.ninja will be able to cover that.
I do think Steemit is underrated but its because its been underperforming. Until we can reduce our churn rate, improve our retention and really show users there is a place for them here to interact and build their personal brand or community it will continue to be a unfulfilled potential we look at.
I think we need to focus steem's message to users less on the money making aspect and more on the free to do as you please and not being advertised to or having your data collected and used. I just feel the whole make money angle just attracts people for short term gains and those who stay are those who just feel this is better than traditional social media
Once you've established that user base these users will then filter out to the various dapps and projects they find interesting in the ecosystem. We need to really lay out a welcome mat
Do you think that a better retention and a stable userbase would improve Steem's image in the whole blockchain space? I am not quire sure about that. If you talk to people who're involved in other - bigger - projects, it seems that they just don't take Steem for granted. It's as if they thought Steem would never be able to grow out of its infancy. Probably that's because there haven't been many improvements during the first two years. Yet, during the past months there's been a lot of new use cases, applications and services being built on the chain that definitely add a lot of value to it.
Still, it's as if Steem was labeled to not be a recognized blockchain project.
Fascinating topic :-) Thanks for sharing your thoughts!!
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Additional Information : Dcontest.org is a Dapp founded by @freecrypto and developed by @neavvy
Oh @dcontest, finally I stumble upon your account! Well actually you stumble upon mine, but it's great you did, hehe. Like that I found yours! Following you now :-)
Thanks for the mention, that's very kind of you!!
A follow back is on the way, hehe.
Your always welcome mam😊
And a big thanks to you too for letting us to promote your video 😊, hehe :)
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What a vlog talking about blockchain with wave sounds :) Cute
Oh these were actually palm tree sounds, haha But the ocean is right behind of them :-))
Thanks!
The one problem with Steem is the ever increasing supply that we all know exists, but don't ever talk about it.
At current market cap, as at this time last year, Steem would have been closer to $1, but with the ever increasing supply, it's left to be seen just how long it takes for the inflation rate, to rally more than the rate of money coming into Steem.
Secondly, every divided house will find success hard to attain, Steem pioneers and founders leaving Steem blockchain is bad finger pointing at steem because, we’re living in a world of rivalries, I expected that when a deep question like this is asked, that Steem top pioneers should come onboard and explain things out; but you hardly see them attending to this type of meaningful questions.
In conclusion, the future is bright for Steem but then we must remain united and humble. Every project must be consistent in upgrading things so that we don’t end up with DApps and projects that has low or no problem solving capacity. Come on Marlene; we’re living in a world where unprofessional services are frowned at!
Even though we were able to fix the supply / inflation issue, would that improve the overall standing within the blockchain community? I have the sensation that Steem isn't really respected for other reasons.
Why does Steem don't play a role in those major blockchain conferences for instance? It's as if we were not part of the real game.
In that case, it means that we’re unique, they cannot beat us, they’re dreaming to be like us but they can’t! Let’s continue growing; they’ll eventually open up to truth and reality.
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