RE: Happy Math
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It just amazes me how many tokens have higher market cap than steem. Do all of those have a working product?
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You are viewing a single comment's thread:
It just amazes me how many tokens have higher market cap than steem. Do all of those have a working product?
Very few have anything. Of course there are the stablecoins and the exchanges mixed in there but a lot of what is ranked higher than Steem has very little being done.
What's STEEM business model? In Bitcoin case it is store of value, Ethereum has the gas for running smart contracts. But in STEEM how do you justify buying pressure? Original whitepaper had this covered with the promote function, so people would buy tokens in order to promote content, that's a sustainable approach. But now that the promote function is dead there is no reason to buy STEEM tokens other than speculation or some kind of vote buying scheme.
You might make some money by investing in curation but that would require automating with bots (which further skewes proof-of-brain) and would be greatly counteracted by inflation.
TL;DR: STEEM is doomed in its current form.
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