Hey everyone,
I've been a part of this community for over a year now. I've met some really cool people, built some really cool things, and put a lot of work into my blog. Steemit is a great platform, where you are actually paid for the content you create, as opposed to other social media where you pay them to create your content.
The Problem
But I also realize Steem and Steem Dollars are very dependent on BTC. That is really what gives Steem its value. BTC is also the medium people use to trade Steem for dollars or euros. Ive been watching the markets all week, and BTC, Ether, and a lot of other cryptos are in a huge correction. Bitcoin is hovering around 10k right now. In contrast to the enthusiasm I saw for bitcoin and the other cryptos when I first joined, now I am seeing lots of doubt. People losing faith. Whereas I used to see people making crazy predictions of bitcoins skyrocketing price, now I see people trying to figure out how to make as much money off of the system as they can before good times run out.
This is concerning, not just when thinking about the future of blockchain, but the future of steem. If Bitcoin goes down, are we so attached that we go down with it? Is there a way steem could become independent from bitcoin to keep something like that from happening?
Regardless of what happens, I dont care about money or anything. Ill be here as long as Steemit is here, posting when I can. But I also know that steemits future depends on its value, and if we have no value people may not be as tempted to join.
On the Other Hand
The good news is, despite Bitcoin crashing Steem's price seems to be holding steady, showing that we already have some autonomy.
It may be to early to start asking these questions, but I think they need to be asked. Are we prepared if Bitcoin falls out? Will we find a way to adapt or maybe become a little more independent of bitcoin?
What do you guys think?
Sincerely,
A Concerned Steemian