I strongly disagree with your statements here. The announcement does not have a negative impact on the market whatsoever. The market is still so young that valueations of Alts strongly depend on the value of BTC.
Most altcoins dropped 90% (so did STEEM from 9 to .90) This all happend before the announcment, not after.
If you cannot wait until mid 2019 for the price to explode again, then please power down now.
I honestly believe that STEEM dropping to 50 cents or below is the best thing that could happen. This is a life changing opportunity for many people. If you don't want to buy more when the market is in crisis mode, that's your issues.
Ha, young? It's been since 2016. EOS is younger but look at it's price? What about other projects like Tron? Can we not make excuses for the poor market performance of Steem?
Even if you disagree with my opinion on the announcement it is objective fact that Steem under performs in the market chronically.
Buy with what? Bitcoin? I don't see others doing that. Show me where people are trading Bitcoin for Steem because if that were happening the Steem to Bitcoin price would be going up not down.
lol. How old are you? 24? A new market needs at least 8-12 years to be considered mature.
Don't you remember the early days of the internet, or pcs in general or dotcom campanies? They were laughed upon for many years in the beginning. Look where it has come to now. The same exact thing will happen with cryptos in a few years. Steem is not even a toddler yet... 2 year old blockchain with a developer team of 20 people at max.
Bitcoin is over 10 years old. Steem you are saying needs 8-12 years? You mean like Myspace? We don't have 8-12 years in a competitive market. I'm with you that Steem is important but I think more emphasis needs to be put on making Steem profitable/sustainable.
Cryptos we all agree on anyway so no one is going to debate that here. But I also think cryptos (including altcoins) should focus or put emphasis on making sure that their platforms or their products not only produce value but actually create demand for the token so that the ecosystem can grow.
Developers are great but only can take a social network so far. I can write code myself but there are more things to do than write code. Most people who write code don't only write code.
I was a part of those early days. I was also a part of the early days of peer to peer, of crypto, etc. My point is that just like with Dot Com there was a time when many companies existed with no emphasis on profit for the shareholders. What happened to those companies and which ones survived until now?
I get your point about sharholder value, but in the beginning you were talking about how waiting another seven months for SMTs seemed unbearable or some kind of horrible for you as a shareholder who is only earning 20 bucks per day right now.
No, I always expected a wait. But I do think if you promise shareholders (Q4 2018) and then announce a delay (Q1 2019 testnet) then of course it could spook the market. It's so far though not having much impact one way or the other on the Steem price.
I also never said it's "horrible for me" or said I earn $20 a day; you came up with that. But sure, I would say the more Steem Holders can earn the more people will want to hold. Not just earn from holding Steem but from posting, the reward pool, or any other kind of interaction with the platform. The whole point of holding a token is either you think it's going to go up over time or you want to use it to earn $ or do something productive.
Steem allows people to add value currently but the reward pool isn't growing. As a result the community (not just me) is complaining. They say the reward pool is being exploited, or blame it on bots, but the truth is the reward pool hasn't been growing. Vote selling and bots are a separate issue but connected.
And one of the main problems is retention. People who join Steem post a few times and then leave when they see $1 or so as their reward. It's because the reward pool is shrinking and so the whole situation is unsustainable no matter what you do.
So while there are more accounts than ever (people tend to create accounts when it's a bull market because the rewards are higher) it would indicate to me that if the rewards are higher the rate of growth for Steem would increase.
So we look at it from that perspective and we can see the larger the reward pool the faster the growth of the whole ecosystem for everyone. SMTs can't come soon enough but what to do while we wait for SMTs?
What is the plan after HF20? No ideas to solve the demand problems? Even putting promoted posts on trending could help.
SMTs and communities have unbelievable potential in the mid to longterm. But with only 60k active users u can't expect miracles over night. The tokenization of forums and chats of giant websites could revolutionize the web as we know it.
Next thing that needs to be focused on will be scaling though. To run a full node is unbearably expensive now, because it needs 1 TB of RAM, that's insane.
No. You don't seem to understand how the reward pool works. Actually we recently hit a new alltime high. Never have been more tokens paid out before. Don't get confused with all the SBD that was printed (and worth 5$ each). It is just that the tokens are worth so much less right now that it seems unattractive. When you say reward pool you actually are talking about the worth of the tokens paid out (in Dollars). Yes, we had 5million before, and yes it is now down to 737.000 again. So we lost 85% of that, too. But it will rise again when BTC rises, because STEEM rise with it.
check out steem.supply to see how the reward pool grows and shrinks independently from the worth in Dollars (of it).
What I understand is the whole ecosystem rests on one token (Steem). If the Steem token and Steem Power have low demand then there is no fuel for growth of the reward pool or anything else. You can build in scalability to welcome a billion users and that is fine. I agree with HF20 and that mission but at the same time what happened to the promises of gamification? What about generating revenue? What about producing an actual demand for the Steem token right now? Not in 2019-2020.
Communities would be great but they haven't given a release date on that. My point is Steem tokens and Steem Power are a bad long term hold. If that is the case everyone will earn and sell immediately while powering down rather than powering up. Look at the stats to see which accounts are powering down right now. As a result the downward pressure on the price of Steem creates a rush for the exits and over time Steem price in BTC terms always trends down.
This isn't ideal.
No I'm not talking about the worth of the tokens paid out in dollars. That is exactly why you're missing my point. I'm talking about the worth of the tokens when sold or bought for BTC. This isn't about the dollar value for people who are all in on crypto (long term crypto investors).
And in terms of the worth in BTC the value doesn't grow. Yes you can say the value in USD went up only because Bitcoin went up but that doesn't show me there is demand for Steem independent of Bitcoin which is what I need to see to know the market is fairly valuing Steem.
The USD price is irrelevant because you can't buy Steem on Coinbase right now.