Steem and Steem Dollar prices spiking up 69% and 118%.
Steem price being pumped for an inevitable dump or are we seeing actual interest?
For unexplainable reasons the prices of Steem and Steem Dollars are price spiking. This is good and bad in my opinion. If it's just a short term spike then it is irrelevant. If it's a long term trend then on one hand it's good because it means the reward pool will be bigger but then it may be bad because people who were waiting to buy Steem at $1 and less may have missed their chance.
It is also possibly just a pump and dump. Most of the volume seems to be coming from Upbit and South Korea (as usual) which indicates in my opinion a pump and dump. This would be more relevant if South Korean users were appearing on Steem at the same time (represented by user growth metrics) and we would casually see this as we would see more activity on the site. Currently activity on Steemit.com appears very low compared to what it was in December. For this reason I think the spike is unreasonable and will likely fall unfortunately.
Will my prediction be wrong? Let's wait and find out.
It has a lot to do with BTC going up. Steem does not go down as quick as btc.
It was fun to see steem going up in 2 hours
I have long thought that Steem was undervalued at the current price because it has some utility and the ability to generate more Steem. However, 2 things trouble me about this. First, my payouts are still decreasing steadily during the course of the week. I upvote my own post and I get 70% or less of the upvote value by the end of the week in rewards. I can't find a single current article by Googling to explain this phenomenon. The older posts on the subject may be some of the most ambiguous "gobbly gook" I have ever read. Can't understand how upvoting my own comment gets me 50% of my voting power when I'm the only upvote. Perhaps I am just an idiot and the complex rewards calculations are beyond me. Wouldn't be the first time.
The 2nd issue is the lack of increased activity that you mentioned in your post. We should be seeing a huge increase in posts if this spike was organic. Perhaps we will see an increase in SP delegation in the coming days since there appears to be some value in delegating if you don't post daily.
What are your thoughts on this? I'm beginning to think that I might be better off delegating than leasing and upvoting my own content. You've been here for awhile so I imagine you have some thoughts on this. Also, feel free to add me on Discord if you like - EnergyAddict9726.
SBD ss unsustainable too far from 1 USD value. The blockchain has some mechanisms to correct the deviations (even slowly), but STEEM on the other hand has unlimited potential :)
I think it's a pump. Because I've looked at the last 24 hours chart and it's rising. The graph seems to be a sudden acceleration and, unfortunately, a return. I hope I feel wrong. I really want you to rise.
The rest of the markets are going green as well -- other coins such as BitShares are up 15%, VeChain up 30%.
That is very interesting, but it has to last longer than 24 hours.
I hope the bear market is finally over!
Yes from 22000 sats to 46000 sats and 10 btc volume to 250 volume in bittrix.whales are comming.hold your sbd guys they are gonna pump badly u cant expect what is going.
Well it's really behaves like a pump and dump and just because all big volume is coming from a single place it's make it more right. Let's see the prices in next 24 hrs.
Agree with you, Steemit is currently spiraling downwards as there are many problems that I have talked several times about.
Some top 20 witnesses and whales are corrupt, that is actually not a secret anymore. Whales sell their votes to witnesses.
Only the top 50 are displayed on the witness list, inactive witnesses get votes from top people to secure their power and so much more.
I am 100% certain this is a pump & dump movement.
In this run I could convert my SBD to SP with a little difference. I did not want to miss this spike being any greedy. Thankfully got some good conversion :-)