STEEM is Tanking while BTC is Soaring! Where did we go wrong!
Steem has taken a nose dive lately and it seems like its not getting out of this state anytime soon given how it's currently behaving. On the other hand bitcoin is currently looking likes its going to break the psychological barrier of $5,000.
When did the Rain start Beating us
I have had numerous conflicting reports on why steem is suffering the fate it seems in right now and none seem to offer the right explanation despite steem being a cryptocurrency based on solving a very prevalent problem that is both current and in real need of fixing.
That said i hope the current crop of new products and cool features on steem will improve our outlook and maybe we will get from trading at $1 to somewhere like $5.
Hopefully
image © steem.io
I consider it temporary only. Steem still has a significant market cap, and the networking effect can and will work on the community's behalf.
While it's hard even for me, I know that we should be patient.
Also consider that Bitcoin barely has any value beyond being "the first" and being accepted. It'll collapse one day, I'm sure about that. It being worth almost five thousand bucks is utter bullshit even for me.
Some of the things you have to take into consideration is that Steem is infinite, and the inflation rate is extremely high, plus, a lot of people accumulate it, then dump it for something else, so it is as if it is always being used to buy something else.
Very few people actually power-it-up like they should, plus Steemit has a whale problem, which makes it very difficult to keep new active users here on the platform, and the latest statistics show only around 36,000 active daily users, and half being bots, which is pretty dismal for a platform that is over a year old.
If people keep it, then how can it inflate? Intuitively, that'd mean that its value is increasing, not decreasing. You won't accumulate something with no value.
Bots are indeed an issue, I'm saying that constantly, so I agree on that, as well as I agree on whales but I really don't know what to do about either. I still keep up my opinion that Steem holds more value than Bitcoin, because it has some valuable objects associated to its amounts.
BTC is going Up because many ppl think they will make money with the Fork and hope, that the coin will split.
I would probably blame the current state of most of the altcoins to Bitcoin. Case be that the Bitcoin fork is upon us so a lot of people are dumbing alts to buy bitcoin in hope that they will receive BTG from the airdrop. Once this non-sense is over things will again go back to normal.
Steem it has huge potential so keep on Holding strong and you will be rewarded.
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by erickjongo from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
Hello. I made some analysis on STEEM and I see you are worried that it goes to nothing. checkmy analysis Here.
Post some feedback please.