When it comes to the world of crypto, are these numbers and those fancy charts reflecting the truth? And how does that affect Steem?

in steem •  27 days ago  (edited)

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I was always fascinated by numbers and charts. And while in most cases both numbers and charts reflect the truth, there are rare cases were they don't. One of these cases is sports...where team A might have dominated a whole game but just because they were unlucky or a number of other reasons, didn't manage to win team B.

Now if someone would just looked at the stats of that particular game without knowing the final score, they would have probably guessed that team A must have crushed team B. Yet they didn't...

But I ain't here to talk to you about sports...

When it comes to the world of crypto, are these numbers and those fancy charts reflecting the truth? And how does that affect Steem? So I had to do some digging to see for myself how the top ranked currencies such as BTC / ETH / performed -USD wise- 3.5 years after their official launch...

Now one might think that the Steem - BTC comparison is unfair since back then there was no other currency and BTC had a lonely ride. Still. Here are some interesting data...

BTC:

Everyone knows that BTC was created by Satoshi Nakamoto, or a group of people who chose that name, or a geek that was hidden in some random basement in 2008. It doesn't really matter considering that we'll probably never find out who he/she really is. So the official mining started in the early days of 2009.

How Much was 1 Bitcoin Worth in 2009?

Bitcoin was not traded on any exchanges in 2009. Its first recorded price was in 2010. Technically, Bitcoin was worth $0 in 2009 during its very first year of existence!

How Much was 1 Bitcoin Worth in 2010?

Bitcoin's price never topped $1 in 2010! Its highest price for the year was just $0.39!

That being said, the next question should be :How much was 1 BTC worth in mid 2012, hence 3.5 years after its birth. Well according to the graph below, in June 2012, BTC's price was ~6$ per Bitcoin...and it never looked back.

2019-11-11 22_10_08-#1 Simple Bitcoin Price History Chart (Since 2009).png

Ethereum:

Created by Vitalik back in 2013 but went live during the summer of 2015. So 3.5 years later, by the end of 2018, and while it's starting price was something like 1$, ETH was traded at ~100$ per ETH after previously had climbed to almost 1400$ per coin. Also never looked back...

2019-11-11 22_26_50-Ethereum (ETH) price, charts, market cap, and other metrics _ CoinMarketCap.png

I could also provide the LTC chart which is more or less similar to the ones above. You may wonder why should I even bother compare the top ranked coins with Steem, right?

Because Steem blockchain outperforms all the above blockchains combined.

No matter how one may look at things, Steem is a lot faster...fee-less...and able to provide ground for anything the human mind can think of to be build upon it. Yet if one take a look at our chart...well, it is kinda depressing. We definitely looked back...

2019-11-11 22_43_01-Steem (STEEM) price, charts, market cap, and other metrics _ CoinMarketCap.png

People out there don't know that SMT's and communities are on their way....they just look at numbers and charts. Only WE know hat Steem is capable of doing, yet we refuse to get our shit together and work as a whole to bring Steem where it belongs, among the top 5 cryptocurrencies.

And we think that this project is superior to others out there, then it's those coins it should be compared with. And not some worthless junks that are sitting on 2350 spot of the rankings.

Wanna see Steem thrive? GOOD. So am I. But until we work our differences so that we can all move forward, it just ain't gonna happen...

We all have the same goal here...yet some of us are missing the bigger picture...

So, are the numbers and the charts in our case reflecting the truth? Do they reflect the progress maybe? You tell me...


Have you tried out the Cryptotab browseryet? NO? Start mining some BTC from your PC right away...instantly.

Are you familiar with the Freebitco.in site? Well, you are missing all the fun...probably the most legitimate faucet on the entire web


Food for thought...

Have a good one.
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Cheers.

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I don't think Steem has very good censorship resistance. I think if Steemit Inc fell under attack by the US government (or even lesser powers) that would be pretty devastating for the platform. Luckily Bitcoin takes most of the heat in this regard... for now.

When we look at how blocks are formed (I'm still not exactly sure how) and how those blocks are validated... I think there are a lot of technical attack vectors that very few people know about, and even less talk about.

Steem's distribution is also very poor. Too many big whales have the power to dump on the market without having to feel the sting of FOMO and regret that one would have on a higher market cap platform.

All this being said I'm still overwhelmingly bullish on Steem and it remains my top holding despite how much money I've lost doing so. Our shoddy liquidity issues increase volatility in both directions; not just down.

It's difficult but I try not to obsess over price action as I attempt to adopt an abundance mindset. I have everything I need; I don't need the price of Steem to go up; that would just be a bonus.

I don't think Steem has very good censorship resistance. I think if Steemit Inc fell under attack by the US government (or even lesser powers) that would be pretty devastating for the platform.

To be honest with you, I hadn't thought of the consequences of a possible attack and how well protected we really are. Maybe it's time to start asking questions?

Steem's distribution is also very poor. Too many big whales have the power to dump on the market

I have a feeling that there will always be buyers around willing to buy on every dump they make. That's the best possible distributions actually..and a rare chance for those who feel that are left behind...

Good post and keep going your good job on Steem.

Posted using Partiko Android

Thank you! :)