The past few days, STEEM has ben on what I consider a free fall. I invest the overall Ethereum market via Poloniex and have established positions in ETH, STEEM, ETC and LSK. ETH has been doing fairly well lately and has quite literally saved my bacon.
I understand this is an infant new market and will be crazy volatile for a long time, but I just can't understand why STEEM has been nose diving into the ground.
Please, anyone throw their thoughts in here and help talk me off the ledge :)
Update: Looks like we may be seeing some resistance here:
The investors saw what their money was squandered for and now wait until Steemit matures, develops a culture and produces the value some think they deserve.
I welcome the development :)
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Second this ^
it's allot of profit taking. I've sold all my liquid steem (oxymoron?) simply because I'm happy with the profits I've made off the exuberance.
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Fair enough. There was a hell of a spike on the 7th, so that was probably a good time to make profit, which is mostly why we're all doing this.
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What was their money being squandered on?
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