Okay as a steem holder I am obviously very bias. And I know people will say things like there is no such thing as undervalued or overvalued the price is what the price is and the market decides. That being said I think steem feels very undervalued. What am I basing this on? The price of Ethereum.
Steem is a blockchain just like ethereum. You can make dapps on it and it is open source so any developer can join in the fun. We now have a pretty sweet keychain wallet which will make third party dapps easier to use and we scale well especially compared to other blockchains. Sure we do not have the numbers of programmers working on a project like ethereum does or the reach but still steem is a solid blockchain that has a lot of potential.
If you directly compare it to ethereum we have three times their supply. But we are not a third of their price. If we were we would be at $100. That sounds high but it really isn't that crazy. But instead we are at $0.34. We have one of the most successful social media/content sites in the crypto space and have the capabilities of eth and we are at this time below a dollar. I'm not saying we should pass ethereu but we are not a coin that should be in the 70s on the market cap list.
I don't know why. And I know we had a bit of a bad rap with steemit but I think we can turn it around. Look at at all the great sites popping up that use the steem blockchain. Look at the games that are coming. It might take months before we gain some traction but we are heading in the right direction.
In the future there can be hundreds of dapps running on this blockchain and we can run some really great social media sites that excel in specific types of media. Plus there is communities coming and the ad revenue should really help increase the value.
Like always this is not financial advice. But I really think we are undervalued at this price. We should at least be worth $5-10 dollars or even $2-3 in this alt slump.
Am I crazy? Or has the world not caught up yet?
