RE: Is buying Steem Dollars at 0.00127 BTC a sure bet?

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Is buying Steem Dollars at 0.00127 BTC a sure bet?

in steem •  8 years ago  (edited)

It is pretty much a sure thing. There is no actual reason for this price drop (nothing happened to Steemit or STEEM to make the price drop). The reason the price is low right now is because Ethereum is going crazy after the fork and the attack that was promised on Ethereum Classic, and the different exchanges accepting Ethereum Classic, and exchanges saying they might accept Ethereum Classic in the near future. And some people with a lot of STEEM probably decided to sell some STEEM for Ethereum which dropped the price. And Bitcoin went down a little in value on top of that, so STEEM when down in USD value while not actually going down in Bitcoin value too much at first. But once all these factors added up, it made it look like STEEM was going down, and everyone started selling. So if you buy right now you are buying from all the panic sellers.

But there is no reason for the low price. There was not another hack. Ned and Dan are still running Steemit and keeping it online. There is no actual reason for the price drop other than panic.

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And now there is an alternative ios blockchain interface so even steemit going down is mitigated: https://steemit.com/steemit/@riensen/steem-ios-app-announcement-first-native-ios-app-released-approved-by-apple-beta-download-available