Bitcoin has just gone x6 to $60k.

What did Steem do during that time?

Did it go x3 to ~50 cents?

Did it mirror x6 to $1?

Did it moon x60 to $10?

Did it somehow lose value?

These are all very possible results. At this point in the bear market, you might be thinking x60 is some total shilling fantasy-land projection.

x60 would give us a market cap of $3.4 Billion.

Would it really truly surprise anyone if we had a market cap of $3.4 Billion in a few years? Do we think that Steem couldn't possibly get that high on speculative liquidity markets? Do we really? Or are we just depressed and in shock by a factor of 50 loss? Yep, these markets sure are volatile. Harden your resolve.

What happens if the FED keeps printing money and propping up the economy with more debt and dollar devaluation? What happens if a single bubble pops that starts bursting all the other interconnected bubbles of this corrupt corporate cluster fuck? What happens when the banks _steal bail-in accounts and legally force their constituents to be investors in a failing business?

Hyperinflation is going to hit every fiat currency, by design. Then the floor of the stable asset we've been measuring everything by is suddenly swooped out from under our feet. Market cap means nothing at that point; no more unit of account.

There is no more wiggle room left for the traditional economy to survive. The leeches have sucked the gains out of all technological advances since the 1970s. It's all right there in the charts. The leeches are sucking harder than they ever have before and there is no more blood in the system. The leeches can't stop the other leeches from sucking. No problem, they'll just pump more blood through the host until the heart explodes.

Metaphorically, this is what every libertarian / anarchist / prepper / homesteader out there sees coming.

We are trying to build a network that benefits everyone in it. The ability for a community to directly control inflation is already a killing blow to fiat. How much does anyone control the inflation of USD? Round that to zero. Meanwhile, I alone control 1/20,000th of Steem's inflation, and I'm small potatoes at the moment.

Can Steem grow your food? Can Steem build you a house? Can Steem purify your water? Not yet! The establishment still holds all the keys. That very same establishment that is crumbling under its own weight at the moment. Millions will suffer while vast amounts of power exchange hands. Decentralization will distribute a small fraction of that power. It's not a great solution, but it's good enough.

Hopefully everyone around these parts can put themselves in a position to stay afloat of this impending tidal wave.

I've always felt like the fair market value of Steem was around 80 cents at this point. I'm somewhat getting Binance flashbacks because I felt like the fair market value for Binance was $12 (still do). I was kicking myself for being all in when it dropped to $4 a coin. Trying not to make the same mistake with Steem.

Thoughts from a scarcity slave.

Opps! I mean temporarily embarrassed millionaire.

Return from When Bitcoin is $60k, What Will Steem Be? to edicted's Web3 Blog