DAILY STEEM REPORT OCTOBER, 24TH
Are we see some action today? Volume on Poloniex starts to rise, same as the Steem price.... guess its just a spike, liquid Steem grows massive compared to yesterday, more than a million more tradable Steem in 1 day...
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Note: 100% of the payout of this post will be paid out in Steem Power!
hello my expert, might I ask why people are interested in the Stm at currently 23 cents in the dollar, like how it is trading ?
I mean why do people focus on Stm as the cryptocurrency when we can buy and sell SBD @ 93 cents in the dollar. Is there like a fundamental real difference between the two animals; after all money is money is it not and they are both worth gold ? ? ?
Yes. Money is money.
When I was trading on wall street, I could either buy 1000 of Netflix for $6600 (yes it was that low at one time) or I could buy 10 of Google $6600. The price is not really a factor. What counts is the direction of movement. When you change your Steem back to worthless paper rectangles, you will hopefully have more.
People seem to have an innate sense when it comes to buying things. You have all seen black Friday scenes. Why are they out there fighting to buy that TV? Because the price is low!!
I see Steem as a black Friday special right now. Others see it as something they should sell now - no matter the losses incurred. What's up with that?
I bought a few dollars of Steem recently, I bought it because I like Steemit, but i expect the price to fall even further. But the bottom line is I believe steemit has at least another 50 % to fall before it stabilizes. The reason I believe this is simple steem takes 3 years to decay, the website is brand new and I believe (remember 3 months ago i could not spell bitcoin) steem was never meant to trade on the cryptocurrency marketplaces anyways. Steem is ultimately an internal steemit only currency to reward platform activity. Over time I am sure it will find some common swing points but that will not occur in 2016, and even when it does I doubt people will be able to relaibly predict such highs and lows, but what do i know; i cannot even spell BTC . . .
Consider your have one point five million dollars worth of steem, but last week you have 1.7 million. If you see the price falling and sinking faster than the titanic you can either try and sell off faster than a Black Friday shoes sale Or sit back and hold an unknown currency and see if your October 1.5 million will be enough to buy a dinner out in February 2017.
If you are owed a debt that you have tried to collect on but cannot then you are forced to write it off as a 100%, or you can sell that debt to a collection agency for 15 cents in the dollar and write off 85 % as your loss but at least you made a 15% return on a 100 % loss . . .
SBD is quite stable, Steem is worth less and less at the moment. People like to see the Steem higher, because your vote is worth more if the Steem is higher, so the payouts are higher for each post, simple as that...
thank you for the answer, appreciated : )
We are spiking, but still below the trend line.
yeah, like i said, guess is just a spike.... tomorrow we will see, i wouldnt buy at the moment, i see the steem at 10 cents until the steemfest, my opinion....
I was buying the bear market and powering up for a while. Now, I am holding off. This trend will likely continue like a wheel rolling downhill until either; rich steem holders stop cashing out at ridiculously low prices, or some event comes along to massively spike demand for steem and thus equalizing all the foolish selling.
Firstly I pledge allegiance to Steemit and apply as fan groupie for steemit but there is a lot more falling yet, not because of the past but simply because it will take time to stabilize. Steemit is a brand new concept with first release in July 2016, with so many variables it will be a while before anything like stability appears; then people will expect that to continue for some considerable time before declaring that point as a stable marker level.
I have one or two other comments under this blog post if you would care to surf over to glance at them . . .
Thats exactly the point!
But there is still to much steem around compared to buyers it seems to my amateurish mind, understand i could not spell bitcoin three months ago . . .