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RE: Is this why the price of STEEM is struggling? STEEM Withdrawls 2017
Here's a simpler explanation, bots are harvesting the carcass of the Steemit rewards pool and transferring the bulk of it out when it is aggregated.
Its a parasitic arrangement that ends up with the value of Steem continuing to be depressed due to the gaming of the system.
You mean like Bitcoin is doing every day with their miners?
Your statement makes zero sense.
Bitcoin "miners" secure the network and process transactions.
Bots on steemit self-vote and vote for other bot-owned accounts, shunting the reward pool to their aggregation nodes. This also reduces the amount available for those actually producing content for the platform.
So your analogy is deeply flawed.
How do you explain the date when it apparently began?
Easy, the incentive to game returns intensified as cryptocurrencies rallied.
You can trade Steem for other assets, which were rising much faster than Steem ever did.
Ok.. my interpretation is more that the price went up like all the others but then something kicked in and the price went down again. But with the given information, both theories seem valid.