This may seem like an odd post on a site that is built around a cryptocurrency. However, I see a real problem with cryptocurrencies in general that may drag all of them down if nothing can be changed about it.
Most cryptocurrencies, if not all, have a mechanism that limits its creation. This puts these cryptocurrencies in stark contrast with fiat currencies, when can be inflated until they are worthless. This is in general seen as a good feature of the cryptocurrencies and I would agree. However, while each individual cryptocurrency like bitcoin has limits on its own creation, if we look at cryptocurrencies as a whole, there is a massive number of them, and more seem to be created as time goes along. It appears far too easy for cryptocurrencies to be created out of thin air, and to seemingly get instant credibility just from its creation. I think this has the danger of bringing to cryptocurrencies the same charge that is accused of fiat currencies, that there is just too much of it and no way to limit it.
I think that if cryptocurrency has a future, it will be with a select few of the cryptocurrencies that gain credibility and acceptance with the general public without being lumped into the mass of other cryptocurrencies that seem to just be randomly coming out of the air. Time will tell if steem becomes one of those.
What do you think? This has been my concern for a while now as I see more and more cryptos being created.