There is nothing wrong with Spyderco's 8Cr13MoV, that particular steel is an entry level steel but spyderco does it the best, there's no issues with it on a budget knife and for a budget steel its good quality, it's just not high- quality overall.
Don't be turned off by the steel, the tenacious is a great knife, your other choices in the price range arnt much better- AUS-8a, 9Cr13MoV, 3Cr13MoV and so on...
If your looking for the best steel of a budget knife get a blem kershaw skyline for <$30 shipped and call it a day, the 14n28n sandvik is IMO a different level from all the afore mentioned china steels plus unlike most of the other good <$50 budget knives its USA made.
My #1 piece of advice... Buy one of these specific knives mentioned here (not just one of mine, one of the ones in this thread). People here know their stuff and have tried many more knives than a normal person would ever even own yet they all agree on just a handful of the best ones for any given set of requirements. My advice to anyone new around here is don't stray to far from what everyone's recommending over and over, not that you can't have your own opinion but if you start out with the overall most liked / "best" budget knives you'll quickly get a feel for quality while developing your own tastes and when you're ready to make your next purchase you'll be better equipped to decide for yourself what makes a truly good knife.