The first thing that I do when introducing STEEM to someone is explaining that SteemIt is not STEEM. Reason for this is when Steemit goes down they start complaining that STEEM is shit and not working properly.
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Yes, that's a really important reminder also. Even if Steemit.com (the social media site) is having trouble, STEEM is humming along nicely.
But the main use of steem is as steemit.com, outside of that, there arent much uses for the steem token. Its the same issue with all other coins, they dont have real uses yet and on top of that, they have zero product out there to support their coin.
Steem atleast has a social network that employs the steem blockchain. In that sense, so as long as steemit survives, steem will always have some value.
I think you're still using a utility theory of value instead of a subjective, "in the moment of transaction" theory of value. I can respect that and talked about it here 4 months ago: Do Cryptocurrency Speculators Fear Utility? I think there's a balance between the utility helping create the story which supports the subjective theory which actually drives the decision to buy or sell.
I just read your article, and if I get your point, you are saying that there is both an objective and subjective value. The difference being the future value.
Is that correct? If so....
You are correct that objective supports the subjective, and I see that, but I'm talking about the long term results of all these coins, which is how people are pricing in the value.
We have a lot of future value baked into these coins, of which we assume some sort of future utility thats worth more than its existing utility. And as you said, speculators become investors at some point.
Where do we stand with the steem blockchain right now? I think it has limited use at the moment ONLY because we haven't found much use for it yet. HOWEVER, I think there is massive potential for its use in hundreds of applications. The problem is discovering that usage.
Fair enough. However, again, Bitcoin has way more "value" in terms of market cap than STEEM and yet STEEM (just as a currency) has better features and thus better future potential utility value from a technical perspective. Again though, it's the network effect of perception that gives any currency value. Either way, STEEM has a lot of upside, and I'm excited about that. :)
I can 100% agree that STEEM has a lot of upside. There is a host of potential for this blockchain above all others. I think we need to capitolize on that aspect because this coin generates its own attention that is worth putting effort into.
What about busy.org, eSteem for Android, Steepshot.io, d.tube, chainbb.com, zappl.com, and dsound.audio? I'm sure I missed a few, but you get the idea...