While Investors are Dumping Bitcoin, Steemians are Powering Up!
As you may already know, I track the Total STEEM supply and the Liquid STEEM in my daily Liquid STEEM Report.
I have noticed a move among Steemians.
They are Powering Up!
There is also a phenomena that is happening with SBD. People are converting their SBD to STEEM as it is a good deal right now. This is creating a flood of new STEEM. While I was worried about the flood of new STEEM, I have been seeing a flood of Steemians buying that new STEEM and powering up just as fast as the STEEM can be created. Amazing!
Over the last week the average powering up has increased by almost 3 times. That has accelerated to over 8 times over the last two days.
It is just satisfying to see while investors are dumping their crypto assets on the market, Steemians are buying up STEEM and Powering UP!
This is not financial advice and remember that this is data over a very short period of time.
Bitcoin Investors
Steemians
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For a breakdown of how Steemit Rewards system works:
https://steemit.com/steemit/@socky/simple-steemit-rewards-breakdown-how-it-works-since-hf20
For a breakdown of Steemit Keys:
https://steemit.com/life/@socky/do-you-understand-your-steemit-keys
For a breakdown of why Steem Power is Important:
https://steemit.com/steemit/@socky/why-is-steem-power-important-beginners-read
How to improve STEEM payment system:
So I’m curious does your tracking suggest whether people are using the “convert” feature or the internal markets for conversion? I just learned about the convert feature and how it destroys the SBD helping to lower the debt which is the reason I ask.
Posted using Partiko iOS
Yes, I have noticed that the rate of STEEM production is up about 6.7 times above average during the last few days. I've been checking the SBD quantity and it is going down. I just so happened to blog about SBD 4 days ago. The SBD quantity was 14,574,950. It is currently 13,699,726.
That’s good news, I have been trying to convince more people to use the convert feature over the internal market. Hopefully we can all get the most from the exchange while helping the overall position of Steem.
Posted using Partiko iOS
What is that convert feature ? Is it just Block Trades ?
Nope that is a separate service from the blockchain, I spoke of it in one of my posts with some links as to how to go about doing it.
Can be done through steemworld.org to make the process simple. Basically it takes the SBD and destroys it in exchange for Steem but it takes 3 days to complete from the moment you initialize it.
Posted using Partiko iOS
You really can’t control the big boys, you just need to understand that they are going to make a profit from this, and I will too....I am powering up more tonight. This market is shaking people on Wall street ........ “ Buy when there is blood in the street “
On the flip side I really do think Steemit is something special and we need to tell everyone, so we can grow. This bear market is nothing but a pre Christmas sale!😎
Resteemed 👍
I am hopeful that this is a good move.
It is sensible now to power up because steem is currently cheap @socky
I can't say for sure, but others are banking on it.
It is cool, I'm power up what I am making participating in this awesome ecosystem.
Right On!
u bet yur ass you are... rock n roll !
I bought some Steem with ETH (and wrote about it).
I also tried out the conversion feature on steemworld. That's way more convenient than the internal market - which is super easy itself.
I haven't seen the conversion feature on steemworld. I will have to check it out.
The conversion is different than the internal market. In the internal market, SBD is traded for STEEM, but not converted. In a conversion, SBD is burned and replaced with STEEM. In the market, people come together to swap STEEM for SBD and vice versa.
I do realise the difference ;) but I just want some Steem Power and don't really care where it comes from - especially when there is a little bonus in the conversion.
Posted using Partiko Android
There you go!
The only thing that I know is that, with this price, we can see people who are thinking on long term, and these ones that are looking in a short term.
Very true. We have also seen people that are just taking a break.
I have just powered up to Minnow level. It's not much, but I think that it's a good time to invest in Steem. Right now I am getting affiliate payouts from Steem Monsters and so forth.
Congratulations on powering up to Minnow level.
Thank you. I know it's not much by other people's point of view, but it's been a big thing for me.
I am slowly starting to get this thing snowballing and the rewards are starting to roll in.
I am tempted to buy more steem myself. This price is fantastic.
Posted using Partiko Android
Sweet!
I want take advantage of the low price also ... but I not have more money.
So I can just post and try collect.
I am not making any money to invest on crypto either.
ok..ok
This is the analysis we are looking for. Only a number of days until Steemians seize control of this hoodwink debacle and get STEEM back to 1 USD, damn it ! (-:
Market pressure is still king, however, many Steemians are taking advantage of the low price.