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9 years ago in #steem by kevinwong (76)
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"All currency values are just human beliefs anyway" The amount of times I have tried to explain that to people recently...
Lol. There's a great writeup for this, and makes for a nice read too
http://ideas.ted.com/why-humans-run-the-world/
Cool article!
I lost faith in steem some time ago, due to the Whale problem and the fact that only the whales can take away their own power. However Steem is still VERY useful, if only as an immutable ledger for text communication and broadcasts. I do share with you that Steem will grow during 2017, I personally will be using it quite a lot. However I feel that the financial cases for using steem are flawed. A basic income is granted to EVERYONE, steem is administered by the whales. I've not fully considered how much of an effect the 3 month power down will have, but my initial thoughts are it will go some way to removing their seemingly limitless power. Great article though thanks for sharing. Ive been following you for months now
Thanks @cryptosi for the follow and response :)
I don't particularly see whale concentration as a problem, especially atm since that we're still considered in the early stages. In my mind, the network is considerably decentralized, also with curation guilds these days to spread the votes a little more. I remember when I joined few months ago when Steem was about 20-25 cents, and I was lucky enough to hit thousands on a single post. These days even 300 bucks seems difficult at the same price level. It's weird that I'm saying that the network is improving even though my own potential payouts are much lesser these days!
Not sure what you're talking about, any example of the financial cases that you mentioned?
Currently if you invest money into steem, you are simply handing your money over to whales for them to disperse as they see fit. Whales and even guilds can disperse payments but they never actually need to invest. This is what I mean by flawed financial cases. However the power of steems community cannot be denied, and if the merit system is overhauled then steem could go back to a $400 million marketcap overnight
I see, yup that's a legit concern. I would call it a "lossy" system, since it's backed by a subjective proof of work. But then again, if you think about it - BTC isn't considered "lossy" because funds are dispersed only to miners, which in turn MUST also maintain the network in order to go on. So the MUST keyword there is important I think.. and ways to contribute to the network is actually way more indirect that anyone would expect.. call it a big Black Swan experiment if it ever gets that huge.
That's a very very very good point! Only difference is that Bitcoin's total coins is capped, so Capital appreciation is huge factor in investing. Actually the only factor. If steem had a fixed amount and raised funds via advertising or some other route then it would become a much more financially viable model. Infact I dare say that someone will fork the code and do just that sooner or later.
Accounting for unretrivable / mia accounts and all that, i think a small addition of new currency is okay.
You are absolutely right...I have touched subject briefly myself here. Potential is huge and we only see tip of the iceberg, as @ned said it couple times. 2017 will be year of Steem!
Yup I read that piece! Very interesting times ahead.
A little birdy told me that there's going to be another roadmap announcement on the 1st of January as well, from another start up using
steem_apifor something revolutionary to its industry. Exciting times ahead!Let's hope something more can be said exactly one year from now :)
more there is the better it is for the ecosystem. 😊
My thoughts exactly :)
Interesting.
It will be interesting to see if the BTC spike has another leg to go or a proper correction takes place. I agree a lot of ALT coins prices have suffered with capital flowing into BTC. I suspect we'll know within 24hrs.
BTC could go way higher.. I don't know. A rich system gets richer, perhaps with all the hype going all around :)
Here's hoping the price blasts all the way up to $1200 and beyond
Hear hear!
Awesome post, Im gonna power up another 1000 steem today
Yes, perfect read for the morning here
Nicely done, hopefully it's part of your disposable income.. then that's fine.
Nice insightful look at the possibilities... in these markets any and all logical approaches could flip on a dime... it's all a crap-shoot.
All my points may not apply at all hahah. Anything can happen, maybe even an unheard of coin suddenly comes into the market wiping everything clean..
That is very much possible..but where is the fun and anticipation without that mindset?
It's quite exciting living on the edge.. haha
And that maybe the fun of it all... I hope you have a very prosperous New Year!
Well any good crypto should serve for the better of all mankind, so everyone wins (i'm that idealistic lol). You too @kyusho. All the best!
I think some new communities will form here. That's a good way to build usage. Perhaps the new features will include groups, something like Reddit. I'm excited to see what they will come up with
Let's wait for the 1/1 roadmap! :D I hope it's not one that over-promises though!
Very informative post, thanks for sharing, Kevin. I enjoyed reading it!
Upvoted and followed.
Thanks @lazariko12 for taking the time reading it, glad you enjoyed it :)
I think this positive community and steemit ability to actualize ideas is very compelling.
Here's to a great 2017! 🍻
Assuming that good actors have a net positive effect over this low-barrier, but lossy system :)
Cheers buddy.
Great post and I share your optimism. Did I understand correctly that you assume the steem price will be 15 cents in 6 years from now? I cannot imagine and hope not that this will be the case.
That's just an assumption at 60 million USD valuation @ 400 million Steem tokens that will be in the market (assuming all liquid) in 6 years. 60 mil / 400 mil is 15 cents :)
2017 is going to be a great year for the crypto currency community and I am sure Steemit will get plenty of love.
Well, one can hope :D
Thank you for sharing this information.
Thanks, I hope there's at least some in it instead of just pure hype :)
it's a beautiful view.... Hebat teman ku @kevinwong
Thanks @singapasee :)
I think you need a more robust disclaimer - you heard me yesterday and you have no justification to purport as you do in the face of reality - this post is classic whale strategy - lots of votes, no content - well done kevin - very very wong
Of course I'm writing this to hold or improve the price, even tagged this post as "hype".
I would not want to be your lawyer
You mentioned this, but I'm unsure what you're talking about (checked my replies history, @ebryans did not turn up..). Maybe you got the wrong person btw
Untrue, suggest even better lawyer - if you suggest that something has a price and you are fully aware that you are misrepresenting that price ... I do believe that you understand enough
Are you jealous or what?
@liondani, I am 'what' - and I am honest and I am enjoying another bullet, this one from you
I'm hopeful for steem too. Nice post.
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Great points:)
I consider Steem Blockchain one of the most advance Blockchain for these reasons: zero transaction fee, 3 seconds confirmation time, can process upto 100 000 trx/s, first mover advantage in social & mainstream. These are huge advantage to take in consideration when comparing with other Blockchain (Ethereum, Synereo, Akasha etc.) . It's take to build a business or a good community. It's a baby and you need to make sure he grow well. So I'm not worry about the whales issue. They don't control de network, nor the Blockchain. Technologically speaking, Steem has the last miles possible in transaction fee (zero). Imagine if you are the CEO of social media start-up building on Ethereum and some one just announce to you that your competitior is charging zero fee. What would be your reaction, where do you think your customer/user will go when they learn that Busy.org , SteemQ, SteemSport (all Steem Blockchain projects) are charging zero fee in transactions. That's were I see the power of Steem and It will be difficult to beat this advantage. Imagine that with our reputation system, we can start building insurance, micro-payment, remittance services for developing world, build on Steem Blockchain. The future is bright here, we just need to give the community time and keep participating. Steem is 2 yeards ahead of the curve. That's why people don't understand what is really going on because Bitcoin is still finding it's way to scale. Dan the genius behind Steem have been building these tools since 2013. Power to Steem.
I should be more active again but 2016 robbed my energy ....let's get it in 2017. Great summery Kevin