Search Interest in Steem is barely a Blip

steevc (73) · 7 years ago

I keep searching news sites for mention of Steem and Steemit. It has been improving recently, so there may be more awareness. Steem was a top 10 cryptocurrency for a while, but has been overtaken by hyped coins

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demotruk (69) · 7 years ago

In July 2016 Steem was #3 of all cryptos. It was higher than Ripple and Litecoin etc. Only Bitcoin and Ethereum stood above it.

The general crypto space wasn't an insane bubble back then. I think the fact that Steem first 'mooned' without the help of a general crypto mania is one small point in its favour vs. the wave of multi-billion-dollar cryptos we see today. Litecoin was absolutely dead for years before this latest bubble.

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4 votes

armentor (69) · 7 years ago

Quite interesting post @demotruk, both in data and the questions raised. This is good and bad, good in that it suggests that Steem has not been discovered/vetted by investors and more importantly crypto funds (old and new). Bad in that current promotion (Steemians, Steemit and Steem) is lacking and / or ineffective. Hopefully this recent selloff will cause some investors to conduct appropriate due diligence when choosing a crypto. On a sidenote, we just pitched a major VC that does "blockchain" investments and they know little about Steem (and the benefits thereof).

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liotap (54) · 7 years ago

Yes i wanted to repeat the last part. we pitched a blockchain VC you would all know and they knew steem by name ONLY. They thought it was about tipping and micro payments. Needless to say, we are preparing a follow-up email to clear that up, and make sure they are aware of the technology and the various existing use cases.

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bitcoinflood (77) · 7 years ago

While steem is not searched what is searched is the millions of articles on steemit which constantly rank in search engines and drive traffic to the site. As we can see here over half of the traffic coming to steem is from search engines which is why I have started SEO protects with some of my posts to continue to drive even more traffic to steemit.

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6 votes

demotruk (69) · 7 years ago

Yeah, that is true. It's funny that despite the self-obsession the Steem community has, it does not result in search interest in Steem or Steemit themselves, but we still manage to successfully show up as search results for other queries.

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revisesociology (73) · 7 years ago

I'm actually a bit confused about how SEO is supposed to work with steemit - on my WP blog I make prolific use of slugs (so would shorten the above url to something more likely to come up in a search - on here you can't do that, there is no 'slug function'. Does that drastically hurt the SEO? Or not do you know?

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demotruk (69) · 7 years ago (edited)

If you use a more advanced editor you can choose what URL comes up with the post. It means leaving Steemit.com though, most people will just use this site.

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sevenseals (58) · 7 years ago

I also can not understand the high marketcap of Cardano as well as that of Tron. Two weeks ago I wrote an article about these two coins. https://steemit.com/crypto/@sevenseals/tron-and-cardano-the-most-overvalued-coins

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demotruk (69) · 7 years ago

So many absurdities in the space today. Yet people only see it all growing even higher...

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sevinwilson (65) · 7 years ago

It really is odd/fascinating how some of these coins are nothing yet, but like you said a roadmap and a whitepaper yet have a value of 10x the market cap of Steem!

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riskdebonair (67) · 7 years ago

Who wants a working blockchain when you can just use you imagination? 😆

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sevinwilson (65) · 7 years ago

Especially one that copies and pastes whitepapers from other projects... 🤔🤔

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jaybird (72) · 7 years ago

Well. Given that Steemit and Steem really haven’t been publically promoted (at all as far as i know) this seems kinda natural.

It’s mostly word of mouth probably. Steemians showing other ppl steemit.

If that’s the case, most new users or the public won’t be searching it bc they r being onboarded by their friends..

Just my 2 cents ;)

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demotruk (69) · 7 years ago (edited)

That is likely the case. The funny thing is that despite the lack of search interest, Steemit.com has reach way beyond any site related to altcoins (excluding some exchanges). People are finding out about Steem, and they're landing on Steemit.com, but it seems like it's coming from a different avenue than it is for most of the space, where CoinMarketCap.com is now the main originator.

37th most trafficked website in the US. How insane is that?

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jaybird (72) · 7 years ago

i’d say that it’s extremely encouraging that Steem n Steemit have not recieved attention in the ways that other cryptos have and is fairing as well ad it is.

It has a clear distinction among the crypto universe and as a result, it makes sense that it hasn’t necesaarily been following the crows so to speak.

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revisesociology (73) · 7 years ago

It might be the opposite... maybe if Jerry Banfield had just kept his mouth shut abut steemit, there'd be a 100 million users here by now... rather than them all being put off.

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jaybird (72) · 7 years ago

I don’t quite get what ur sayin... maybe u know something i done...? care to elaborate?

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therealwolf (75) · 7 years ago

You should be happy about that - as soon as the mainstream gets onto STEEM - it will go into TOP 10 and it will make it harder to get some STEEM.

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demotruk (69) · 7 years ago

I don't disagree, but here's what I'm trying to get at. Steem feels like it is already really big. It has a billion dollar market cap, was over $2 billion recently. We have at least tens of thousands of regular active users, if not hundreds of thousands of users. That's small on the world scale, but it's vastly bigger than for example the traffic to /r/Bitcoin or BitcoinTalk.org in 2013. We have 1.6 milion transactions per day which might not be a direct comparison to Bitcoin, but we have 50,000 transfers per day, which is also about what Bitcoin was doing for most of 2013.

Yet despite the huge amount of people, the huge amount of activity and money, metrics that measure 'interest' are doing extremely poorly. Doesn't it seem a bit weird?

I guess the big difference is that Bitcoin was a novel interest to the news media in 2013 and even before. Unlike Bitcoin, the news almost never reports on Steem or Steemit, even as a curiosity. It means that Steem will have to spread by word of mouth, because especially with all the noise in the crypto space, Steem isn't an interesting story for mainstream or even tech news.

That's not good for Steem because we're operating in a competitive market. It's entirely possible that another similar network will build up with the advantage of mainstream hype and attention and leapfrog over Steem's current position.

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jaybird (72) · 7 years ago

Mmmm that is a possibility for sure that something similar to steemit might get sm media attention. Perhaps that might actually help tho, bc it’s likely not going to be any good lol and then those ppl will flock to steemit 😂.

That’s how it unfolds in my head anyway lol.

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