STEEM PRICE DROP! It's Gonna Be Okay And Why I'm Not Worried
So we just got the hardfork and there's lots of Steem flying around and we see the price dipping. Really guys and gals, this is not going to be a problem. We are seeing a price drop in Steem and a few on the platform have expressed their concerns. Keep in mind that We are still WAY up from where we were just over a month ago.
I think the price of steem coming down is because of a couple factors.
- Tech stocks are suffering lately and its weighing down all or some of the crypto world just a bit.
- Lots of steem SBD that will be getting in the hands of new minnows who will begin finally experiencing how exchanges work.
HOWEVER, lots of SBD and SP will be sitting in minnow accounts in small increments that never get touched or moved around. Those small increments will add up quickly and not move much.
According to the stats I saw over at @jerrybanfield, Steemit had over 40,000 new sign ups last month (including me!) and of those 40,000 new users, only about 8,000 are active daily. Most come and go and earn a little here and there but that newly acquired SP and SBD for these rarely active users are going to sit around for a while.
As that continues, you're going to have the effect of a lot of steem taken out of the market and that is going to drive the price up and up.....and up.
I know one new user who locked themselves out of their account because they lost their password and they had earned over $200 SBD. It's going to sit there forever. How many other people have done and will do the same in small and large amounts as thousands of new people sign up. Steem like that taken out of the money pool will keep sending the price up and up and up...
I don't think I'm wrong here. Right?
I'm continuing to enjoy the community here and interact with everyone. In the mean time, I'm holding steem and converting SBD into more Steempower.
Visit Us Online: http://AnAmericanHomestead.com
I don't know Zac. I was giddy as a school girl yesterday when I saw the value of my posts more than double when the fork hit but now I'm concerned.
I just wrote a post about my worries (I won't be an ass and link it here but please read it). With people having 1/4 of the effective votes now where are those votes going to land? I think a lot of new users are going to lose out and bigger accounts are going to get richer while us tiddlers struggle to make it worthwhile.
I mean I still upvote your content, and a few others, that leaves me very little to reward "randoms". It could well become very "cliquey" around here, voting only for friends. Maybe that's just the cynic in me.
Positive thoughts, positive thoughts
That's a good point, and I hope it doesn't become like that.
Even my diluted through overuse vote is still bigger than my full power vote before HF19. We'll see what the author rewards chart says in a few days, after the payouts begin to hit. Author rewards is the vast majority of rewards and will either differ from it's prior 99% of rewards being captured by 1% of accounts, or it won't.
I'm sure it will be better, but how much is very much in question.
Just make sure you store up your steem power. Once you hit 500 steem, you can regulate how much your upvotes are worth in percentage. Right now, a lot of the whales and dolphins I think are adjusting their voting power to see what works best. I want to vote a lot so I'm only voting at like 10% right now. Actually I'm on a upvote fast right now so that my voting power can recover. Right now, I'm sitting at 93.22% and I want to get back to 100% before I unleash again. And I think a lot of people are doing that right now.
@mericanhomestead Buy the dips! I am a believer in steem and the community. All drops are opportunities for us all here following the dream. I repeat, "buy the dips!" #invested
I'm with you...buy the dips. Will be buying more steem power with SBD.
I don't think lockouts will appreciably affect the price over the long haul. In any event, I hope I am not one of those who is locked out! :)
Nothing to be worried about. We are a strong community
Very short term examination of any chart can be interpreted almost any way conceivable.
The underlying value proposition of Steemit hasn't been decreased, and I would strongly argue to the opposite view.
I'm sticking to my guns, and this particular gun, for the long haul.
yep nice post. I really trust Steem as a currency and Steemit platform. We will see Steem price over 5 $ in end of this year.
If SteemQ launches and it works....10 easy. LOT OF People are chomping at the bit to leave YT.
Don't worry. Be Happy.
Life has its ups and downs.
What goes around, comes around.
The early bird gets the worm.
Do it for the Gipper!!
Buy the dips! With the hardfork, small investments have much more pull than they used to..
I have followed you @mericanhomestead from day 1 and am learning the ins and outs of all this from reading/videos of @papa-pepper and I am just not going to sweat any of it and ride the wave. Change is constant and as a human it is one of the hardest things we have to do is just ride the wave.. resteemit and upvote!
Thanks! its just a wave...riding it.
I've only been here a little while and I gotta say cryptocurrency is quite the learning curve. I'm not worried, I'm with weetree. Just riding it out for now