And Just Like That...
...Here We Are Again
Basically a month ago, we were on the downslope of a little rise that initially took STEEM out of the $0.12 USD or so amount that it had been treading water at for quite a few months, just before the latest run that peaked above $0.30 USD.
But alas, over the last day or so, all that was built up over the past 31 days has gone.
No, It's Not Just STEEM
As is usually the case, the rest of crypto has been taking a plunge, too. Unfortunately, STEEM is among the heavier to be hit crypto percentage-wise.
And it's not just crypto, but many other investments, stocks, etc. This time around fingers seem to be pointing at pretty valid concerns about the spreading corona virus as the reason for this significant pullback.
Safe Haven?
Digital assets, in particular cryptocurrency and most specifically Bitcoin, have been at least partially touted as a safe haven for investors when stocks or other types of investments are taking a hit. At the moment, though, such doesn't seem to be the case.
Precious metals and treasuries, the traditional safe havens, have been seeing an increase for a while, as well as over the last several days.
Crypto Catalyst
A while back, I stated in a post that it might take some sort of significant event to get wider adoption of crypto, most specifically STEEM, simply because the masses are largely unaware of what it is and what they do know isn't enough to get them seeking more information about it, let alone buying it.
I don't know if the corona virus is a potential catalyst (I hope it's contained in short order rather than it continuing to spread), but I am still of the mind that it will take some kind of major incident, something that the whole world pays attention to, for crypto to become more than just a haven for blockchain enthusiasts, speculators and those who jumped aboard seeking freedom and decentralization.
Any Of This Related To Buyouts And Soft Forks?
In the two-plus years I've been on STEEM, along with many of you, I've watched as all kinds of different things, from fights over the reward pool, unkept promises on deliverables, and general squabbles between the various parties involved in STEEM, to controversial hard forks—and so on—have all played out, and for the most part, it's been hard to tell if any of that has had any true effect on STEEM pricing.
It may have from a user standpoint if any of it compelled them to sell stake, but beyond that, the greater world at large doesn't seem to really notice or care.
Steemit's Inc.'s selling off stake to make ends meet has certainly contributed to a decline in price to some degree, simply because significant amounts of STEEM have been sold, but as far as goings on around the blockchain, who knows.
However, since Justin Sun bought Steemit Inc., I do believe there has been an uptick in awareness beyond just us, for better or for worse, regarding STEEM. Sun tends to do that with anything he purchases. And the fact that the STEEM Witnesses responded with the soft fork did not go unnoticed either.
All PR Is Good PR
While it might not be pleasant going through the uncertainty that has surrounded the Sun acquisition of Steemit Inc and the resulting soft fork response, STEEM has been hitting the news more in the last two weeks, and in ways that actually gather interest, than it has in a long time.
So, regardless of whether or not the depth of selling of STEEM now has any relation to the sale and preemptive strike we've experienced (Sun followers swept in with the news of the Steemit purchase getting jittery maybe?), the fact that these things are happening is pushing STEEM out there to a greater degree. And with a townhall meeting between Sun and the top 50 witnesses 'tentatively' scheduled for March 6, the opportunity for more awareness increases as that date nears.
The opportunity for all of this 'negative' stuff to ultimately turn into a positive exists. I'm hoping those involved will be prepared to pull it off when the time comes.
We Don't Usually Get To Choose The Cards We're Dealt
But we can decide what we're going to do with them.
In the meantime, anyone who thought they would hold off from purchasing STEEM because the bull run had already begun might have a respite with another buying opportunity again.
Not buying or financial advice. You know what's right for you. Do that.
Images source—Coinbase
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With the Steemit assets frozen I wonder if there is a growing back list now of people that want to join but can no longer do so, or did they not freeze that part of the assets to help start accounts off with the 15SP delegation? Any one know?
I am hoping to be around on the 6th to catch the after math, or during math, I may have to enter a discord room, or a steemit chat room to watch some fallout.
Hey, @bashadow.
I'm not absolutely certain, but having looked at the list of operations they did freeze on the five or so Steemit Accounts, and then reading the commentary about it, I think all of them can still delegate, which would include the Steem account. Someone was wondering why they didn't take that one out since they shut down the rest, and my guess is, the ability to delegate was the only one of those operations that might directly effect others on the chain.
So, the new accounts should still be getting their 15 SP, and then any of the projects that are receiving delegation through the misterdelegation account could be too.
A quick check on Steemworld appears to show that the Steem account is still pumping out and reclaiming delegations and that misterdelegation still has its delegations to different projects showing as in effect.
re: discord
Except for GINAbot, which I actually really like, I avoid Discord as much as I possibly can. I think the name is pretty appropriate, given what seems to happen there. Of course, most who go there must enjoy it to some degree because it seems to be more addicting than STEEM itself. :)
At least new accounts can be created then, I was wondering about that over the last few days. Discord took way to much time, it's like everyone and their mothers have a discord room, it does not take long to get a long long list of rooms, and then all the notifications from them all. It started to drive me nuts so I am in avoidance mode the last year and a half for it.
!ENGAGE
It's a shame that STEEM is one of the worst performers of the market, regularly.
We had 2 months of bull market, where many coins went up 200%, 300% and 400%... and STEEM, poor STEEM... it barely moved.
Hey, @trincowski.
Very true. I wish more in the upper echelons here would see that and/or acknowledge it with greater regularity and intensity. Too many of them tend to shrug it off. I'm not sure exactly what they can do about it, other than maybe, possibly, with lots of caution and caveats attached, let Sun do his thing, since any movement we've had up lately has been in anticipation of him buying Steemit (word was circulating at least since mid-December of last year).
I can't say we're still not in a bull--these tend to have upticks and pull backs before the main run occurs--but yeah. I was hoping it would hold a little higher. There's been a little bit of rebounding this morning, so who knows. Maybe ignition is imminent, or maybe something else will come along and put out the rocket engine. :)
What goes up must come down. 😀 I knew it was too good to be true. 😁
Hey, Vincent.
In the real world, that's pretty much the way things work. In the investment world, what goes up can come down, but it can also go up, up, up, or down, up, down, up, or down, down, down, down, and any variation in between.
The question is, what ignites STEEM, and keeps it going primarily upward. So far, not a whole lot other what turned out to be smoke and mirrors in the earlier days.
Hi Glen. Yup, that about sums it all. 😊
Yep, but it basically appears to just be moving with the market.
If we were to see a hit from the softfork drama, I would expect to see it a week after so in the next couple of days, accounting for the first week of powerdown
Hey, @whatsup.
In the case of Bitcoin, they're pointing out that it's still up for the year so far, which is true. Can't really say the same about STEEM. Of course, percentage wise, STEEM went up higher, too. I was hoping it might hold above $.20 USD, though, just for some morale building for us hodlers. :)
re: soft fork drama
Very true. Speaking of which—Talk about the 13 to 4 week power down got knocked off a bit, didn't it? It's so three weeks ago. :) I suppose it might come back quickly depending on what happens on March 6.
Damn corona virus. We all have it now.
Hey, @insaneworks.
Yeah. Digital version seems to spread faster, too. :)