Let’s not beat around the bush here. With the exception of the most dedicated enthusiasts, the general word on the street is that crypto is dead; one may get the impression that many a mainstream investor has already sold their crypto at a loss quite a while back. In the eyes of most people on the street, crypto is effectively finished.
Call them foolish if you like, but that will change nothing. Most normal people now often talk of crypto as being that craze from 2017 that nobody wants anymore; as far as tradable financial instruments go, it is probably now ranked below the likes of pogs and pokemon cards.
In truth, I was expecting such a scenario, it would become one of those things that people go crazy for until they eventually get bored of it and remaining stock of the once hot product is being sold off at bargain basement prices as people now try to move onto the next big thing. Also, there was a need to anticipate government interference as some of their citizens turned away from fiat currencies to what they believed what was a credible and viable alternative. Not to mention that mining is nowhere near as profitable as it used to be. Some of us had a good run.
However, crypto was not only about money in general, but the tech behind it. The blockchain technology itself still has a lot of potential and is being applied effectively elsewhere. Banks are even creating their own cryptos for internal transfers, logistics companies are also taking a great interest. Steemit was probably never intended to be anything like a get rich quick scheme despite how those from third world may have viewed it a couple of years ago. It was a great concept and for this reason, I still have some hope remaining for it.
In the face of the new crypto realities, how can Steemit evolve as communal blogging service? One may assume that there will be less posts that are solely about crypto; that could even make the site far more interesting as we will be provided with a more diverse variety of content to consume. Yet even as traditional social media networks have been in decline after they hit their own peak of sorts, I am yet to witness a large number of users being convinced to use platforms such as Steemit to freely express themselves. Even true free speech social media alternatives such as Gab or Minds haven’t posed a real threat to the incumbent social networks.
This is not the most exciting of times for the internet in my opinion, but one may hope that something will come along to fill the voids that are being left. Somehow, I am left truly hoping that Steemit can weather these storms and later establish itself as something bigger than it currently is; even if we can’t make big money from it.
What I have said may not have been the news that you wanted to hear; but where do you think we can go on from here? I’d be very interested to hear about it in the comments.