STEEM just passed $4! Market Cap at $350 Million. Is it on pace to pass Ethereum?

[kevinpham20]

Steem is trading above $4 for the first time ever. It's market cap has reached $350 million, only about $500 million from surpassing Ethereum's market cap:

Given Ethereum's problems stemming from the DAO hack and Steem's mainstream appeal, do you think Steem has a chance at passing Ethereum's market cap? I think it's certainly a possibility.

But the real controversial thing to think about is if Steem has potential to pass Bitcoin's market cap?

Full disclosure, a substantial portion of my net worth is in Bitcoin, and I'm wracking my brain about what to do if that happens. For now, I'm still HODLing onto my Bitcoin while hedging my bets by posting and earning on Steemit.

Interested in hearing your thoughts in the comments...

Comments

[knircky]

One double up.
This is not too hard to do. However, lets just relax a little.

I have only been with Steem a few days. It is hard to analyze it entirely rationally at this point. Especially with the price going nuts the last few days.

However the way I see it right now:

• Steem is a blockchain with a currency, basically like bitcoin
• It is designed with somewhat of a constant money supply increase of 10% yearly. Like bitcoin the money supply is fixed
• In addition to the money functionality all blockchain have, there is an additional app that gives the eco system value. In the long run this blogging/reddit type app should be the main thing driver of the basic of value. This is something that bitcoin does not have in this form. In addition to this baseline there should be the same benefits that bitcoin and other blockchains have.
• The blockchain is based in bitshares and has been thru various innovation cycles with key advantages such as a more decentralized and efficient consensus mechanism, better performance and higher de-centralization.
• the business model of the blockchain is designed with both the social app as well as the financial side of the blockchain in mind. It builds value for the investors as well as for the users of the app.

It looks to me like this is the most advanced blockchain on the block because of the combination of these aspects. It is the first time a killer app other than money has been introduces with new money. So i see this as a way to draw in users and investors at the same time. At this point, this seems a concept for domination to me.

[btcturbo]

1

[dana-edwards]

No it really depends but I think dumps will not be common on this platform because only complete newbies will think to dump. You can make more money on the internal markets from what I can see but most people are trading on Bittrex because liquidity is flowing to Bittrex.

Overall, I see $10 for Steem sometime in August, which will be good for all of us. The issue here is in order for payouts to increase the winning content producers have to power up. Over time Steem market cap will increase as more content producers power up and by default it looks like some fixed percentage of the money earned goes toward powering up anyway. So just wait.

[johnsmith]

This was certainly the case with most other crypto-assets, but Steem may be different. The vast majority of Steem was premined and is being held by a few developers, and the liquidity that is in the wild is heavily incentivized to hold via Steem Power. The recent hack should have triggered a massive sell-off but it was barely a blip, and is now recovering quite nicely. Steem could be a completely different breed of crypto and surprise us all.

[johnsmith]

Agree 100 % on $10 Steem: https://steemit.com/money/@johnsmith/steem-price-speculation-mega-thread

[shaif]

In the same dilemma as you, should I buy into steemit or keep my money in ether/btc. Decisions decisions.