[Vlog] Steem is a different kind of crypto...
Speculation and greed
While packing my bags for my travels to India I was reading a post by @ats-david and it articulated a sentiment I've long since got over in crypto. That is; when presented with a cryptocurrency that ticks the boxes in terms of free and fast transactions, scaling and on-boarding why doesn't the crypto market get behind it?
While I agree that marketing and network effects are part of it, the reason in my experience is more simple. The cryptocurrency market is (currently) driven by speculation/ greed not utility of the technology.
I put together this quick video before my trip however only got time to upload and post it this morning:
Divorcing tech from the market
I learned a couple of years back to divorce the technology/ innovation on one hand from the market/ price on the other. Much in the same way we can now easily divorce "the internet" from "the dot com bubble".
In a bubble it is easier to sell a promise; than to sell reality.
Steem is delivering on the decentralised peer-to-peer network, at scale. People commit censorship resistant transactions to each other every day; financial, social and 'gifting' transactions. Steem is living and breathing the essence of blockchain technology.
Most other cryptos are what I would call a "peer-to-Exchange" network. By this I mean the majority of transactions on those networks are from individuals to centralised Exchanges. The closest people get to large scale transactions with each other are trades, off chain, on a centralised Exchange. Other cryptos are trading the 'promise' of a decentralised peer-to-peer network at scale.
It is what it is.
We are deep in crypto-bubble land. Pumps happen in bubbles. Even Litecoin pumped. It was written off for dead less than 18 months ago. Steem no doubt will get it's turn.
However I'd invite people to look beyond the pumps and the euthoria of today. Just like in the birth of the internet real use cases will emerge after this bubble. I believe Steem and DPOS has a good chance of standing the test of time and that for me is the real focus. In the meantime I'll need to be content with Steem "only" going 15x in a year!
Dude you are so right about the greed and speculation. Like Verge going up 600% off of a John McAffee tweet. Great post as usual.
I also wanted to let you know that I really appreciate all your support on my posts. You really have made my Steemit journey a great one and I can't thank you enough for the support. It really means a lot and I do try to put out good stuff to help this community... and have a little fun along the way. I just want to say thank you and let you know I am grateful. Very, very grateful. Have a safe trip and enjoy the time with the family.
Absolutely true, there is no real convincing case for a typical bubble than the promise of a huge return. A discerning man will take to his heels on hearing that rather than mortgage his house for something that solves no reality problems.
Utility, scalability and already leading the (tx) pack... https://blocktivity.info/
Couldn't agree more that Steem is a different kind of crypto that should be looked at with the long term in mind. 2018 will surely yield some exciting milestones that will prime it for some disruptive years ahead. Great post @nanzo-scoop!
steem is a very different crypto with lots of development around from the front end to the back end.
The development is always on 24/7 to be more honest their is a great dedicated team towards making this block chain the best in the crypto world :) ....Thanks for sharing your views on this great video :)
People who come to steemit just to get rich are bound to be let down. unless they want to buy a bunch and just sit on it for a few months or years. I am amazed we dont have more of those type of speculators who don't post, just sitting there waiting
I think you find if you look at many of the top steem power holders (e.g. on SteemWhales) many don't post, vote or participate; they do just as you say sit on their steem. Im sure there are many more sitting with their Steem on sn exchange.
I'm very positive for steem and sbd in 2018... You are so right, patience :)
@stackin May I quote you on this ???
Great stuff! Steem is a functioning, effective, always in motion product. I don't know if that makes sense but, yeah. I agree with everything you are saying. You obviously can put it all into better words than I can! Steem on!
Just joined yesterday. Everything you are saying is kinda new to me but makes totally sense. Thank you for putting your thoughts out there.
Its a lovely project to embark on...thanks for your support and direction @nanzo-scoop .it has always been so much good to minnows like us
thx nanzo.. this is just the beginning... we are in the prehistoric phase of crypto.. we must be so happy to be here...regards rival ( witness)