We will see ups and downs until the market finds a price that balance value creation of the system vs people dumping the coins. Hopefully we can lock in most users by making the internal money useful in itself.
RE: Can the Economy Keep up?
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Can the Economy Keep up?
I have steem i purchased at over 0.0062 Bitcoin, now it's at around 0.0052 Bitcoin per steem.
I don't know if i would wake up with my investment worthless or not. Just purchased this crypto to short at first but got lost in it's features and it took a while to figure out how it works, especially with registration being closed since hearing about it.
I don't know what the "downs" we are looking at will be, but maybe... i'm hoping i guess, that newer users would be buying more steem to compete with the older users to earn more steem dollars? therefore increasing buy support even if content creators "dump" their earnings.
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And the value will probably be much lower than what it is right now. For example, If you spend some $4 to by 1 Steem right now it wont make any difference on your voting power... price is just too high.
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That's the thing, if you are used to the "previous price" you will always think the price is "too high".
I agree though, it does seem too high. But never under-estimate crypto markets. I sold my Bitcoin at $1 after buying it for several cents. Now one is worth $657 and i'm kicking myself every day.
Same with ETH, i moved on, mined 10 blocks in a matter of hours (worth 50 ethereum in total) and turned off my miners as i saw bagholders with 10,000's of eth. Now ETH Is worth $15 each. Had i kept on mining i could be sitting on $1000's (probably like these newly posting users). And this is a coin that had tons of issues, pre sale and has similar number of coins as STEEM In circulation.
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+1
I think the initial predictions and maths might be a little off. Considering how young this platform is, its surprising how entrenched the powerful already are.
In terms of inequity, Steemit really is a victim of it's own success.
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