steem price getting down from the first to appear in poloniex until August 26
based grapic of poloniex price of steem continued to decline from the first to appear until 26 August, I think these prices continue to decline due to the selling price more than the purchase price. resulting in an unstable market prices. but I believe this is only temporary because steemit can still grow bigger.
What are the underlying reasons of the decline? Just major correction? or is there more? Anyone knows?
Way more supply than demand. "The whales" keep dumping it onto the market (ie, selling it, cashing out) faster than people are buying it so the price goes down. People complain about that, but not me I don't blame them at all. The thing is, Steemit is still way under 100,000 users. Add a few million more or so and that won't be such a factor. If you are reading this now, you are metaphorically in the position of hearing about AND being able to buy into both Bitcoin and Facebook before anybody ever heard about them - while they were still "in Beta"... I'm not a financial advisor and do your own research, but anyone that has just $5-$100 to spare would do well to "Buy this lottery ticket" if you get my drift.
I agree with you that Steemit will only grow bigger.... and "Buy low, Sell high" is the mantra older than anyone here!
I just initiated a $25 purchase from my bank account to Coinbase to purchase Bitcoin, to then trade for Steem. I don't care if Steem is a penny by the time the transfer clears, I'm buying. While of course I could lose it all I think most here believe that Steemit will grow to millions of users within the next couple of years, and even a small purchase now could be multiplied hundreds or thousands of times. Nobody knows, but here's a good link to save about a $27 Bitcoin purchase a guy forgot about for four years... https://www.theguardian.com/technology/2015/dec/09/bitcoin-forgotten-currency-norway-oslo-home
wait for it...
yeah lets wait
This made me lol
Where do you see steemit in 6 months? What's your steemit strategy. I'm curious.