I don't know how most Steemians look at the Steem price.
I think most users of our blockchain compare it to the US Dollar and only the more experience crypto traders will more likely compare it to Bitcoin.
If you compare STEEM to BTC it's not great (saying it lightly).
Today I woke up to some greens but STEEM has fallen compared to BTC for a while.
A couple of days ago we reached a new low of 4000 satoshis per STEEM.
Today (while writing this) we are at 4600 satoshis (+15%).
Do notice the top trendline and how close we are to 0 Satoshi (purple horizontal line).
In USD it isn't so bad and we are still far above the All-time Low of $0,07.
What's interesting.
That small Satoshi blip upwards made STEEM go from 27 cents to 36 cents. (Roughly +30%).
When people are looking to buy STEEM with USD (which I think most are) those numbers matters.
So remember when STEEM goes up in Satoshi value this will have a multiplier effect on the USD price of STEEM (if BTC will stay the same value)
What will happen next?
I have no crystal ball but I can try to guess.
In the most horrible scenario, BTC will go to several million and STEEM keeps dropping to 1 sat (it can't go below zero).
Before that will happen people will be buying STEEM. I know this because I will.
If we do go to 1 Sat, 1 BTC will buy you 100 million STEEM.
It's not very likely that scenario would happen unless Steem would stop working altogether.
And that's not very likely either. Steem works fine and with MIRA coming out will be super cheap to run.
But let's say STEEM keeps dropping anyway in the months to come.
People will keep building on Steem regardless.
We have businesses on here that can earn revenue without relying on the STEEM price so they are not jeopardy.
The core of the users will stay. Many build a home here. I don't see them jump ship.
According to @aggroed STEEM can drop to $0,004 cents before a top 20 witness becomes unprofitable, so they keep running. Blocks will be produced regardless of price.
And the STEEM token will be distributed even more at a lower price creating a strong middle class.
Eventually leading to enough value being created that will push the price of STEEM up in the years to come.
Wow! What a worst case scenario. I am shaking in my boots.
I think the other scenario is way worst for most Steemians. The one where the price goes up tomorrow and won't come down anymore.
I am prepared for both.
I am part of witness @blockbrothers (Spot #38).
Please consider us for your witness vote if you think we deserve it here:
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How much money it cost to run your witness each month?
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As a #38 witness with @blockbrothers, we have 2 witness servers and seed node and it costs around 800-1000 STEEM a month at current STEEM price.
We are around break even at these STEEM prices.
With MIRA coming out the server costs should come down because it reduces the RAM costs.
A top 20 witness makes 110,000 STEEM a year.
We have some additional costs with other servers for Steemify and other stuff. But that's besides what's needed to be a witness.
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Thanks for sharing this valuable information.
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@exyle,
I don't know what will happen next on STEEM price feed! But one think I can assure, I will not sell my STEEM investment and collection till SMT hit the ground!
Cheers~
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I am agree with you, if the price of btc increasing and steem stack on a certain point then calculated price of steem will be negative value compared to btc. But its also fact that top 20 witness, if not profitable then the value of steem will fall dramatically. We ready to accept the situation but not leave the steem platform, keep steem on!
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Steem is not cheaper in USD. I was planning to buy some at 30-33 cents. Now it is 42 cents.
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Those lines got to me! Thanks for saying it as it is.
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I track my portfolio in sats and yeah...not pretty but if I look at most trading advice posted here or people talking about the price it is in $ so I would assume most people look for the $ value of Steem.
For building the steem eco system I am sure we will still need to use $ for quite a while and this is also what will intrest the people more than satoshi gains.
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Satoshi is going higher than its expected but steem is finding to boost up. Whatever it will be positive sign if all the crypto coin is going with green mark.
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Thank you so much for participating in the Partiko Delegation Plan Round 1! We really appreciate your support! As part of the delegation benefits, we just gave you a 3.00% upvote! Together, let’s change the world!
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this post was a roller coaster ride haha i was disheartened then uplifted then again left with another question of "will this be worth it for you? u decide" but I think I'll stay too, I literally have nothing to lose
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The purple line of fallen price is steem, it looks odd but watching in value upgrading with positive percentage feel hope for the steem. But asking question is how long it run positive, if correction then it loose more what it gain.
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Waiting to drop STEEM at .1 $ so i can buy more 4 to 5 k STEEM . ☺️
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I bought some steem when the price was on $0.30 bow it is 0.36 and raising.
I know that i cannot sell them because i do power up but it is good to see price goes up
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We have the patience, alts season is coming soon and it will be steem time to shine once again 😀
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Current btc price is 8000+ and steem straggling to raise up from 0.36+ if you buy some steem that will allow to gear up in the crypto race. Hope steem will keep up rise with satoshi.
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Steem will rise alot when the next altcoin season comes 10x easy at this level.
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The reality is that altcoin should start moving soon as the bitcoin price becomes too high for some and investors search for alternatives for exposure. However, this time around it may be more selective given the damage done last year in the bear market.
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This is by far the best article I have ever read about the investment prospects of Steem and the timing of your post could not be at a better time.
You have just marked your insight and ability to think clearly on the Steem blockchain forever @exyle.. and I am personally dedicated to buying $20 USD more Steem every month as long as prices are below $0.50 USD now that I understand what you wrote.
Thank you.
P.S. I will Resteem your post and I already shared it with the Steem Philippines FB group and I will share it else where too.
Everyone is free to join our group but the founding members are from the Philippines.
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I only compare STEEM price with USD if I want to see where the internal market is going so I can make some extra STEEM, trading...
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Whichever senerio plays out I believe it's best to keep accumulating Steem. Cheers.
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Those are some very interesting thoughts. For the most part I think I am good whichever way things turn out. I am doing my best to build my account so when the price goes up it can actually give me some kind of return on my investment.
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I think it's been hit hard enough. The price is relatively cheap compared to the other cryptos and all the applications built off Steem should start gaining traction. I like comparing it in terms of market value not price because my Steem compounds. Rights now Steem is at the 61st spot. It can do better. There is a lot of absolute junk ahead of it.
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in satoshies its the lowest i have ever seen damn
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I agree, I saw the satoshi price of STEEM and took some BTC profits into STEEM. If we have more drops to the same level in satoshi or sub .30 in USD I'll pick up some more.
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