Why STEEM is more valuable than you think
“The Kingdom of Heaven
is like a treasure hidden in a field, which a man found, and hid. He then sold all he had, and bought the field”
The parable tells of a man who found a hidden treasure, recognised its value and took advantage of it.
credit: freebibleimages
In the 17th Century, the French found oil in America, and reported it as “flammable, oily, water that savages use to grease their bodies”. To the French, oil was a nuisance that got in their way.
Later, a keen business man saw its potential for illumination to replace whale fat, and spent a fortune buying land, extracting it and refining it. Even though a visionary, he had no idea that ‘black gold’ would eventually power the Industrial Revolution
Powering the Attention Economy
Like a quiet revolution, STEEM has silently enabled social sites to start paying their users to create and curate content like Text, Videos, Music, code and many others.
credit:bit.news
Soon, sites like twitter, youtube, reddit, soundcloud, stackoverflow, etc. may need to adapt or be replaced by STEEM powered sites (SP Sites). SP Sites offer the same value proposition, plus are decentralised, uncensored and pass monitory value to their users, instead of selling it to advertisers.
Notable youtube users have quietly began to broadcast on SP sites in addition youtube.
How valuable is STEEM?
Smart Media Tokens will enable social sites to incorporate the STEEM blockchain into their business models.
Growth of the STEEM ecosystem to hundreds of millions, or billions of active users will cause the following drivers to increase the value of STEEM:
- Bandwidth Demand — SP Sites will need to pay for large bandwidth demands by buying and staking STEEM, effectively removing it from circulation.
- Fundraising — SMTs will enable ICOs to raise funds using STEEM. Money coming into SMTs will need to pass through STEEM, also bringing attention to it.
- Liquidity Pools — SMTs will need large amounts STEEM to be locked into a liquidity bot to enable users to trade in and out of SMTs without needing bid/ ask interfaces.
- Influence sharing — As SMTs come into existence, STEEM will be used optionally as part of the rewards pool for the social site, creating more demand.
- Advertisers — Most importantly, advertisers needing to reach users in this social model, will need STEEM as a backbone to a lot of their advertising.
Social media advertising spend is projected at 8.5 billion USD for 2018. SP Sites will start to consume an increasing portion of these advertising dollars.
Depending on which side you stand, STEEM could either be grease for savages, or the Black Gold of the attention economy .
This is exciting to say the least! The first SMT project is due to have its ICO next month. APPICS is a new social platform that will be powered by STEEM SMTs! I’m looking forward to keeping an eye on that and also can’t wait to hear about other announcements in the future! Thanks for the post!
Thanks for this tip. I hadn't seen that project and might write about it next
Thank you for the SMT post! I would love to see something on APPICS SMT! I’m kinda interested in the ICO but I have no experience with ICOs so a bit nervous about it. I’ll be watching it though. Thank you for your amazing support!!
Thanks for letting me know about that.
Seems like an exciting project! Instagram really needs a competitor since they still have so much spam being created. There is no trust generated on the platform. It's all about controlling what you see. The filtering methods these major companies use I would say is a threat to the Internet. Why should someone else decide what you see? That is extremely shady. We all want more value and be rewarded for it. I hope that APPICS succeeds!
We will get many new social media platforms coming out like mith.io. I wonder what the competitive edge will be that will attract the most people. Clearly better communication, transparency and trust right? These big companies just deletes content without telling you why. Which is a major issue. It will no longer work in future Internet. It's too shady.
I also get messages like this on my Instagram asking what ads I want to see. It's silly. I want no ads! I would even pay for an ad-free Instagram experience. I don't want to sell my eyes to something I don't like. Clearly we have too many companies in the ad industry to remove it quick. But the ideal is that we could build in more trust and kindness in the Internet with the Blockchain and help fight against shady experiences that feels inhuman.
One of the major issues the Internet has caused is with engineers they have only been seeing numbers and not real people. It's all a numbers game! But it doesn't work in the long run. It creates a very bad experience. It doesn't create the best quality experience. It's more of a trick game. People get finally very upset that they are being treated like a number and they start to search for solutions. This is why alternatives like APPICS is coming.
It all started with Bitcoin after the market crash in 2008. Then the Blockchain and now I suppose the next evolution is more Smart Media Tokens that helps spread the Blockchain deeper over the Internet. Guess we could already call it Internet 2.0. We are starting to value our Time and Attention more and realize that is true currency in our modern age! Very exciting that the ICO market went so well in 2017! This will create so much exciting works that we will see more of in 2019-2020!
Steem always amazed us in everything they do!! :)
It is exciting and so many great post to learm from on Steemit.
Thanks
dubloon135
You really have a way with words. I really enjoy and always look forward to your next articles. You also get me so incredibly excited about SMTs!
Within the past weeks I have realized that STEEM is truly a hidden treasure. I have been dropping comments left and right about what I'm starting to see.
Like you mentioned... BIG name youtubers with millions of subscribers have been joining the Dtube and Steemit platform. This is only the beginning, and with them will come other BIG names and small fishes. They are going to be putting a ton of eyes on this platform.
Then there is this...
This makes me incredibly excited. Like really excited.
I responded to a post the other day that was comparing Youtube and Dtube. The post was saying that competing with Youtube will be a heavy task, and how Dtube is in a very early stage of development. We may not be able to compete with Youtube yet, and it may be a "heavy task" but this community is growing strong and there are huge incentives here. Good things take time to develop.
I'm predicting Dtube will eventually be their number 1 competitor. I don't really see any other platform like youtube that let's user's monetize their content. A big difference and game changer is that Dtube users are able to monetize their content from day 1, where on Youtube you must meet minimum requirements which could actually take a long time to achieve.
I see it happening, and its happening fast. This platform is blowing up. It's covering the big areas of Social Media - Reddit, Sound Cloud, Youtube.
I'm here for the ride.
Edit: You have actually inspired me to write a similar post! I will be doing this soon.
You're definitely right! Please let me know when you write it so I can resteem it too!
Will do! I will give you and your articles a shout out since they have given me inspiration. :)
Great comment.
I would like to add that since stuff is speeding up extremely quick a competitor to DTube can happen in just months time. So I do believe we will see tons of competition coming out which I think will be valuable for everyone since we will be getting a better final product!
For example we have view.ly, Flixxo and Viuly coming for video sharing with Tokens! Then in terms of other social networks we got MITHRIL and for gaming IQeon is coming.
So what we could see is tons of these new competitors coming in! Probably at least 10 competitors in every category! I have detected how many companies are in this space from my earn.com account. I get new companies in Token industry showing up almost every day now! Especially with all the money from ICO that flowed in from 2017 we are really starting to see exciting stuff. But will probably take until 2019-2020 before we see more of that hit the mainstream market.
So I think the competition will be super fascinating to see since the video market is so huge there is lots of room for many companies to come on board! This is great since we will have less monopoly on the market as we now have with Google, Facebook and Twitter! It's scary how much power just those companies have in controlling the content that gets produced on the web. Since Facebook also owns Instagram they have way too much power! We really need a more fair market.
I don't see DTube be main competitor to YouTube since I'm very sure that the Google guys, Facebook guys and tons of other well funded companies can bring out a competitor very fast since they are loaded with money and engineers. Remember that YouTube mainly took off after the Google guys came in with tons of new money. I do think that DTube will have a great growth curve but to truly scale you will probably need a professional team that has done stuff like this before. And right now the DTube team is very small so if they truly want to compete with the big guys then they will have to do some serious hiring.
Clearly right now Steemit has been quick to move and is 2 years ahead of other companies. Much of how things will go I think will come down to how the Smart Media Tokens will go if other major websites will adopt it. Then we may see a sheep herd effect flood to Steemit and raise the price of the website so they gain better competitive advantage. Also if we will solve the featured page with people using bots and self upvoting. Clearly this needs to be fixed. Seems not like a good idea to be able to upvote your own stuff. Clearly it must be better to remove this feature. Many people are getting annoyed this feature exist.
Also we currently have a fight between 2 of the founders of Steemit if I have understood things correctly. This is also something that worries me because it can create major problems in the future. Especially if they wanna compete a lot against each other and may attack each others projects. All depends on how humble they will be.
Also the other new platforms that are coming up now in terms of video will see the mistakes that Steemit and DTube has done and will quickly learn from it. So I don't think it will be an easy win for any company in this space. But it will be very exciting for the consumers after seeing so much monopoly on the market.
Stuff is starting to open up which is very interesting! And don't think any company needs to "win" since we are now sharing money so much more that we can create tribes with real value instead of the scarcity mentality we have seen on other platforms. People that create good content should be rewarded for it but it has been flawed with YouTube where you need to try to game people to get clicks. It's more of a numbers game there. I hope the Blockchain can solve this!
You absolutely have a way with words and succinctness. I really enjoyed reading this, expanded my mind. But I am still unclear on Liquidity Pools and Influence Sharing, please explain this a bit further?
Thanks for the support! They work in the same way you can quickly turn your SBD into STEEM on steemit, (without trading).
For an SP site to enable you to turn e.g. Twitter Bucks into STEEM, they need to maintain a reserve of STEEM in their system for instant conversions.
Clearly it will make no sense to share you content outside a Token system in the future since there is so much value potential with this new system. Very curious how fast the switch will be when the major companies will start to look deeper into this? As the tweet above hints at it's coming big time to the mainstream masses. Will be super exciting to see the future value of STEEM if Smart Media Tokens goes well!
What is super fascinating is Liquidity Pools how they have to keep a reserve of STEEM. Especially if major companies start to do that. Probably their ego will first want to create their own platform like Steemit but that takes time and time may make them lose money if they fall behind. People that already has large followings on other platforms if they suddenly start to enable Tokens then I wouldn't be surprised if we would see people 10X their daily earnings!
Overall I'm very curious how much new money will enter the economy when this fully goes global with world population going up to 9 billion. Interesting times I guess you could call it. People like easy systems and trading clearly slows down the fun. Everything that increase the speed that will people adopt fast. Since everyone wants to save time and energy!
Wow! I can't wait for these SP sites to launch. Steem and SBD are my first cryptos I have invested in (with a default BTC of course) and I am so happy with their performance. Steem will be one of the greatest cryptocurrencies in the future.
Yeah, I was never involved with any cryptos before I joined Steemit. Now I know so much about cryptos and I invest into quite a few, all thanks to steemit. Steem is already one of the greatest cryptocurrencies. In the future it will be absolutely the best!
i cannot wait too. steem seems to be gaining momentum big time.
Thanks @hitwill for giving us important infos about the blockchain and the future of Steem!
Wow, This is my whale in the making speaking, I love reading all your articles on steem and this economy and it has really helped me a lot investing my time, energy and attention and I hope to make my life out of this opportunity and help others to. Thanks a lot for sharing bro. I wish to connect with you on a more personal level, would be glad if you would want to connect with me.
It's nice to have your support and thanks so much for your kind words!
It is indeed a pleasure to have connected with you and I am it is great to have your support as well.
It is just wonderful to see this blog today as I was feeling a bit depressed having looked at the blood red charts and the past couple of days steem had lost its new found rank of 25 on coinmarketcap. I better hodl some more steem. Thanks @hitwill for shining light on a grim market day :)
Happy to share the info. I noticed a bit of red in the charts, but STEEM is one of the few functional blockchain products that's already being used - by a couple hundred thousand users.
wow really i am getting really excited about the launching SP sites..
i just visit your blog and found it very interesting and useful for me..
and yes you have got a new follower <3 @hitwill
:-p
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Yeah, exactly, I believe the big companies should Adapt like steem blockchain sites due to its popularity otherwise new apps with decentralised concept will replace this big companies, It is a good concept because people spend time on something and also earn some passive income but there is possibility that big companies like Facebook, twitter, reddit and stackoverflow launch their own cryptocurrency.
I believe after launching of SMTs, There will be a lot of success to Steem and Steem blockchain overall because content creators (bloggers) and others forums will implement SMTs.
SMTs will bring success to Steem and steem blockchain growth because it will increase the number of transactions of steem and it will also increase the Steem price. Some of the witnesses believe that After SMTs, the Steem price may go up to 25$ to 50$.
Steem on @hitwill, I appreciate for the Great post.
I expect to see a few syndications join in as well, if not bigger companies.
Yeah, you're right, I believe that if not all but some of the bigger companies will adapt SMTs because SMTs has a potential and already showed success and reliability to the world in a form of Steemit and other steem blockchain apps.
Just as we saw with the transport industry people went from horse to cars in just a few years. Everyone started using cars because of how much more value you got! These things can go extremely fast once it gets momentum. Mainly because everyone wants to save time and energy. And why spend your time on a service where you can't earn any Tokens? Really does make 0 sense now when these new platforms comes out.
Investing that was only for the elite a very long time is now becoming mainstream. We can invest in other people in real time and transfer value to them. This will increase innovation and creativity. But since we are building decentralised systems I'm pretty sure other companies can start to compete with Steemit real fast. Especially if Steemit doesn't fix the bot issue and self upvoting problems that kind of destroys the featured page. But I'm sure some smart person could fix this somehow. Especially since we still are in early development.
The Blockchain apps are really cool how if one goes down you can quickly start to use another. But I'm still curious how the main Blockchain is hosted and where it's located. Does it jump around on multiple servers? How many GB in size is it? Very interesting questions. If the Token system works on Steemit then clearly SMT will be a major success as well!
Yeah, exactly, you're right that by helping each other in a real time on the Steem blockchain will increase innovation and creativity.
I agree with this point.
Steemit platform is still young and growing because it is still in early development. So I think that Steemit Inc is working on this and I hope that they will figure out this issue and the user interface (by placing all the steem blockchain apps posts on the steemit platform that is so weird.) issue soon.
You'll see that After launching SMTs, It will play a great role in the success of Steem blockchain and steem token.
I believe on Steemit, Steem blockchain and the whole community of it because I like Steemit.
Yes it's a very nice platform right now!
I try to not get too emotionally involved since anything could happen in this Crypto space. Especially when there is lots of money involved. Clearly Steemit Inc will be put to the test more this upcoming year when competitors will enter the market.
Very interesting the amount of apps that is currently being developed that is using the Blockchain. It solves so many of the issues that people have with these big monopoly companies. Don't like a team or app? Use another! And you can still use the same core Blockchain. For me it's a genius system! Since people are scared of expressing themselves on these giant networks that could silence you very easy.
But the interesting part for me in the future is how speed will affect all? Since we always crave more speed. Clearly there will be many that won't be able to keep up. Clearly the younger generation will get a major advantage especially the geek niche of people. The computer guys! But how will the others keep up? Maybe it won't be a major issue. Perhaps we could solve it by making things easier to understand.
I agree, that STEEM is very valuable!
That's why when I won a very large prize in the great contest at the very end of last year, when SBD cost so much, I did not transferred SBD into dollars for needs of me, but transferred all the SBD to STEEM.
I upvoted 100% and resteemed for re-reading and for my 537 followers
Thank you for your support. Let us keep building great content together!
Thank you @hitwill for another out of this world post! I absolutely love the hidden treasure analogy! So VERY true! Thank you for mentioning the Smart Media Tokens! I strongly believe that they are a game changer! The STEEMIT Community is so GREAT! STEEM and STEEMIT are giving People hope! More and more individuals are realizing the true power and potential of them both! Individuals such as @hitwill make the STEEMIT Community so VERY great and unique! I look forward to all of your posts! I enjoyed this immensely! Thanks Again! I'm VERY proudly resteeming, commenting, upvoting and following! All the best! Your Devoted Friend @extraterrestrial :)
Thanks for your support as usual. Keep spreading the word!
It is my pleasure! Thank you VERY much for your support and for making the STEEMIT COMMUNITY SO GREAT! I'm encouraging my Family, Friends and Clients to join the GREAT STEEMIT COMMUNITY and to purchase STEEM! I hope all is well! Your Devoted Friend @extraterrestrial :)
@hitwill - this is an excellent post. I was just thinking the other day about Steemit and all the tools that Steemians have at their disposal to make great content. You are so right! I am here too and want to start off with some great content. Providing great value to the community... upvoted - followed - resteemed!