Steem Price Broken
Well, yesterday the Steem blockchain broke. A majority of the witnesses switched over to running HF20, and it broke the blockchain. I guess the test network had some bugs that they didn't see.
Here's the price of Steem and SBD during that time. It's basically what it has been for the last few weeks.
Today the witnesses have switched back to HF19. That's the Fork with no SMTs or Communities.
The price has jumped on the news that the blockchain is reverting to the older version with less potential and more problems.
I try to use logic and fundamentals in my valuations of companies, so it makes no sense to me, but what do I know? It could be that abandoning SMTs is the best thing that could happen to Steem. Probably not though.
What are your thoughts?
I don't know the cause of the rise on steem price, but I am very happy that the negotiated volume was very high also.
It could actually be a sustained increase in demand. We'll see what happens over the next few hours and days, if the demand stays at these levels, or if it drops off again.
I do not know much about the crypto world of investors, but is it possible that some people see that there was a problem, and that steem acknowledged the issue right away, (unlike most companies who don't say a word for several days to weeks about "issues"), and that even though it had made a full stop, that in less than 24 hours, (thirteen if I checked right), they had everything back up and running as if nothing had happened.
That could could give an investor confidence in the company to fix issues that arise in a timely manner. I also saw a report that stated to people that their money was still safe, and no funds were lost.
When was the last time MS,Apple,Goofle, or FB, admitted an issue and fixed it in a rapid manner.
That is a possibility. It's nice that they've actually started communicating better. The increase in transparency could be a factor in people trusting the direction of Steem. I hadn't even thought of money getting transferred through an issue. I know it can happen on other blockchains, but I always figured that unless the witnesses went rogue, we'd be fine. Still, it's nice that the powers that be let us know that we're not getting cleaned out.
Heh. Markets can be irrational.
Otoh, the ability for the witnesses to completely restart the blockchain (that had gone down hard) in 15 hours is a testament to the strength of Steem. I think it reflects well, considering bugs WILL happen, on the ability for witnesses to respond in real time.
Markets can be weird. The people who go to markets can be weird. There's just all kinds of potential weirdness.
It seems like they did a good job of getting it going again. It's a bummer that it went down, and ideally they would have a system in place to test the new hard forks before releasing them. Then these issues wouldn't happen. However, it seems that the witnesses did a good job of responding and getting things working again as quickly as they could. We're off and running again!
I think SMTs are a good thing..
I agree. That's why it makes no sense that the price of Steem would jump once we got news that we're reverting to HF19.
I'm pretty sure HF20 is still happening later in the month...
It probably will. It's just entertaining to me that when we revert to a previous version that's not supposed to be as good that the price would jump. Maybe it's just because people are glad to be able to get back online.
I think more likely would be that BTC went up..
It didn't seem like BTC went up that much, but that could be it. I can't really predict when it will go up or down. If I could, I'd be making bank. :P
I guess I'm going to agree with your other commenter (the non-SSG one). While it's happening on the heels of the stoppage, the price jump is more related to the general uptick across crypto right now, though STEEM seems to be much higher percentage wise than the others.
However, as I'm fond of thinking and sometimes saying out loud, when you have a system (aka investing), that is largely based on sentiment (aka, smoke and mirrors), anything is possible, including the exact opposite of what you think will happen, and every other variation in between.
That said, aside from the $0.16 rise, which has come down to $0.10, the 24 volume is pretty high. The highest I saw it yesterday was 1.3 million, and now it's almost 9 million. That's some serious transactions for STEEM.
It didn't seem like there was a big uptick, but that's as good an explanation as I can come up with. It really does seem like this is all based on smoke and mirrors. And it normally seems like the opposite happens.
That is definitely higher than normal volume for Steem. I wonder what's going on. Maybe some people know something that we don't.
maybe, since it's now 9.3 million. But at this point they're kind of playing tug of war more than pushing it one way or another. So, the tactics are changing on the fly.
Hey man! Everything has been weird. I started not to even post today since it seems things have still been slow.
I also have a question. You know anything about developing or SMT's?
Also are you on discord? If so I'm on there @HumanEarl #6281
Things definitely have slowed down. I've lost a bit of momentum as well. Normally I post earlier in the day, but with waiting until the evening to post yesterday, I didn't know what to do today. Therefore, this post.
I don't really much much. I'm not a developer, but I do try to keep an ear out for whatever is happening with SMTs.
I looked you up on Discord, but I didn't see you.
I'm themanwithnoname #9745
Thank you for your continued support of SteemSilverGold