As the price of STEEM tumbles to around the $0.10 USD valuation ( partially caused by Bitcoin shitting the bed ) the cries of the community is heard in the dusty, mostly emptied out streets. While not in complete ruin the lack of morale and excitement fills the air with an unhealthy dose of FUD entering the nostrils and minds of all those breathing it in. The "regulars" scuttle around, foraging for good posts to curate or in hopes their content receives some sort of recognition and compensation.
The community and it's ecosystem aren't dead by any means, but it certainly isn't the booming metropolis that our STEEM network once portrayed years back near the launch of the chain. In part I believe that this is caused by a lack of use cases for STEEM, price of the STEEM token and the diminished rewards for creating content. Compounded with a lack of the "killer apps" ( not saying they don't exist ) that require STEEM to utilize we're set up for stagnation and price fluttering downwards.
How Can We Prevent STEEM From Becoming Mummified?
A unified stance of action in regards to supporting the STEEM network via the means of advertising as well as supporting developers focusing on the creation of STEEM applications. As applications that utilize the STEEM blockchain and require the liquid STEEM token to be used are released the demand of the token should grow. Ultimately what the community needs is applications that encourage people to purchase STEEM, then these applications need to be marketed to both existing community members but also those who are currently outside of the community. With as influx of new users and existing users purchasing more STEEM the sell pressure on the market should reverse and hopefully lead to a gradual increase in price.
Without community support of 3rd party STEEM developers and subsequent marketing popularizing their services, the balance of supply and demand will end up tilted uncontrollably towards the available supply greatly outweighing demand, with the token price and overall network market cap sliding down because of this.
What Can You Do to Help?
First and foremost purchasing STEEM on the various exchanges available to trade it with various pairings help support the STEEM price from falling. In addition to this you can also support the many developers / coders that take their time and skill in order to create applications for our STEEM network, which in turn facilitates a growth for demand of the STEEM token itself. If you're looking to see who is developing what and wish to support their proposal for funding the development of their services you can always go check out the Steem Explorer Proposal Page and see what's going on there.
Go check out the proposals, see if anyone is working on something you think will help aid soothe the points made above causing STEEM stagnation. Every individuals vote matters and means something, regardless of if you've got 5 SP or 50000000 SP your vote is a powerful thing.
Check out my SPS Proposal for Steem-Roller.com Development below:
