RE: SBD price warning! SBD worth only 0.91 $ !!
Firstly I just want to say I appreciate @neoxian for this bulletin, as well as all the witnesses that make the tough decisions needed to regulate and stabilize the functioning of the Steemit platform. And I just want to reassure people that are worried right now about the state of the crypto market. It definitely is discouraging to be in a down market, but it's that visceral, basic psychology that we need to overcome to increase the stability of the market. What do I mean?
Let's look at the BIG PICTURE of the Crypto Market/ STEEM/ Steemit:
1)INSANE gains of value of many different cryptos in the last few months, up to 30 or 50 times increase in price. It is NORMAL and HEALTHY for the market to correct and consolidate after this scenario.
2)Huge amount of ICO's being created on ETH blockchain, at least a few of which will become very successful. This will maintain high demand for ETH and other cryptos.
3)After bitcoin successfully implements Segwit, it will either fork or not. Either way, the demand for crypto will only increase because more and more people are seeing its revolutionary potential.
4)More and more users join Steemit each day and power up STEEM, increasing the demand and in the long term, increasing the price. If some whales and others are selling it for fiat, their loss. We will buy it all up!
5)Steemit 1.0 (Official Release) is scheduled for later in this year, which will attract tons of new users once the interface is more streamlines with new and awesome features.
6)Official Steemit phone apps for Iphone and Android are also scheduled to be released later in the year.
7)These developments and releases to the Steemit platform will drive the demand for STEEM up further, likely increasing the price.
8)Read the whole 2017 roadmap for STEEM & Steemit here:
https://steem.io/2017roadmap.pdf
9)Litecoin has been wonderfully stable compared to other cryptos and may very well provide a safe haven for us through the whole Segwit debacle.
10)So far, no other social media platform has been created as competition to Steemit (Kin by Kik is a future potential one) so we still have a monopoly over the concept of a blockchain driven social media site for the time being.
These are some of the reasons I am still very bullish on STEEM in the short, medium and long term. If you love the Steemit platform fear not! Keep calm and STEEM ON!!!
(Sorry for the long post @neoxian I got a little excited and carried away...
Let me know if you want me to delete or shorten this post)
I'm fine with the comment and I don't mind the length, but I think you are missing the point of my post. It wasn't a "the sky is falling" post. It was a warning for the Witnesses and other to take action to maintain the SBD/USD peg.
I see. Where can I learn more about this type of adjustment made by witnesses? Still trying to wrap my head around what it entails so I can understand the system better.
You should read the white paper.
THAT'S A COMMOST... a comment+post ... LOL
@d-pend Excellent comment. I didn't know about some of this, but it makes sense that this current market is a correction that was bound to happen after such fast increases in value. Yeah, I think that due to some of the things you've mentioned, the price of Steem and other cryptos will likely rise. People need to think about the long term. What I love is the fact that I didn't put any of my own money into this, and yet because of my activity on Steemit, I can use what I've made here to invest in Steem and/or other things such as Factom, etc.