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RE: Valuing Cryptocurrencies Based on Competitive Advantage by phgnomo

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· @phgnomo · (edited)
$0.06
I understood that steem advantage is the user base, which is a consequence of being the first mover on this field.

But an user base can exit a platform as quickly as they got in, when a better alternative become avaiable. In the end that is a Very small advantage.

Most of content publishers are here mainly because of the reason below:

* They already have a public, and steem add another way to bring revenue to their production
* People that never worked creating content, but wanted to try, and saw in steemit an opportunity to do It while maybe recieving some money for It (myself included)
* People that dont care much about creating content, but see there is money to be made here posting things created by others, sharing memes, linking YouTube videos, copying news, and lot of other shitposts. (Btw, this is the majority of the users)

Also, the system is too easy to game.

There is one simple thing that could be done by steemit inc. To actually bring quality:

Partnership with well established content creators.

Bring somemone who have a public and create good stuff in here, and use steem inc. Stack to promote them here (with a bottom page disclaimer, for transparency)

Now you Will have a lot of people that never heard of steemit joining in, because they favorite creator is here.

Also, user interface... Come on, steemit.com is a joke.

Yes, there is better interfaces like busy.org, but for the mass adoption, the base interface must the a lot better than what we have.

I Will be around, until a better alternative arrives. (And i bet a lot of people think like me)
👍  
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vote details (1)
@yabapmatt ·
> But an user base can exit a platform as quickly as they got in, when a better alternative become avaiable. In the end that is a Very small advantage.

I think that is a very big advantage. It is not easy to get a large user base to switch even if you have a better product.

And as you mentioned most people are here to make money - so any platform that wants to attract those users needs to be able to pay them at least as well as Steem can. Steem currently has a token with a $1 billion market cap - that is going to be hard for any new token/platform to compete with as far as earning potential goes.
👍  ,
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vote details (2)
@phgnomo ·
> I think that is a very big advantage. It is not easy to get a large user base to switch even if you have a better product.

I still disagree with you here. All you need is good and reliable product (with a good user interface), and some money to do some well placed marketing. The new generation (z, millenials, whatever is the new name they give), switch things they use on a very quick pace. As an extreme example, let's say a new plaftorm work out some kind of millionaire partnership with pewdiepie for exclusive content, as long as he exit youtube. Boom. Instantaneous million userbase.

The question that should be asked is: Could Steem retain it's userbase? As things are now, my guess is no.

> Steem currently has a token with a $1 billion market cap - that is going to be hard for any new token/platform to compete with as far as earning potential goes.

Which was achieved within 2 years, with a pretty broken platform. I could say that a better product, with better content, and a well placed marketing could easily achieve this at the same time or even less.

From what i see how things are going, the big hope in long term for steem is the SMT's. If this turn out badly (which i also hope won't happen), then steem will only survive until the better competitor arrive, which will eventually happen.
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@yabapmatt ·
All I can say is that if it were really that easy, someone probably would have done it already.
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