I'd like to start this post off by letting the readers know that this will be me basically placing my thoughts into it as they go, a free-write if you will. Many have asked me lately of my thoughts of Steem, where I see it going and what I see it doing in the near future. Many want me to compare it with other currencies and many are wondering if we might be nearing an end. I will try not to do any editing unless I find some typos after reading it through before posting, welp here we go.
Steem is quite different to many other currencies. First let's start with a brief history of the other big crypto names out there.
Bitcoin started a long time ago with people finding out about it, most not even being able to purchase it anywhere except for trading it with some people on forums through Paypal or other payment options that made it easy to trade with strangers. We've all heard of the 10k BTC Pizza as somebody wanted to spend his mined Bitcoins and a stranger offered to order him Pizza for them. There are a lot of similar stories like that and that's normal, no one can foresee the future. What seems like a good deal at the time is enough for some people, they move on. As Bitcoin became more popular others started to figure out ways to mine it faster, with graphic cards after processors and with time they figured out even better and more efficient ways to mine it through ASIC's.
Some people saw what others were seeing, some couldn't read code but trusted others that Bitcoin indeed does what it says it should do. Some saw it as a way to get rich quick from hype, some saw it as a way to anonymously buy illegal stuff from the internet, but some saw the true gamechanging potential. They may not be many but those that stuck to that belief have been handsomely rewarded now, some probably more than they can have ever imagined. Like all things though, for some people it may have changed lives for the better or worse. There's always someone losing money in trades if someone else is making profit, with Bitcoin it didn't have to be this way but there are always people who don't have the patience to see it through and want or need the profit turned into fiat. Regret is a common word in cryptocurrencies, and each time Bitcoin goes up to new heights regret goes in waves back to everyone who left it for good. These are the same people who FOMO in when they start hearing news of recent pumps and everyone talking about it again in a more fair and good light. Its a cycle and no one knows how often it will repeat itself or the consequences of the money as we've known it.
Without getting too deep into that, I want to talk about other so called "altcoins" that started popping up. I was never a fan of Litecoin, I mined Dogecoin early cause there wasn't much else going on at the time and its always fun to get in early on some coins. Dogecoin did this in a fun way by having a massive supply and blocks being full of millions of coins, it made waves of being the fun coin, communities sprouted, gamers started using their hardware to mine it for fun, etc. Doge was never meant to be more than just that fun coin you can experiment with, maybe buy something with it, etc yet here we are and its in the top 20. The crypto markets have not been known for being rational and I don't think that will change any time soon although I was hoping that the next bull run would change things. We are still not in the "green" if the next bull run has started, but a lot of people are sure that it is going to happen some time in the future, more people believe that than maybe ever before.
Ethereum came a long from the brainchild Viltalik Buterin and it changed the game quite a lot, a lot of mining power started moving towards it after the ICO and a lot of money was entering its market. Back then there was still a lot of confusion about the legitimacy of crypto, Bitcoin had just had its Mt. Gox fiasco, main stream media wasn't giving it an easy time and most people didn't bother reading up on what exactly blockchain was. This all changed during the last rally we encountered, even though the majority were probably still entering the space through hype and left with some profits or losses the attention brought a lot of fresh blood into the scene.
Blockchain is something people have yet to experience, decentralizing value and information has not been done in the same way before. It's normal that it will take a long time, even though it might not take as long as some other inventions took to become every day things in the past it still requires time. You could say that time is one of the biggest enemies to investors and traders, many can't deal with it in these markets. The markets swing like pendulums every so often and many find the need to have to remove their value from their currencies at the lowest possible times. This goes for most cryptocurrencies and especially for Steem.
I want to compare Steem to the others, the differences, effects and psychology that go with it but I should've kept the introduction of the others shorter as is 7 am now and I haven't had any breakfast yet so let's leave that for part two. I myself don't like reading posts that are all too long either so I'll try keeping you guys attention with shorter posts in more parts instead, what do you think of that?
Anyway, at which point in crypto's lifetime did you enter the space? When did you become serious about it?
Thanks for reading everyone, see you in the next part. :)
Welp here we go :)
I'm glad you're gonna tell us your thoughts about all of this...
Unfortunatelly, I don't know much about other cryptocurrencies except for STEEM, so I'm glad thst I'll be able to follow this series and learn more.
I entered crypto world when I joined Steemit, this late January. It was my first touch with crypto. First 10 days I was spammer haha but then, some good people told me what Steemit is and I just fell in love.
I arrived from FB where I have my page and group with 20k people and I wanted to bring people from Steemit to FB. As soon as I realized what is Steemit, I stopped doing that and I even "forgot" about ma page and group.
I realized that Steemit is the platform and the community that I've been looking for since 2009 when world crisis happened back then. I hate this RL system, banks, people being jerks, egos and everything that brainwashed people are doing today so I always wanted to find my place where I can speak my mind and my heart.
I'm still not relaxed 100% that I can talk about anything but Steemit gave me an opportunity to help others and that is my life call. That's why I believe in Steemit, because you can build up valuable communities and help people around without any regulations or papers to sign or I don't know what.
Anyway, I'm glad that STEEM brought me to crypto world and hopefully one day I will learn more about other crpyto, even though that will probably wait because I spend around 15hour a day on STEEM blockchain :)) aaaand I'm serious about it 110%.
Peace yo.. Waiting for the part 2... ;)
you should go log into Facebook tomorrow for the STEEM blast!
During the peak of the last crypto bull run, I remember checking out the video of a guy that had mined a few million doge coins and sold them for around $600, thats the deal of the century for a "fun" coin if you ask me!
I got a bit late into crypto really, late 2016 early 2017 a few months before everything starting ramping up and going wild! Some people believe another bull run will happen by years end but at this point, I rather have it happen after March next year, since SMTs will be out by then and Steem will be a more attractive platform than Ethereum at that point to come and start your own project/ICO since we already have a big community and by then with hf20 we should be even bigger! The tech and community advantages Steem offers Ethereum are amazing!
Shorter posts are cool too, they are easier to digest and are better to have more focused conversations on the topics you want to discuss!
Just goes to show you there is still a whole population that is to come to crypto if someone as yourself came in late 2016. The analogy I like is we are at the bottom of the pyramid on all this. It will be 100 years before the top is reached. Just shows you the potential.
Joined late last year after I was introduced to steemit and became fully aware of it during the bulish run, although I did hear about btc for some time now as I spend most of my time online but never actually went into it, usually play games that gave out satoshi, filling of captcha codes and what have you to claim this free satoshi but the concept of blockchain technology, never went into it until I was introduce to the steem blockchain and I saw the potential of cryptocurrencies to be limitless and the blockchain powering them all is godly.
Wish I joined earlier and still grateful I joined earlier, from my perspective we still early adopters.
You wrote this...and then decided it was too long, had to eat, and now we have to wait for part two?! (Fake outrage)
I’ll keep it as short as I can since you’ve heavily hinted that you don’t like my long responses. As far as I’m concerned, my official entry to crypto happened when I bought my first STEEM just recently. I’m emotionally invested in this platform, so I always intended to buy in, but my stake won’t ever be significant. I just wanted a small stake so I had a reason to learn something new.
I read you interview with @timcliff and I think this is more boarder version of your thoughts on the future of cryptocurrency--steem in particular.
Well I believe steem has a bright future and it's only a question of time. We have many persons like your self who are interested in steem and a lot if small user joining in on this vision.
Steem is not just a coin to hodl, it has value and adds value to persons other than its owner, that the beautiful thing about steem. That is why it has impacted more lives than any other cryptocurrency I dare to say. I came into the steemit platform with not but my talent and i less than 40days I have not only become an earner but also an investor, as the little I have earned I have put back into the system.
Generally, I think cryptocurrency and the blockchain technology still has a long way to go. The hype will die down eventually, that will leave enough room for the serious minded ones to build on the existing framework.
Entered mid 2017, starting of the massive bullrun but not at the peak which is the only thing I would say I'm lucky compared to those who pour all the life savings into crypto in Dec 2017. Never sold a single coin since the huge downtime we are having now. Saw the great potential of Blockchain and would like to dedicated my future career on to it. The irrational market is somewhat attracts me the most I guess. LOL.
Well the pizza story is so funny but sad in the same time. We need really to be patient when it comes to money and the market. We cant predict the future, but at least hope and wait. In the past weeks I invested in some coins and they went down until this day, but I am still having hope for them to come up. Well the invested amount is very small, but I can imagine how stressful it can be for someone who invests thousands of dollars in a coin with no real future. But I will say again that we just need to be patient until the market becomes green.
Now as you joined Steem Monsters you will see the same things in the market. I also believe in Steem and in its good future and can only hope to see it hit the 10$ one day. I guess thats the dream of every Steemian here :D
Now to your question, long or short posts! Well I think short or medium posts are good. Maybe with part 1, part 2 etc ... :D
Entered last Dec 2017 as I was looking for alternatives to YouTube, I had no intention of investing in cryptocurrency so that helped my cause as I didn't buy for next 3-4 months.
By the time I had a preliminary understanding of the ecosystem we were in prime bear market , I found the project worthwhile and invest some money in STEEM.
Looking forward for part 2.
I was introduced to cryptocurrency through the darkside- Buy anonymously something from the dark net. Later, I know burst which turned into a ponzi scheme. Prior to that, I never know its real value until I got into steem. Then, I started to delve the cryptocurrency space by reading the Bitcoin whitepaper. And so, I finally understand its potential disrupting the current financial system. Now, I see it more than series of swing trading and get rich scheme but to solve finance problems, such as international remittance.
I for one am very happy to know you are doing this and interested as well. Looking forward to reading your future posts. I'm pretty new to this, stated in 2018 and the more I know, the better is for me. So keep posting what you know and what you think and have a great weekend :) Greetings!
I became serious one year ago when I found Steemit.
Since then I am learning every day. Made already some stupid beginner mistakes but that experience is no precious to me, understanding how things are working in that space.
Honestly, I don't like reading long posts either. 😁
I'll have to agree with that,
I entered in January this year and only in Steem and I was immediately addicted to Steem. But there have been a few problems since then like the ban in India right now. It's making things a little difficult.
I also use Scorum but that's about it.
The ability to change account keys and recover accounts is one feature if implemented into bitcoin, it could make user adoption a lot easier. The way bitcoin was designed with it's Proof Of Work, It doesn't achieve the rate of innovation like is being achieved with steem. Steem DPOS also is friendly to small data in the blockchain. Like what is being done with steem monsters cards. Another cool plus to me. I started on steem back in 2017. It was my first introduction to cryptocurrenc so much so, I didn't even understand that steem was related to bitcoin blockchain technology at all. I just found someone's cool post and signed up. I think many more millions of people will do the same in the future. This is my reasoning why I would rather hold steem that bitcoin.
You saved the best part for later. I have less than a year in this, I entered when everything was already in a tailspin but with respect to steem I think that with the platform in beta phase much has been achieved. Comes a new hard fork and other projects that expand steemit to more than just a blog like Steem Monsters and others. Maybe we are linked to BTC and its price has a big influence on STEEM's price but I think there is something good coming up for this last quarter!
Nice post. U should really do more post like this. I was never interested about crypto. This was not my topic. Even when I joined steemit it was still the same. The day when I meet u on Dlive and I saw ur upvotes I started think "A guy with that value vote? I want to be like him" and I started to search more about you. I found what Witness is. I started to read more. That way I know more about crypto than before. Anyway im not into trading.I just believe in Steem. People sometimes asking me "Why do you believe in Steem it can allways end what if you lose everything" my answer is if Acid and people like Acid are still here and they believe in Steem. There is no reason to feel fear until they are here.
Not into long ass posts myself. Short attention span I suppose or could it be the kids? Hmmmm. Steem to me is one of the biggest hidden secrets in the CrYpTo world and as someone commented below we're at the bottom of the pyramid with a hundred years to go. look at the potential. Just take a look at our community and then the platform itself with all its different applications one can use and be involved in. Pretty impressive IMO. I think steem will be a real survivor and maybe even top dog one day :) I suppose we'll all find out in the future right? If neither of those things it'll still be around and have grown substantially from this time as more and more of the herd jump on this train............ ready for part two brother! Enjoyed!
love that pig burning all other shit sights!!!!!!! hell yes im with that pig!!!!
Hell yeah! Pigs! Bacon! Are you sure you are leaving this comment in the right place? Maybe you where reading a post about food and bacon?
maybe i got side tracked once i saw that pig!!! lol bacon is nice
Hahaha! Thats not a Pig! It's Mew! A Pokemon lol
oh wow! do i fell stupid now! lol
lol it does kinda look like it now that you said it xD
Interesting you mentioned dogecoin Cos that was the first alt coin I bought after btc. Why? Cos I love the coin pic of the dog haha. And I still have them now. After getting the dogecoin I started doing more research and that’s when I started to get serious about crypto. This was like just over a year ago
It seems most people's first crypo was dogecoin. Heck, even I got some dogecoin early on. It was a fun community no doubt.
I hope that 10k pizza guy didn't commit during the bullrun last December, it's so sad.. I can't imagine that happening to me, lol..
I look forward to the comparism.
That was surprisingly fluid and engaging for something written without a particular plan. I really enjoyed it .
I'm into trading before discovering steemit and joining from June last year. The trading was crazy until BTC price pulled everything down making most people hold heavy altcoin bags.
I think the charisma of Dogecoin makes it like a pet coin for everyone, simple, fast, and easy to use, a man's and trader's best friend indeed @acidyo.
Nice i like it thank you to share this post with us and East and West you are the best
Thanks for the brief history, I always enjoy reading the thoughts and perspectives on the markets, from a seasoned crypto enthusiast. I also dont like reading long posts that much but, damn that cliffhanger got me good. lol
Looking forward to reading part 2.
cryptographic money business visionary. Fundamentally, digital forms of money are passages about token in decentralized accord databases. They are called CRYPTOcurrencies on the grounds that the accord keeping process is anchored by solid cryptography.
You got a 41.45% upvote from @ocdb courtesy of @acidyo!
There is no doubt at all that BTC has brought a revolution in the digital currency and changed the whole scenario of trading and banking process. Steem I consider more powerful and potential than other microcurrencies.
Well, I became serious about it back in December, 2017. Since than many ups and downs came but my faith on #steem and other mega currencies has increased. I am really hoping for the best to come in the end of year
PS: During my teaching experience, one of my student realized he does not like long notes :P
After reading your interview with timcliff and this post, I'm definitely eager to hear more about your vision and thoughts on STEEM. I first heard of STEEM when I decided to try my hand at day trading on Poloniex, made some massive mistakes but in being exposed to so many altcoins I decided to give Steemit blogging a try and created my account in the beginning of the year.
Now I absolutely love it here! I found DLive in July and started streaming again after a very long hiatus from twitch. My wife ( @reptimom88 ) started right along with me and we've been co-opping ever since.
I'm really excited for the new updates and I believe STEEM will be a top 5 token for sure. Looking forward to the next post @acidyo
I think it is very wise, this was just at the upper limit of my attention span. Also then you will get potentially twice as many upvotes from two posts as you would with one.
I joined crypto with my partner kind of late, but not too late :D We bought in when Etherium was at 400$!! We kind of lost a bunch but then we made back and more. Even though everything fell so much we still have profit. We are in for the very long term, unless there is a crisis and we urgently need money :P
Also Steemit has helped as I earn through blogging and my partner does the research into crypto and investing. I admit I can't understand a lot of things, but I still know enough to get involved in some way :D
Congratulations @acidyo!
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