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RE: With all the great attention Steemit is getting, why is the price going down?
Yeah, but remember that only 1% of total amount of steem can be withdrawn per week at max. I think we are still at around 70-80% of accounts that haven't powered down. With Steemit going mainstream and the amount of new users joining daily its just a matter of time until demand will overcome the supply and price will pick up again.
Most of the new users that are joining though are joining to post content, make money for their post, and cash out for USD. (I don't expect most of the new users will be powering up their Steem after they write a $1,000 blog article.) Won't this actually generate an increased supply rather than an increased demand? @dogguy wrote about this in an article yesterday.
a lot of content writers have been burned by pay for content sites , so withdrawing at the earliest possible opportunity has been the general rule of thumb for most of us for a long time. Saying that having seen a lot of sites fail i do think steemit has addressed a lot of issues that all those sites had in common so hopefully this will change as confidence grows.
@timcliff I have developed a strategy where: I will power up with 1/3 or my earnings, use 1/3 of my earnings for trading steem on the open markets and cash out 1/3. Also, I invested BTC in some steam power and bought some steem here and on poloniex as well.
@contentjunkie My strategy involves mostly trading steem and having some steem power for the long haul. If I make some for content creation that is a very nice bonus.
Is mining steem part of your strategy or just content creation?