It's no secret that Bitcoin is a much more trustworthy coin than Steem. With ten minute block times and the highest hashrate in the world, the Bitcoin community secures their coin above all others. However, what can you really do with it? Most people simply consider it a "Store Of Value."
DPOS coins are an attempt to bridge the gap between trust and utility. With three second blocks and no mining fees, Steem finds itself on the verge of being much more useful than other cryptocurrencies. Steem is a top coin when you consider how easy it is to distribute inflation in a decentralized manner.
Everyone was worried about EOS coming on the scene and blowing everything else out of the water because it's theoretically superior on a foundational level. So what happened there? We see, time and time again, that new coins suffer from a lack of development. Everyday in the news we see more and more projects hopping on the crypto-train as the fiat value crashes into the mountain. Is this folly or a Golden Opportunity?
Worst case scenario
I don't want to sound like a cheerleading propagandist, so let's look at the worst outcome: Steemit Inc hits a wall and decides to cut their losses. Most of the whales jump ship and dump all their coins on the market. The value of a Steem coin is worth less than a penny and the only way to keep it alive is to organize a new dev team that would be willing to work for peanuts.
This is a real possibility, but would it really be the worst thing in the world? There are diehard members in this community that will stand tall even in the face of the worst adversity. There will always be witnesses willing to keep the network up and running. Steem isn't going anywhere even if it falls into complete obscurity.
When Steem was priced at $4-$8 everyone complained about it "not being fair" that so many people got to buy in for cheap. Now we have firsthand experience as to why this is a logical fallacy. Where are all those same people now? Are they buying up coins as fast as possible? No, because price action is completely unpredictable and they are afraid it will crash even more.
In fact, with SBD at 80 cents, the chances of more downward pressure is extremely likely as users trade in SBD for Steem.
So what?
How many other coins let you so easily control the inflation of a currency to support the users/projects of your choosing? How many other coins have a built in community with an easily accessible API? How many other coins will pay developers to create open source software? How many coins want to be known as the one that pays you to ______?
Have you really lost anything?
You know, a year ago I was actually worried that I had missed the train and that crypto would just keep spiraling upwards. If that were the case, it would have been very difficult to acquire coins. When it really comes down to it, you haven't lost any investment until you capitulate and sell it back for fiat. From my end, that's never gonna happen. I'm not even going to think about swing trading until Steem is up to $75 a coin. Maybe that never happens. So be it.
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