How can we all help improve Steem price?
Recently there was a price increase for most Altcoins, BTC surpassed $5,500 and Bianance and EOS were top gainers, but it's always shocking to see Steem remain in a spot or drop in price like right now. The screenshot above shows Steem price on Coin Market Cap at around 18:00 WAT, it has been hovering around 42 cents but it's dishearting to see this happen over and over again despite the potential and excellent features of the Steem Blockchain.
The question is, what could possibly be wrong? is there too much Steem in circulation or what?
Day and night i can't help check CoinMarketCap for Steem price feed, its one of the addictions or being an early adopter of Steem, or so i consider myself after over two years of consistently using the Steem Blockchain.
I have been thinking of various means to solve this problem, but i am not an expert and even the best Crypto-traders might get things wrong with the volatility of the Blockchain. Few of the things i was pondering on that might probably help in the rise in the price of Steem;
My first suggestion is if Steem could be disabled for Spending and just Steem Back Dollars is available, meaning people with a high volume of steem on Exchanges would be forced to convert their Steem to SBD. With this, a large percentage of Steem would be sucked out of circulation and price would be visibly affected. Since SBD was pegged at a Dollar, converting Steem to SBD for spending would force the price of SBD lower than the price of Steem.
Secondly, If Cross-Blockchain transactions could be implemented i.e. Steem holders could transact on Ethereum or EOS Blockchain, this is a used case that Whaleshares is currently adopting for EOS and Bitshares Holders and I strongly believe the same protocol would work for Steem, hence there will be a significant effect on its price.
My last suggestion is on a noob level, I'm thinking Steem holders spending and not spending a certain percentage of their token on a monthly basis and annually should be rewarded with airdrops/sharedrops. I want to believe this would reduce the rate of Steem in Circulation hence having effects on its price.
Remember that, when total volume in circulation exceeds the number being traded, the price might be affected, and also remember that its a speculative approach and something as volatile as cryptocurrencies are less predictable, therefore i strongly believe there are more technical approaches to solving the lingering dwindling price of Steem.
Steem dollars is the only thing keeping Steem above the water, the reality of the situation, Steem isn't really great of an investment, its returns in USD and BTC are bad for investors....
I am not to sure much can be done about Steem right now, the big accounts are powering down and Steem is sold whenever there is an uptick in price, that trend would continue until something changes
With STEEM you don’t have to wait someone else
And every single one of us can take ownership and start contributing towards building our Blockchain
Can I also kindly ask you to participate in SEVEN77 Twitter Movement ?
I am the biggest marketer for Steem, been doing that since 2017, and I am happy to support any movement you guys have...
As I have been saying since 2018, if you looking for a better Steem price, you got to make SBD a priority, its a only supply we can realistically control and the only asset we can realistically used to pump Steem but we need to be coordinated effort... Its been done numerous times, but folks here are to narrow minded hence the reason we see a continuous decline
Hey brother @daudimitch so long, how you being? Happy to see your comment.
The big accounts are the ones killing Steem to be honest.
I am doing great man, I can't complain, crypto is treating me well, I am involve in other projects now, so I just blog here and support when I can.... I know its been depressing for a lot of folks grinding on Steem but people need to be realistic, Steem INC cashes out to pay bills and expenses, then you also have big accounts who need money from time to time, so folks should not really expect any increase in Steem prices, as we been seeing for some time since 2017, any rise in price of Steem is greeted with sellers, that trend would continue... Realistically if folks want to increase Steem price, they have to look at doing it through SBD, its the only supply that can be control and the asset that can be used to pump Steem price, even then, there are same players holding Steem waiting to dump SBD to grab a nice profit, so folks need to be realistic
A lot of people sell their Steem and we have over 109 million of liquid Steem on the market!
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Exactly why we are in this phase