The future of Steem and other blockchains could be darker than we do think off!
Let start with the beauty of nature! A beautiful sun rise this morning. Maybe even nicer than the previous one I did post!
The previous was much more red, which is more orange in this picture! Could it be that this the omen that the dark crypto days are behind us, or is this just the beginning!
Steem
@ned wrote that he had to let people go from the Steem. Inc! And the Steem blockchain is no other than the other blockchain projects! It is maybe even stronger and doesn’t depend anymore and the funds raised during an ICO.
ICOs last year were mostly funded with ETH and the ones who didn’t sell everything back can also have to deal with financial problem! The ethereum raised during those ICOs are now burned 10 times faster than a year ago. These projects have to pay there blockchain developers, testers and infrastructure. If this bull market will keep on going, lots of projects will face the same problem!
Is this bad?
Yes and no! Yes, because some very promising projects will be delayed, some will even be cancelled! Which could be a loss for all of us!
No because maybe it is time to have a small clean up in the more than 1000 coins which are out there! We all know that there are lots of shitcoins out there. Projects from which we know that don’t have any future left.
So if you still believe in a project it is now to step in and buy some more of the coins of the project who do have a future and which do need support. I am not saying that the price would drop even lower, but some will just need to sell some of their beloved coins to keep the project going. And if we don’t buy them it could result in “game over” for some! In some cases buying coins at the moment, could mean the difference between a glorious future of the project or “death”!
Back to Steem
I didn’t read all replies from Ned on the questions he received. But maybe some of these people could go to his new company to keep steemit.com improving! If I am not mistaken he did separate the front end from the blockchain. But I do think that we all can agree that this is not a situation in which we do want Steem to be in.
Regardless of what will happen with the people, it will slow down the SMT development process. Nobody can deny this. And while I do think that they also should have focusses on the communities. The SMTs is maybe which can bring new projects, dapps and people to the Steem blockchain!
A certainly the timing is very wrong. We now have with @steemmonster a project build on the steem blockchain, something which erases borders. They do attract people from outside Steem to make an account and play! At the moment they are raking in the steem and if steem prospers again they will get the rewarded as they should be!
The SMTs should have become the platform which allures other projects to the steem blockchain, which does give projects a chance to build something without a very costly ICO. They could earn while they build with delegation, posts, upvotes and so on!
With the slowing down of the SMT development, they will give other blockchains the chance to bridge the gap and to decrease the lead steem has at the moment. Heck even some which were thinking about coming to the steem blockchain will maybe never come because too little too late! This missed an opportunity with the communities, which is shown in all the steem like clones which are focusing on a certain community. Maybe the best example of this is @scorum!
So, yes we are at crossroad and the question is which direction everything will go. Some will even never cross the road!
Some will go for the exit and some will bite through and maybe prosper. For sure in these days it could be the fact that doing your best isn’t enough and is not guarantee for success!
Don’t consider this financial advice or the direction steem and other blockchain have to take. For each there will be a different scenario!
Just remember that most project are business with people who do need to get paid. They also need to pay for housing, electrity and so on. They also need to support their families!
There are always to sides to a story! And we can only judge if we do know both of them!
But I can assure you that lots of project are undergoing financial troubles. And these troubles are on a much different scale than we as investors of these projects have! For us it would only be a loss if we decide to sell with a loss or if the projects stops!
Probably not the most structured post I ever wrote. But you will have to do with it!
Cheers,
Peter
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I don't even know what an ico is. I bought over a million holo and if it would up all the way up to one cent each then I will have loads of dosh. I have the feeling that there are too many big money bots creaming off and new investment so that bitcoin may never go back up again
I have no real idea with what is going on at the top, but Steem is one of the few chains that is actually doing and delivering. This is in stark contrast to the many vapourware projects that have spring up... Hopefully, this counts for something...
I don't mind the scaling back or change of focus. It's understandable in a year long bear market with prices down where they are.
What i'm worried about is the delay in these since there are a lot off apps waiting to build on the system and which would bring a lot of noise to our chain.
ICO funded with ETH also have the potential regulatory burden in the Unites States as they have recently announced action against two that will need to offer refunds and damages to investors as well as a settlement payment. This would add to their strain which will probably kill their projects immediately...
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Mhh, didn't knew that. While I can probably understand the demands of the investors, I don't think that this is a good evolution.
We all knew that investing in ICOs was like playing roulette. You could win big or loose it all.
Many of the other DAPPS would fall as well if STEEMit.com went under. With the community here, I can't imagine letting that happen. Crypto in general drop 70% = 70% cuts. When Bitcoin goes up, STEEM will go up. We have the added benefit of not just a stake, but a stake that empowers us to do something with it besides sit on it or sell it.
Passionate communities will make the difference as the shit coins get killed. We will survive!
Communities can indeed save a coin from the darkest days! This is valid for all crypto coins.
I did try to watch the live session of Ned, but the more he talked the less he said. I still have no clue how this will have an impact on the SMTs.
The dapps will have all interest to save steem, which where Ned is hoping on. At least that is my idea about this all!
Ha! You said shitcoins...that makes me laugh.
Speaking of shitcoins, do you know anything about IOTA? When it came out, it sounded like kind of a big deal, but I haven't heard anything about it lately. I was wondering if it will be tied to the 'social credit score' that I've been hearing about as well. Any ideas?
I did had IOTA on my list in the beginning of the year of the coins where I was interested in. But back then it was too expensive in my eyes. At a moment I just decided to ignore it, so I have no clue what their status is.
Sorry!
It's pretty low at the moment, along with everything else. :-) I'm still hoping for a recovery though.
Iota was my moon coin last december but then their tangle system showed lots of flaws and a few dev's found holes so it fell off map. Back to normal now though.
Yeah, I think I first heard of them around that time as well. I'm still hoping that they will work out whatever issues they had. Tangle sounds like interesting technology, even though I don't fully understand it.
I still totally believe in Steem. I think a bunch of shitcoins could die off, but Steem isn't one of them. We'll survive this crash and then come out stronger and just grow even bigger than ever before. That's what I'm hoping for anyways.
Let's hope it does! Let's prosper!
Cheers,
Peter
ughhhh another setback in crypto.
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SMT's were a distraction that wasn't needed, they should have stuck to the core blockchain and supported and helped the DApps, they are what will make or break Steem. Blogging is not taking off but then again no improvement to the interface to organise posts or feeds, the simple follow and followers list was ok for a while, the amount of users on now requires tools to find content that is relevant. I was hoping Hive minds and communities would provide a fix. Honestly its been a year and I really see nothing has been done. The talk Ned gave at Steemfest was terrible and he must of known the situation before going. Like others said he could have used that event to galvanise the community and look for a way forward. At this point in time I think he needs to take a step back and let someone else take the lead.