Over the past couple weeks, I had the opportunity to talk with a few different people who are involved in the industry. They are part of a few blockchain projects and have a bit of "experience" behind them.
What I learned told a great deal.
Source
Basically, the reputation of Steem is not very good within the industry. This is the point that each person conveyed. Their view of Steem is such that it is not even a part of their thought process. In fact, one person is part of a group that is even powering down their SP.
This is what the industry "experts" are saying. One of the individual told me that a number of consultants told her to stay away from Steem. They guided her in another direction.
To me, this is the telling of the story. While we focus upon a bunch of trivial stuff, this is the real deal. Reputation means a great deal and Steem is in the toilet.
How did this happen?
I would say there are a variety of reasons. At the top of the list has to be the fact that most cannot distinguish between Steem and Steemit. That confusion continues to plague this ecosystem. Steemit Inc is certainly responsible for a large part of what took place. For the better part of two years, there were a lot of promises with little delivery.
Another factor has to be the fact that there were a number of people promoting Steem as a get rich quick scheme. While the posts espousing the idea of "post on Steem and make thousands of dollars instantly" died down, it is still a part of many people's memory. They tried Steem and found it to be misleading.
At times we, of course, are our worst enemy. Our dirty laundry is not aired in private meetings. We take it all public. People simply cannot resist bashing what is taking place on here. Even people with a rather large stake opt to shoot themselves in the foot by publicly promoting all that is wrong. The public loves to hone in on negativity and we provide a great deal of it.
There is also the reputation of this being a "ponzi scheme". This is something that they are putting upon Steem without realizing that the accusations fall to most economic systems. Steem is no different than anything else out there. Early adopters do tend to profit more. The risk is greater along with the fact that getting in early puts time in one's favor.
Whatever the reasoning, at the end of the day it does not really matter. What is important is what can be done about it?
To start, this is not as bad as it seems since there is a fact that is working to Steem's benefit. The world of cryptocurrency and blockchain is still very small. When we look at how many people are seriously involved, we see it is a very small number. There might be 20M-30M globally who have ever transacted using cryptocurrency. This means the total market potential is largely untapped.
This is no different than the early days of the Internet. How many people has sent an email by 1994? The total number was small compared to the potential reach. A decade later, the number exploded.
Typically, when companies are in this type of situation, they often change the brand name and promote the hell out of it. This helps to eliminate the association with the previous name since most people do not pay a great deal of attention. In this instance, it is not realistic.
What is an alternative is to start touting our successes. This is something that can be done on a daily basis. Unfortunately, on one level, we are still under the thumb of Steemit Inc awaiting the arrival of SMTs. In my opinion, the non-delivery of this was a big part of the way we are viewed. Hopefully, we will be able to tell a different story in October with the released of the SMT testnet. Even getting things to that point will radically change the talking points.
The development of tribes is a wonderful opportunity to talk about Steem without talking about it. We can discuss the idea of @stemgeeks, sportstalk, and splinterlands without even broaching the subject of Steem. Since that is a foundation piece, newer people could be drawn in by the application as opposed to the base layer. This is akin to a name change without providing a name change.
@whatsup put together a post a month or so ago about #newsteem. This was a valid point to bring up. Steem is not like it was a year ago. Over the past 9 months, things exploded.
What took place?
- Steem now has smart contract ability and is a token factory where anyone can create a token.
- There are communities forming called "tribes" each with a specific focus and token distribution.
- We have a DEX to exchange all the different tokens.
- Steemit Inc provided a road map along with time estimations for SMTs.
- Applications are bringing out updates that are now bridging the gap between the traditional ones and those on blockchain.
- Every week, a couple hundred more accounts get their first SP. This is something that is consistent for the entire year.
- NFTs are on their way and will hopefully be here in the fall.
- 3Speak is proving a legitimate platform for censored content creators to get their message out there.
- DTube now has payments that can take place forever, eliminating the 7 day window (in their native token).
While this might not seem like that much progress, in the blockchain world is a quite an achievement. We are still dealing with a very young industry. The entirety of Steem is only 3 years old.
When we look out at other blockchains, what is taking place on them? What are their lists of achievements? Ethereum has a lot of development but few users. Tron is questioned on many different levels. EOS received a lot of attention with Voice but how many are using it. Bitcoin and Litecoin are transaction tokens mostly. Cardano full of promise but not delivered yet.
When I step back, I see Steem has a lot going for it. This is something that will be leveraged over the next year or two. Other blockchains are encountering similar problems as Steem from a user perspective. It is across the board.
At the end of the day, few are aware of the developments taking place. It is hard to get excited about incremental progress but that is where we are at. There is no magical application that will pull in millions of users instantly. Instead, we are seeing regular improvements being made at every level. It is up to the 20,000 people who are active on here to help tell the story.
There is great debate about who is credited for this quote but, whomever said it, it was spot on:
Steem's time to win is coming. There is a lot that is taking place beneath the surface. In spite of many failures over the past few years, the ecosystem is strong. The team of developers might not match Ethereum or EOS in quantity but they rival them with ability. Our progress is consistent which is the usual path leading up to exponential explosions.
I firmly believe those ignoring Steem right now are doing so at their own peril. This will end up being one of the bigger stories in the world of decentalized blockchain systems. We are seeing some significant pieces put in place. This will only help the entire ecosystem going forward. I think it important to remember that there was no token creation on this blockchain 9 months ago. This is a very new concept for Steem.
What I can state is that, as one who follows what is taking place on here, the pace of things is picking up. It is getting harder to follow all that is happening. More project announcements are appearing each week. At the same time, old ones are being revived. There are a number of applications that have decent upgrades every couple of weeks. This is all showing remarkable progress.
Time, dedication, and a lot of hard work is what is going to change the perception of Steem. It will take time but it can be done.
If you found this article informative, please give an upvote and resteem.
I think it will take a long time before Steem’s rep will recover from its past. It’s much harder to overcome a bad rep than to gain a good rep.
Time will tell but at the moment no one really cares about Steem. Look at how many are active here. Really active. We have over one million accounts but only a few thousand are active everyday.
that is immaterial really... if you think that FB or Twitter got though those early years without a ton of dead accounts sitting there .. you have another think coming.
You are correct about the Steem Blockchain reputation being in the dirt. I was watchin K-dub known as Crypto Zombie on Youtube, and he mentioned Steem but in a bad light, talked about pre-mining and Whale circle jerk. I think these are some of the biggest negatives, but eventually the market will realize that these are not deal breakers.
There are still many other blockchains who come to the Steem Blockchain to promote their coin and/or blockchain. Many realize that Steem is the Social Media site of crypto-currency, so they use it to promote and provide information in regards to their coins/blockchains.
Now there are so many new things happening on the Steem blockchain that it is impossible to keep with it all. My most favorite and recently discovered is SteemPeak.com. I simply love the interface, it is so dam smooth. Steemit.com needs to change to this look.
And from the recent success of #spud I realize that there are still many who love and support the Steem blockchain and more importantly, its community. Actually, that is one thing that most crypto-currencies lack, is the community. Yes, they all have to have a community in order to exist and remain viable, but none are like the Steem Blockchain community with such diverse backgrounds, interests, cultures, locations, topics and much more. The Steem Blockchain is now starting to boom, the price is to follow, hopefully sooner than later.
Anyhow, great post! Take care.
We don't even need steemit anymore anyways, because of steempeak! Anyway in around 9 weeks their wallet will be empty, and then make way for newsteem haha - or stinc will just buy it all back at 8 cents or however low it will go.
Have a great day!
The funny thing about this is that every coin is pre-mined. Every coin starts out 100% centralized and attempts to become decentralized as time passes. Even Bitcoin.
Also, the circle jerk argument is totally irrelevant. Everyone is in control of how they want to allocate their inflation using their own stake. The entitlement that users have on this platform is astounding. They just assume that they should be tipped by whales... because reasons? Mind blowing.
Excellent analysis and great summary of the key developments over the last 9 months.
From my perspective as a business owner (@jpbliberty) who was looking to tokenise a new asset class (litigation funding) Steem-Engine was a dream come true. I am now 12 months ahead of a semi-competing project (Lawcoin on Ethereum) that I started 18 months behind!
What is possible on Steem is completely unrivalled anywhere in the blockchain/crypto space.
I feel that I'm beta testing the future.
Sooner or later these "expert"s and "consultants" will be mugged by the reality that Steem is delivering what everyone else just promises.
Splendid!
What a great piece!
Deep and dirty, straight to address the elephant in the room.
I created this account a few months ago to give Steem a second chance.
I left Steem more than a year ago when the toxicity get too much (trail bots, manips, and such).
Splinterland brought me back, and yeah the token creations is a turning point to leave Steemit's bloody name. More tribes surface and different communities grow with their own characters. A new hope, I believe.
Yeah, I've been wandering to other DPOS chains, tried and getting involved in some projects. Steem is maturing and showing clearer progress after 3 years.
I stand with you. I believe the community is strong enough to keep this blockchain growing and succeed.
Cheers 🍻
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welcome back. I hope Steem's going to progress and do well. Anyway.
Yeah, we all put our hope on Steem.
This time, I believe Steem will deliver!
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Original content, when the guys that are rich in steem and sbd cart away the huge stuff and the minnow, gets really nothing for contributing to the blockchain and ideas behind steem.
I guess one of the ways is to remove downvote and encouraged a bot that rate your articles... to show usernames viewer good to read and upvote
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I think our biggest problems are those bullies with a big ninjastake.
Keep validating and accepting vote selling everyone, I'm sure that will promote Steem as a great blockchain in the eyes of the world (not).
I have joined steemit & investedin and bought some steem. After that its price fell down drastically and its down uptil now, but i still believe in steem. The @steemmonsters now known as @splinterlands is one of the best project here. There is a lot to come. I don't have much knowledge of how this works, and steem as my first and only crypto. I found it encouraging. Now with steem-engine a lot of it has changed. Let's all see what's coming up.
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I don't think talking to industry folks was necessary. Just check if there's any positive mention at all on Twitter or reddit. No one seems to know that steem actually has real people posting real content, not cut, copy paste. I think people with some connect in tech need to talk about the good things.
Apparently, Datadash recently talked about steem as one of the most promising crypto going into next year. But I've only heard that. Need more of that. And not all tone ways.
Oh yeah, that's why I too am bullish on steem, because Nicholus of Datadash told it a coin that would pick in altseason, 3speech being one reason, before that I did not have any prospects for steem.
Your right as well, see the reddit and twitter to see the mood of the people, and I do see good content here thesedays. Anyway.
I really think altseason coins - ETH, Dash, Vechain, Chainlink...these are coins I know. I am so sad about ADA though, they are not yet delivered and proven still implementing. Steem I add because I earned some steem and Datadash backs it, I absolutely love Datadash, and follow what ever he shows and get my knowledge on crypto trading.
You should not buy anything based on someone's advice on YouTube. My point was that sometime with that many followers saying something positive is good marketing.
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No, I am not buying coz nicholus said. I have my own convictions as well, reading other news and studying market.
From reading this article of @taskmaster only I can see solid reasons steem would pick up... 3speak is one reason, plus all other reasons he said, of the ability to make token here and smart contaact ability and stuff...
datadash I am his ardent follower too... not that I believe every word he says but he has taught me a lot about crypto investing, analysys and its helpful.
He himself says, don't take my advice and invest, its his opinion but he is definitely good according to me, I love is podcast and takes on crypto investing and he is a guest speaker in a crypto convention in malta you know with all the other big guys of crypto world investing the CZ CEO from Binance.
I also like his channel. He keeps things simple. I don't agree with everything he says but it's good content.
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I don't know man, I honestly feel bad for Nathan Mars as I have a feeling that he sold all his bitcoins for STEEM in 2018.
Keep at least east 75% in Bitcoin and the rest gamble on any of the 2000 altcoins, but to pick one altcoin and go all-in on it is a huge gamble.
Diversification. But invest in altcoins that have delivered - ETH, VeChain, ENJ, chainlink, and I add Ark and Steem as well. Pick the ones that have delivered something.
Or just stick with the simpler less risky Bitcoin. Look how well Bitcoin has performed over the last decade.
I am investing in alts too(: and steem also is an alt that has potential to go up in the coming alt season. I am a little bit more than a novice investor thesedays(: , I guess I am a intermediate investor. And there are alts that have delivered, or atleast are hot for this year...
Why don't you just invest in the best performing asset in 2019 BITCOIN?
Chainlink is the best performing asset in 2019...I know the coins I invest in(: ...
Eventually the price will stabilize somewhere above or at 0.
But seriously, I hope tribes and SMTs save the day. At least the dirty laundry on this chain is aired. Every other crypto is just supporters supporting on some channels and haters hating on the others. Here they mingle and discuss.
Also, we have trouble makers we cannot silence.
Bottom lines who cares about the crypto industry they are already soldout and bought up. We want to attract people who think a bitcoin is a coin with a bite mark in it.
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how is that not serious? lol Sounds very realistic to me..
thus continuing the non meritocratic system which is killing this place. (too blue in the face and bored of trying to even bother extrapolating here)
Yeah, because crypto in general is so meritocratic with its amazing distribution of wealth, ponzi whales, hackers, market manipulations and lucky early adopters.
DTube has a token? I really need to pay attention.
They have their own blockhain even.
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hey, I knew nothing of this, even I had really terrible opinion of Steem and never considered it as anything for various reasons. But... I am seeing some people say the price is going to go up(: ...3speak stuff... and anyway for me Tron is gutter, and I am seeing good content at this platform thesedays.
Anyway, I have earned steem ecently after a long time of writing articles here and those earnings I am keeping as Steem investment, when alt season comes and steem goes up(: ... its going to be lovely.
Thanks for all these details, very enlighting for me as I have limited knowledge on whats happening in steem. In fact, I read your previous articles long ago, they all are good and relevant.
And that's why I follow you so that I get updates of steem. Anyway.
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Hmmmmm.....I wonder what the other platform the person referred to? Don't tell people! They may jump ship!
We honestly need more analysis like this being disseminated out. A lot of the most bullish cheerleaders of Steem I see in the greater internet arena are people who understand it the least; ergo they still come off with that get-rich-quick/MLM/cultish vibe. Instead of explained reasons WHY they believe in Steem, you just see vague "Steem is awesome" type statements. I mean, I'm sure they are being genuine, but to the more analytical people, or people who have been burned by MLMs before, etc... it smells funny.
Like, once upon a time I did the Beachbody thing, because I genuinely liked their workouts (they're the P90X people). I was like, OK, this is a good product, I can get behind this. But the corporate culture was oh so cultish. People treated it like a religion - and the most successful coaches were actually evangelical Christians or Mormons who blended the two together (no shit, like "Jesus changed my life by bringing me Beachbody" type stuff). So even though the product is good, the slimy vibe totally turned me off and after a while I quit. This is the bulk of the pro-Steem talk I see. If I didn't personally know a friend from Facebook who I had known for a few years by then who personally recommended it, and I just saw the vague cheerleading squad, I would be like, "nope, scam MLM cult" and never join.
We need the logical-list-of-reasons-and-new-developments news to be our PR campaign in the wider cryptosphere and social media in general. Stinc should hire YOU. :D
I would like to change that quote a bit at the end from, then you win to...then they ask you how they can join?
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I have been poking at the LBRY people about using Steem for their comment system and they pretty much just laugh at the idea. The sad thing is that their reasoning is all jud fud and confusion about the Steem platform. They insist on calling it Steemit.
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Thanks for this informative post. Another thing with all these new tribes is, as a developer, there's tons of new stuff to play around with. Currently there are very few tools for Steem Engine/Tribes, and so we get a blank canvas and pretty much any tool is available to be made with little competition.
Have a great day,
~ @cadawg
The tokens help a lot especially the random ones sent to me and it’s helping me earn more steem
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Well, you know I'm a believer, and you know I am here to the bitter end. I think there is potential here in spite of SteemitInc.
I really wish I believed that SMTs are coming as soon as October. Remember they were promised LAST October. And the March before that and The November before that.
I really wish I believed that HF21 is anything but a huge money saver for SteemitInc and the consensus witnesses. I think HF21 will end up being a horrible experience for about 19,000 of the 20,000 that remain. Whales gonna like it.
What I do believe in is the blockchain. It's speed and accuracy. I think Steem has a place and perhaps a primary place in the overall crypto world. I think it's potential as the carrier for the tribal tokens is off the charts.
probably not too long a wait....
shit is shit i guess
An original look and ideas that I share.
Nice analysis, thanks @taskmaster4450.
Likening it to the systems many wish to escape isn't exactly an endorsement. I would ask what risk many of the initial investors had exactly, other than the wear and tear on their CPU and a day out of their lives? Seems to me they quickly were enriched with the hyper inflation that existed then. How many millionaires were made from that initial mining? How much is their high claim on rewards responsible for the amount of Steem continuing to be dumped on exchanges that has seen Steem fall from a top 10 position on market cap to where it is today?
Much of the bad reputation has been earned, and it must be conceded that those initial investors (whether through their time or actual money) have probably all been made quite wealthy in their exchange of Steem for Bitcoin/altcoin/fiat. Enough that given the stagnation that went on here, one questions whether they really care if this fails or not. They are set for life now.
It will be interesting to watch and see if those like yourself are capable of undoing the damage to the rep here and salvage this project. Even if my concerns are valid and they either don't care if this fails, or worse, hope it does so they can move on with their lives.