Today has been pretty depressing for most people, myself included.
Yes we got the changes that are supposedly going to make the site better in the long run but the reset of the rewards pool sure was a kick in the pants...
However, there is a tiny bit of a silver lining if you can look hard enough...
What's that you might ask?!
Why, it's the price of Steem!
You see, the price of Steem had been holding steady between $.16-$.17 for most of the day, which doesn't sound all that important but it is for two reasons:
1. Today was a total downer and could have easily caused some people to just hit the sell button because they are down on the site. Emotions often play a big role in deciding whether or not to hit the sell button.
2. It's a Thursday. If you look back at the past several weeks the price of steem often makes it's lows on or around Thursdays.
Yet now as I am typing this steem has just popped up to $.193
What gives?
Well there is the hope of the announcement tomorrow from Steemit.inc that it may bring with it some earth shattering news, and it very well might. That alone could very well be what is driving this price action right now...
or
And this one is a little more ninja-ish. It could be that since the reward payouts have now been moved to a 7 day payout window there will be no dilution hitting the markets for at least the next 6 and 1/2 days.
Think about that for a second.
Every single day the entire rewards pool is paid out and that steem is collected by the authors. That steem is then either powered up, sits in an account, or is sold... (I am not sure exactly how much of that gets sold on a daily basis but it is a non zero amount).
And, when you have a price that has been holding steady even with that tiny bit of dilution/selling coming in each day, when you remove that selling there is a good chance the price will inch up. Which is likely what we will see over the coming days in my opinion.
And guess what...
This is only day 1!
Lets see what days 2-7 bring!
Combine that fact with some great news from the company tomorrow and we could see some real fireworks in the coming days. After a day like today, we could sure use some optimism!
Live well my friends!
Follow me: @jrcornel
the price is really gonna fall on day 7 tho
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It certainly might... we will have a fair amount of posts all start to be paid out again...
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I don't mind the rewards pool being reset, necessarily, but aren't posts just going to be lost in the time deluge now? I usually post 1 - 4 times a day. Feels like maybe my posts will just be buried now. Am I missing something?
Great article, by the way, and always good to hear the Steem price is on the upward mobile.
Resteemed.
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I am wondering that as well. It seems that a few posts will take the lion's share of the weekly rewards but it also gives each post 7 days to earn, not sure if that will help much but we will see. We should know a lot more in the next 2 weeks. Hopefully we can adjust if things don't work how we expected.
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I think the 7 day pay out would work much fairer and give each post a chance to earn if we had communities, different sections, your post wouldn't get spat down the feed then and lost for all eternity after 20 minutes
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I think that you are right. Can you imagine how fast things would get buried if the volume increased dramatically...
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I fully agree: wait and see is the key :)
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Yes, hopefully this was a low point and now we start the move upwards. :)
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You present some very valid points in a uplifting manner, I am currently still adding to my steem strength daily, I hope others are doing the same aswell, after all, its not about all about profit, contribution plays a major factor aswell!
upvoted and resteemed!
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I am doing the same. I don't feel now is the right time to be selling... time will tell though.
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In order for an entity to thrive, it must be backed by belief. Also, currency is like a pendulum; it always comes full circle. I welcome the fall because it makes the rise that much mor enjoyable. Cannot have one without the other. Those that let emotions dictate their decisions will never reap the beauty live had to offer. I call them turtles -shielding themselves from their potential because complacency and fear of the unknown are the arteries in their bodies.
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That was beautiful. Nicely stated! :)
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lol
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I for one think big things are in store for Steemit, so hang in there everybody!
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I am thinking the same, hopefully we are right :)
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I'm looking forward to seeing how this all works out. I'm sure this week will fly by just like every other week and we'll all be acclimated to the new system before we know it.
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Good point. Hopefully we can look back on this week fondly a couple months from now when Steem is many multiples of where it is currently!
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ja thank
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@jrcornel, I continue to feel really good about this venue... sure, most changes tend to have a few bumps in the road, but so what? I've only been here a couple of months now... and have really enjoyed this return to "social blogging," which I really enjoyed back when it first came about (2001-08-ish). Yeah, it's nice to see the price of Steem ticking up a bit, too.
I guess I will keep my eyes peeled for the announcement, whatever it is... hopefully something awesome!
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Same here. Hopefully this turns out to have been a low point in our history and we can look at it fondly when steem is many multiples of where it currently resides.
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I have also the same good feeling. But actually I have this feeling since the last pump. In the last two weeks there is been a really good volume and the price was kind of stable in the range you mentioned
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Exactly. Ever since that big pump the volume hasn't really left. That means a lot of new money has entered steem around these prices. Which hopefully means this makes for a new floor.
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Patience is the right word for the moment and continue to post good articles.
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Bingo!
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Baaaang indeed !
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Hey @jrcornel! Great content, thank you.
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Thank you!
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Followed and thanks for sharing this 🌀
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Thank you!
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Resteem
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Thanks for the clarification.
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Cool. Upped & resteemed ;)
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