How Steemit like DApp on EOS is not a threat to STEEM? However, STINC has to naturalize FUD related to any EOS based Social Media DApp killing Steemit.
People forgot that maladies such as whales circle-jerk, spamming, voting abuse existed when @dan was CTO of STINC. He did not have any magic wand to solve burgeoning maladies on Steemit or any future social media Dapp on EOS.
Some problems may have algorithmic solutions (e.g. how reward pool is distributed, flagging etc.), some maladies will be handled by good whales created by bad whales. The needs of a blockchain based social media is to try repaid trials and errors on what works and what does not.
People are frustrated on the slow progress of Steemit. It is still beta after two years and there is still no filter to remove resteemed blogs. People are frustrated with UIs, trending posts, voting usages, low rewards on hard-worked contents etc.
What STINC got it wrong is that they are ignoring Steemit and focusing on STEEM's expanding features (SMTs). However, since Steemit is the fore-front presentation of STEEM, all maladies and FUDs around it, is affecting STEEM (i.e. at least its price).
No wonder, a blockchain highly regarded by the top rating agencies (e.g. Chinese ICT ministry, WEISS rating), ranked so low (e.g. 35) while most of the top coins do not have a viable product other than lofty roadmaps.
Perhaps, STINC is developing lofty projects similar to other top smartcoins, however, they are victim of FUD everyday, being in Social Media and too transparent.
STINC needs to realize these FUDs can be powerful enough to deter new investors to stake in STEEM and move to another project such as EOS. If potential investors think that @dan is developing next generation Social Media DApp that will be better than Steemit, why would they invest in STEEM. They will buy EOS due to marketing games played Block.One.
One such game is recently played by @dan where he chatted that he has completed 90% of the codes for BTS3.0 and STEEM2.0. STEEM2.0 is perhaps a misnomer.
Most probably, @dan is building a social media DApp like Steemit on EOS. However, don't fall on the prophetic speech on its superiority over existing Steemit like a gullible believer. Steemit had all the problems when @dan was here. He is not cure for all Steemit diseases, perhaps creator at the beginning (pun intended). It might have some extra or better features, but it will have its own maladies. EOS is already controversial for its very skewed centralized distribution and chaotic governance.
On the other hand, if he meant STEEM2.0 as another stand-alone cryptocurrency, he will bring his own downfall. Already people are skeptic about his whimsical character on leaving his projects before finishing (when problems rise). STEEM2.0 will doom his EOS project too.
Social Media is a rocket science if not less. I don't believe @dan is the Jesus of Crypto land that HE will cure all the maladies of Steemit. It needs rapid trials & errors to find an optimum ground. One Account One Vote (1A1V), whitelist, Good Person Token all are good proposals from STINC, which they may roll out in future.
However, STINC is extremely naive, silent and slow in communication which creates FUD among existing and potential investors. They are not active in external social media spheres such as twitter, reddit or facebook and main-stream media. Therefore, their work is mostly invisible to outer world and create opportunity for others to attack.
Interestingly, the game of staying top 10-15 cryptocurrencies without a viable product, is to deliver lofty updates on shiny roadmaps every few hours (e.g. TRON or Cardano's updates on twitter). TRON, Cardano, any new ETH killer coin do it successfully frequently, take STEEM's share.
On the other hand, @dan and his cohorts at EOS are extremely good at communications and aggressive marketing, which also brings in potential investors and scare existing Steemitians.
It is a very competitive field, only the fittest will survive. Today or tomorrow another Social Media Dapp will rise on EOS or ETH or TRON. They will have better marketing but do not have technical know-hows of STEEM being the early mover for two years. However, they will take shares of STEEM, if STINC and @ned stay arrogantly silent on its activities to the outer world.
Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions.
Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.
Thanks for reading.
@riseofth
Cryptominer since 2013, occasional trader and tech blogger
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nicely written. mostly agree with your observations and conclusions. upvoted and resteemd
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