The FOMO (Fear of missing out) and why you shouldn't care when holding STEEM
Hello my dear Steemians.
Today I wanna talk about the all so present FOMO, or "Fear of missing out".
Looking on websites like Coinmarketcap.com is rather painful in the last days and weeks, at least for me. There are coins ourperforming "STEEM" who have
- No real product
- Do not scale
- Have literally proven to be a scam
Hell, even Dogecoin has a higher marketcap than STEEM. And it kinda makes me feel a little furious. It raises the question wether I should invest in those other coins just to have a piece of the cake?! But here is my answer: NO.
And here is why:
I personally think that we are in a bubble right now, there are just too many signs and red flags out there. People are trying to make as much money possible without actually caring about the technology behind all those coins. Every developer who uploads a whitepaper and uses the words "decentralized" and "blockchain" gets millions just for an idea he has. Oh and don't get me started about that McAfee guy, he litereally pumps coins to get his friends and maybe himself even richer. The market as it is, is very unhealthy. But guess what? A bubble has to pop at some point. I don't know when this point is reached but I know one thing for sure:
Coins who have been proven not to be a "shitcoin" will rise to the top after the bubble popped. Many stupid investors, who fell for the quick-buck-coins, will loose a ton of money and the people who carefully chose their coins and researched for days and days will be rewarded.
Conclusion: So is it really worth holding STEEM when you could join the mooning-mission of other hyped coins? Yes, it definitely is. STEEM has such a superior technology behind it and social media itself is a market with huge potential for growth. I won't tell you, that you will be a millionaire in a couple of years from now holding STEEM, but I can tell you that you are doing the right thing not joining the stupid-money-train heading for potential disaster. Just believe in the product, believe in the community and watch it grow in a healthy way.
Just a few thoughts for being optimistic about STEEM:
- Check the Alexa Rank from time to time, we are growing every day! Every rank we are moving forward, the more valuable Steemit will be. Have you even thought about what a "facebook-coin" would be worth today if they issued one at the start of their platform? Just think about it.
- SMTs are arriving in early 2018. Have you seen Appics (@appics) ? This will be the first social-media app using an SMT on the STEEM blockchain. And wow, it looks promising!
- Yes, Steemit has it flaws. But do you remember it is still in beta? A lot of things will change in the future and Steemit will be more accessible to a broader audience.
- Nobody outside of Steemit is talking about the STEEM blockchain. Just look in all the crypto-boards and you won't find anybody talking about it. Try to mention it and you will get attacked by haters all along, calling STEEM and Steemit a "scam". There are not a lot of people that see the potential that STEEM has, maybe because of the price history?Or maybe just out of ignorance. But we, the true believers, we know what kind of gem we have in ours hands. Hold on to it!
Have a great day!
I appreciate that you are shilling for all the right reasons but anyone who has been closely following the Steem mess (Steemess?) recently would tell you that Steem is pretty much centralized. It is a bickering battle between whales to prove who's morally superior and a squeezing/bleeding to the last drop of the platform from minnows.
I completely agree that crypto is in a bubble but that includes Steem. This place is in a constant struggle between producing good content vs making money. As far as I can tell right now, making money is winning. There's still some good guys out there but their voices are only as loud as their wallet balance.
Oh, and marketcap is a misleading indicator, Dogecoin has a higher marketcap not because it is better or has higher value. There's just 400 times the amount of dogecoins comparing to steem.
Haha yeah I’ve been looking at some of the whale fights lately...It’s an insightful window into what happens when people suddenly wield enormous power, and the ugliness it reveals in the human soul.
I was out of the loop for about 5 months, so I just read about "bellyrub" and "haejin" yesterday. Mind blowing. So much conspiracy surrounding those whales.
Thanks for your comment. But keep in mind that STEEM is not only Steemit, there is a whole ecosystem evolving around it! But you are right, Steemit itself is in need of a lot of work.
I just hope it gets sorted out before corruption in Steemit poisons the rest of the ecosystem.
Very common the FOMO hahaga
Wowwie! You pump soo much optimistic point of view to everyone. However as you mentioned it is really painfull to see the currency loose value against other cryptocurrencies which you trust in. So let's just enjoy steemit platform. That is the only point.
As much as I am in support of steemit and Steem, I feel people here on this platform have not promoted the platform enough, the more the publicity the more the value increases...
You should notice that with bitcoin, the more people knew about it the more the price grew despite price variations. I feel steemians should work more on promoting the coin.
Thanks for this post
I am @official-hord
Well I see it a bit different. Yes, there is lack in promotion of this platform but you have to remember it is still in Beta.
What would happen if they would start a huge promotion campaign right now? Tons and tons of people would try to get onto Steemit but the platform is not ready for those masses. The registration is slow and incoenveniant, the whole UI needs work and the whole payout system (transferring SBD to STEEM than to BTC and than to FIAT) is just to difficult for normal people. It would be the death of Steemit when suddenly millions of people would take notice of it.
Slow and healthy grow is the key!
Yeah I understand your point, but I think it's better the registration stays that way, and for the payment method it should be worked upon for steemians to be able to withdraw to fiat directly from the platform would be awesome.
I feel you @official-hord but I think Steemit has a real shot at organic growth. At least with organic growth their is an opportunity to attract the right type of people to the platform instead of just speculators. I'm a little bumbed that my recent investment into Steem has decreased. I trade bitcoin cash to invest $1000 in steem. That was pretty much all I had in crypto and it is now only worth $700 so my FOMO on other coins is real but I'm hoping to earn from participating
Well lucky you, it mooned so congratulations man, hope to see your gain more from investing in Steem.
Congrats
Yes, yes, Yes! We likely are in a bubble, very similar to the tech bubble of the late '90s early 2000's. But look at the people who made smart investments on companies that had a solid model and substance behind them! Apple maybe? Google? Amazon? They are giants now. The cream shall rise to the top and I am also optimistic about Steem!
I have a collect as much as I can and hold it philosophy. Even when the bubble pops, and it will, there will still be a market here. Like others have said, we are all still babies trying to stand up when it comes to cryptocurrency.
Good insight here regarding Steemit.
JGV
Yes, it's a bubble, but the bubble won't pop until trillions of fiat has been pumped into it, and yes, the companies with true value will survive and become bohemoths.
I do think one can benefit off non-inherent value coins at the moment as long as you don't buy into the frenzy and set hard sell targets.
I think a good gauge of the bubble bursting is when you actually hear about your parents/grandparents who have no idea what a blockchain is holding crypto through some 3rd party investment fund.
Also think Steem has no strong competition at this point and will continue to thrive until such time, and Steem still might thrive afterwards.
Very common the FOMO Jajaja
This post has received a 2.42 % upvote from @booster thanks to: @wanxlol.
Is a good post thank you bro!