Crypto isnt a scam. But why does the market so badly want to make it seem like it is?

2개월 전

Been looking at the twitterverse lately. @nathanmars still going strong pushing Steem exposure forward. Bitcoin maximalists talking trash and shilling Bitcoin like its the second coming when in reality its the FORD T of crypto right now. Binance listed Dogecoin yesterday (facepalm) with the justification of:

Elon Musk mentioned it that one time!

Dogecoin went up 40% that day (i assume there was a correction soon after)... But it begs the question of how the hell did it end up at 30 in MC anyway?

I never understood this. The coin itself is a joke, had almost no development whatsoever for a long time and you hold it instead of putting it into a project with greater value and potential?
It doesnt even have to be something you research thoroughly, something thats hyped up like Tron, supported like Bitcoin.... It can literally be anything. You could literally write all the top 100 cryptos without Dogecoin, each on a piece of paper and pull them out of the hat and you would draw a superior token to Doge. Yes even BSV.

But look at the other projects. Ive talked trash about ETC being listed on Coinbase. When i tried researching ETC and its usage. What i found is almost no info on any dapps and 200 times less daily transactions then STEEM.

Take a look at TRON. Hyped beyond belief, filled to the brim with gambling dapps and still has less transactions then STEEM... Im not saying transactions stats are be all, end all, but JustinTRON loves to proclaim when ever Tron passes EOS in any metric.

A few days ago i wrote this tweet:

And i really do believe it.

If McAfee said he would cut of his penis if BTC isnt at a million USD by whatever date, i will copy his wager and say that if STEEM ever reaches 10 billion USD, a third of ETH market cap right now, and one of the Steem social dapps doesnt overtake Facebook, ill cut my penis off as well and toss it into the long dark night never to be seen again. lol

On a more serious note.

The fact that we are seeing lackluster projects taking top spots in Marketcap is for me a warning sign. It shows to me that the market has a very hard time evaluating projects. Seeing Doge being listed on Binance strengthens that belief.

You can say im wrong to do so, but I will question the future of any market that sells trash assets at a premium price in the long term.

I believe that crypto has a sound foundation. I believe it has the potential (important word) to change the world, but to realize that potential the market needs to take a serious look at itself.

Ruining the perception of the outside world about cryptocurrencies will bring nothing good to anyone in the long run.

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If McAfee said he would cut of his penis if BTC isnt at a million USD by whatever date, i will copy his wager and say that if STEEM ever reaches 10 billion USD, a third of ETH market cap right now, and one of the Steem social dapps doesnt overtake Facebook, ill cut my penis off as well and toss it into the long dark night never to be seen again. lol

bold statement, especially made on a blockchain :D it never forgets :D

i don't really have time and will to investigate crypto world, i know some of it but i am really lost. but i still don't get why is steem this underapriciated. and i always think, i have no idea and for sure i am missing something.
but i feel it is just hype, and steem has no hype.


Haha. Well someone had to make that bet here. :D

I think the valuation of steem is pretty fair considering we're only a niche project with around 50k daily active users, while pricing action has been flat we've been able to add more users (granted we lose a bunch each day too) and we've built so many new things on the chain and will continue with development uninterrupted. The issue with overvalued tokens is that if steem were priced much higher we would have a false sense of success and not be so consistent on developing the tech, we would be bogged down with apps that generate cash for owners in short term and not ones that push for long term sustainable revenue growth

Each project has its own goal BTC is to establish a market, ETH is to establish governance etc. I think that we shouldn't be concerned with they hype coins too much and be committed to a long term vision. Each HF we learn a bit more and iterated and refine the project.

I think eventually there will be a massive consolidation of alts not only in value but in the open-source tech and the developers who worked on other projects will migrate to the ones that survive and build a stronger richer community


I dont agree. I think wer only a niche project in exposure and investment.
If we look at the development, dapp usage, community size we are probably in top 10, i dare to say top 5. That is something that in no way is reflected by the price.

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The only thing noteworthy from ETC is the Saturn Network.

I personally don’t mind Doge listed. It was good for me.


Haha. But why do you hold it? What value do you see in the project? Or are you just waiting for a good time to pull out.


You haven't crypto'd if you haven't Doge'd.

To be frank, Steemians boasts about how Steem has a better community, etc. If you head over to r/dogecoin and you will see quite a bit of genuine actions there. Sometimes, they organize events.

What does Steem do? Steemfest? You mean that expensive party that people go to and don't share the "goodness" that's Steem? I was pretty outraged when I heard from @vladivostok, or someone else, that nobody went to a community clean up event that was hosted. Everyone preferred to party in the lounge.

I even heard people calling out LTC for their "lack of community". They have a clear leader and vision. Frankly, people care more about money than another social media with outdated games, tech, and way less people in it.


Haha. Well every project has its flaws. I just think the flaws of Steem are much fewer then of other alt coins.



The gross uneven distribution of stake at beginning already set it off on a shaky path. Well, I guess that was needed for security.

STINC, being the largest stakeholder, didn't do much to set the tone (in the name of fake decentralization) of the platform really hampered development of the ecosystem.