Desperation and the FUD

in #steem3 years ago

Have you noticed how much FUD is flying around here lately? Yeah, there is always some to some degree but when prices really start to get low, the FUD starts to fly. It is also interesting to note where it comes from as often it is people who live off Steem. When prices are up they are all HELLYEAH!!STEEM!! but when they are down for an extended period of time, it turns 180 and they start to attack the very system that has fed them.

It is a natural reaction of course and I am glad that I don't have to rely on Steem to live off as it is much, much too unstable; especially in expensive countries. I am a content producer and as such rely on votes to earn Steem. My wife and I live on the thin economic edge as so much of our income goes to caring for our daughter but, I have put a few euros in here and there when I have been able.

There have been several times where I was seriously considering cashing a little out but we have managed so far. Living off Steem would be impossible and much too high of a risk. One day though, perhaps it will be okay and the Steem in my wallet and the network will work together to make life easier. My wife would likely be more grateful than I and I would be very grateful for some reprieve from the current situation.

I do understand desperation and feeling helpless so do know that the FUD is to be expected but is it warranted? Often it is coming from people who up until now have been earning well, many are high rep and were well supported and perhaps got too comfortable in the idea that it would last or, would be stable enough to survive on.

There are no guarantees of course however when I read some of the posts, the desperation leaks through as they really want it to work but they need it to work now for them. This is the problem with living off Steem if one doesn't have the nest egg in the wallet to earn upon without being supported. Some of the larger earners powered most of their Steem out to live upon and some live well yet, price being down means earning can be too. Even if they have invested into other coins, the entire market is down so selling anything is painful.

I was talking with @acidyo the other night and he attached this article quoting Steve Wozniak who is the co-founder of Apple. I found his words encouraging.

“You can look at Bitcoin as the example, the gold. And it’s just like – oh my gosh, no control anywhere. And it really works. People said that about small computers in the early days, ‘This won’t be anything.’ No big company would invest in it. My company Hewlett Packard turned me down five times…

Bitcoin really got our attention towards what blockchain could be. All the advantages are there because there’s no creator, there’s no owner, there’s no company involved here, there’s no central control. So it caught our attention. And everywhere I go in the world, I run into huge numbers of people that are developing different applications in life, things that we do in life, that will be on the blockchain.”

Two lines from this are interesting to me.

People said that about small computers in the early days, ‘This won’t be anything.’

How many times do we here that here? How many people have said that it won't work because of this and this or, unless this and this? How many people have said the same about every technology that has changed the world?

And then this:

And everywhere I go in the world, I run into huge numbers of people that are developing different applications in life, things that we do in life, that will be on the blockchain.”

We are a long way from getting it all right but, there are definitely an increasing number of developers joining into the fray and building applications that not only will be Steem based, but will help bring people onto blockchains in general. What the apps do is normalize blockchain and for Steem, what the SMTs will do is make cryptocurrencies friendly, easier to understand and most likely use as the developers start truly developing for average users. the biggest hurdle seems to be convincing people this is all real (and to protect their keys), which isn't made easier by all the FUD.

Another article shared about Coinbase getting 300M in funding to expand operations had the opening paragraph:

Coinbase confirmed on Tuesday a new round of funding led by Tiger Global Management, with participation from Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and others. The Series E equity round of $300 million pushes Coinbase’s valuation to over $8 billion. source

Andreessen Horowitz was the name that stood out to me from this one as they are big angel investors in tech startups and;

In 2011, Andreessen Horowitz invested $80 million in Twitter, becoming the first venture firm that held stock in all four of the highest-valued, privately held social media companies at the time: Facebook, Groupon, Twitter, and Zynga. Andreessen Horowitz has also invested in Airbnb, Lytro, Jawbone, Belly, Foursquare and other high-tech companies. source

It seems they have an eye for social media investments and they don't mind spreading their risk. People think Steem is in competition with other social blockchains, but that is only half true. There is so much room for social chains that there could be dozens if not hundreds of versions with all able to take a significant slice of value.

In my inexperienced eyes, there is so much support flowing into crypto that the price should be increasing but, it isn't. This is a good sign in my opinion as it isn't falling much either, it seems to have hit bottom and now it is just skimming along waiting for the infrastructure to be built that allows the investment firms to open the crypto markets to their customers.

None of this guarantees the future of Steem of course but considering that we have developers that haven't stopped developing and businesses that are continually adding more services, new infrastructure to build upon, more value streams coming for investors to utilize, more options and diversity for users to find their niche. There are a lot of things going on here that many people don't really consider in conjunction with other things going on elsewhere.

Like the app developers from much more established companies coming in and seeing what they can do with it and I am pretty certain Andreessen Horowitz would know a couple developers they could convince to take a bit of an interest. The world is changing and the early adopters aren't even all in yet, just the early dreamers.

When Wozniak spoke of mainstreaming in the article:

“Do you actually see the disruption happening? It’s happening kind of slowly, but that was true of all the internet apps in the early days…

Every single blockchain application I hear about, whether it’s manufacturing or materials sources or the history of real estate or voting – every application I hear about is ‘Woah, this is so intriguing. Will it actually work?’ And eventually it boils out to which ones do work, and we need one bowling pin after another. And it may take a while to start it because people can’t change their ways easily to things they don’t understand fully inside.”

Convincing people can take time and potentially, a lot of time but as he mentions the "we need one bowling pin after another", there is a critical mass point that gets reached and then it all falls into place and the rush can be very rapid. Of course though, it is not happening fast enough for everyone to suddenly quit their job and live off crypto earnings but Steem has the added benefit that one can hold and earn with holdings minus the risk of losing coins in missed buys.

As long as one doesn't take more than one earns, it is possible to keep the wallet size increasing, ticking over a Steem at a time, building a network, developing skills, exploring possibility and learning enough that gives early mover advantage on many different projects. Yes, there is risk in holding and investing time, effort, money etc but there is also the chance to be part of a technological shift like the personal computing industry as it started, the internet as it started and now, the blockchain as it started.

Absolutely listen to the FUD, hear the issues and be part of the discussion but, don't get too caught up in the emotions of it, the fear, uncertainty and doubt that creep in and makes you second guess if your time is being wasted and what is in your wallet is worthless as there is a long way to go and it is going to require some active participants to get there. Don't be fooled by the post feeds though, people are still actively developing in the background, they haven't stopped yet and I only see them increasing their velocity.

We all make our choices on how we assess risk but be careful listening to people with ulterior motives, especially those trying to remain relevant in an ecosystem that might not need what they have to offer at this time. It doesn't mean that they are worthless, it could just be a question of timing but, acts of desperation rarely get the girl. Or boy.

Or whatever you are into.

Taraz
[ a Steem original ]

Sort:  

I bought my first STEEM from a fiat investment in February after two months here... I have seen so much development in this time here and many communities working together to add value to the ecosystem that I feel that the foundation is still being built. The hype got ahead of itself earlier this year as it only attracted speculators and people looking for a quick profit; it has now regressed to the mean and price is approaching value quickly so the future is bright as the ecosystem continues to improve on many fronts.

it has now regressed to the mean and price is approaching value quickly so the future is bright as the ecosystem continues to improve on many fronts.

Well, it isn't going to drop much more from here I think :D

I know there is a lot of negative energy when steem is down in price. Folks do not post as much. I look at it as a golden opportunity to invest at those times. Notice I say invest. I believe that is the attitude we need. There was a time when folks would invest in the stock market before it got this rigged and manipulated. Today folks want a quick buck and play the market like a casino. Real long term investment attitudes are gone. Perhaps they are in need of a quick fix because they live paycheck to paycheck, unlike their grand parents. Steem is an investment and not a quick buck. One must be patient and let it cook for 5 - 10 years or more to reap the true reward. Thanks @tarazkp

Perhaps they are in need of a quick fix because they live paycheck to paycheck, unlike their grand parents.

This is a very salient point and on top of the savings, the grandparents didn't feel the need to continually by throwaway consumables whenever a new colour arrived.

I might also ad that that our grandparents had the attitude that if they could not pay for it in full, they didn't need it.

Yeah, pity they didn't pass the learning down the chain.

What happened is that the greatest generation (WW2) did not want their children to go through what they did during the great depression. So the baby boomers got spoiled and continued the spoiling into the me generation and beyond. Thus we adapted the spirit of greed and impatience. Fast food, fast cars and fast women and fast money. The casinos got their spring board off that. What was a good intention of not putting children through hardship turned into selfishness and greed when multiplied over 3-4 generations. Again thanks @tarazkp

Well I think a big part of it really is that they put themselves in a position where they need the money. I don’t fault top 20 witnesses for living off steem earnings, since I’d kind of like them to be at it full time. But for most people this is too early to let this be what one’s relying on to pay the bills. Resentment comes when one is awakened from a lovely dream unceremoniously.

Posted using Partiko iOS

I don’t fault top 20 witnesses for living off steem earnings, since I’d kind of like them to be at it full time

Yep, and even a lot of them have other projects to cover it. I couldn't ever think of living off Steem unless I could cover my needs myself at what I consider the bottom. I don't see that happening for a good long while :)

Resentment comes when one is awakened from a lovely dream unceremoniously.

Never get too comfortable.

I like it. To be fair I think that the majority of us realize that right now is just the building phase of something bigger. You can't build a mansion without laying a solid foundation first. People complaining about price and everything that is wrong right now don't have the best intentions for the blockchain. What we need are ideas and solutions to these issues.

It's great to see how many people have taken that initiative themselves to create applications, algorithms and communities with the intention of creating something in the future.

It won't be easy and it won't be quick but a lot of us believe in what is being created right now. There is enough reason to be positive and hopefully other people will see the possibilities of STEEM and blockchain technology in general as it becomes more accessible to the general public.

Price is really only relevant when selling., Holders don't worry too much although, it does effect the SBD payouts too but again, only for sellers of SBD. Vests are vests.

The time it takes for blockchain to really take off might be 10 years but on the way there, there is going to be a lot of opportunity.

That's why it's all about the gains for me. I've no intention of selling what i have as long as i believe in the direction that the blockchain is going in. My main aim is to accumulate as much STEEM as I can while the blockchain is quiet and hopefully gain more influence along the way. I'm here for the long haul and am mostly just curious as to what form it will have taken in 5 years time.

People often increase the percentage of their votes at these times which is good as the vests draw on the Steem. Those who are putting in effort generally earn more steem at these times.

I've noticed it a lot more since the last hardfork alright. Since there has been less activity on the blockchain it has been easier to get noticed and to earn more sp. I was making small gains along the way but in the past month or so it has gotten a bit easier.

What i want to do now is build up a bigger circle since it has gotten that bit quieter and it is getting harder to find and engage with active members of the site. Trying to find and attract those people will be a goal of mine over the next few months as i grow my account.

This is always an interesting topic for me, being one of those people who rely solely on this as a means of making a living. I understand that it’s probably a smarter move long term to just keep stacking Steem and make a living in something else, but I don’t want to do that. I have zero interest in going back to the kind of life I used to have, working on a ”normal” job. Even though this is hard too, I’d rather pick this rollercoaster and try to work with it how I see fit.

It’s easy to get scared and effected by the FUD, but the longer this bear market keeps going, the stronger I feel. Still here, still going, and even though I feel the FUD at times, I don’t think I’ll be stopping this any time soon.

It is a hard road but you have accepted it as such so you are okay. Some others have got a little too comfortable and relaxed expecting it would always be easy for them. The ecosystem changes, people move their votes, price plummets etc. If one isn't willing to return to the grind, it is easy to get desperate.

For me with a family, it would be impossible to do if alone I could scrape it perhaps but I would not be able to grow. One day perhaps for me but the bear won't be around forever, so hold on six months ;)

If you were living solely off of Steemit and trying to support your family that, I would think of you as being highly irresponsible. I only have to take care of myself, so it’s a lot easier for me.

I quit my job around the all time highs, but I never had any rosy misconseptions that it would last. Though of course I hoped prices wouldn’t plummet too bad. And when they did, I just adjusted myself to the situation and along the way, it got easier. Now I don’t look at prices that obsessively, and when I have to cash out and pay bills, I do it without crying too much about the current price.

Now I don’t look at prices that obsessively, and when I have to cash out and pay bills, I do it without crying too much about the current price.

I gave up looking a long while ago :)

Same here haha

Posted using Partiko Android

I don't get caught up in the Fud because if you read between the lines you can see what is happening. The picture is becoming clearer every time there is another announcement. There will be more FUD towards the end of the year saying crypto is dead because there is no bull run hoping people sell for them to buy even lower.

There is always FUD but I don't think the way some are going about it is even well thought out but... desperation makes people behave weirdly.

Blockchain technology is new and we have barely skimmed the possibilities that it has to offer. This is more than monetary value. There is so much more to be achieved with blockchain technology.

We are talking about a technology that makes it very possible for one to do what one truly loves and not worry about money for food. We are talking about developing ideas on secure platforms. We are talking about giving everyone equal opportunity to express and experience life.

FUDs exist because people focus a lot on cryptocurrency. I used to think that it is logical for everyone who is into blockchain technology to also know how to trade on Bittrex or Binance or any other trading platform out there yet not everybody who uses the US dollar trades forex.

There's so much development that can be made on the blockchain and lots of developers are into it. The moment we start to look beyond crypto and see the bigger picture, FUDs won't matter.

I have since January, created and shared so much more than I ever have done for past years that I gave been actively writing. I have evolved my writing to higher levels, beyond the point I was when my work was being published on online journals. I am finding value in my self and it is not based on how much upvote my posts get.

I live off steem and it is an uphill task. There have been weeks when I didn't have a dime to even get data so I can come online but that has not deterred me. I still put my work out in exact same quality as I did when prices were high.

Why do I still write and still aim for a good quality, well because I am first of all a writer before I am a crypto enthusiast or a blockchain adaptor. As a result, even though there money is not forthcoming, I still write because that is who I am.

The world is evolving and I think that it is a rare privilege to be in the fore front of this evolution. FUD be damned.

There's so much development that can be made on the blockchain and lots of developers are into it. The moment we start to look beyond crypto and see the bigger picture, FUDs won't matter.

Yep, this is happening as we speak but the focus is on the crypto for a time to come as that is what people are interested in right now. The developments will take centrestage soon enough though.

I have since January, created and shared so much more than I ever have done for past years that I gave been actively writing. I have evolved my writing to higher levels, beyond the point I was when my work was being published on online journals. I am finding value in my self and it is not based on how much upvote my posts get.

It is pretty amazing how much people can develop themselves here if they choose to put the effort into themselves. The biggest and safest investment one can make on Steem is into your own skills.

The world is evolving and I think that it is a rare privilege to be in the fore front of this evolution. FUD be damned.

Damn straight.

nice to see some real photograph this is really good thank-you for sharing

try @kommienezuspadt for portraits, @digitalis for macro, keep an eye on the blogs of @jasonrussell and @ocrdu also

Hi @tarazkp!

Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your UA account score is currently 6.151 which ranks you at #250 across all Steem accounts.
Your rank has improved 4 places in the last three days (old rank 254).

In our last Algorithmic Curation Round, consisting of 278 contributions, your post is ranked at #9.

Evaluation of your UA score:
  • You've built up a nice network.
  • The readers appreciate your great work!
  • Good user engagement!

Feel free to join our @steem-ua Discord server

Congratulations @tarazkp! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

You got more than 8500 replies. Your next target is to reach 8750 replies.

Click here to view your Board of Honor
If you no longer want to receive notifications, reply to this comment with the word STOP

Do not miss the last post from @steemitboard:

Be ready for the next contest!
Trick or Treat - Publish your scariest halloween story and win a new badge

Support SteemitBoard's project! Vote for its witness and get one more award!