STEEM: Patience! Patience! Patience!
For more than 10 years, I studied different types of technologies. There are so many amazing things happening at this time that the statement, "there is no better time to be alive than now" rings true.
Part of the issue I have is being patient enough to allow things to unfold. It is very easy to get caught up in all the wonderful things we are going to see. Personally, I cannot wait for the day of autonomous vehicles so that not only do I not have to drive, the other meatheads on the road also won't be driving. Personal 3D printing is another technology that I am ultra-excited about. That is really going to change the way people live.
Taking this approach means that I am rarely looking at things in 2018. My life tends to be spent somewhere between 2023 and 2025. This past weekend, in fact, I was charting some technologies to see where life would be around 2030. Many of these exercises are just for fun, others have a useful value.
One thing I am convinced is that blockchain is going to be a major force. We are going to see an explosion over the next 5 years. This industry is just getting started. We see so many different projects undertaken, both by individuals and by corporations.
Nothing ignites my optimism as much as STEEM. I might be the most bullish person on this site about the future of STEEM. This blockchain, based upon the development we already witnessed, is incredible. People take exception when I state this can be a top 5 blockchain. With what is already forming, I can see that possibility.
Of course, the fact that we are so early in the game makes it painfully slow. There is a lot of experimentation that is taking place. This causes us to get excited yet often find the results do not match what we were expecting.
It is imperative that we understand the technological failure rate and how important that it. Success, especially in the tech world, is rarely a straight line. There are always issues that need attention. Bugs are a fact of life in the programming arena. This is true no matter what one is coding. I believe this only gets more difficult when people are working in fields that are entirely new.
Venture capitalists in Silicon Valley aim for a 10% hit rate. That means they lose money on 90% of the projects they invest in. This shows how high the failure rate is. There are many legitimate reasons why projects do not work out. Under these circumstances, rarely is a scam one of them. When creating something new, there are many headwinds to contend with.
The reason I bring this up is to drive home the point that we all need to be patient with STEEM. We know there are a lot of things promised by the development team. It is frustrating to see things advancing at a snail's pace. Being a non-geek, seeing an update about improving the loading of a particular piece of software does not excite me. In fact, most of the time, I do not know, nor care, what they are talking about...until it stops working that is, then I care.
I am in full support of the focus upon scaling at this time. The main lesson from Ethereum is to not get popular unless you can handle all the transactions. The fact that some of the developers are looking to have a blockchain that can handle 100M users is very encouraging.
Sadly, some days are like watching grass grow or paint dry. It often feels like nothing is happening. The world of development cannot be rushed. They take one step forward, two steps back.
Ultimately, I feel our patience will be richly rewarded. Smart Media Tokens are going to be incredible. STEEM is presently under the radar. Yet, we need to remember that a lot of work went into getting us to this point. A number of paths were pursued that turned out to create results other than were sought. This necessitated changing course a bit. We are seeing that again with the introduction of the Oracles to the Smart Media Token technology.
I always like to go back to the basics to keep things in perspective. Blockchain is taking off because of the incentive to build commons. The Internet was founded upon commons created by the government. TCP/IP is probably the most famous. From there, others such as SMTP and HTTP(S) were added. Commons are so ubiquitous that we do not even know they are there. We take them for granted.
We know with the Internet, from the commons sprang the platforms that moved from social value to company value. This created a problem since, even though linked, we now understand how the social value can be cast aside. Facebook is a living example of this today.
Blockchain solves this problem since we are erecting more commons. The incentive to those creating the blockchains and the applications upon it is the tokenization of the process. This is where people stand to profit. This provides a much greater chance that the social value of the platform created will remain. Since nobody owns the blockchain, the community is that decides what takes place. This is a radical shift.
Like they say, Rome was not built in a day. It is going to take time for everything to unfold as we believe they will. There are going to be bumps in the road with unexpected outcomes. Some of those will be embraced and beneficial for the community; some will require more attention to alter the path we are on.
Patience and focusing upon the big picture are traits to put into practice. The entire industry has about 3 years of development before it really makes an impact. Expecting everything to arrive in the next 60-90 days is a bit unreasonable and only going to cause frustration.
STEEM is going to be enormous in my opinion and a major player in the blockchain world. Five years from now, there are going to be millions of people on STEEM without even realizing that is where they are. They will be enjoying the applications and doing their thing, helping to push up the value of this blockchain even higher.
And we will look back at this time like it was a blip in history. The Internet was not the society changer in 1993, but it was by 2005. It takes time for things to fully roll out.
Patience grasshopper, Spring is just around the corner.
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I'm hoping that we will see $10 Steem this year.
I like your optimism. I'm not sure I can completely buy into it as I see a lot of societal challenges that will have to be overcome, but I do like your positive outlook. I hope you're right.
I am also super bullish on steem and I've put quite a bit of money into investing in it, powering it up, and finding ways to leverage that SP to maximize my earnings from it. It's my #1 largest holding by far--I have 4-5x as much $ value of Steem as I do any other crypto. That's how confident I am in this blockchain.
I also usually take the opportunity to buy any time the price dips a decent bit below $2.50, which it has recently. Most of mine was acquired last fall but I continue to add when it's below this level when I have the funds available. I'll probably scoop up a little bit more this week....
I get eyes rolling when I'm speaking to others outside of the blockchain about the benefits of STEEM in the long run. People are more excited about projects that have 'speculation for potential' rather than something that has usability RIGHT NOW plus massive potential down the road.
You summed it up perfectly here:
That...Right there is why I'm so excited about it! That's real potential and real usability today and tomorrow!
sounds about right
Great article thanks for sharing.
People need to remember that Bitcoin took a long time to hit it's heights of today. Patience is the key in this game and i think Steemit will become one of the top 10 currencies.
While all this is pretty exciting to think about, I only hope we live long enough to experience it. I however prefer to live in the moment, each day like it's my last.
Great Post nonetheless. Enjoyed reading it.
Xo
@taskmaster4450 I was a Stockbroker for Charles Schwab for 13 Years. I started in 1998 and I saw what Internet Trading did for the Brokerage Industry from its infancy in 1997 Thru the Dot Com Bubble of 2000. You are right Technology does have growing pains and I was there first hand. What is really interesting now is that I don't care if I ever own a Stock ever again. Crypto is here and we are Here Now at Such and Early Stage and because I already lived through the beginnings of the Internet I already understand the Vision that we have to see what Crypto will do. Everybody just Relax #steemwillmakeyourich .......
I recall going to networking events in that time period and there were always 3 or 4 stockbrokers there....
Now, do they even exist? The advent of online brokerage accounts for $5-$9 for a trade killed the brokers.
Yes they still exist because the Masses still all have their Retirement Funds in 401K plans which mainly hold stocks. I feel sorry for these people...............
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You take a longer view than I do. Not because I don't want to, but I'll be 79 years old in 2030. I am not at the end of the road, but I can see it from here.
Doesn't mean that I don't agree. Simply means that I have to set my crystal ball a little shorter, and I see the possibility that Steem can become a serious player. I'm betting my time (which is incredibly precious) and money on it.
Rah rah! Thanks for the post.
That's maybe an understatement :)
Indeed we need to have patience. We can compare it with this:
When people started to build bridges, lots of these early attempts failed and bridges collapsed. But still because they did see the value of bridges, they kept learning from their mistakes and improving the bridges. Now a days, we rarely see a bridge collapse.
The same goes for creating software, new project or technologies. All will have their issues. The project, technologies and so on, who do learn from their mistakes (other from the mistakes of others) will have much more chance to succeed than the others.
If we look at the crypto market, I would be very glad if 10% of the coins, would rock the world. And it would be better if the only coins in my portfolios would be these ones. To bad, this won't be the case!
The Steem blockchain, indeed has some issues. But at least the ones who are evolving it are learning and fin tuning the system. We the early adopters do feel this, sometimes for the good, sometimes for the worse. The people who will enter within 2 years from know, will think that the platform then always will have been like that! The more wintered Steemians then, will beg to differ full of anecdotes :)
So, yes I will have patence together with you! And while I do have patience, I will enjoy my time here on the steem blockchain!
Cheers,
Peter