Famine on the Steem Blockchain - Strategy - Steem backed by SBD and USD? - 144
Steem = 2.39 which is up and SBD = 1.78 which is up. Perhaps the famine is ending but I'm not sure.
I am definitely sensing a negative tone here recently with the fall in price and the fall in earnings. Overall I am still very bullish long term but think Steem could stay bearish in the near term. It seems to me that people may be cashing out of Bitcoin which is hurting the crypto market.
With the fall in prices and reduction in SBD payments due to the debt ratio I am running out of SBD for bots so I will probably be making less comments in the near future and I have even done a few cheaper bids recently. On a brighter not my Steem Power might be up a bit and I hope to do as well or better in the future as I have done in the recent past.
On a brighter note I think Steem is quasi backed up by the SBD which is quasi backed up by the USD. The downside to this is the ultimate backer is really the Steem user base who lose earnings when Steem and SBD fall. I think this is bullish for the future though although it does suck in the present with the cut in earnings.
Thursday 5-31
@djimirji up!
💡 @mysearchisover received an upvote 97% :)
You got a 30.60% upvote from @mitsuko courtesy of @mysearchisover!
I been watching the price closely. As you already know I had no intentions of purchasing any Steem. I am trying to grow my account organically. An average Joe / Jane being able to grow an account here without having to invest currency is what I believe will be one of the / if not the deciding factor on if Steemit will become more then just a niche social media site.
Steem dropped to a low of $2.09 before starting to rise again and I was seriously thinking about investing some cash but a little voice in my head said if that price drops below $2 it might turn into a free fall before an eventual recovery so I decided wait and see if the $2 wall would get broke or not.
I would also air on the side of caution with upvoting all your comments with bots. Allot on here seem to dislike that and once you start getting flagged for doing so it will be harder for you to use bots on your comments as the flaggers will be keeping an eye on your activity. I am against flagging in general but there are allot of " hall monitors " here that will flag what they deem to be unacceptable.
I think it will be a while before the average Joe understands this platform. They might not ever understand it. If you can buy 100 Steem for $200 you might want to do it but it's your decision. How are you even able to buy crypto with Fiat though? It's not easy here in the USA.
Yeah I could potentially have my account annihilated. Fortunately there are people like Mr H who keeps certain people busy and there are a few others that use bots on comments. It might be a good thing that I got banned from steembounty. Over half of my all time flags came from that and I was only in that a few weeks. Being a "small fry" probably helps me but if I ever get big on here I will probably end up getting a lot of flags no matter what I do.
Great comment! Feel free to use a bot on it. ;) lol
Some exchanges allow you to buy certain crypto with fiat. Bitcoin is the most popular but there are some altcoins you can trade fiat for as well. Then you use them to trade for Steem or what ever other crypto currency you want.
Which one do you use?
I am rather new to crypto but have used Binance / Coinbase and btc-alpha.
If you meant what coin do I use to buy fiat with to then trade for other currencies ..... I have used Bitcoin and ETH and a couple others I am forgetting. From my short experience Bitcoin is the worst coin to use in this circumstance due to its transfer fees. So if you plan on buying a coin to immediately trade for another stay away from Bitcoin as you will loose value.
As a side note .. I can no longer get into my Binance account as my 2FA is no longer working. I got $1000 invested there also. I am sure I will find a way back in sooner or later. I currently mostly stick to doing bounties for crypto.
That really sucks! Hopefully you get your money out.
We need a way to buy Steem directly.
Yeah, I think it's a lot more difficult to get good payouts on Steemit if you don't put some money in first. Funny thing is: no one on the none blockchain social media platforms demand payments. I still hope a lot of people would use Steemit without looking at the payments. The platform has value in itself.
Harder but not impossible. I think the main problem is short term thinkers. If this site gets big like Facebook Steem could be worth $100 or even $1,000. Most people seem to come on here looking for a quick short term profit but ignore the long term outlook.
Although you can also make money on Steemit I think we do have better bloggers on here than Facebook.
I agree on both points.
If you have an upvote that is worth something then members take notice and are more likely to participate in your topics in hope of getting some upvotes back. It took me 100 days to pay back the borrowed Steem that Steemit gives to new users. To be fair for the first couple months I was just using this site for bounty blogs on crytpo.
The site itself certainly does have value on its own but the issue is ... We live in a Money precedes everything else world and when members come here for what ever reason they will eventually see those post with massive payouts and then look at their own post that can't break 10 cents and get frustrated and leave.
Why do you think SBD is quasi backed up by the USD? The price of SBD is almost always a lot higher than the USD.
Good point. If it drops to $1 then it is backed. Right now there is some risk involved but at least there is a $1 floor on it.
I think SBD will increase in price now since supply is reduced.. Will be interesting to see. I have lost about 8 SBD i think but i will know for sure in a week
It does seem to be trending up a bit. The math is very hard to figure out. I focus on Steem Power.
It is trending up compared to steem.
Hopefully they both start trending up. lol
I think it is starting to go up and I hope it continues to do that. Every day it goes down and it is understandable that it worries us. Should we continuing using bots when the prices are down?
I think now it is ok to use them unless the price drops even more. I think the price is more likely to go up though. Do you use @dustsweeper?
Yes, I have been using dustsweeper since its inception lol! Kidding. Maybe one week after :D
I think I got everyone that comes to my page to sign up! :) lol
It gets to be a pain sometimes looking to see who uses it but hopefully I can memorize that you use it. I have some of the others memorized.
Your balance is below $0.028. @dustsweeper is now disabled for your account until you transfer new funds.
You were so quiet that I thought you were abducted. I wouldn't worry too much unless you invested in the last 7 months. Steem will be okay but there may be some wild fluctuations between now and November when social media activity picks up.
I am reading that people are skipping bots and posting right now - you aren't alone.
lol Yeah I've been doing a lot of strategizing and planning lately to figure out how to survive the famine. lol
I haven't converted any fiat into Steem although I probably should have.
I think people are running out of SBD for the bots which could work out well for me if I don't completely run out of funds.
Exactly what I am reading. Bots may be in trouble. I know they are really slow to react right now. A new strategy probably is in order. I read that whale hunting was the original strategy before bots. Of course that is useless now, but driving upvotes from an outside source could be wise.
Steem should start going back up in a few weeks but their could be a lag time for people to get SBD's for the bots. Some people will probably power down and pay them Steem. I used to do that but stopped.
Don't power down. Throw $10 in there for SBD but don't power down
Yeah Steem is hard to get using bots. I think I screwed myself over when I was powering down to feed the bots. Hard to say for 100% sure though.
https://steemit.com/steemit/@mysearchisover/i-might-have-made-a-mistake-110
Just don't repeat it. Steemit is dead right now except for panic posts, and do this and this on steemit to survive the apocalypse. Bleh. Just post and let the organic nature of the platform takeover. Stop laughing! Hehehe, even made myself laugh as I wrote the word organic. You will figure out what is best for you.
Yeah people don't understand stuff. I think we earn more when the price is low and plus there is less competition.
If people only up vote themselves and sell their votes it will be bad long term. New quality users will never stick around and the price of steem will plummet as the powerful just make more steem for themselves.
We do need some real legit users and some investors but I think we will always have that on Steem although they may always seem to be in short supply. lol
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