Many have listed the various advantages of steemit and its relevance to blockchain and cryptocurrency. However, without casting doubt on these advantages, two non-technical factors stand out to me as the reason why steemit might last longer and be more valuable than you think.
Setting aside all technical and technological definitions or explanations on why blockchain technology is here to stay and how the Proof-of-Brain protocol stands out among other protocols or major crypto-currencies like Bitcoin and Etherium (Blah...blah...blah...)
The fact is, in most circumstances, the users of steemit (like any other social medium such as Facebook, Twitter, and Instagram) don't care about the tech behind the platform and how the codes interact to provide value to its users.
Psychology Behind Steemit
I took a couple of classes on Psychology in college, and while I didn't take any of it so seriously, I find myself in a career totally based on the workings of applied psychology. While I can't boast of being an expert in psychology, if there is one thing I can say I learned from my career and human interactions, in general, it would be that in the history of human nature, the quest for power is at the top of the Most Wanted list.
Steemit has successfully created a platform that runs on that most wanted item, what I call the Nitro® of Human Psychology with a bonus of Vesting.
Quest for Power
MMO games in the past and had to force myself to quit because as much as I hate to admit it, it seemed like I was addicted to it. The common denominator in these games and the factor responsible for its addictive nature goes back to the quest for this Most Wanted item, Power.
STEEMPower (SP) is the mathematical equivalent of influence on the steemit platform, a factor that gives value to its users and a trigger to the Nitro® of Human Psychology.
The fact that users want to increase influence (be powerful) which in turn increases the value of rewards earned is the reason why Steemit will remain relevant through bull🐂 and bear🐻 markets and even into the future, which brings us to the next point.
Vested STEEM Power (SP)
After acquiring SP, (STEEM cryptocurrency that has been locked (vested) for a period of time, which means it isn't readily transferable), the journey to greater influence begins. You can read more about this here.
This triggers the law of supply and demand. As the demand for Power increases greater than the supply due to vested STEEM, the price of STEEM rises in value.
This is my basic understanding of the Psychology of Steemit. While there seems to be a lot of influence on the market by the Bears, we should take it as an advantage and keep vesting as there is hope for the future. You don't have to believe me, just take a look at the historical prices of STEEM here
