From the very beginning of the bitcoin, it was understood as an alternative to current global financial system. Which means bitcoin was a threat to Fiat Currency and Central Banks. In a very simplest form, central banks such as Federal Reserve have the power to create money from the thin area. Back in the day central banks had to have sufficient amount of gold reserve to be able to create money. Because of the scarcity of gold that system was abandoned and now central banks can create money as they wish.
For these reasons bitcoin became a great threat to fiat currency and central banks. However, power of bitcoin was undermined and became huge. Few years back I thought, if bitcoin was really threat simple solution for central banks would be just create more money and buy all or at least 51% of the bitcoin, and that would guarantee the end of bitcoin. However, since bitcoin was underestimated it became so big, trying to buying it all will just increase the price to the levels that even central banks won't be able to acquire.
Today, most of us involved in crypto are aware of the bitcoin civil war. Ideological differences are so big, players involved are willing to risk their stakes. It has become obvious if anybody can bitcoin, that would be the bitcoin community itself. We will all be watching it closely how events unfold next couple weeks.
Now, lets talk about Steem. Steem platform at this stage is being underestimated as well. Think about it, if Steem really was deemed a threat to Facebook or Google or Twitter they would have taken actions already. These are huge companies with a lot of money and ton of software engineers. One of their move could be to create their own blockchain and move their platform to blockchain based technology. Another move could be just acquire Steem.
This doesn't seem to be happening and the only reason for that in my opinion is they don't see Steem as a threat yet. At this point it seems when they realized the power of the vision behind Steem it might be too late, just like it was too late for central banks to stop bitcoin.
Being underestimated by other social media companies is a great asset for Steem. However, there are so many issues still need to be addressed. I think Steem missed an opportunity when there was a momentum with price going up and ton of new users coming in. There will be more opportunities like this and I think Steem should prepare itself for that. If these momentum opportunities will not be capitalized when they happen and Steem leaders such as Steemit and witnesses do not use the momentum to rise Steem might end up killing itself and opening an opportunity for a new competition to take over.
I do not think development of EOS should be seen as a friendly thing for Steem. If Steem doesn't perform when EOS is good to go then Steem's fate might become as of myspace and be wiped of the world of internet. It is always nice to be a pioneer in the space, however most pioneers get killed if they don't take proper actions to protect themselves.
Let me know what you think, as usual I appreciate any inputs.
Great write up! But i really believe steem will never be a threat to facebook. It is something completely different. I would compare it to reddit, if anything. But we will see how this turns out...
thats why I see that as an asset. Let's be real not everybody can be a blogger. But being able to have online social connetion, everybody can do and want to do. Steemit leadership should capitalize on this for this reason or some new blockchain will take over.
@deserttree, do you now think that the Steemit platform will change with future updates? Facebook is like fashion where it's never complete. It's always changing and growing. Even though Steemit is based on a similar platform to Reddit, is it not receiving as much community interaction as what you would on Reddit.
However I do agree that Steemit is still very undervalued, but struggling to register new accounts is the biggest issue. My wife has been waiting for 2 weeks now, just because she registered over the same wifi I use at home for my laptop... I want to have a more specialised account name as well, but alas, 2 weeks later, no welcome mail from Steemit yet...
Personally I think that Steemit is still very young and the current minimalistic design keeps it open for future developments. What do you think? @darnscotty
I know Steemit will keep changing, I would like to see changes to be faster and more oriented to increase the user base. We had a big momentum when price of Steem rose high and June was tremendous success in increase of user base.
However, now it has slowed down, because people are not really aware of blockchaing and when your front page says "Welcome to Blockchain" that drives people away. I have personally saw that when I was trying to recruit some friends.
I don't know anything about 2 weeks, most of my friends I preached to were able to sign up in a day or two. Hard fork 20 is addressing these issue in blockchain level. But I think Steemit as a company (not to be confused with Steem itself) should take rapid actions when moment present itself as it happened in June 2017.
I think after bitcoin wars settle down sometime in August, Steem will have another momentum, but if it is not capitalized in increasing the user base that won't mean much.
After all, once EOS is mature anybody will be create a competition to Steem, and if Steem is not ready something better will take over.
There are my few cents.
Can't wait for HF20 for the new users
Good article.
Just one thing is I was under the impression that there was a vague idea that that steem could eventually migrate to EOS for some of its infrastructure, or else I guess, directly incorportate some of the tech? After all, the developer behind EOS, @dantheman, also created the current tech behind steem, still uses the platform, and is one of the largest STEEM holders.
Instead, I think that just like Facebook/twitter/etc, what matters to Steemit is the network effect most of all, i.e., number of users. I would hope that the undelying tech is more of an implementation detail, and could be upgraded when needed!
Also, EOS (like Ethereum) is going to be a neutral platform which DAPPS run on; where steemit is different - it's a DAPP, which for now has its own dedicated blockchain (although it only stores some data on it; images for example are stored on AWS, or wherever). So, in other words, they aren't going to be competitors?! :)
First of all, thank you for generous upvote of my late night thoughts.
As much as we all love @dan for his work and gift of Steem, in my opinion his legacy will be EOS. The reason I see EOS as a competitor because it will create a playground to create something better than Steemit if Steem doesn't take actions to build a user base.
Hard Fork 20 seems to address these rapid increase of user base, but it does it only in blockchain sign up level. Steemit as a largest stake holder should do more to make it appealing for new users regardless of the rewards. There should be work done in UI and UX level, so that it is very simple to use.
We don't need only experienced bloggers to succeed. Everybody keeps talking about good content, and whales caring about good content maker authors and auto-voting them and such. I see more value in social interactions where grandparents can interact with grandchildren if you know what I mean.
If steem leaders such as Steemit and witnesses don't ponder on these issues, I believe some other bright minds will utilize EOS and take blockchain social media platform to a next level. If that happens everybody will migrate to new platform.
Current user base is deceiving. We don't really have 260K users. Everybody got several accounts, active user base is probably 10K tops.
I have personally recruited at least 10 people, but they are having a slow start because of the lack of understanding of blockchain technology and good creating content issues. If it was a social connection style, they would have no problem and probably brought some of their current facebook friends to the platform.
I don't think we have a lack in bright minds, I just think everybody is consumed in financial returns aspect of things.
Thanks again.
Thanks for your detailed reply - You make some great points (which I agree with too)! Cheers :)
Steem is growing very fast :D
Really good post! I love it!
Nice to be your friend here at Steemit <3 ! The community needs cool people like you
:)
I already upvoted and followed you to see all of your future blogs!
I wish you more followers and friends!
Don't forget to follow me too @apple64 so that we can be friend forever :D
Bitcoin looks like is recovering and soon might pass 3000. I think will be following too, although it seems to be going down at the moment. What do you think?