My theory is that you have a currency if it can be exchanged for something of a known value. The Kolion for example can always be exchanged for 10 kg of potatoes, 5 eggs or 60 Kolion for a goose. Cryptocurrencies are "pegged" to faith in that specific coin.
The theory was always (at least I think it was) that there would be enough trust to create a market in physical goods or non physical things with a more stable value. If bitcoin was stuck at 19-21 Euro cent for a year then one could reliably sell pizzas in it without losing sleep. In stead every cubic ounce of faith was/is immediately converted into deflation. The faith is used up so to speak. Faith is converted into temptation to cash in.
My computer got much to hot mining, then I waited a bit for the faucet to give me some coin. (I don't even know if it happened) Everyone was so excited I thought it self evident that the community would start making web stores and sell other kinds of services in BC. I tried to have a conversation with a few dozen enthusiasts about creating a market. It was funny in that I thought I was the one who didn't get it, still not entirely sure. If we are collectively making a currency, shouldn't we be trying to sell what we have to sell in it? But all people wanted to buy was dollars then buy some more crypto for the dollars again. (??? lol???)
To this day people are over invested in expectations of free money for the currency to become a currency. (I'm only 17.5% joking here) I'm not saying they are wrong to do that. People are definitely extracting a shit load of wealth. A shit load in traditional fiat currency. That and there is large scale adoption of some kind. But the actual trade in stuff of known value is far behind on schedule.
With the value of the coins flip flopping up and down it certainly didn't get any easier. The only solution (as you cant beat the speculators) is to join them: Sell your product in a cryptocurrency then immediately convert the cryptocurrency into some other currency. This dramatically reduces the stability such transactions could/should build.
If you want to store value in [say] bitcoin you would have to overcharge by [say] 400% (?) to account for weird market flubbers. Very few products, services or performances would fit that formula.
It seems safe to assume the real market will happen as soon as all the speculators lose interest. That said, it looks like the ups and downs only make them more excited?
Interesting times non the less.
Steem does have its own formula but I fear it shall peg it self onto social interaction rather than help us find its quality content. (I'm sure it exists) If that happens the potential for value flip flops gets even larger. Drops will have the potential to drive away users (exponentially) while spikes will remind us all that we have a steemit account and that we should write the "show me the money" type of posting for our followers to.... uhhh.... follow?