Steemit Monetary Policy Serves as an Example For Other Currencies
Im sure everyone on here has been watching the Steemit price rise as closely as possible in the past few days, with today the currency more than doubling in twenty four hours. The last time Steem was worth more than a dollar feels like a long time ago, when many decisions that were being made on the economic policy front were not the greatest.
To many, the amount of steem entering the economy on a daily basis was seen as a race to the bottom with many early investors divesting thousands of dollars week after week. While that was their choice, it unfortunately brought the currency to extremely low values and many people left the site disheartened. Many of those who left are now kicking themselves for not staying and holding the currency, envious of the many channels that continued to pump out content.
What ended up changing everything was the semi recent change of payout times, coupled with lowering the inflation rate for accounts that were holding steem. More than ever before does the regular person feel like they can actually be heard on Steemit or have a voice because they don’t have to worry about currency fluctuations. When steem was being inflated at a large rate, many of the people holding it from the early investment were also controlling the market.
In the last 5 or so months however, with the ability for people to cash out and others to invest into Steemit, we are now seeing the steem currency rise. The distribution of funds has been distributed to many , which makes the site stronger and more decentralized. This is a great long term strategy for Steemit and I hope they continue to make the currency scarce.
People want to invest in steem and having a stable or slowly rising currency is only going to help that. I completely see the currency possibly hitting highs in the next year or so if sound monetary policy continues.
Monetary policy? In crypto? What a novel idea.
LOL. I thought we just create coin tokens and chase them all to the moon.
I think this is where clear monetary policy shows how mature and organized a coin or token is...
By the time the rest of these altcoins figure it out, we'll already be at the moooooon ... lol
Its great to see Steem turn around. The more this network grows the more the demand for Steem and the higher the price. The recent hard forks are proving to be very beneficial for making a more fair Steem economy. As an early investor I divested up to a 1/3 my position at break even points last few weeks but very happy now I did not fully divest from Steem. I love the platform and honestly can't wait for the many Steem apps to come! Congrats to the ones who stuck through the tough times.
I actually invested late on the first boom phase and it was hard to stay in steem power but even though I had lost a lot of my investment, I actually bought even more twice close to bottom.
Originally I invested to hold for at least 2 years and I'll be planning to do at least that, hopefully no need to sell at all ever. That would be the best case scenario.
I admit I cashed out most of my rewards which i used to help pay off my college loans. I regret it now, but I only have about 10k loans left out of 50k and that is thanks to steemit. I will never forget what steemit has given me.
You shouldn't feel too bad. Being debt free soon is amazing and will enable you to make future investments with ease of mind.
You could have bought some useless stuff, now that would feel horrible.
We are all lucky to be here right now. Who knows what future has in store for steem and crypto overall.
What will help a lot is the flat payout curve. Steem is getting better and better.
What do you think caused the price to double in a single day?
Not really sure, Steem has a big market cap, but someone could still buy a bunch on an exchange and double the price just because there arent a massive amount for sale.
I woke up this morning to see my sell order went through. I must say I did not expect it to reach 0.00055 last night. I was guessing another day or so. I got more at a much higher price and fingers crossed.
I haven't been keeping up with news and developments, though upon returning, feel that some upgrades have occurred for the better. I may also be emotionally swayed into some optimism given that the reward values are up again with Steem price - though also recognize the work the community has been putting in to improve things, and it does feel like it all has been evolving for the best - and is indeed inspiring once again...
Hi, full steem ahead i say, very informative post. Thanks