RE: Is The Crypto Bear Market Over?
It's becoming easier to get upvoted. You just have to try different platforms and actually try to improve on what you are doing. I think marketing and hype are the only reasons why some other coins didn't drop so much. People will invest $5000 in bitcoin and let it sit there. Owning bitcoin does not allow you to earn more. At least with Steem, you have ways to take your investment and let it earn more Steem (like a dividend).
In my opinion, the people that were persistent and focused on their own improvement succeeded on Steem. People that kept doing the same thing over and over while expecting the system to change in order to reward them more fell behind and/or quit. Lots of people quit Steem because they realized it isn't a money printing machine. It takes dedication and focus.
I see it differently. I get what you are saying in some respects. A lot of people are quiters but 85 - 90% attrition rate is unreal and there is a reason for it. It became less and less likely that a content creator could come here with amazing content and even make enough to buy themselves a sandwich each day on the earnings. How much does it cost to make a move on here? $5,000? $10,000, $50,000?
The witness situation is a joke as well as a lot of other things. There are just too many problems to list.
It makes more sense to just hold Bitcoin than to hold STEEM because it didn't lose near as much so holding STEEM both spent people's money and devalued their time to where they could have just held Bitcoin or EOS and focused on other stuff in their lives and they would have been further ahead than dumping all their time into STEEM.
There is no other revenue sources automatically integrated into the main entry point for this blockchain that could be used to buy more STEEM and support the price. What I'm saying is ad revenue or other mechanisms that would be used to buy STEEM and pay qualified content creators in vested STEEM Power. Then STEEM would be less likely to get crushed like every other pump and dump coin. Also the distribution was so messed up and never addressed that at this point someone would have to have millions of dollars almost to make big moves on here.
STEEM is just a production level testnet and an example of what worked and what didn't. Steemit INC isn't willing to address the issues and again the Witness situation is a joke. There are some good guys in there that have put in a hell of a lot of work and have a team like @good-karma but then there are a lot of scrubs that are just hanging out sitting pretty.
I could have went deep into this chain after selling my house in Arizona but I'm going way deeper on other stuff and investing in my own project.
I think Nano is actually a better investment at this point than STEEM because Nano has no inflation so there will be no more coins in circulation and it has already blown off. Steem has around 8% inflation and has too much down pressure on it because people treat it like a job to try to pay bills and there are no other income streams like ad revenue to support the price on the exchanges.
It will surge again and will likely go past $5 at the very least in the next boom but I will likely be selling at anything over about $3 to be safe.
It made sense to hold Bitcoin so long as you sold it all when it was up over $15 000 - now it's like putting cash in a suitcase - the returns may not be great and the security is a bit sketchy :)
I think you have just described Steemit's two greatest strengths as weaknesses:
"people treat it like a job to try to pay bills and there are no other income streams like ad revenue"
So they have an incentive to use it and it's the one site without utter crap plastered all over it - good and good!
I didn't sell any Steem when it was $6 and when it goes over $3 I'll just say good- it's taken longer than I expected but no worries - but if it goes over $10 I might sell some, which is just how I treat most cryptos.
Steem is just harder to estimate the purchase price on because I didn't invest any actual money into it. Because I had to put something in my speadsheet I called it 20 cents. Which is about what it was when I started.