At the moment, when it comes to trading cryptocurrencies, it is almost impossible to lose ground, at least in the mid-term. There is so much money flowing in that almost everything is on the way up, but this doesn't mean all are on the up and up. The legitimacy of many of the coins is questionable at best and is reminiscent of the late 90s tech scene, All promised, little delivered.
This makes looking for long-term hold, investment coins extremely difficult and is a large reason why the oldest coins get the majority of support. Sure, many are likely to know them but, the age of something brings with it a certain amount of trust. 'It has lasted this long, it will likely last this long again'
When looking for an investment coin, one thing comes up over and over, Look at the development team but, what doesn't get mentioned is what a good development team is. Anyone know?
The development team is a weakness of most of these blockchains as it is they who are the point of centralisation, they are the ones who will set a lot of the viability of a project and from the get go, there can be many issues and oversights that can be cataclysmic down the line, or chain as the case may be.
For me, I do not know what makes a good development team, I don't know who in the field is qualified and which projects have been able to put together a group of people who are not only able to code, but think long-term. Well, except for one, Steem.
I am of course biased in my opinion here as it was my first contact with cryptos and still not up to speed with the technical specifications at a deep enough level but, the development team seems solid. The reason I think so is because it is us. We as the users are the backbone of Steem that give it its strength. We are the development team.
Is it infallible? No. Do mistakes happen? Yes. But, essentially anyone here can be involved in the direction Steem takes in many different ways. With the introduction of Smart Media Tokens (SMTs), this will be even easier and there will be a whole range of applications that spiral out from we, the backbone.
There already are numerous applications that make Steem light-years more useful than the promiseware suppliers claiming they will 'Change the world' of this, that and everything else whilst having very little tangible to show for it after perhaps years of development. I am sure that those running those projects don't mind trading their coins back and forwards though while they, work out the kinks in the blockchain. Perhaps the odd engineered 'pump and dump' to raise some capital?
For me, I think it is wise to invest into the people behind a project as it is they who will act to realise the potentials, not the ideas of the project. Again, I am biased in this regard as it is what I do for my work, train personnel to get better company results. It really is the people that make things happen in an organisation and at Steemit, we are both user and organisation.
Whoever holds any amount of Steem is part of the company, this is one of the brilliances of the Steem blockchain philosophy as every user really does have a say. That say is pegged with how much vested interest each has and not everyone can directly influence the development team but, everyone can influence something through the way they interact on the Steem blockchain.
How much Ethereum or Bitcoin do you need to hold to have any real influence? Can you use the little of Doge you do hold to make someone's life better on the other side of the world and still hold your vested interest? Even if you can, are you willing to?
The backbone of Steemit being us means that we are all invested in each other and we can use our stakes to help one another in so many different ways. Sure, voting decent content up will help the platform, but so does helping someone develop better content, encouraging them to develop skills, opening them up to new experiences and opportunities and supporting the m to be a larger and more invested part of the community.
Again biased but, Steem has the chance to become such a strong backbone in the cryptosphere, it will make all the others seem spineless. In this day and age, sitting and doing little has become a disease. Do you know what the backbone does? It allows us to stand and move. Time to get up?
Taraz
[ a Steemit original ]
Absolutely! You know, since there's no real reliable way to value cryptocurrencies, I've followed a set criteria to determine whether I'd invest. This criteria includes a solid team w/ commitment to fulfilling roadmap goals. A solid community behind the project. And a live/active product with users. With projects like ETH and STEEM we have this, and it's the strength and as you say "backbone" driven by these elements that give me the confidence to keep holding for the long term.
Steem also has aspects of known value tech, like Reddit, Facebook, Twitter, StackOverflow, etc. All of which are high valuation companies. $10 Steem is a gatentee imo!
@tarazkp I think if we should work together and helpp each other we will accomplish more. I know there are already some groups that help minnows whether it be for writing a better article or gaining SP via upvotes. I hope good influence programs will continue.
Wow you introduce another angle of why steemit will grow better and stronger in the future. I'm proud to be a steemian at this early stage, let's work together to make it a better community.
I'd say many of the blockchain projects will fail, simply because majorities are just a copy of one another. Some projects lack vision, others just cannot deliver when flushed with cash. It's a matter of time before competition weed out the weakest link. Now, does that mean all projects will fail? I don't think so. It just mean that we have to research and place our best bet with team with solid roadmaps which actually solve a big enough real world problem.
So thought-provoking post. Never thought about it before, that we users of steemit is part of the development team of steemit. By indirectly helping other members to write better content and contributing back to the society is definitely a good way to help improving steemit!
No. You are just a user. The development team actually produces code updates.
It is cool to imagine and dream you are part of development team without doing any hard work, like learning to code and contribute.
But unfortunately a few comments here and there doesn't make you part of the development team.
Without people using it in their daily lives no crypto will survive, that is why you should invest in cryptos with sustainable long term projects like steemit social-economic community.
Wow. You nailed it right there.
Steemit has brought a lot of opportunities to people across the globe and it's only just begun.
I hope that we the backbones will never stop adding value to the platform until it becomes the world's crypto powerhouse.
Thanks for your excellent write up.
Hmmmm 🤔. I never thought of it this way.
This means that Steem is the most decentralised platform. 😃. Good observation tara !! Is your name tara by the way 🤔. At my place, tara means star. 🌟
:) Taraz. It is a Persian name that means ornament. I myself am not Persian.
Oh, 🤔 okayyyy.
Awesome name :D You are defining your name good 😀. Shining brightly 💍
Investment in cryptocurrency like Steemit is the best.i don't care if it going down now but surely with Steemit I believed our future is secured
The reason I like Steemit (content wise) is due to the fact that it filters out a lot of the junk content by giving users the power to select what is and isn't considered valuable information. While no system is perfect and I can see how this might have issues when it comes to pushing narratives or even censorship issues, there is at least still an incentive for creators to make content that will be of genuine value to the community, as opposed to click-bait adware dross that serves no purpose beyond ad revenue.
That is the one thing about Steem, despite all the flaws we have in the system, at least we have system that people actually use. Steem is the only Coin I ever really used minus the few times I cashed out a few hundred bucks via BTC. The rest of my Crypto investment is just hodling/ gambling on price action (long term).
I am yet to cash anything out of anywhere but besides Steem, my 'portfolio' is promises. I try my best to make them decent (bar the short-term trade coins) but it is very difficult to 'know' although, that is what makes it such a dynamic and lucrative environment.
like you said the good but also worrying thing is that it is like shooting fish in a barrel. I cant think of any Crypto I made real loses from. I bought Antshares(Neo) for 10$ because I thought China is gonna lead the Crypto revolution, I am up 15x despite the ban... I bought a lil Eth, LTC and Monero just for the brand names they are up 5x, I bought a few dollars worth of Lumen because it was such a low coin value (early day mistake?) those few dollars are almost 100 by now...
Ofc I did some research, but like you said without deep IT knowledge all you get is promises.
I believe that Steem has the chance to become a strong backbone in the cryptosphere because it is one of the rare cryptocurrencies that are mined by creating real value.
While Bitcoins are mined by powerful computers solving more and more complex algorithms (not a really meaningful activity for the society), most of Steem is mined by bloggers who post high-quality content that makes people more informed/inspired/enlightened/entertained (real value for the society).
Cheers! : )
I agree, BTC is essentially useless in many respects and potentially, even as a hold coin, there are much more viable options. But, humans love traditions. :)
SMT will be a great blockbuster and an awesome innovation for Steem
Very true. Steem has actual value and is easy to explain to people. A huge advantage over others that are too complicated for people to grasp their supposed value and utility.
Thank you for sharing ♥ following you Mr @tarazkp
actually steemit gave us a really important opportunity for a lot of people a great Upvote and follow you
early to bed , and early to rise makes a man healthy wealthy and wise!!
that is damn true..
I like your this post.
"We as the users are the backbone of Steem that give it its strength. We are the development team."
Cannot agree more with this. People can argue about other shitcoins, but Steemit is real, with real people. Period.
Need we say more, really?