We all tend to be impatient. This seems to be a part of our condition as human beings.
Each day I write about my bullish beliefs with the STEEM blockchain. I feel the potential here is absolutely amazing. Over the next few years, STEEM has the ability to alter the path of humanity forever.
The question is can you wait that long?
If I told you that in 36 months, STEEM would have hundreds of millions of people participating in the onset of an abundance age, would you be willing to wait for it? Or would the complaints come that it is too long?
STEEM can be at the epicenter of all that is going on with tokens. To start, it has an advantage over most other blockchains in that it uses graphene, thus giving it some incredible horsepower. While the ability to do a lot of transactions is there, the development team is having to concentrate on building up the back-end to handle all the traffic. It is akin to being on the Autobahn. Even though that can handle 170 mph, it is of no use if one is in a 1972 Pinto.
This blockchain is going to be a token factory. My belief is that a large portion of the run-up that Ethereum had in price was due to the ERC20 protocol. More importantly, it got that blockchain the publicity which drew in developers. Now, it is the leader in dapps even though there are scaling issues with the blockchain itself.
Generating tokens creates wealth. Having a system in place that allows people to get the tokens without having to invest is a major step up. As we move towards a tokenized world, we are going to see mass adoption of cryptocurrency. However, I do not feel that the large majority of people will ever "buy" a token. This means that getting it through the utility is necessary. The STEEM blockchain provides that opportunity.
I keep referring to @steemhunt as an example of what the future might look like. This is an application that is going to have a SMT generated token on the STEEM blockchain. They are already rewarding people with Hunt tokens. It is providing people with different ways to earn. Also, it increases the daily reward pool by a significant amount since it has its own distribution schedule.
Of late, security tokens are starting to receive some attention. We are seeing the creation of a completely new form of financing. Did you see what Swarm is doing? It acquired equity stakes in companies such as Coinbase and Ripple. With this, it is issuing tokens to represent the holding in each company. This means they are applying liquidity to their ownership portion of those companies. It is the first example of fractal ownership of this sort that I know about. Coinbase is not too happy about this yet, in the long run, is there really anything they can do about it? With decentralized exchanges, how can they stop it? It will be fun to see how all this unfolds.
https://swarm.fund/techtokens/
By the way, are you aware that STEEM has its own internal, decentralized exchange? Could security tokens (also being called Smart Assets) also be issued on the STEEM blockchain? Perhaps it can. Consider for a second being able to earn some tokens by playing your favorite games, such as @steemmonsters, on this blockchain. Then, you take those tokens to buy a piece of Manhattan real estate. How does that alter the options one has?
My point with all this is that we need to start stressing that people who come onto the STEEM blockchain are, potentially, entering the Age of Abundance. We are all aware of some of the drawbacks that exist at the present moment with STEEM and Steemit. Yet, many of those challenges are being worked on.
It is easy to focus upon the problems and miss what is unfolding before our eyes. STEEM is the blockchain of opportunity. Many like to criticize the developers, often without warrant. There are some who are aware of what is going on, so they might have a point. However, there is a solution there. @lukestokes posted yesterday about an option if the community feels it needs another direction in terms of development.
This move would adjunct what the Steemit development team is doing. In other words, it is another source of expertise to move this blockchain forward if the community decided to go that way.
https://steemit.com/witness-category/@lukestokes/eos-is-alive-object-computing-steem
It is going to take a few years for everything to unfold from a development and mass adoption standpoint. As I alluded to yesterday, a great deal of innovation is going to be boring. Security and user friendliness aren't the two most exciting areas yet they are vital if blockchain and cryptocurrency are going to take the next step. This is an industry wide-problem. Have no fear, the Internet was this way in the early days also.
I want you to consider a time when one can sign into his or her STEEM account and have the option of earning hundreds, if not, thousands of different tokens. With those tokens, one can convert them instantly into any token that exists with a few clicks. As time goes by, one will be able to purchase many of the necessities in life using these same tokens, especially when wallet systems advance. This means that anyone, as long as there is an Internet connection, can become part of the global economy.
How do you think that ability will alter the path of humanity? Are you willing to wait 3 years for it? And, if that is what is before us, why do we still operate from a place of scarcity? When we are looking at the prospect of hundreds of billions of dollars worth of tokens on this blockchain, how can anyone see anything other than abundance?
There are many who are still scamming, spamming, and trying to suck every token they can out of others. This is behavior that shows they fail to see what is happening. Fortunately, there are enough creators who are offering something different. They are adding to the STEEM ecosystem on a regular basis. Over time, as all this unfolds, their contributions are going to put tokens in the wallets of thousands of people. Multiply this over all the different projects that are going to arise and we see the shift towards abundance.
This is what I see before us.
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I share the bullish opinion with you, and I have to say that the next 26 months for me will be waiting for STEEM to do what it was build to do. Then, if in 26 months STEEM, for some crazy reason, we would still have 1-2 million users, I would start to consider quitting, because it probably meant that a better project would have killed us and our ambition.
But I´m not seeing anyone or anything being able to stop STEEM, so I would say that hundreds of millions users, as you putted, will be achieved much earlier than 36 months... just my opinion!
Yes. Even the friends I brought into Steemit are growing impatient because of the current low value of Steem. However, patience is the key. No life-changing project or invention came up overnight, It requires time, patience and dedication to achieve anything worthwhile. Steemit is no exception and I strongly believe that Steemit has a great potential and a future that we can only imagine. Hello Bitcoin, look who is on the rear mirrow, it could be steemit. Thanks @taskmaster4450
Check this picture, that why we need patience!
Great image that drives home how long progress can really take.
Another three years will put STEEM at about 5, between the IPod and Internet...
This may be me wanting to make up something, but the longer it took to reach 50M users the more useful things are... Example: Telephone, that got replaced by cell phones and has a great impact in our lives.
Nothing worthwhile comes easily...it takes time
Steem to the moon.
If you are for the long term, the value of steem doesn't matter. Regardless of the price of steem you will be able to power up as much regardless if the price is high of low. You can ready my post from yesterday for a better understanding!
Cheers,
Peter
This is really encouraging and well explained,am new but have gotten more motivated to hang around!
I have realised that most people are just short sighted,they think in the short term(scarcity,poverty mindset!!).
Its fascinating to note that 3 or 4 years is not a long time to wait! The 3 years will pass anyway...
I also believe Steem will be a game changer to crypto...free entrance and fast transactions ....awesome.
It will be a few years from now and crypto will have mainstream adoption,it will not delay like the internet did!!!
The great thing is that of late,many people are having access to the internet which is only the needed factor to learn more about crypto.
Steem will change humanity and thanks for this great write up.
i read a lot of your posts on the benefits of steem. i agree with some of it. But is it me or are there other community members who feel that it would be nice to see the business vision being communicated clearly?
There are lots of wonderful people in this community who could create a successful business model in no time and share it around with the rest of us.
right now, it feels like that developers are hard at work on fundamental technology. i completely argee that the tech itself is rock solid and i commend the people who have worked on it all the way from concept to reality.
but somewhere there are too many visions of steem floating around to make real sense. i know that none of us have answers. but we dwell on it. for example, i have a view of what Steem should be doing and i captured it here
are we in the phase of "let us build the roads and they will come?"
maybe there is an excellent vision out there with strong justifications that i am not aware of?
i confess that i may not be privy to anything significant about steem, but i would love to hear business models that would enumerate potential revenues, profits, run rates...
if it already exists, then i would love to see how i can make small contributions to it in terms of assessing it, suggesting changes, etc.
is this something that needs collective effort to develop? if so, let us create a forum to address it
To start, we know the development team is not great at communication. That said, there is just not one vision. Blockchain is a collective intelligence going many different directions until it finds it way. Steemit is just one application...it might or might not be relevant in a few years. There are other applications which have a different vision. What model ultimately wins? We shall see. With so many being created, there will be a lot to experiment with.
In the end, users are not going to care about STEEM nor the vision of it. What they will care about is the application they are using. If that fits the need that person has, it is a site that will be frequently visited. The fact it is on STEEM will not matter to the individual.
I sense you are trying to centralize the direction and vision when it is decentralized. You can look at it as there are thousands of visions, or there are none. It is all subject to whatever anyone wants to create. The collection of all these developments is what will be the overall vision. It will be morphed into as opposed to consciously developed.
This is well written and explained,i cannot add anything else here!
Its natural as you say for many average human beings to lack patience! I said average and the above average thinking Steemians are the ones who see potential in Steem.
I am almost making a year here and you cant imagine the way Steemit has changed my life.I am from Uganda.
Steemit with its small issues now is still changing people's lives here in Africa.There are those who give up though.
It takes a person with a high level of personal growth to see the potential in Steemit(its not plain sight!!!!)
There are many opportunities here already,combine with the upcoming Smts....man we are going to roll!!
Who could believe Facebook could become this big 3 years ago,the few investors who saw the opportunity.
The 3 years are not far and we shall remember such days when the prices were this low and people complaining!
I do have the same belief as you that Steem will be the top cryptos in the next 4 years....and we shall be there together.
I continue spreading Steemit in Uganda to interested folks who can see the opportunity i see!
Thank you for your comment @jaraumoses.
What you wrote is the reason why I am also high on Manna. There are so many around the world suffering a great deal that a little makes a big difference. Tokens are a new model that allows all to share in the global economy. Giving tokens is a great way to get people started.
I hope you spread that idea in your country also...it is a program that, over time, could help millions just like STEEM.
That is why I dedicated myself for 2018 to help both these projects.
When the SEC gave ETH an okay, they also said it was not a Security because it was a cryptocurrency and not a token. Whiskey Tango Foxtrot? Does that imply that they’ll treat anything calling itself a token as a security??
I think the head of the SEC was clear on that...he didnt imply, he categorically stated that tokens are securities.
It will be fascinating to watch how all this unfolds. Regulators, when you think about it, are really third part verification entities, hence subject to replacement by blockchain at some point. Until then, we are going to see them involved. Coinbase buys up a company to become a regulated securities dealer tells it all. They are going to play the game for a while. As will Circle.
But, at some point in time, the decentralized exchanges might gain steam. Once hack with tokens cleared out and that will really cast a negative light on centralized exchanges.
If every SMT issuer has to register with the SEC, won’t that impede the development of the SMT ecosystem?
The exchange on STEEM is decentralized...hence outside the bounds of the SEC.
I hope you’re right.
I'm largely in support of your message—we are working with a new platform inside of a new technology that has tremendous potential, but realizing that potential is going to be a process.
The only concept that I do not yet fully appreciate, is your idea of the Age of Abundance. Even if there are thousands of currencies and billions of coins inside of those currencies, their value will still need to find a way to relate back to "organic value." How will the value of a coin relate to the growth of one acre of wheat, of one gallon of water, of one structural grade board-foot? In short, how will gross over-inflation be combated?—what will give the numbers their value?
There will be a massive amount of problems to solve, mistakes will be made, and the changes will take time. But, I am excited to learn and be a part of it.
The Age of Abundance is a topic that stretches beyond the scope of this post. However, to answer your questions, it starts with a few premises. Value is what we ascribe to something. At times it is reflective of an underlying medium, others it is not. Stuff is valued at one price today, something totally different tomorrow. A big part of it is demand. Hence when it comes to crypto, usage is a large variable.
Will all SMTs have great value? No. Many will be worthless. Some will be created as an experiment with the intention of never amounting to something of value. Others will explode as the applications they are tied to are embraced.
As for the inflation situation, I believe that is a 20th century idea. Going forward, massive inflation will not be a part of the 21st century. We already witnessed the banks ease to the tune of trillions yet we went through a decade where inflation was not present, much to the surprise of the central bankers. Why is that? In my view, it is because we are seeing more of our economy coming under the laws of informational technology. Processing, storage, and software are going into everything. These are items that tend to go down in price over time. Look at all that was digitized since the advent of the smart phone a little over a decade ago. This is expanding at a rapid pace.
Thus, everything I see in the technological world, all innovations and develops scream one thing....demonetization. Over the next two decades, we are going to see the prices of many of the main essentials drop to almost nothing.
blockchain (and steemit) will definitely distribute the wealth.
the reality in today's world is that population has grown and resources have shrunk. no technology will be able to solve the physical resources problem. natural resources are in short supply and blockchain will not mediate this or will political representations allow it. Inequality is not just about money being siloed it is also about resource availability. all the money in the world will not be sufficient if we dont have anything to spend it on. also, there is a lot of discontent between the have's and the have nots.
in fact it is the essentials like (water, food, jobs and living space) that are under serious threat due to the exploding population. look at the mass migrations happening across the world. consider the serious disparity between countries in terms of wealth and technology.
I disagree. There is no shortage of any of that. There is plenty of food, water, and living space. We could occupy half the planet and leave the rest uninhibited. The same is true with food. We have more than enough food to feed the world. The western countries throw out about 1/4 of all food they buy.
The problem is distribution of these resources. Technology is changing all this. Desalination products are falling like a rock...the problem is energy is still costly (and unevenly distributed) at this point. Renewable energy (along with nuclear fusion) will alter that. Vertical farming and in vitro meats are altering the landscape of food.
So technology is going to change a great deal of the physical which, by spreading wealth around with crypto, as an example, will enable these countries and individuals to tap into this technology.
here is the world in 2011:
so more human impact, more resource usage and wastage
want to talk about resource wastage?
we are currently in ecological deficit:
while the world is producing enough (3Kcals per day), the redistribution of food remains a pipe dream due to prohibitive costs, no perishable storage, political boundaries and total lack of applicability in all dietary metrics.
let me give you an example: india has a mango suprlus. but the problem is that mango needs to be consumed as a tropical fruit.
USA has a meat surplus while Bangladesh and India are the lowest consumers of meat because they are primarily vegetarian. naturally weather and environment play a large role in applicability and nutrition.
blockchain will solve many technological problems but it will not solve world hunger or social inequalities.
blockchain is a technology with the potential for a vast footprint. It is however a technology that can be controlled by a few people. i think that discussion is for another time.
i sincerely hope that blockchain will solve the world's resource scarcity problems but there is no evidence today to show that it could be possible.
I appreciate the response—one thing that I'm going to have to commit a lot more focus and brainpower to before I can even feign understanding is how the technological will interact with the organic.
As our world grows and becomes more sophisticated technologically, our organic world is being simultaneously stressed and depleted. My mind intuitively gravitates not towards the idea of impending demonetization, but of the return to a physically-backed currency; not by precious metals—whose value is purely psychological—but backed by some "standard necessity." Something like water—we're worth X amount because we control and have access to the corresponding amount of water.
How will the growing technological and intellectual world interact with our simultaneously depleting tangible world?
Technology is answering that.
To use your example of water....there is plenty of water on the planet. What is lacking is clean drinking water. Hence cleaning up the water and/or desalinating the water is the challenge. There is no lack of water, just cost effective ways to making it drinkable. This is being worked on.
What you term depleting is on the way out.
Fossil fuels? In 30 years will rarely be used.
Food? As mentioned above technologies such as vertical farming and in vitro meats are just a couple of answers there.
Land? Not even close to covering 1/2 the planet.
Think of all the things used in the past that are diminishing.
Paper...down 50% in the US since 2009...
Music and video...was passed around on plastic, now streamed.
Screens...we use a lot of resources today on them...tomorrow, they will be holograms (or some other technology).
Autonomous technology will reduce the number of cars.
There is no doubt we are wasteful destructive beings. That said, there is now a reason why things are changing...it is now economically wise to be ecologically friendly. Renewable energy placements are jumping because the prices plummeted.
They are one in the same when you think about it. Microsoft was able to store data on organic material. Biology is now under the law of IT since we know it is really nothing more than code. CRISPR is starting to make some headway in this arena as is Genome research. We are able to turn cells on and off just like bits in computing. Nanobots are already being tested to treat disease by targeting specific cellular regions. In time, these bots will be made out of the individuals own genetic material.
These are all compelling points. I appreciate you taking the time to read my comments and respond to me—you've given me a lot to think about.
This is lit taskmaster, I'm definitely going to explore the reality you are suggesting, and also suggest it to anyone with open ears
@taskmaster4450
Do you think that the EOS launch could be a threat for the Steem blockchain! Any ideas about it?
I do believe that maybe a competitor is needed to lift the steem blockchain to a higher level!
Cheers,
Peter
No I do not. EOS is a general blockchain..in fact it even is being termed an OS for blockchain. Will there be social media applications on there? I would believe so. However, there is a difference between a general versus a specialized blockchain. STEEM is designed for social media...EOS to be the world's computer. Two totally different scenarios.
Also, EOS can be integrated into STEEM if so desired. As mentioned even if the steemit development team does not believe in that, there are other members of the community who can move in that direction if it is desired.
Ultimately, I think you see interoperability which only serves to make the entire blockchain world more valuable. Hence, I look at it as the STEEM-BTS-EOS trio being a package deal. There is already a team working on integrating EOS into BTS for mutual benefit.
If anything, EOS will ultimately make STEEM more valuable and help to move the entire industry forward.
Thanks for your point of view. Never looked at it this way!
Happy weekend. If there is such for such a passionate steemians!
Cheers,
Peter
Coins mentioned in post:
i like your opinion @taskmaster4450 . . . as a steemian i just can say " I just write my word " , exactly i hope steemit always be expand. . . cause steem account is just not make me improve my skill about writing but change my life
Yes, I definitely can wait, more so if the world is going to be tokenized anyway, why wait?
I have been running the rat race for as long as I can remember with nothing to right home about and if about 3 years is what it will take STEEM to dispense its abundance my way then I'm definitely going to be patient.
Isn't the reward pool fixed and slowly decreasing over time? If more come onto steem, won't the rewards get spread thinner, especially the meager rewards that are left after the whales take their massive share? At this point, as much as I like the concept behind steem, my guess is that the panhandlers hitting up drivers for cash a couple of blocks down the road from me make far more than a very talented new blogger on steemit.
The reward pool decreases over time, yes. Of course, doesnt that mean that a scarce resource will increase in price?
Do not forget, STEEM is required for bandwidth. Where are popular applications going to get the STEEM to provide their users with enough bandwidth to interact and for their sites to grow.
Yes, as the reward pool decreases the value of steem should increase, but isn't that even more incentive for those with lots of steem to just use it to increase their profits without increasing the quality of the content? If you think of steem like any other cryptocurrency, then that is probably ok, but if steem is supposed to be rewarding based on quality, some serious changes need to be made around here.
I think the model is changing as I wrote in my latest post. Those with STEEM are starting to delegate to different projects. It is the projects that are doing the upvoting.
And all in all, the larger accounts do not create a ton of content. Look at the top 50 accounts and you see they rarely post...a couple times a week at most.
As more newer people come on, collectively the larger accounts start to lose their power since a larger portion of the reward pool goes to the content creators. We already saw a big shift the last year. I expect, when more people sign on in bigger numbers, this will even be more pronounced.
Cool post! Sorry I didn't upvote in 7 days..
I largely agree and would have written much the same myself.
Good update and sync up for anyone that has not considered this view.
I agree, it's time for the community to start developing on steem in a very organized fashion: DAC anyone?