Hello folks, today i have been mostly reading stuff about this Steemit 2.0 that is to be released on the EOS blockchain. The brought me to deeper down the rabbit hole to find out some unsettling stuff about Steemit's management with all the big accounts being powered down. Im have a bad feeling in my tummy and the furtue of steemit is not looking very good.
I dont really watch the price of STEEM to closely but i do notice when it drops a few spots on the market cap ranking's and STEEM is down to 60th. When i first jumped in almost 2 years ago, ranking at 30-35th was the normal and only in the past 6-7 months it's been dropping. I've watched this happen with smartcash as well, both have great communities but no big investors. All i know about the price is everything else is going up a tiny bit and STEEM is going down. As someone that invest's alot of time into the platform through my work with Steemsilvergold and running a few upvoting bots, i am concerned that all my hard work might turn into a negative ROI experience with experience being the only thing gained. I see that there was around 32 million STEEM POWER powered down by Steemit management around 6 months back which is also very alarming. There are alot of stoiries about Ned and Dan floating about steemit, reddit ect and it's hard to know which is true and which is not. Im really not feeling as good about my STEEM investment today compared to yesterday.
Im shitting myself, the correct one is im shitting myself.
Im not sure what the big plan is for Steemit 2.0, if it's to be released on the EOS blockchain, surely it will not be called Steemit 2.0. I have seen the term MEOS thrown about, maybe this is the new token, who knows? What does this mean for Steemit 1.0 and what does it mean for all our STEEM POWER, it's all just a madness. Steemit's problem is they say they are gonna do amazing stuff with almost no information provided for months on end and then they do stupid updates like changing where the downvote button is located. Where are 'steemit communities' and why are SMT's are train wreck? They are all over the place and there almost looks to be no structure at all. Steemit got rid of 70% of their staff recently, management have sold off 90% of their holdings so have no vested interest in it doing well and there have been no major updates to the platfrom from day dot.
How long can it last?
I reckon steemit and STEEM will always be used but growth is no longer an option, it looks to be in survival mode for the reminder of its days. Im bummed out and feel stupid. I have almost 10k SP on the platform locked up between commitment's for CryptoSicko and delegations. I can not sell all that STEEM for under 1 dollar, i brought around 6000 STEEM at either 50 pence are 50 cent and earned the rest. Even in steemit's doomed state, it still is the number 1 DAPP for STEEM and makes up alot of STEEM's daily transaction volume.
STEEM is an amazing blockchain and i personally do not think that bitcoin is worth x17,000 more than STEEM based on the fact that STEEM transactions are pretty much instant, free, STEEM does more transaction's per second, does not have an evil brother coin trying to destroy it (BCH) and has build in can be forked. I still believe that STEEM will see at least 2 dollar again and that's my exit for whatever STEEM POWER i have at teh time minus around 3000 for delegations. My thinking is if i can sell that bulk for $2+, i can lose 3000 should things go tits up and not feel bad about it. I would still wonna be active on Steemit.
As for #steemsilvergold
I assume we if a "Steemit 2.0" is ever released, we'll be all over it. It's just gonna be hard to leave steemit 1.0 behind if the new EOS version is successful. I guess we'll hold on and see what happens over the coming months.
