Two weeks ago I told people to Hold their Steem in this post. As of now, I was right!
Steem is rising right now!
I love it when I'm right, which is only half the time. This time it looks like I was was 100% correct. At the time of writing this, our downtrend has reversed and we've retraced 18% in the last 5-6 hours. There's a 35 BTC buy wall at 0.00022 that keeps increasing and moving forward as the price moves. All very good signs.
It's been a very scary past couple moths, but that's trading. It's all speculation and fear, a psychological war game. It's those of us who're not speculating and instead securing our volatile emotions with fundamental evidence who come out on top.
There's a saying in the market game;
"When everyone's running scared, be greedy."
Lets look at some Fundamentals
Steem and the blockchain it's built on, Chainbase, are fundamentally secure.
Chainbase was introduced recently as Graphene 2.0 but has since been rebranded and is now a fully independent blockchain - Read more about it here - Chainbase has the same potential as any other database. It was created to give us many more features and allows us to create a more democratic infrastructure within our community. The post I've linked is definitely worth checking out in your spare time, whether you're an investor or not, I find the development of this database very interesting.
Steemit itself is the real asset for me. If you were to look at a chart of Facebook in its early stages, just after its initial IPO, you would see the exact same chart patterns as we see now on the Steem/BTC charts; A hype phase, a fall back to earth, and a realization of potential. That kind of technical analysis is speculation but it is a very nice thing to see, especially when we consider the $4 US highs in July were just based off of hype.
Also, despite the fact it's been removed from the upper left corner for Halloween, Steemit is still in beta. Proof of this is that @dantheman, one of the lead developers at Steemit, Inc. has just introduced a test site for new features. These features include notifications and an easier-to-use post editor that is similar to Medium. This face-lift is essential as it introduces features that mainstream applications already use and so, it puts us one step closer to being a fully legible & user-friendly social networking application, with rewards. What's not to like about that!
That's just the foundation. To add to that, there are an immense amount of layers that are being added to the platform by both users and developers, such as business start-ups and independent applications. I myself have already decided to base my own start up here as one of the first blockchain based record labels that distributes its records via Steemit and its Blockchain. There are virtually limitless possibilities for what can be done here.
Riches await us!
When we speak about being rich we get these silly ideas & schemes. When I think of being rich I think of not having to worry about where my next pay check is coming from. This is without a doubt a solution to those problems.
An opportunity as fundamentally sound as this one, only comes around once in a life time. This technology is young but it's already competing with technology companies that have been around for decades. The blockchain we're using right now has the potential to compete with Microsoft and its database applications. This technology is incredible, and the transparency just makes it even sweeter.
There is no doubt in my mind that we'll see Steem reach $100 US by the middle of next year, at the latest. I've been watching its' charts meticulously because of the fundamentals I've mentioned here. When it comes to investing, we look for the safest investment. When I say safest, I don't mean price wise, I mean that it's safe to say it'll take off given time. That's what's happening here. It's safe to say that Steem will take off given time, as more features are added to Steemit, and as more layers are added on top of its blockchain. As I said, the possibilities are endless, and that's what I would call a safe investment, regardless of the price direction.
Oh, and for the people who've been spreading fear, uncertainty, and doubt about Steem during the price drop, claiming it's a ponzi shceme and other farfetched claims, I just wanted to take a moment to say, "Go fuck yourself."
"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."
- Warren Buffet
