Vlog #77: Is my passion for Steem making my judgment about it cloudy? I don't think so.
I had a conversation with a store owner (that is into crypto) about STEEM. He said that the fact I've invested already and that I use it every day is clouding my judgment about it.
It's a fair question, to be honest. Being emotionally and financially invested into anything can cloud your judgment.
Starts @ 3:06
You can lose a lot of money if you keep pumping money into something that is on its way out. Like a family business for instance that is making a loss. The right thing to do is to cut it loose but the emotion makes you keep putting more money into it.
When I invested into STEEM there was so much FUD (Fear, Uncertainty, and Doubt) that it was on it's way out. But it never was. It was actually growing and the huge potential was always there but most refused to believe it.
I guess having some knowledge about crypto to realize it was just early miners/bloggers dumping their cheap STEEM helped.
The blogging difficulty has gone up now. Some early bloggers managed to gather 10.000+ STEEM easy and sold it but now realize that it's almost impossible to earn this back. That's what happens when a crypto gets more popular. It will be more difficult to earn STEEM by blogging with the same effort just like you can't mine Bitcoin anymore with your laptop.
The fact that it's harder and harder to earn STEEM tells me it's growing. It's more and more users, using a lot of different tools (aka development) to compete over a reward pool that is fixed.
The Steem blockchain will continue to grow and develop in the future and because it's social media it will find its way all over the internet with time attracting even more users. This is something most other crypto's lack and is another very strong aspect of the STEEM blockchain.
The price of STEEM in the short term doesn't matter. I'm invested for years. I believe it will go up in the long run because of the growth I'm seeing.
Follow Me @exyle
I think you bring up very valid points regarding the long term value of Steemit and I agree with you. I think when Dtube and Zappl take hold, this will change the media delivery method of the Steem block chain to new users which I think will be a big shot in the arm. It's very tough to earn money on Steemit presently. It takes persistence and hard work, and there's simply not that many people willing to put in the time and effort to do it by blogging.
9 out of 10 people are consumers of media, but don't actually provide content themselves. This is prevalent over all aspects of social media whether it be youtube, twitter or blogging. By Steemit covering all avenues of media delivery, it's users will increase dramatically, even if we don't have the amount of trading on the exchanges to show it. This is where I see Steem as being misunderstood the most. Steem get's beaten up by the speculators and traders b/c it's fundamentally different than the more traditional coins. Facebook's value lies in the amount of users it has. This is so b/c they can monetize their users through advertisements. With no ads on the block chain, this makes valuing Steem much more difficult, but it makes it incredibly attractive for businesses and marketers to be a part of Steemit b/c of the tremendous amount of users. They can reach so many prospective target demographic customers as communities continue to form and there's incredible value in that, which you've detailed many times.
I definitely agree with your long term outlook for Steemit. As time goes by and Steemit organically changes from a blogging site to a full scale social media delivery system, only good things will happen. Great insight as always brother, have a great Friday!
Yaaaas the pokemon shirt is back. I absolutely love it @exyle haha.
I didn't even realise BCH even spiked that much. I thought it would keep depreciating but I don't know if this a sign people want to change to BCH for faster transactions and lower fees or it is just purely another pump and dump that has constantly been happening with the coin.
I recently had I lucky escape. I'd invested into TenX when it was $4.30. I was going to keep holding for it go up around $5 but I just sold at $4.60 since I saw there wasn't much interest or hype around the coin and now it has plummeted all the way down to $3.82
It seems like Steem constantly keeps going down. It is $1.10 at the moment but I guess sooner or later one day it will explode. That is one of the problems with crypto. You can have huge spikes or collapses in a matter of minutes sometimes.
If I make a huge gain in a crypto sooner or later I'm going to funnel it all back into steem so I can increase my steem power while it is cheap.
We are all passionate about the steem blockchain and we can see the huge potential but people on the outside are infuriated with the constant steem/sbd wallet down time as well as they are sceptical about the concept and that it is going to collapse one day.
Personally I've seen my earnings plummeting now. It seems like it is harder and harder to get into the limelight and get some exposure while the number of people joining keeps increasing. Maybe I'll fade away when HF 20 hits. I definitely don't think this is the end of my steemit journey and I'm still going to continue spending a couple of hours every day making my blogs.
I hope you have a fantastic morning as well bud! :)
Don't give up man. I never have and I have written for pennies for a long time.
Impressive work.
I guess I should be more optimistic.
I should cherish this moment.
I have been given this once in a life time opportunity that people next year or a couple of years down the line wish they would've had.
Thank you for your reassurance which I really needed@exyle, it means a lot
This is awe-inspiring.
On the title, I think it's clear that your judgement is DIFFERENT than others on the topic... you (and me, and most of us) are invested heavily here, time or money, so that can create a judgement "cloud" for sure. It's almost inevitable as a human...
But your reasoning throughout the rest of the video is solid. This is one of the cool things about Vlogging is how it lets you check your thinking - if you ever start sounding like a raving lunatic, hopefully we can challenge you at that point :-)
Please do when I start doing that :)
Thumbs up!
I'm loving it!
Steemit is long term.
Best thing for steemians to do, stick around and post genuine stuffs.
This is the first platform that incentivize me to post.
Keep on steemit!!
I feel the same man.
Well presented.
With you there, that's why I am clinging on to all my hard earned steem because it is getting harder to get and that will make it more and more valuable!!
You get it, man!
Great delivery!
Absolutely! For the long haul!
This is sensational.
This is so helpful.
I can't stop watching/reading/listening.
At this point, you'll probably not be able to buy BTC Cash for a cheap price. Crypto in general makes it hard to time anything. I believe that the price of Steem will increase in the long run. The increase in the number of users signing up and rise in Alexa ranking shows that the community is growing.
It might still cloud your jugdement, being so emotional attached to the platform. I see a lot of problems Steemit faces, (just as well potential!) but I think the longer you are here, the more you are invested, the less willingly you be wanting to see those flaws. Although that being said, I have seen some deeply invested people address some of the more serious issues, which I am very happy to see. As like everyone here, I hope to see things grow.
@exly never look at prices, I simply look at retracements of a recent run up. Also look at the larger time frame, I try not to look at the hourly or 15 minutes for something like Steem, because Steem is a coin you hold for the long term and you use it right here on this platform.
And expert also said in last of year steem price was 4.5$!!
Well thanks for sharing with us your thoughts
sure steemit is a good platfarm it give us many benefits we can earen money and get knowledge and enjoy as sociall media and i really love steemit i start is 1 month ago and i m so happy and i advise others to use it if they use the other social networks and hope steemit is grow up and one time steemit is only a one social network will be nmber 1 like as this time facsbook and also thanx to share ur post and video on bloging and steemit points @exyle sir
How does everyone around you know about crypto, last time it was your mail man and now its a store owner!
Bianca (girlfriend) says you attract what you care about....maybe that's it :)
This is gold standard material.