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It is just one week after my dire post about the fate of Steem. And the price has dropped 10 cent in a week. The price in Satoshi is relatively similar but still in a downward trajectory. So when Bitcoin sells off, it looks like Steem sells off even faster.
Wish I waited to buy my steem power
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Unlikely, the steem blockchain is one of the few that has real usage. It's a matter of creating more use cases and/or onboarding businesses that create demand for the underlying token. As long as there is a dedicated user base and the witness nodes keep running steem will survive.
Personally I think that we are in a similar situation to the one at the end of 2016 and the start of 2017 where a lot of people that wanted to exit crashed the price to 7 cents.
Once all the week hands sell there holdings we probably will see some stabillity and the price will start to pick up.
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It's mostly bots now but yeah it's still being used for blockchain games. The question is what is the floor of the Steem price? It probably is not 0 cents but it could be 2-3 cents is my estimation which is still a long way down from here. At this point with Bitcoin the price it is, people should have every right to be nervous about Steem being at these all time low prices because if Bitcoin takes a dive and even more Steem sells off then that could finish Steem or by finish I mean drive the price down to those 2-3 cent levels.
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I disagree with your statement about the bots. Probably the voting actions have a high percentage of bots but what about the posts and as you said the gaming apps? Also, remember that behind the bots there is always a person. I am not sure that we are headed to the 2-3 cents range but it is very possible that we will see something below 10 cents given the trend.
However, I also see the price going to 15-16 USD at some point in the future if HF21 works out as intended coupled with the actions of the Steem Business Alliance, the Steem Foundation and if the plans of the guys behind Steem-Engine pan out.
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I don't see the price even reaching $1 again. But I could be wrong. At this point though, with Steem so low in the crypto market cap ranks, and with the long history of chart losses, it's going to be hard to turn this around.
And I don't see a good enough effort to turn things around. What will make Steem Power valued by the market and in enough demand that the economics make sense?
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Regarding the price I see it going up in 4-5 years. As for the market cap rankings...that is a phony metric. You can easily have a high marketcap with a big supply and some market manipulation. How many coins that are above steem have actual activity on chain? Probably 3, 4 sometimes 5 chains have more actiity than steem. It's all speculation and the marketcap is just BS. The reason that we are down is because the crypto crowd has written off steem as a failed project.
The way that steem is going to pickup is with projects that build second layers like steemmonsters that need resource credits to function. With just 2500 daily active users (4k monthly) they needed to acumulate 400k in SP. That is steem that is no longer for sale on the market. Their plan is to grow their user base by 10x. Steem Engine has 1,000,000 steem that is no longer on the external echanges. So we need more of that.
It's going to be a grinding and sometimes frustrating effort. We may see the price go to zero as you say but as a mentioned I also see it going the other way around but no in the short term.
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Who has 4/5 years for a platform like this when there is so much competition and it's in cypto? Opportunity cost.
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Steem engine and forks of Steem etc yeah, but the point is what is going to save Steem? We already have alternatives to Steemit but I don't see those taking off or even listed on exchanges.
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I understand that this is a pretty old thread, but I can assure you that steem will definitely see it's new highs this year.
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Where do you see the influx of new money coming in to boost the price back up from?
Last time, there was certainly a lot of money flowing into crypto in general with many diversifying. This round, I have the feeling investors are going to be a lot more discriminating, having gone through hysteria and gambling, choosing what’s solid - i.e. BTC & ETH.
Despite userbase, I’m not totally sure what the value proposition of Steem is from the new investors’ standpoint - especially given the transparent dramas and tokenomic faults. Most likely, simply speculative -given there’s probably not too many eager to buy as the utility token because they want to either be active curators, or reap ROI through self-voting or bidbots. And certainly, the business model of Steem with Google Ads as the only(?)source of revenue isn’t exactly a strong fundamental to base an investment strategy upon.
Sincerely asking, as I’d love to see some fresh perspective that revive my faith and provide some tangible substance and merit, if for no other reason that to neutralize my own discouragement with what I’ve observed unfold over the course of the last years...
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Is Steem even on the exchanges? Where can it be bought? It's not on Coinbase yet?
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Binance, Hitbit, Bittrex just to name a few.
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Being on Coinbase would help with the US market. Of the exchanges that have decent volume it's listed on Binance, Bittrex, Huobi and Upbit.
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Speculative "investment" is not relevant to sustaining the valuation of the steem token (not in the long run). We need more businesses that take advantage of the inherent properties of the blockchain as a data storage unit and the fact that it's super fast and feeless. Steemmonsters is an example. You need to stake steem in order to have enough resource credits to perform actions on the blockchain. If enough businesses are built that leverage these properties then the supply will dry up and the price will follow.
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I still don’t see too many businesses finding that as an advantage worth investing millions for.
I’d love to be wrong, but I’m pretty sure nothing like Steemmonsters is spending any significant sum on resource credits that’s pushing the price up even 1%...
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The other problem which I'm sure you notice too is that early on people could actually earn a decent amount of Steem posting, blogging, interacting with the blockchain. So we knew at minimum there would be quality content generated over time.
Now? Now those days are gone. So we cannot even count on that. Steemit generates profit from ads but those aren't going to be shared outside of Steemit are they?
Overall, SMTs sound like a good idea but aren't necessarily going to result in more revenue. The Steemit team did a good job cost cutting and generating revenue for Steemit but the ecosystem and developers seem content to build nice tech toys which don't do anything economically speaking.
What I mean is, if we look at SPS, we can see SPS may or may not favor developments which increase revenue generating potential. We could end up with even more spending of Steem on toy projects which don't really do anything to grow the economy of Steem and yes the economy of Steem needs to be measured and grow.
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Blockchains which do not generate revenue cannot profit. Are Steem tokens being burned or generated? Are there any supply sinks? Do you see anything which would lead a reasonable person to believe that the supply of Steem will decrease?
They backtracked on the 2 year lockup and that was the beginning of the end. After that happened, then everyone else started to follow the lead of the hard forks which kept changing the economics in favor of the short term speculator, the whales who wanted to dump as fast as possible, etc.
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but short term price action is a chaotic pattern (says science and the fact that not everybody is a billionaire)...this is not where you should base your valuation on.
We have bigger problems than what a chart is "doing". If Steem was in a downward trend due to real internal causes, then a Market crash, of course, will not make it shoot up to the moon. But does the crash in a non-ergodic market has anything to do with a worsening of the politics of Steem? No its more like: Steem has problems with abuse AND it is affected by the market. Two distinct sources. One should not mix them.
Fuck politicians. No central authority should rule a country and no central authority should rule Steem. When will we ever learn from history?
PS. your US bankster politician said, they will not let anybody run a service where users have access to digital currencies without KYC regulations and anti-money-laundering shit...how does this affects Steemit? And all the other Platforms like Palnet? which are giving away tokens?
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Fear Monger !
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I know I would get accused of this but I had patience for years while the price of Steem deteriorated. If I don't bring attention to this then will it even be talked about in a constructive manner? I held off powering down for a long time, and I'm the loser because of that.
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While watching with popcorn, I still keep creating contents 😂 such a volatile time.
Posted using Partiko iOS
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Well, at least if we were to compare to ETH, the percentage of the correction has been on par - and Steem even held up better for a the first part of the decent... :-/
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ETH is not really losing that much in the Bitcoin ratio or the percentage of market cap in crypto which for Ethereum is usually around 10%. I think Steem which used to be a top 10 project going all the way down to the bottom levels is a much bigger drop. Ethereum is still in the #2 position.
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Over time, yeah.
Last I checked, the value of what I’ve had in Steem would’ve been worth 10x had I shifted it into BTC over a year ago, nearly 20 times since the peak 18 months ago.
I’d love to see another altcoin bull run where Steem at least recovers somewhat relatively, though aren’t too optimistic...
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Even if the price of Steem could get to $1 the ecosystem could probably be sustainable. Now? Now at 20 cents it's not sustainable and it's decreasing. What will happen?
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Whales on Steem do not like posts which don't blindly promote Steem. Typical and expected.
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