Why STEEM price is falling
The "good news" is that it's not just STEEM, but the entire market. Those ICO guys like Bancor, Status, Civic and others collected a lot of Ether and are selling it to fiat (ofc they don't care much about the price as got it almost for free and wouldn't risk to keep a lot of it frozen). It caused panic sells, which affected all the alts including STEEM.
The second factor is Poloniex. Deposits and withdrawals were frozen for an unknowing period, and there's no guarantee that it will be resumed anytime soon. As nobody is able to withdraw STEEM and SD from there, they have no other choice than to sell steem to another crypto. Yes, there are other exchanges, but the most of STEEM is on Poloniex:
See how Poloniex manipulates the price.
Just my thoughts. Let me know what you think. Please upvote and follow me if you want me to make other analysis like this.
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Here I found:
It probably is a "mass panic" - market irrationality to use economist speak. Interestingly, though, Bytecoin is still climbing... Might be worth a punt. Poloniex is struggling with volumes, I think, as one of the most complete platforms it's getting overwhelmed as everyone in crytpo tries to take a position and/or hedge prior to any hard or soft forks in Bitcoin... Personally, I'm sitting on my coins and waiting to see what happens
Yeah when bitcoin dips we all dip haha. Going to dip a lot more i think, but i'm gonna grab more of it all when it does.
STEEM is going back up soon. Buy now if you have fiat money and hold if you have STEMM. Simple as that. The only way is up :D
Hey crypto,
When there are no buyers, and only sellers (in this case because everyone has already bought lower), then you are left with only supply and the price drops hard as a result.
This is what stood out to me in your analysis and is exactly the same theme as I just highlighted above. The buyers have already bought and can only sell. There is no other way for price to go here but down!
Once all this stuff with the exchanges settles down, normal market conditions will resume, demand will resume with it and finally price will rise as a result.
Relax :)
This post has received a 0.49 % upvote from @booster thanks to: @crypto.girl.
Thank you for the interesting question. I ask this nearly every day currently if i see the declining in STEEM price. Today we have $1.09, yesterday $1.13, a day before $1.15. Last year there was a similar situation and now recognized Steemians discussed that. It's not so easy to digest but many interesting ideas and the idea of long term investment in STEEM POWER (SP).
If you look at the positive sentiment of @hisnameisolllie @merej99 @smooth to support Steemit. They all did well. Now they have a high reputation because of the long term approach and should compensate any price falls with their high quality posts.
What is in the pipeline from what i know to make Steemit even more interesting:
DTube project is a wonderful idea by @heimindanger to get video into the platform. If you look into posts many users embed or link Youtube Video because Video can have a much higher information density than other media like text or static picture. Currently DTube lacks only of massive content like Youtube. The question is how can we compensate that and how long does it take? I see the only chance if all the content from Youtube can be also used in DTube. That would be a catalyst for the project. Authors should be motivated to publish their existing content on DTube and in the next step new one.
The Free Market Has Spoken DTube Is Here! A Blockchain Solution To YouTube Censorship! - video by Press For Truth
Dtube is a YouTube alternative, on Steem (in BETA) - video by The Outer Light
Topics are now broader, not just cryptocurrencies/anarchy like last year. Now we see more and more content from all areas of life. The platform is now attracting more and more people from many different backgrounds to be more a social media platform.
One unique position should remain is the incentive to get paid for high quality content. To me it drives people and the platform to hold better content than others and that should lead to exchange of users from other platforms. It's quite simple give value to get value. That principle is very important. The system must be balanced out to give rewards to people who believe in Steemit (invested in SP), who contribute high quality content with value for others.
Do you know the current number of users on Steemit? I was No. 275,433 a month ago. What's the number today and how the chart looks like?
That are just my thoughts from my current knowledge.