There is no room for argument on the fact this week has been really rough for those who participate in cryptocurrencies. Truth is that all of us, possibly with no exceptions, are constantly having our faith in the movement tested by the markets that seem to make less sense every single day.
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We try to rationalize events after the fact to no avail. Why our favorite coin dropped in valuation, why a certain analyst was wrong. All the questions that will never have an answer that will make us feel good or satisfied. In my opinion these market shakeups are part of a necessary cycle. Not because of some sort of universal plan, but simply because there are a lot of people who get into the markets believing naively that cryptocurrencies are just about easy money. This of course, is very far from the truth.
Technology & Valuation
We tend to conflate the two, and that is part of why we can't make heads or tails of anything. The idea is that because we believe that a certain currency has the right technology and philosophy, then without a doubt investors would agree with our thoughts on the matter and take the valuation to new heights.
It does make sense to analyze the value proposition of cryptocurrencies of course. It's obvious that if there is no actual use case for one, the market itself will simply use it and dump it. Sadly, that is accurate when describing hundreds if not thousands of cryptocurrencies that are currently part of the market, but fortunately that is not the case of Steem.
In the long run valuation will be directly affected by the technology if and possibly only if, the project itself is successfully launched to a wider audience. What this means to me is that early adopters of the Steem cryptocurrency are in favorable position that is not enjoyed by many other projects out there.
User Base
I've read plenty of times that Steem has a user retention problem. In the somewhat short time I've been participating of Steem I've noticed this myself, but at the same time it's also important to remember an important fact. Regardless of the user retention challenges of Steem, this blockchain is still the busiest blockchain on the cryptocurrency landscape.
[IMAGE: https://cdn.steemitimages.com/DQmXKuWiFaKTrXhXgnAddky9YwL1D1RmoB5F75p7Ptasu5A/Screen%20Shot%202018-06-22%20at%2010.28.12%20PM.png]
This continues to be true even on days of painful red numbers like today. This should allow Steem users to realize that regardless of how ugly the market might seem, the cryptocurrency of Steem is less likely to fail than many other ones, including those that have a lot more name recognition.
What to do?
In my opinion, today is not a good day to be selling anything. Its one of those days we need to step back from the computer, write a post, read a book, call a friend, do something other than staring at the coinmarketcap. I can promise you that staring at the valuation of cryptocurrencies won't make them go back up.
I'm also of the idea that this shakeup is probably announcing a big rally. I'm willing to be very soon we will be thinking back about the day Bitcoin went under 6k and Steem touched a dollar wondering how silly we were being all scared about those prices, and not recognizing the opportunity.
So, I'm going to follow my own advice, step back, spend some time with some friends and trust that things are about to turn around soon.
Wishing you all a beautiful Weekend
@chbartist
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Good night steemit friends wherever you are ... On this occasion I will try to discuss about the dangers of bitcoin. As cited by the international financial institutions of the international monetary fund (IMF) in recent days ...
where the IMF provides information that we should be careful with this currency because it has no legal certainty and is also vulnerable to fraud and keeps a negative risk to the financial system itself. how not, with its form of digital assets, cryptocurrency is easily misused for the crime of the financial system such as money laundering crime.
besides, the lack of a clear system, makes cryptocurrency vulnerable to malfunction that ultimately harms people who use this instrument.
In this case Andrian one of the employees explained:
"Crypto assets have potential for financial crime (fraud), security breaches and operational failures," he explained.
for that, Adrian said, governments and policymakers in various countries should begin to establish a clear policy related to cryptocurrency so that potential problems that will arise in the future can be prevented.
so for comrades who have already bought digital assets bitcoin or the like to be careful .... And who has not bought should undo your intention, before you regret in the future ...
BITCOIN MANY DECEPTING AND I AM ONE OF THE VICTIMS ...
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I think what is currently happening is a natural process in the life cycle of cryptos. This new concept/system/market must reach a stability and maturity point, where the common of people should understand that the main function of the cryptocurrences is
NOT TO EARN MONEY (fiat money) WITH THEIR COMMERCIAL EXCHANGE NOR TO SAVE MONEY KEEPING ITS VALUE
(although that is a natural side effect), but to serve as a means to make the digital economy of this era to function properly. I think that Steemit is nowadays, a very good example of how the cryptos should really work.
Perhaps one of the main problems nowadays with cryptocurrencies is that their main utility is badly focused, which is to avoid the limitations of physical money and the traditional banking system. The groups of people who manipulate the cryptocurrency market (playing with price speculation in order to obtain a huge profit), besides from hacker attacks on security systems, make the traditional financial systems and the governments of the different countries lose credibility on cryptos. Then they arrive and take drastic measures that do affect the value in the market and the confidence of ordinary users, which causes the value to be lost even more.
I would not worry so much about the drop in current prices. Sooner or later we will arrive at a point of general consensus and a globalized acceptance of the concept of cryptocurrencies.
Totally agree with your post @chbartist
Either Steemians are there for the long haul, or the quick buck. The latter is conducive to the current drop on Steemit.
User retention: I believe that those who don't stay, are not on other social media platforms because the rewards, just like Steemit are long term.
Investing time on other social platforms to promote Steemit, can only be beneficial to the Steemit community, but do we have "enough" Steemians? If not, how can Steemians who visibly promote Steemit be provided additional incentives? And would the credibility be sufficient?
If external links to Steemit, were provided to Steemians for posting, like using short URLs, could that not be monitored who is providing visits to the community?
If 1,000 Steemians contributed in marketing on other social media platforms, on average 10 minutes per month, that would be a massive marketing budget/investment for the community. This would be equivalent to 166 hours a month, a full time employee at an average worlwide monthly salary of $USD 1,500. From thereon, achieve to double the monthly contribution of the preceeding month, we would have a very powerful marketing arm for Steemit within 1 year.
For my own marketing needs and my Steemit study I use short URLs, in and out, this permits to monitor incoming and external links/visits, not forcibly to my blog, sometimes. 😉
Believing brings doubt, knowing brings results. I KNOW that Steemit, or other platforms like it, is the future of social media. One of the threats I see for Steemit, is that other major Social media platforms could also start introducing a Steemit concept. They have the power, money and brand awareness.
My perspective, look forward to any comments that could rectify my perspective or point me into another direction.
Have a brilliant mid-week everyone, it belongs to YOU and only you, make the most of it. 😍
resteem #resteemed
Totally agree with your post @chbartist
Either Steemians are there for the long haul, or the quick buck. The latter is conducive to the current drop on Steemit.
User retention: I believe that those who don't stay, are not on other social media platforms because the rewards, just like Steemit are long term.
Investing time on other social platforms to promote Steemit, can only be beneficial to the Steemit community, but do we have "enough" Steemians? If not, how can Steemians who visibly promote Steemit be provided additional incentives? And would the credibility be sufficient?
If external links to Steemit, were provided to Steemians for posting, like using short URLs, could that not be monitored who is providing visits to the community?
If 1,000 Steemians contributed in marketing on other social media platforms, on average 10 minutes per month, that would be a massive marketing budget/investment for the community. This would be equivalent to 166 hours a month, a full time employee at an average worlwide monthly salary of $USD 1,500. From thereon, achieve to double the monthly contribution of the preceeding month, we would have a very powerful marketing arm for Steemit within 1 year.
For my own marketing needs and my Steemit study I use short URLs, in and out, this permits to monitor incoming and external links/visits, not forcibly to my blog, sometimes. 😉
Believing brings doubt, knowing brings results. I KNOW that Steemit, or other platforms like it, is the future of social media. One of the threats I see for Steemit, is that other major Social media platforms could also start introducing a Steemit concept. They have the power, money and brand awareness.
My perspective, look forward to any comments that could rectify my perspective or point me into another direction.
Have a brilliant mid-week everyone, it belongs to YOU and only you, make the most of it. 😍
resteem #resteemed
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