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RE: The state of steemit for the year.
100% Upvoted @gavvet,
I saw that we were over 500,000 accounts just under a week ago, now we're at 517,000+ accounts as of today. If we're adding like 3-4K accounts a day, it looks like we'll reach the critical 1 million Steem wallets way before mid 2018.
And at $4.30-$4.40 being a 1 Billion in market cap, I think that's the 2 factors that will make the investors in first quarter of 2018 pay attention and scope up Steem like Eth back when it first broke 1 Billion, till it's like 60+ Billion in Dec2017 prices.
Imagine 60x from today price by sometime in say end of 2019, crazy eh?
with those estimates most of of the guys will be millionares by 2019, let hope the growth continues
It's hard to imagine, but yeah anyone with at 10MVest, meaning those just under dolphin status will be millionaires, the rest with at least 500Steem will have 6figures.
I doubt it will happen in the same duration as ETH was first to market contracts (dapps tokens) and basically ushered in the ICO craze, scams, and all the likes that's why it went over 60x in 1.5 years.
What Steemit just have to do is keep adding in Steem users at the same gradual exponential rate and we can achieve an equivalent in say 2.5 to 5 years. Let's hope @ned and team speeds things up with registration.
Still, we gotta do our part, see my reply to @ats-david's post when Steem was $1.8 over a week ago: Actions Steemians Need To Take To Help Steem Gets To $64 in 2018
man that's so exciting to think about
Upvoted to encourage you to keep Steeming on @joendegz. You might want to consider getting some Steem at any dips while prices still under $4.
Your grand-kids will be thanking you.
There is a multiple ways STEEM can succeed, millions of users (at some stage it can grow exponentially due to network effect), SMT can run ICO race for media companies similar to ETH, it can work as transaction currency among exchanges due to low cost and speed(e.g. people use ETH or LTC for transfer between exchanges), multiple Dapps (Dtube, zappl, steepshot) can bring in users and investors etc. However, STEEM reaching top 5 or 10 cryptocurrency by the end of 2018 is not far fetched.
Agreed there are not just multiple ways, there are ways Steem can succeed wildly that no one has even thought of yet, I'm talking like crytokitties x 100 kind of growth from a brainchild of a future Steem developer(s).
Still the multiple apps plugging into Steem like dtube.com, zappl.com, steepshot.io, utopia.io, dmania.com are still mostly creating accounts from Steemit.com and it's all part of the 3-4K of users per day inclusive. Yes, growth is increasing mildly, but surely it's growing exponentially.
As for ICO race spilling over from ETH to SMT, there will likely be a lag time for serious development to come up to speed when SMT is released.
For example, when ETB hit 1 billion market cap, and when ETH solidity code contracts were ready for token deployments, it basically stayed 1 billion for over a quarter while serious and legitimate development brewed beneath the surface.
The scam ICO that pop up overnight with big promises, that are not developing even 1 unique module of code before they even sell their first million worth of coins are not good examples, they don't add lasting value to ETH contracts, and those cases will not add value to SMT Oracles either.
As for choosing Steem to become a transact or gateway crypto. I believe the first step is the silent effort to get state jurisdiction approval for USD to Steem conversion and I suspect @blocktrades and possibly others are working on it. This is not a technical problem but more a legislative red-tap delay. Once this is in place then the consideration for Steem to be a gateway currency like BTC, LTC, ETH will then be taken seriously. Do note many fiat-exchanges might also be reluctant to move to Steem as some of them are earning a serious profit margin from the spread of BTC, LTC, and ETH, and in the inefficiency of blockchain fees and delays, some (or most) are surely exploitation this fact to skim of higher charges from incoming fiat while the bull run is strong.
Other ways Steem can bloom is simply advertizing companies beginning to see the potential of Steem's userbase and buying shares in advance. The multitudes of media corporation buying Steem to grow its influence base can be a shocking boon. This will likely start trickling in only after we hit at least few million users.
Another way that Steem can get a burst of growth is incubation and startup investments, there are companies that are now considering should they buy and keep some ETH and BTC, seeing which will come up first with their lightning or raiden network (the 2.0) to solve their speed and transaction cost issues.
However, some forward thinking entities may also be looking to invest in Steem as an alternative or hedge against a lack of short term solution to BTCÐ, especially if SMT turns out to be well design and has great ease of use. There are so many factors in the air, but 1 factor rules them all, the number of people adopting Steem.
There more people we get into Steem today, the bigger the chances are 1 or many of these boon factors will pan out to take us into the next level.