RE: Attention Sharks - There is blood in the water. Are you ready to invest?
Whales are not the problem. When these whales will have fully cashed out there will be new whales that will do the exact same thing. Whales will always exist and they will always dump large amount of coins. The reward pool is a drop in a bucket compared to the hyper inflation and the narcissic behaviour is not having a consequence on the price. The problem is that there is no buyer to buy steem, period.
Steemit thought it could prevent this insane inflation from having any effect on the price by locking people's money but it showed that this is not working, people are not willing to lock their investment which is why there is no buyers. Not to mention that the inflation devalues the currency so much that there will be no reward left for anyone and investors are seeing the shortcomings of this platform.
The problem is that there is nobody on the other sides to buy from the whales, 300%-100% inflation is a no go for any sane traders.
I am super happy about the price of steem dropping lower everyday, because I'm buying and powering up steem everyday. You are right about there not being enough buyers who want to lock up their investment, as it takes a certain type of person to do it, the type that is only 1%
I don't want to burst your bubble but you need to know that the more coins are being issued the more money from investors will be required to maintain the current price. So not only there is a lack of buyers but the unnecessary inflation requires steemit to have more buyers than we already have ( which is very few) Hopefully that made sense.
Indeed which is why the 2 year lock time period is preventing a lot of people from participating in steem .
the lower the price goes the more authors will quit because the rewards are not worth the effort, then only those who are on steemit for the community, investors, and developers will remain, that's when the distribution of steem power will be most effective, then eventually when things recover, steemit will have a better platform with better distribution. When the steem power is more distributed, users who post short simple blog posts will get rewarded more frequently, with lower dollar amounts per blog post, there will be a better ratio of social network rewards to blogging rewards. More steemians will be able to earn rewards like @halo
It's good that there's not enough buyers right now, or else I would not be able to eventually get 1 cent steem. There are many features and upgrades being worked on for steemit that will be implemented over the next 6 months, as time passes there will be many more buyers for sure. Right now it's a sweet spot for investing in steemit for small investors like myself, when the millions start pouring in a few months from now, there will not be any 20 cent steem. I think most of the complaints about the steem price are from content creators who want better rewards. When the price of steem was above $1, potential investors complained that the price is too high with such a big inflation rate. Now the price is low and investors can't complain, but content creators are crying for rape and murder.
"300%-100% inflation is a no go for any sane traders.", agreed as far as I know, the steem token was never meant to be traded on exchanges for profit, it was created to back steem dollars, and to purchase VESTS as on ramp steem power. It's working great.
This would be expensive as fuck in a few weeks.
Indeed you will never see that price ever again, certainly not with this insane inflation.
Without speculation steem is going nowhere, hype and speculation is everything in crypto.
Ethereum managed to pass 1.8 billion market cap with zero working app, only HYPE.
If steem was a speculative tool it's price would probably 5-10$/steem right now with all the new projects going . Whales would be millionaires instantly. Smooth would be retired already!
Not kidding
If steem is working great can you explain why the price is lower than when it wasn't working at all?
I agree the inflation rate combined with locking up money for two years appears to have made for a much more volatile currency.
That's right. An illiquid market is always more volatile. Liquidity creates stability.
@snowflake I always love your succinct and elegant explanations.
the whales consume 90% of the voting power, which is why steemit is NOT decentralized and that's why it's failing; it's a mathematical truth
while at the same time there's 1 more problem; people like you; stupid, ignorant cowards that believe their own fucking bullshit
you're actually trying to deny maths ... that's a problem, me calling you an idiot because of it is not a problem ... as long you don't understand that, you really need to learn how to shut the fuck up
If the price of steem was high you wouldn't complain about this, because there would be money to go around for everyone. The distribution issue would be solved a lot faster if there was more buyers ( to attract buyers see my post for recents proposals)
What you are whining about is a non issue compared to the real issue which is hyperinflation.
You need to look for the root of the problem man.
Also you should provide evidence for your claim and be more respectful to people.
you could have read my posts first, instead of spewing some bullshit based on nothing!
first of all; I don't have to be respectful towards bullshitters, I need to be rude and aggressive towards people that are such extreme cowards that they can't even be honest with themselves
I don't know you, but I do know timcliff by now; the guy is a total bullshitter
every couple of weeks he makes a post to explain why the price of SBD is about to shoot up ... while it just kept dropping and dropping and dropping; timcliff is a bullshitter
secondly; you want evidence? read my posts, you ignorant fuck
and the fact that he got so many votes shows what's really going on here; it's not a technical problem, the system works just fine, it's the people; most people here are empty stupid, ignorant, fucking lefties; that's why it's failing
and if it will ever change it will be thanks to brave, insightful truthful people like me willing to fight ... not some fucking loser like timcliff; he's a bullshitter
you should read Sir Isaac Newton's private letters; compared to him I'm a fucking nice guy ... so, tell me ... how come you have no respect for Sir Isaac Newton? explain that, you condescending, self righteous prick; I don't have to be respectful towards bullshitters and fucking cowards!
while you need to be respectful towards a mathematical genius like me ... I can actually solve this problem ... what do you have to offer except for a bad attitude?
it's what you're saying in this very post and yet you're denying it; you're really sick in the head
You sound like a troll
That's what your post says
No evidence whatsoever
Curious, where have I been saying this?